Markets are moving this morning, with US futures up as of 8:00 am ET and European markets having erased earlier gains. Asia saw all of its major indexes close in positive territory overnight. Oil is down this morning as investors await Thursday’s OPEC meeting. Gasoline is up on the potential of Tropical Storm Sally turning into a hurricane and hitting the Gulf Coast. Gold is up this morning on a weaker US dollar.
In other news, US markets are rallying on positive news. Oracle has won the TikTok competition and will be buying the social media app. Terms have not been released, but early offers were around $25 billion.
Nvidia agreed to buy SoftBank’s chip division Arm Ltd for $40 billion, the largest-ever deal in the semiconductor industry. And last but not least, Pfizer Inc. Chief Executive Officer Albert Bourla said it’s “likely” the US will deploy a Covid-19 vaccine to the public before year-end.
Europe is seeing oil companies and a weaker healthcare sector erase earlier gains. Also out of Europe this morning is the news of a potential merger between UBS and Credit Suisse.
With Apple’s rough week last week, Saudi Aramco has overtaken the tech giant as the world’s most valuable stock by market cap. Apple will have its annual September meeting and a product announcement tomorrow, with many people expecting this to be the latest iPhone release.
This morning Delta announced it is borrowing $6.5 billion against its frequent flyer program, following other airlines that have already done so. The stock is up in the premarket. This news also means it will not be borrowing from the federal government.
Overall market volume was the lowest in over a week on Friday, with SPY trading 84 million shares, but tech-heavy QQQ had its second-highest trading day of the week, at 71 million shares.
Besides the news about a potential vaccine from Pfizer this morning, Gilead announced it is buying cancer drug maker Immunomedics. The stock (IMMU) has more than doubled this morning and is now trading over $80 a share. Watch the biotech sector today, as ETFs like IBBJ and BBP have over a 3% weighting in the company.
GlobalX Conscious Companies ETF KRMA traded 1.3 million shares on Friday, 25x average. This looked to be buyers.
First Trust saw continued buying in its transportation ETF (FTXR) with 25 million shares traded and selling in its energy ETF (FXN), with 77 million shares traded. The company’s technology ETF (QTEC) traded 1.7 million shares on Friday.
Schwab saw buyers in its Short-Term US Treasury SCHO and Intermediate-Term SCHR, with both funds trading 2x average.
In sectors, there were buyers of Consumer Staples (XLP) and Utilities (XLU), while there were sellers of Energy (XLE), Financials (XLF) and Consumer Discretionary (XLY).