Here are five things you must know for Monday, Nov. 23:
1. — Stock Futures Rise on Vaccine Progress
Stock futures rose Monday as investors welcomed further progress on the development of a coronavirus vaccine but were hard-pressed to ignore rising infection rates and curbs on businesses that could hamper an economic recovery.
Contracts linked to the Dow Jones Industrial Average were up 197 points, S&P 500 futures gained 20 points and Nasdaq futures rose 43 points.
The Covid-19 vaccine candidate being developed by AstraZeneca (AZN) – Get Report and the University of Oxford was found in a large trial to have prevented a majority of people from getting the disease.
Meanwhile, Moncef Slaoui, the chief scientific adviser for Operation Warp Speed, said some Americans could start receiving a Covid-19 vaccine by mid-December.
The positive developments come as cases of Covid-19, the disease caused by the coronavirus, topped 12.2 million in the U.S. over the weekend, according to Johns Hopkins University, and deaths in the U.S. approached 257,000.
Stocks ended lower Friday amid growing fears over more economic damage from the coronavirus pandemic and the Treasury Department’s abrupt curtailing of emergency economic programs.
The S&P 500 fell 0.8% for the week, ending a two-week winning streak. The Nasdaq gained 0.2% last week.
Asian stocks ended Monday’s session mostly to the upside. European stocks traded higher.
For more on Asian markets read:
2. — AstraZeneca Vaccine Up to 90% Effective
AstraZeneca said Monday that late-stage trials on its coronavirus vaccine that it conducted with Oxford University found the treatment was as much as 90% effective in preventing disease.
The average efficacy rate was 70%. But when a half dose of the vaccine was followed by a full dose a month later it showed 90% effectiveness.
“We see a lot of merit in this regimen and we will now start discussions with regulators into incorporating this dose combination for further clinical investigation,” said an AstraZeneca spokesman.
Shots developed by Pfizer (PFE) – Get Report and its German partner, BioNTech (BNTX) – Get Report, and separately by Moderna (MRNA) – Get Report, were found to be 95% and 94.5% effective, respectively, in late-stage trials.
Pfizer said Friday it applied with the Food and Drug Administration for emergency use approval of its vaccine.
American depositary receipts of AstraZeneca declined 0.6% to $54.97 in premarket trading.
3. — Regeneron Covid Cocktail Gets Emergency Use OK From FDA
The FDA over the weekend granted approval to Regeneron treatments casirivimab and imdevimab, which the agency said can now be given together to treat mild to moderate disease in people older than age 12.
A clinical trial of patients infected with the coronavirus showed that casirivimab and imdevimab, when given together and administered via intravenous infusion, cut down Covid-19-related hospitalizations in high-risk patients within 28 days after treatment when compared to placebo, according to FDA.
But, the FDA noted, the safety and effectiveness of the therapy “continues to be evaluated,” and the antibody cocktail isn’t authorized for patients who are already hospitalized with Covid-19, or require oxygen therapy.
The Regeneron product was given to President Donald Trump after he was diagnosed with Covid-19.
Regeneron shares rose 5.44% in premarket trading Monday to $546.98.
4. — Monday’s Calendar: Urban Outfitters Earnings, PMI Manufacturing Data
Earnings reports are expected Monday from Urban Outfitters (URBN) – Get Report and Warner Music Group (WMG) – Get Report. Later in the week, reports are expected from Best Buy (BBY) – Get Report, Deere (DE) – Get Report, Dollar Tree (DLTR) – Get Report, Gap (GPS) – Get Report, Nordstrom (JWN) – Get Report, HP Inc. (HPQ) – Get Report, VMware (VMW) – Get Report, Dick’s Sporting Goods (DKS) – Get Report and Abercrombie & Fitch (ANF) – Get Report.
The economic calendar in the U.S. Monday includes the Chicago Fed National Activity Index for October at 8:30 a.m. ET and the PMI Composite Flash for November at 9:45 a.m.
Reports on Consumer Confidence, third-quarter Gross Domestic Product, New Home Sales, Durable Goods Orders and Jobless Claims will be released later in the week. The Federal Reserve also will release minutes from its meeting in early November.
5. — Tesla Price Target Raised to $560 at Wedbush
Wedbush’s Daniel Ives said Tesla was likely to achieve its goal of a million deliveries by 2023, with 2022 not out of the question.
Ives said the Tesla bull story was “now all about a stepped up (electric vehicle) demand trajectory into 2021.
“Overall we are seeing a major inflection of EV demand globally with our expectations that EV vehicles ramp from about 3% of total auto sales today to 10% by 2025,” Ives said, adding that China could represent about 40% of Tesla’s EV deliveries by 2022.
Ives maintained a neutral rating on Tesla shares.
The stock was rising 1.69% to $497.90 in premarket trading. Tesla shares have gained almost 485% so far in 2020.
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