Dow slips 700 points as Fauci warns about coronavirus vaccine schedule

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U.S. stock markets fell on Thursday after Dr Anthony Fauci dashed hopes that a COVID-19 vaccine would arrive soon, contradicting documents from the Centers for Disease Control and Prevention.

Fauci told CNN that a vaccine is unlikely to be ready by the end of October. In a separate interview with NBC News’ “Today”, Fauci said a vaccine was likely by the end of the year.

The Dow Jones Industrial Average fell more than 700 points, or 2.6%, with Microsoft leading the decline.

Teleprinter security Latest Change % Change
I: DJI MEDIUM DOW JONES 28296,21 -804,29 -2,76%
MSFT MICROSOFT CORP. 218,19 -13,46 -5,81%

The S&P 500 and Nasdaq Composite, which finished in record territory on Wednesday, fell 3.4% and 4.8% respectively. Apple and Amazon were among the names hardest hit.

Teleprinter security Latest Change % Change
SP500 S&P 500 3455,87 -124,97 -3,49%
AAPL APPLE INC. 122,81 -8,59 -6,54%
AMZN AMAZON.COM INC. 3 358,53 -172,92 -4,90%
XSW SPDR SERIES TRUSTS S&P COMPUTER SOFTWARE ETF 121,90 -6,35 -4,95%

Tesla continued its decline as electric vehicle maker Elon Musk slid into correction territory, falling for a third day in a row after announcing a $ 5 billion stock sale. The stock began trading at its split-adjusted price on Monday.

Teleprinter security Latest Change % Change
I: COMP INDEX COMPOSITE NASDAQ 11490,946864 -565,50 -4,69%
TSLA TESLA INC. 411,16 -36,21 -8,09%

Economically, the news has been positive after the US labor market continues to show signs of gradual improvement. Initial jobless claims for the week ended August 29 totaled 881,000, down from 1.011 million revised the previous week. Continuing claims, meanwhile, fell to $ 13.254 million in the week ended Aug. 22, from a revised 14.492 the week before. Both figures were better than expected.

Elsewhere, Novavax Inc. has announced that positive early-stage data for its investigational COVID-19 vaccine has been published in the New England Journal of Medicine. Investors in NanoViricides Inc. are awaiting an update from the company on its COVID-19 drug. The Centers for Disease Control and Prevention said on Wednesday it was ready for a vaccine by November 1.

Teleprinter security Latest Change % Change
NVAX NOVAVAX INC. 106,37 +3,47 + 3,37%
NNVC NANOVIRICIDES 4,85 -0,71 -12,77%

Meanwhile, Costco Wholesale Corp. said sales at stores open at least 12 months were up 13.1% from a year ago, beating the 10.7% gain that analysts were predicting. Digital sales increased 102%.

On the earnings side, Campbell Soup Co. released quarterly results that beat both top and bottom results amid “unprecedented demand” for its food and beverages.

Teleprinter security Latest Change % Change
COST COSTCO WHOLESALE COMPANY 348,34 -10,52 -2,93%
CPB CAMPBELL SOUP CO. 48,13 -4,32 -8,24%
PVH PVH CORP 61,14 +1,57 + 2,64%

PVH Corp., which operates Calvin Klein and Tommy Hilfiger, announced a surprise profit amid strong online demand for comfortable clothing.

On the commodities front, West Texas Intermediate crude oil fell 48 cents to $ 41.03 per barrel while gold gained $ 3.90 to $ 1,948.60 per ounce.

US Treasuries rallied, pushing the yield on the 10-year note down 1 basis point to 0.641%.

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Markets were trading higher across Europe with France’s CAC rising 1.51%, Germany’s DAX up 0.83% and Britain’s FTSE gaining 0.37 %.

In Asia, Japan’s Nikkei outperformed, ending up 0.94%, while Hong Kong’s Hang Seng and China’s Shanghai Composite lost 0.45% and 0.58%, respectively.

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