US stocks futures rose earlier on Tuesday, signaling a positive opening for the major indexes. Futures contracts tied to the Dow Jones Industrial Average were at a standstill ahead of the new home sales data for July. S&P 500 futures advanced 10 points while Nasdaq 100 futures added more than 60 points.
US Market Outlook
According to data released by the National Association of Realtors on Monday, the US existing home sales data for July came in higher than expected. The existing home sales for July were 5.89 million, up from 5.87 million in the previous month.
US Treasury yields rose slightly on Tuesday after Pfizer’s coronavirus vaccine approval by US regulators. The yield on the benchmark 10-year Treasury note rose to 1.263%. The yield on the 30-year Treasury bond advanced to 1.886%.
US oil prices extended Monday’s gains as Pfizer’s vaccine approval fueled hopes for a growth in demand. However, the oil prices are still trading below the crucial level at $70.00. US West Texas Intermediate (WTI) crude futures edged 0.88% higher to $66.23 per barrel. Brent crude futures were up 1.05% at $69.47 per barrel.
The US Food and Drug Administration granted the Pfizer-BioNTech coronavirus vaccine full approval on Monday. The Pfizer vaccine is the first to receive the designation in the country. The vaccine could boost economic recovery as businesses adopt mandatory vaccination policies.
Dow Jones Movers
Walgreens Boots Alliance Inc was the best performer in the Dow Jones premarket trade. The retail company gained more than 1.30% in its stock earnings amid Delta concerns.
Salesforce was also up earlier on Tuesday ahead of its quarterly earnings. The software company is expected to report positive earnings for its second quarter.
Boeing Co is an American multinational aerospace company. Boeing gained in the premarket trade as Sir Richard Branson’s satellite launch is set to go public after receiving financial backing from Boeing Co.
Johnson & Johnson was in the red in premarket trade after the FDA approved the Pfizer coronavirus vaccine.