U.S. stock futures traded higher Monday morning as Wall Street tries to build on last week's gains. Dow Jones Industrial Average futures were up 200 points, or 0.8%. S&P 500 futures climbed 0.7% and Nasdaq-100 futures advanced 0.9%. Last week, the Dow and S&P 500 gained nearly 1% and 1.8%, respectively. The Nasdaq Composite advanced 4%. Traders appeared to be shrugging off the latest spike in U.S. coronavirus cases.
Data compiled by Johns Hopkins University showed the U.S. has reported more than 60,000 new infections for three straight days, bringing the total to more than 3 million. In Florida alone, over 15,000 cases were confirmed on Sunday, the highest one-day total for any state since the pandemic started. On the more positive side, the Food and Drug Administration granted fast track designation for coronavirus vaccine candidates from Pfizer and BioNTech. Shares of Pfizer gained 1.8% and BioNTech advanced 6.3% in the premarket.
Chipmaker Analog Devices announced Monday it is buying fellow semiconductor producer Maxim Integrated Products for $21 billion in an all-stock deal. The transaction is expected to close next summer, the companies said in a release, adding the value of the new enterprise will be over $68 billion. Maxim shares rallied 17% before the bell and Analog Devices advanced 1.7%.
Snacks and beverage giant PepsiCo kicked off the earnings season reporting a quarterly profit and revenue that beat analyst expectations. The company posted adjusted earnings of $1.32 per share on revenue of $15.95 billion. Analysts polled by Refinitv expected a profit of $1.25 per share on $15.38 billion in revenue. Other companies such as JPMorgan Chase, Netflix and Delta Air Lines are scheduled to report earnings this week.
Disney began its phased parks reopening this weekend as Disney World in Orlando started letting guests back in even amid Florida's record spike in coronavirus cases. The company had postponed reopening the park until mid-July so it could bring back employees and train them on new safety protocols.