US Markets
PFE

US STOCKS-Futures rise ahead of jobless claims data; drugmakers extend fall

Credit: REUTERS/Brendan McDermid

U.S. stock index futures rose on Thursday ahead of data that is expected to show a decline in weekly jobless claims, while shares of vaccine makers looked to extend losses after President Joe Biden's plan to back intellectual property waivers on COVID-19 shots.

By Shreyashi Sanyal

May 6 (Reuters) - U.S. stock index futures rose on Thursday ahead of data that is expected to show a decline in weekly jobless claims, while shares of vaccine makers looked to extend losses after President Joe Biden's plan to back intellectual property waivers on COVID-19 shots.

Shares in Pfizer Inc PFE.N, Moderna Inc MRNA.O, Johnson & Johnson JNJ.N and Novavax Inc NVAX.O, all involved in the making of COVID-19 vaccines, fell between 0.6% and 5.4% in premarket trading.

The declines were triggered after Biden said he had backed a World Trade Organization waiver for vaccine intellectual property to enhance the fight against the pandemic.

The Dow Jones Industrial Average .DJI ended at a record high in the previous session, supported by a rise in economically sensitive cyclical stocks, while the Nasdaq was hit by declines in growth stocks.

Shares of highly valued technology-related stocks, however, rose on Thursday, with Microsoft Corp MSFT.O, Apple Inc AAPL.O, Alphabet Inc GOOGL.O and Amazon.com Inc AMZN.O gaining between 0.1% and 0.3%.

A Labor Department report will likely show initial jobless claims fell to 540,000 last week from 553,000 in the previous week.

Investors are awaiting the Labor Department's more comprehensive non-farm payrolls data on Friday, which is expected to show accelerating job growth in April.

At 6:40 a.m. ET, Dow e-minis 1YMcv1 were up 48 points, or 0.14%, S&P 500 e-minis EScv1 were up 7.75 points, or 0.19%, and Nasdaq 100 e-minis NQcv1 were up 48.75 points, or 0.36%.

Among other companies, International Business Machines Corp IBM.N rose 0.4% as it introduced what it says is the world's first 2-nanonmeter chipmaking technology for faster computing.

Uber Technologies Inc UBER.N fell 3.6% as it signaled it would pay drivers more to get cars back on the road and disclosed a $600 million charge to provide UK drivers with benefits.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju Samuel)

((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780; +91 961 144 3740; Twitter: https://twitter.com/s_shreyashi;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More