5 things to know before the stock market opens Friday

Investing

Here’s the most important news, trends and analysis that investors need to start their trading day:

1. Investors assess vaccine news against Covid-19 case spikes

Traders work on the floor of the New York Stock Exchange.

Source: NYSE

U.S. stock futures pointed to a mixed open Friday, in an investor sentiment tug-of-war between more encouraging Covid-19 vaccine news and skyrocketing coronavirus cases. The Dow Jones Industrial Average, as of Thursday’s close, was up more than 11% in November.

Pfizer and BioNTech said they’ll apply with the FDA on Friday for emergency use authorization for their Covid-19 vaccine, the first vaccine to go through the regulatory process. However, at the same time, the U.S. on Thursday recorded coronavirus cases of 187,883, by far the nation’s single-worst day during the pandemic.

Two Covid-19 stimulus developments are also being assessed on Wall Street. First, people familiar with Treasury Secretary Steve Mnuchin‘s decision to cut the Federal Reserve’s lending power could be reversed by Mnuchin or a new Biden Treasury secretary. Second, Senate Majority Leader Mitch McConnell, R-Ky., has agreed to resume negotiations with Democrats over a potential new coronavirus relief bill, Sen. Chuck Schumer, D-N.Y., said Thursday.

2. Pfizer and BioNTech to request emergency authorization

Under the Pfizer-BioNtech deal, the 27 EU countries could buy 200 million doses, and have an option to purchase another 100 million.

NurPhoto | Getty Images

The FDA’s consideration of the Pfizer-BioNTech application for emergency use of their Covid-19 vaccine could take weeks. An advisory committee meeting to review the vaccine has been tentatively scheduled for early December. If the FDA approves, the vaccine will likely be limited and rolled out in phases, with health-care workers, the elderly and people with underlying health conditions getting the first inoculations. Friday’s announcement came two days after Pfizer said a final data analysis found its coronavirus vaccine with BioNTech was 95% effective in preventing Covid-19, safe and appeared to fend off severe disease.

3. Conflicting developments around remdesivir

The Eli Lilly logo is shown on one of the company’s offices in San Diego, California, September 17, 2020.

Mike Blake | Reuters

The FDA approved the emergency use of Eli Lilly‘s arthritis drug baricitinib, in combination with Gilead Sciences‘ antiviral drug remdesivir, to treat Covid-19 patients. Baricitinib, sold under the brand name of Olumiant, is an FDA-approved oral medication to treat moderately-to-severely active rheumatoid arthritis.

In stark contrast to U.S. regulatory guidance, a World Health Organization panel advised doctors Thursday against using remdesivir as a treatment for patients hospitalized with Covid-19, saying there is currently “no evidence” that it improves survival or shortens recovery time.

4. CDC tells Americans to stay home for Thanksgiving

Passengers wait to board a United Airlines flight bound for Honolulu at SFO in San Francisco, Calif. on Thursday, Oct. 15, 2020.

Paul Chinn | San Francisco Chronicle | Getty Images

The CDC is advising Americans not to travel for the Thanksgiving holiday to help prevent the spread of the coronavirus. Dr. Henry Walke, the CDC’s Covid-19 incident manager, said the agency is concerned about crowds of people waiting around for plans, trains and buses. The CDC said Thanksgiving celebrations should be limited only to those people living in the same household for 14 days.

California is imposing an overnight curfew for nearly all residents. What officials are calling a limited stay-at-home order requires people who are not on essential errands to stay home from 10 p.m. to 5 a.m., starting Saturday. The order will last until Dec. 21 but could be extended if disease trends don’t improve.

5. Trump campaign won’t give up challenges to Biden’s victory

Democratic President-elect Joe Biden delivering remarks on Covid-19 at The Queen theater on Oct. 23, 2020 in Wilmington, Delaware and U.S. President Donald Trump addressing supporters during a Make America Great Again rally in Gastonia, North Carolina, Oct. 21, 2020.

Getty Images

President Donald Trump and his allies are taking increasingly frantic steps to challenge the results of the 2020 election, including summoning Michigan state legislators to the White House as part of a longshot bid to overturn Joe Biden‘s victory. A hand tally of ballots cast in Georgia for the presidential race affirmed on Thursday Biden’s narrow lead over Trump. Wisconsin on Friday will begin recounts in the state’s two biggest and most Democratic counties. The Trump campaign paid a required $3 million fee for the recount.

— The Associated Press and Reuters contribute to this report.

Products You May Like

Articles You May Like

Barr says he has not seen proof that voter fraud swayed US election
S&P’s decision to add Tesla in one shot demonstrates the power of passive investing
Tough Macron stance leaves Brexit deal hanging in balance
The bar is raised for news that can lift the market as the crowd now believes next year will be good
Chinese state-backed funds invest in US tech despite Washington curbs

Leave a Reply

Your email address will not be published. Required fields are marked *