Nasdaq Index, Dow Jones, S&P 500 News: Major Indices On Track for Winning Week

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At 12:38 GMT, Dow Futures are trading 39642.00, up 106.00 or +0.27%. S&P 500 Index Futures are at 5257.25, up 18.25 or +0.35% and Nasdaq 100 Futures are trading 18295.50, up 81.00 or +0.44%.

Novavax Shares Surge 120% on Sanofi Partnership

Novavax witnessed a remarkable 120% surge in premarket trading following the announcement of a strategic deal with French pharmaceutical giant Sanofi. Under the multibillion-dollar agreement, Sanofi will co-commercialize Novavax’s Covid vaccine starting next year and collaborate on developing combination shots targeting Covid-19 and influenza. The deal also grants Sanofi access to Novavax’s Matrix-M adjuvant technology for vaccine development. Novavax’s CEO, John Jacobs, expressed confidence that the partnership would bolster the company’s financial position and accelerate its mission of global public health improvement.

Market Trends: Notable Stock Movements

CNBC is noting these companies making headlines before the bell.

Akamai Technologies: Shares of the cloud company plummeted over 10% after issuing weaker-than-expected guidance for the second quarter, citing adjusted earnings and revenue below analyst forecasts.

Sweetgreen: The salad chain witnessed a 5% surge following robust first-quarter revenue figures, slightly exceeding expectations.

Array Technologies: Rallying nearly 17%, the solar energy stock reported strong first-quarter earnings, surpassing analyst estimates.