SEEKING ALPHA‘s Wall Street Breakfast just hit the wires:

Two drugmakers at the forefront of the industry’s efforts to fight the novel coronavirus are exploring a combined future. AstraZeneca (NYSE:AZN), co-developer of one of the fastest-moving experimental coronavirus vaccines, has made a preliminary approach to Gilead Sciences (NASDAQ:GILD), the only company to have received FDA emergency authorization for its COVID-19 treatment remdesivir. Formal talks are not yet underway, but if combined, the two companies would have a market capitalization of $232B, based on Friday’s closing share prices. AZN -2.2%; GILD +3.2% premarket.

Higher and higher

Futures suggest equities are looking to extend a record rally at the open following the U.S. jobs report on Friday which smashed expectations and underpinned risk assets. “The reopening of the economy has seen financials, industrials, energy and real-estate stocks rallying and investors will continue to rotate funds into sectors such as these for a few more months,” said Eli Lee, head of investment strategy at Bank of Singapore. A weekend agreement by OPEC+ to an extension of output cuts saw oil climb to over $40 overnight, while investors get ready for Tuesday’s kickoff of the Fed’s June policy meeting.

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