- PepsiCo gained after revealing better-than-expected sales to kick off earnings season.
- Pfizer and BioNTech gained jumped after two of the firms' COVID vaccine candidates received "fast track" status from the FDA.
- Oil fell amid fears of OPEC+ unwinding production curbs. West Texas Intermediate crude dropped as much as 2.2%, to $39.66 per barrel.
- Watch major indexes update live here .
US equities gained on Monday as investors prepared for earnings reports that will show the degree of damage imposed by the coronavirus.
PepsiCo jumped in early trading after revealing better-than-expected revenue in the second quarter. The report marked the unofficial start of an earnings season set to be more chaotic than usual.
Several companies pulled forward guidance in their previous reports, citing uncertainties sourced from the coronavirus pandemic. Investors now wait to see which corporate giants outperformed and which faltered throughout widespread lockdowns.
Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Monday:
- S&P 500 : 3,209.20, up 0.8%
- Dow Jones industrial average: 26,311.08, up 0.9% (236 points)
- Nasdaq composite : 10,752.98, up 1.3%
Major banks kick off earnings season on Tuesday, with JPMorgan , Citigroup , and Wells Fargo all slated to release quarterly metrics. The firms are expected to show a sharp decline in profits due to bolstered loan-loss reserves and weakened net interest income.
Pfizer and BioNTech gained after two of the firms' coronavirus vaccine candidates received "fast track" status from the Food and Drug Administration. Both companies have said they plan to produce as many as 100 million doses by the end of 2020 if their vaccine gains regulatory approval. A trial with up to 30,000 participants can begin as soon as later this month, they added.
Oil declined amid fears of OPEC+ retracing production cuts in its Wednesday meeting. West Texas Intermediate crude slid as much as 2.2%, to $39.66 per barrel. Brent crude , the international benchmark, fell 2%, to $42.39 per barrel, at intraday lows.
The stock market's gains follow a positive close to the previous week. Equities climbed roughly 1% on Friday as investors cheered a different coronavirus vaccine candidate. Gilead Sciences announced trial data for its remdesivir compound found a 62% reduction to mortality risk among severe COVID patients. Banks including Goldman Sachs ,Wells Fargo, andCitigroupalso jumped through the session.
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