THIS JUST IN: Global markets are rallying as United States restrictions ease and optimism builds around reopenings in Spain, Germany, and Britain. Also helping boost the market is data out of Germany where business sentiment rose in May, beating forecasts as business expectations improved considerably, the Ifo Institute said Monday.
The market also started the holiday-shortened week buoyed by news that biotech company Novavax (NVAX) had started human trials of its vaccine candidate. That encouragement was reminiscent of last week’s boost to stocks from positive vaccine news from Moderna (MRNA).
The positive tone sent index futures sharply higher overnight, with futures on the S&P 500 Index (/ES) ticking above 3000 for the first time since early March. Treasury bonds, gold and other havens – notably the dollar – are all down, while industrial commodities, emerging market currencies are almost all higher.
*All times are in EST (GMT -5:00) NEW
3:30AM - DE: German IFO Survey 99.2 vs 99.9 est
7:00AM - MBA Mortgage Applications
10:00AM - State Street Investor Confidence Index
10:00AM - CA: Bank of Canada Announcement
10:30AM - EIA Petroleum Inventories
11:30AM - Results of $20B, 2-Year FRN Auction
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