U.S. futures extended gains on Monday, with contracts on the Dow Jones rising more than 150 points and both the S&P 500 and the Nasdaq adding around 0.5% each after President Biden nominated Federal Reserve Chair Jerome Powell for a second four-year term. Lael Brainard, who was the other top candidate, will be vice chair.
On the corporate front, shares of Pfizer, BioNTech and Moderna were higher in pre-market trading after the FDA on Friday cleared the coronavirus booster shots for all U.S. adults. Tesla shares also rallied after Elon Musk said the company’s Model S Plaid could be launched in China by the spring of 2022.