News

COVID-19

Reuters | Equities.com |

Moderna Inc will apply for U.S. and European emergency authorization for its COVID-19 vaccine on Monday after full results from a late-stage study showed it was 94.1% effective with no serious safety concerns, the company said.

Moderna also reported that its vaccine’s efficacy rate was consistent across age, race, ethnicity and gender demographics as well as having a 100% success rate in preventing severe cases of a disease that has killed nearly 1.5 million people.

The filing sets Moderna’s product up to be the second vaccine likely to receive U.S. emergency use authorization this year following a shot developed by Pfizer and BioNTech which had a 95% efficacy rate.


AP News | Equities.com |

The nation’s top infectious disease expert said Sunday that the U.S. may see “surge upon a surge” of the coronavirus in the weeks after Thanksgiving, and he does not expect current recommendations around social distancing to be relaxed before Christmas.

Meanwhile, in a major reversal, New York City Mayor Bill DeBlasio said the nation’s largest school system will reopen to in-person learning and increase the number of days a week many children attend class. The announcement came just 11 days after the Democratic mayor said schools would shut down because of rising COVID-19 cases.


Reuters | Equities.com |

As U.S. stocks scale fresh record highs, investors are trying to gauge whether next year’s projected profit rebound will be strong enough to add fuel to the rally.

Analysts are projecting that earnings for S&P 500 companies will rise 23% next year after falling more than 15% this year due to the coronavirus pandemic, according to IBES data from Refinitiv.

Yet stock prices have already staged a massive recovery from the March lows of the pandemic, with the S&P 500 index rising more than 60% from its bottom to its recent record highs amid progress toward a COVID-19 vaccine and hopes for a speedy economic recovery.


Reuters | Equities.com |

Serum Institute of India, the world’s largest vaccine producer, sees AstraZeneca Plc’s COVID-19 vaccine candidate as a “very good” option, giving it a major vote of confidence after some experts raised questions around its trial data.

Serum Institute of India (SII), which has partnered with the British drugmaker to conduct trials on its COVISHIELD vaccine in India and produce the vaccine candidate if it secures approval, plans to apply for an emergency use licence for the vaccine in the next two weeks, said SII’s Chief Executive Adar Poonawalla.

“This vaccine is a very good one,” said Poonawalla, via a virtual press briefing following Indian Prime Minister Narendra Modi’s visit to SII’s campus on Saturday.


AP News | Equities.com |

The S&P 500 rose to a record high Friday as investors continue to look forward to the distribution of a COVID-19 vaccine and relief for the global economy.

The benchmark index rose 8 points, or 0.2%, led by gains in technology companies, and closed at an all-time high of 3,638.35. The Nasdaq also closed at a record helped by gains in Apple, Tesla, Zoom and other tech companies.

Positive developments on the vaccine front have driven double-digit gains in the major indexes this month as investors look forward to progress in gaining control over the pandemic that plunged the global economy into its deepest slump since the 1930s. That optimism persisted this week even as one vaccine candidate suffered a setback and cases of coronavirus remain at elevated levels.


AP News | Equities.com |

After months of slumping sales and businesses toppling into bankruptcy, Black Friday is offering a small beacon of hope.

In normal times, Black Friday is the busiest shopping day of the year, drawing millions of shoppers eager to get started on their holiday spending.

But these are not normal times: The economy is tanking and crowds are expected to be dramatically diminished as coronavirus cases spike and shoppers do more of their purchases online.


Reuters | Equities.com |

Walt Disney Co said on Wednesday it would lay off about 32,000 workers, primarily at its theme parks, an increase from the 28,000 it announced in September, as the company struggles with limited customers due to the coronavirus pandemic.

The layoffs will be in the first half of fiscal 2021, the company said in a filing with the Securities and Exchange Commission.

A spokesman for Disney confirmed that the latest figures include the 28,000 layoffs announced earlier.


Reuters | Equities.com |

New York Governor Andrew Cuomo on Thursday dismissed as “irrelevant” a U.S. Supreme Court decision blocking coronavirus restrictions imposed on religious gatherings, saying it related to specific areas that were no longer considered at high risk.

The court, which has a 6-3 conservative majority, voted 5-4 late on Wednesday in favor of requests by the Roman Catholic Diocese of Brooklyn and two Orthodox Jewish congregations for an injunction to block the restrictions from being enforced.

The order marked one of the first consequential actions on the court involving President Donald Trump’s new appointee, conservative Justice Amy Coney Barrett, who cast a deciding vote in favor of the religious groups. Conservative Chief Justice John Roberts dissented along with the court’s three liberals.


AP News | Equities.com |

On a day of grace and grievance, President-elect Joe Biden summoned Americans on Wednesday to join in common purpose against the coronavirus pandemic and their political divisions while the man he will replace stoked the fading embers of his campaign to “turn the election over.”

Biden, in a Thanksgiving-eve address to the nation, put the surging pandemic front and center, pledging to tap the “vast powers” of the federal government and to “change the course of the disease” once in office. But for that to work, he said, Americans must step up for their own safety and that of their fellow citizens.


AP News | Equities.com |

Stocks gave back some of their recent gains Wednesday as a batch of discouraging economic data prompted investors to take a pause a day after the market’s record-setting climb.

The S&P 500 dropped 0.2% a day after setting an all-time high. The Dow Jones Industrial Average slipped below 30,000, a day after crossing that milestone for the first time. Industrial, energy and health care companies accounted for much of the decline. Technology companies rose, driving the Nasdaq composite to a record high.