US OPEN: Wall Street opens higher after three-day drop

• Stocks open higher on the final trading day of the week

• U.S. retail sales data above expectations

• Pfizer (PFE.US) might apply for emergency use of its Covid-19 vaccine

American stocks opened higher on Friday amid surprisingly strong U.S. retail sales report. The data for the month of September showed that retail sales in the United States rose as much as 1.9% MoM against expected 0.7%. Later markets were offered U.S. industrial production for September as well. However, this time the reading came in below forecasts as industrial production fell 0.6% MoM (markets anticipated 0.5% increase). Apart from that, investors paid attention to some vaccine news as Pfizer announced that it could apply for emergency use authorisation for its Covid-19 vaccine candidate in late November. 

After a slump this week, US2000 bounced off the 1,600 pts mark which served a a support level. The index is now trading just below the 1,650 pts. Bulls were not able to smash through this barrier earlier this week and one might view it as a short-term resistance area. Should market bulls successfully break above it, an upward move towards pre-pandemic highs (1,714 pts area) might actually accelerate. Source: xStation5

Pfizer (PFE.US) said it could apply for emergency use approval of its Covid-19 vaccine candidate as early as next month providing that data from ongoing trials show its safe and effective. The company expects to have safety data on its vaccine in the third week of next month. Pfizer is working together with Germany-based BioNTech (BNTX.US) on a coronavirus vaccine.

Pfizer (PFE.US) stock bounced off the local trend line and market bulls seem to aim at resistance area near $37.60. Should they successfully smash through that barrier, an upward move towards $39.20 might be on the cards. Source: xStation5

Hewlett Packard Enterprise (HPE.US) provided FY21 EPS outlook in the range of $1.56 to $1.76, well above analysts’ expectations of $1.46. The company expects FY21 free cash flow in the range of $0.9 billion to $1.1 billion, up 65% y/y at the mid-point. 

Ford Motor Co (F.US) said that its China sales rose 25% over July to September against the same period a year earlier. The company sold 164,352 vehicles in the world’s biggest auto market.  

Gilead Sciences (GILD.US) - The World Health Organisation said that Gilead’s coronavirus treatment, remdesivir, had little impact on patients, according to trial of more than 11,000 patients. The results contradict earlier study published in the New England Journal of Medicine, which stated that patients recoveries were five days faster.