The S&P 500 futures trade two points, or 0.1%, below fair value at the end of a mixed, and relatively flat, week for the benchmark index. 

Interestingly, the market is trading back at the same levels from last Monday when it first heard about the vaccine efficacy rate from Pfizer (PFE 36.80, +0.61, +1.7%) and BioNTech (BNTX 101.56, +6.63, +7.0%). On a related note, these companies will file an application with the FDA today to receive emergency use authorization for their vaccine by next month. 

Separately, Treasury Secretary Mnuchin declined to extend five lending programs funded by the CARES Act, which the Fed disagreed with, although reports indicate that Mr. Mnuchin or a new Treasury Secretary could restart the programs later. 

Looking at some earnings movers while the market continues its consolidation pattern, Workday (WDAY 225.51, -5.29, -2.3%) is trending lower despite beating expectations and issuing upside guidance; Ross Stores (ROST 113.50, +3.30, +3.0%) is moving in the right direction following its positive results. 

U.S. Treasuries trade near their flat lines. The 2-yr yield is flat at 0.17%, and the 10-yr yield is down one basis point to 0.84%. The U.S. Dollar Index is little changed at 92.30. WTI crude futures are up 0.5% to $42.11/bbl. 

In U.S. Corporate news:

  • Workday (WDAY 225.51, -5.29): -2.3% despite beating top and bottom-line estimates and raising FY21 subscription revenue guidance. 
  • Ross Stores (ROST 113.50, +3.30): +3.0% after beating top and bottom-line estimates. 
  • Intuit (INTU 359.45, -1.99): -0.6% despite beating top and bottom-line estimates, issuing upside fiscal Q2 guidance, and guiding FY21 revenue above consensus.
  • Gilead Sciences (GILD 59.66, -0.97): -1.6% after WHO recommended against the use of redeliver in COVID-19 patients. 

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