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Here are five things you need to know for Wednesday, November 18:
1. – Higher equity futures point
Stock futures rose on Wednesday after Pfizer (PFE) – Get the report said its coronavirus vaccine candidate achieved a 95% efficacy rate, surpassing that of Moderna (RNAm) – Get the report, after final analysis of its trials in the final phase.
Contracts linked to the Dow Jones Industrial Average rose 171 points, S&P 500 futures gained 15 points, and Nasdaq futures rose 25 points.
Pfizer and its German partner, BioNTech (BNTX) – Get the report, said the vaccine’s efficacy rate was constant across all ages and races and based on a total cohort of 170 cases. Interim results published last week indicated a 90% efficacy rate in a cohort of approximately 94 patients.
The companies have said they will apply for emergency use authorization from the Food and Drug Administration in the coming days.
Wall Street has been encouraged by the progress being made in the development of a vaccine for the coronavirus, but remains keenly aware that a vaccine remains in months as the number of infections continues to rise.
Inventories ended lower on Tuesday as optimism over a coronavirus vaccine faded somewhat as the pandemic continues to worsen in the United States and around the world. A drop in retail sales in the United States has also served as a “wake-up call that Covid-19 is still with us and its effects will not miraculously go away overnight,” said Jeffrey Halley of Oanda.
Federal Reserve Chairman Jerome Powell said that while the positive results of the coronavirus vaccine trials were “certainly good news, especially in the medium term, in the short term there are significant challenges and uncertainties . Even in the best of circumstances, widespread vaccination is in the future. “
He added that the US economy had “a long way to go” before returning to pre-pandemic levels.
Meanwhile, Main Democrats Nancy Pelosi and Chuck Schumer sent a letter to Senate Majority Leader Mitch McConnell, asking them to meet to resume stalled negotiations on another coronavirus relief program. The two sides have not discussed the relief bill since the November 3 presidential election.
Asian stocks ended Wednesday’s session mixed while European stocks traded mostly higher.
To learn more about Asian markets, read:
RCEP: a wake-up call for Europe and the United States to unite against China
2. – Gains from Nvidia, Lowe’s and Target reports
Target (TGT) – Get the report reported adjusted third-quarter earnings of $ 2.79 per share, beating expectations by $ 1.60. Revenues of $ 22.63 billion exceeded estimates by $ 20.77 billion. Comparable store sales increased 9.9%.
Lowe’s (LOW) – Get the report reported third quarter adjusted earnings of $ 1.98 per share, in line with analysts’ forecasts. Revenue of $ 22.31 billion in the quarter and US same-store sales growth of 30.4% exceeded Wall Street expectations.
Revenue reports are also due Wednesday from Nvidia (NVDA) – Get the report, TJX Cos. (TJX) – Get the report, His bone (I AM) – Get the report and L Brands (KG) – Get the report.
Nvidia releases results Wednesday: 5 key things to watch
Nvidia is a stake in Jim Cramer Action Alerts PLUS Members Club. Want to be alerted before Jim Cramer buys or sells the stock? Find out more now.
The U.S. economic calendar on Wednesday includes MBA mortgage applications for the week ended November 13 at 7 a.m. ET, October starts and permits at 8:30 a.m. and oil inventories for the week ended November 13 at 10:30 a.m.
3. – Boeing 737 MAX flight ban lifted
The flight ban on Boeing (BA) – Get the report The 737 MAX was lifted Wednesday by the Federal Aviation Administration.
FAA administrator Steven Dickson said he was “100% confident” in the safety of the plane after he canceled a 20-month-old order to allow the plane to resume commercial flights. The 737 MAX came to a standstill in March 2019 following two crashes that killed 346 people. The accidents were ultimately linked to the jet’s navigation system.
The FAA will detail the software upgrades and training changes the aircraft manufacturer must make to resume commercial flights, Reuters reported.
The FAA has also said it will no longer allow Boeing to approve the airworthiness of around 450 737 MAXs already built. The agency is therefore planning individual in-person inspections that could take a year or more, extending the delivery of the jets, Reuters noted.
American Airlines (AAL) – Get the report announced plans to relaunch 737 MAX flights at the end of December. Southwest Airlines (LUV) – Get the report said he will fly the plane from the second quarter of 2021.
Boeing shares rose 5.5% to $ 221.61 in pre-market on Wednesday.
4. – Morgan Stanley is optimistic about Tesla
You’re here (TSLA) – Get the report was up 2% in pre-market trading, extending Tuesday’s sharp gains after Morgan Stanley rated the electric vehicle manufacturer’s shares overweight for the first time in more than three years.
Morgan Stanley predicted that Tesla was on the verge of a “profound model shift” from selling cars to generating revenue from high-margin software and services, according to a Bloomberg report.
“Valuing Tesla only on car sales ignores the multiple activities built into the business,” analyst Adam Jonas wrote in a note.
He improved on equal weight stocks and increased his price target by 50% to $ 540 a share.
Tesla rose 2.05% to $ 450.86 per share on Wednesday in pre-market trading. The stock rose 8.21% on Tuesday after the electric vehicle maker entered the S&P 500.
5. – NIO publications increase vehicle sales
NIO’s US-listed shares (NIO) – Get the report were higher in pre-market trade after the Chinese electric vehicle maker said its sales more than doubled in the last quarter.
Vehicle sales jumped 146% in the September quarter from a year ago to 4.27 billion yuan ($ 650 million). Revenue for the quarter was $ 667 million, higher than analysts’ estimates, and up from $ 262.9 million a year earlier.
Nio said it delivered 12,206 vehicles in the last quarter, an increase of 150% from the same period a year earlier, and 10,331 in the second quarter.
“We plan to deliver 16,500 to 17,000 vehicles in the coming fourth quarter,” William Bin Li, founder, president and CEO of NIO, said in a statement.
NIO’s U.S. certificates of deposit rose 3.63% to $ 48.28.
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