Pfizer Stock Leaps on FDA Report, Dow Futures Higher as Global Stocks Rebound

The Monday Market Minute

Global stocks rebound amid improved risk appetite, but caution remains ahead of the Fed's Jackson Hole symposium later this week.
European PMI data shows the region's recovery holding firm in August, while stocks rebound from their worst week since February.
In the U.S., accelerating vaccine rates, impressive corporate earnings and a weaker dollar are adding to the session's bullish tone.
Oil prices rise for the first day in eight, while the dollar index falls 0.3% from last week's nine-month high.
U.S. equity futures suggest a modestly firmer start to the week with earnings from Best Buy, Salesforce and Nordstrom in focus, as well as the Federal Reserve's annual Jackson Hole symposium on Thursday.

U.S. equity futures traded higher Monday, while the dollar retreated from nine-month highs and oil prices snapped a seven-day losing streak, as investors eyed beaten-down stocks while moving cautiously towards this week's crucial Fed symposium at Jackson Hole, Wyoming, later this week.

A stronger-than-expected reading of economic activity in Europe for the month of August, a solid rebound in Asia stocks and an accelerating vaccination rate in the United States added to bullish tone Monday, with stocks looking to rebound from last week's decline.

The Composite PMI reading for the Eurozone economy -- the world's biggest -- slipped to 59.5 in August, from last month's decade high of 60.2, but remained firmly above the 50 point mark that separates growth from contraction.

The U.S. dollar index, which tracks the greenback against a basket of six global currencies while often acting as a proxy for risk appetite, fell 0.3% from last week's nine-month high to trade at 93.23 in overnight dealing, a move that helped WTI crude futures for October delivery rise $2.12 per to $64.26 per barrel.

Bitcoin was also active, rising past the $50,000 mark for the first time since mid-May.

On Wall Street, with Fed Chairman Jerome Powell's Jackson Hole speech later this week firmly in focus, and the bulk of the second quarter earnings season already in the books, stocks are likely to see muted, August-like volumes over the next two or three sessions.