The major stock market indexes (^DJI, ^IXIC, ^GSPC) are on the road to closing out the first full trading week of May on a high note, alongside several of its European counterparts: the FTSE 100 (^FTSE), the DAX Performance Index (^GDAXI), and the CAC 40 (^FCHI).

President Biden is reportedly set to announce updates on Trump-era trade tariffs on China.

Novavax (NVAX) shares are skyrocketing over 110% on news of the biotech company's plans to licensing deal with Sanofi (SNY, SAN.PA) to co-commercialize its COVID-19 vaccine

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video Transcript

So let's get to it with the three things that you need to know your road map for the trading day.

Yahoo Finance is Jared Madison Mills and I can have more the major averages on pace for a winning week and we're seeing optimism spreading across the pond.

Now in Europe, we have the foot, the dax and the C 40 all hitting fresh record highs as the UK exits recession posting its fastest GDP growth in two plus years.

And President Biden expected to announce an update to tariffs on trade with China as soon as next week.

That announcement reportedly targeting specific sectors including electric vehicles, semiconductors and solar equipment.

The update comes after a review of tariffs put in place under former President Trump back in 2018 and this would be one of Biden's biggest decisions regarding Washington's economic ties with China.

Meanwhile, shares of Nova back skyrocket up more than 100% free market as the vaccine maker announces a $1.2 billion licensing deal with the agreement allows Santa Co commercialized Novavax existing COVID vaccine plus accelerates creation of its combo co flu and other vaccines using Novavax vaccine platform.

As part of the deal, Santa will take a minority stake in Nova.