5 things to know before the stock market opens on Thursday, May 6 – fr

5 things to know before the stock market opens on Thursday, May 6 – fr

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

1. Dow is expected to open higher one day after close at record high

Traders on the NYSE, May 3, 2021.
Source: NYSE

2. Weekly jobless claims fell to pandemic low ahead of Friday’s jobs report

The Labor Department reported Thursday that initial jobless claims fell to a pandemic-era low of 498,000 last week, better than expected and down 92,000 from the previous week. This is the lowest number of new unemployment benefit filings since mid-March 2020, when they stood at 256,000 and the first time under 500,000 since. U.S. corporate payrolls in April showed big gains but fell short of high expectations, according to ADP’s latest monthly report released on Wednesday. ADP data during Covid has consistently underestimated the official government tally, which is due out on Friday.

3. Moderna says early data shows Covid vaccine is 96% effective in adolescents

Healthcare worker fills syringe with Moderna COVID-19 vaccine as California opens vaccine eligibility to all residents 16 and older during coronavirus (COVID-19) outbreak in Chula Vista, California, April 15, 2021.

Mike Blake | Reuters

Moderna said its Covid vaccine was 96% effective in children aged 12 to 17, according to first data released Thursday, as well as the company’s earnings and mixed earnings in the first quarter. Stocks fell more than 6% in the pre-market. On Wednesday, citing early data from another ongoing trial, Moderna said a Covid booster generated a promising immune response against variants first identified in South Africa and Brazil. U.S. health officials said earlier Wednesday that highly contagious variants remain a “wildcard” as summer approaches.

4. United States Supports Waiver of Patent Protection for Covid Vaccines

Crowds of people are seen shopping at a weekly market in Kandivali.

Images SOPA | LightRocket | Getty Images

The Biden administration said Wednesday it supports lifting intellectual property protection for Covid vaccines, as other countries around the world struggle to manufacture life-saving doses. Pfizer CEO Albert Bourla told CNBC on Tuesday that such a move would not impact production of its Covid vaccine. “Bottlenecks are raw materials because the raw materials arrive at the manufacturing plants,” he said. India has again reported new daily record-breaking Covid cases. According to the New York Times, India has only fully vaccinated 2% of its population compared to over 30% in the United States.

5. SEC Chairman to Testify on Short Selling and Derivatives After GameStop, Archegos

Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), speaks during a Senate Banking Committee hearing in Washington, DC, the United States, Tuesday, July 30, 2013.

Andrew Harrer | Bloomberg | Getty Images

Gary Gensler, who was sworn in last month as SEC chairman, will testify before a House financial services committee on Thursday on the GameStop saga and the Archegos merger. According to prepared testimony, Gensler will tell lawmakers that his agency is considering measures to force large investors to disclose more about their short positions, which played into the January GameStop frenzy, as well as their use of derivatives, which has brings down Archegos. Additionally, Gensler will discuss how stock trading apps attract retail clients using in-game features such as points, rewards, bonuses, and contests.

– Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest pandemic news with CNBC Coronavirus Coverage.


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