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U.S. stocks opened in the red yesterday but ended up closing the day with gains after an afternoon rebound. The tech-heavy Nasdaq was the biggest winner with a 1.7% gain, while the S&P 500 rallied 1.0% and the Dow advanced 0.5%.

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Early morning futures action is bullish, and it appears we’re headed for another day of gains. S&P 500 futures are up half a percentage point, and Nasdaq contracts are also trading higher.

Asian stocks were mixed overnight. China’s Shanghai and Hang Seng composites posted modest 0.1% gains, and Japan’s Nikkei 225 fell by a fraction of a point. In Europe, stocks are up sharply in several markets. Britain’s FTSE 100 is in midst of a significant 2.3% rally, and the Eurozone Stoxx 600 is up 1.4%.

Today, we’ll hear pre-bell earnings reports from General Mills [GIS] and Jinko Solar [JKS]. Later, H.B. Fuller [FUL] will report after the closing bell.

Here’s what’s moving the market this morning.

Nike (NKE)

Nike released its quarterly earnings report after yesterday’s close and the market likes what it sees. The athletic apparel giant’s sales rebounded sharply from a coronavirus sales slump, as rising digital sales offset lower brick-and-mortar sales volume.

Digital sales were up 82% in the quarter ending August 31, and total revenues were down roughly 1% from this time last year. During the pandemic, Nike sales declined 38% YoY, and many investors are relieved to see this stock is back on its game. The company’s net quarterly income came to $0.95 per share, more than double consensus forecasts.

NKE is one this morning’s most active stocks and it’s currently leading the S&P 500 with a 12.6% gain.

Tesla (TSLA)

Tesla is sliding this morning after CEO Elon Musk said it could take three years to realize significant reductions in battery costs. Musk also didn’t provide a precise timeline or budget to backup his goal to produce 20 million vehicles per year. It’s a lofty goal considering Volkswagen, the world’s bestselling largest auto company globally, sold only slightly more than half that many vehicles last year.

Musk discussed a number of company issues at Tesla’s shareholder meeting, also known as ‘Battery Day,” but these negative comments seem to be getting the market’s attention. He is known for making grandiose claims, but investors seem to have a short memory span.

TSLA is one of today’s most active stocks, and it’s down about 5.0% in the after-hours session.

MediciNova (MNOV)

MediciNova’s experimental intranasal SARS-CoV-2 vaccine for COVID-19 posted encouraging results in a recent study. A mouse model study found the compound successfully induced an immune response against the virus that causes COVID-19, causing test subjects to produce high levels of neutralizing antibodies.

The firm still has to clear a lot of regulatory hurdles before it can bring its nasal vaccine to market, but the results are certainly encouraging. MNOV is trading actively in the pre-market trading session and the company is up 29.0%.

Predictive Oncology (POAI)

Predictive Oncology’s TumorGenesis has received a license for an additional 71 unique ovarian cancer cell lines from UK-based reagents distributor Ximbio. The newly-acquired license brings the company’s total count of unique patient-derived ovarian cancer lines to 96. Company representatives say adding these 71 lines to its existing 25 lines gives the company “a powerful new resource for researchers.”

The new license nearly quadrupled the Predictive Oncology’s total number of unique cancer lines, so the deal marked a major expansion of the firm’s research resources. POAI is up 25.3% in the pre-market.

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