Biotech Moderna’s potential vaccine to prevent Covid-19 produced a “robust” immune response, or neutralizing antibodies, in 45 patients in its early human trial, according to recently published data published Tuesday evening in the New England Journal of Medicine .
Moderna shares jumped more than 12% on Tuesday. Actions directly linked to an economic reopening have surged following the news of the vaccine. American Airlines, United Airlines, Royal Caribbean Cruise all exceeded 4% each in extended trade.
“This should further increase confidence that we get a robust immune response, since there should be greater confidence that it will be protective at some degree of Covid transmission,” said Michael Yee, CEO of Jefferies , on “Fast” by CNBC. Money. “It is throughout our positive thesis and our opinion that Moderna and Pfizer-BioNTech are definitely on the right track to obtain a vaccine by the end of the year. ”
Equities ended Tuesday’s volatile session on a positive note, as the Dow Jones jumped more than 500 points to post its best day in two weeks. The S&P 500 jumped 1.3%, boosted by cyclical names sensitive to the economic recovery. The tech-rich Nasdaq underperformed for a second day, increasing 0.9% as the massive Big Tech rally slowed.
Investors will monitor another batch of corporate results on Tuesday with Goldman Sachs, UnitedHealth, Bank of NY Mellon, US Bancorp and PNC Financial, all ready to report before the bell.
So far, revenues from major banks have been mixed. JPMorgan Chase published better than expected quarterly results thanks to a strong increase in trading revenues. Wells Fargo suffered a loss of $ 2.4 billion and reduced its dividend to 10 cents per share.
Meanwhile, tensions between the United States and China continue to increase. President Donald Trump said on Tuesday that he had signed a law imposing sanctions on China in response to his interference in the autonomy of Hong Kong.
– Jesse Pound of CNBC contributed to the report.
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