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Here are five things you need to know for Wednesday, December 2:
1. – Lower equity futures point
Stock futures fell on Wednesday, a day after the S&P 500 and Nasdaq both hit record highs.
Dow Jones Industrial Average contracts fell 111 points, S&P 500 futures fell 7 points and Nasdaq futures fell 16 points.
Shares ended higher on Tuesday with the S&P 500 and the Nasdaq both closing records as Wall Street posted a November which was its best monthly performance since April.
The S&P 500 finished up 1.13% at 3662 and the Nasdaq 1.28% at 12355. Both indices also posted intraday highs. The Dow Jones gained 185 points, or 0.63%, to close at 29,823.
Gains in the stock market were breakthroughs in creating a vaccine for the coronavirus. In latest development, a Covid-19 hit from Pfizer (PFE) – Get the report and its German partner BioNTech (BNTX) – Get the report was approved in the UK, making Britain the first Western country to authorize a vaccine.
Asian stocks ended Wednesday’s session mixed. President-elect Joe Biden told the New York Times he would not immediately cut tariffs on Chinese goods.
To learn more about Asian markets, read:
Buying Frenzy sends Shanghai gauge of 50 important stocks to 12-year level, traders betting on cyclical stocks to outperform tech
2. – Pfizer Covid Shot approved by UK
Pfizer grew nearly 4% in pre-market commerce after the UK approved a coronavirus vaccine developed by the US drug maker and its German partner BioNTech.
The UK’s decision to approve the vaccine for emergency use preceded the expected US and EU approvals.
The snapshot will be available in Britain from next week.
“The government (Wednesday) accepted the recommendation of the Independent Medicines and Health Products Regulatory Agency to approve the use of Pfizer-BioNTech’s Covid-19 vaccine,” the UK said. “The vaccine will be available across the UK from next week.”
Pfizer Chairman and CEO Albert Bourla called the authorization a “historic moment”.
“This clearance is a goal we have been working towards since we first declared that science would win, and we commend the MHRA for its ability to conduct careful assessment and take timely action to help protect the population of the United Kingdom, ”he said.
The Pfizer / BioNTech vaccine has been shown to be 95% effective in preventing the virus.
Pfizer rose 3.91% to $ 40.95 in pre-market trading. BioNTech’s U.S. Certificates of Deposit rose 6.91% to $ 121.89.
3. – Salesforce to buy Slack for $ 27.7 billion
Salesforce.com Actions (CRM) – Get the report were lower in pre-market trading on Wednesday after the cloud giant announced it was buying Slack Technologies (JOB) – Get the report in cash and stocks in a transaction valued at $ 27.7 billion.
The acquisition had been largely anticipated after talks between the companies surfaced last week. The deal will combine Slack, a highly visible messaging platform, with Salesforce, a maker of productivity tools used by businesses to improve sales and services.
This acquisition is the largest ever made by Salesforce. It is expected to close by the end of July.
Slack shareholders will receive $ 26.78 in cash and 0.0776 Salesforce common share for each Slack share, which is a 55% premium over Slack’s price on November 24, the day before reports were published on a potential agreement.
“It’s a match made in heaven,” said Marc Benioff, president and CEO of Salesforce. “Together, Salesforce and Slack will shape the future of business software and transform the way everyone works in the fully digital world and from anywhere.”
Slack faces increased competition from Microsoft (MSFT) – Get the report, which has seen rapid adoption of its Teams app, which offers tools similar to Slack.
“Make no mistake: we love this deal for Salesforce,” said Jim Cramer and the Action Alerts PLUS team, which has Salesforce in its portfolio.
Salesforce, meanwhile, released third-quarter results that beat analysts’ expectations, but released forecasts below expectations.
Salesforce shares fell 4.79% to $ 229.80 in pre-market trading. Slack was down 0.82% to $ 43.48.
4. – Wednesday calendar: ADP jobs data, Snowflake earnings
Wednesday’s economic calendar includes MBA mortgage applications for the week ended November 27 at 7 a.m. ET, the ADP national employment report for November at 8:15 a.m., oil inventories for the week ended November 27 at 10:30 am and the federal government Book the “Beige Book” at 2:00 pm
Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin testify before Congress for a second day, starting at 10 a.m.
Revenue reports are due Wednesday from Snowflake (SNOW) – Get the report, Zscaler (ZS) – Get the report, PVH (PVH) – Get the report, Splunk (SPLK) – Get the report, Crowdstrike (CRWD) – Get the report, Okta (OKTA) – Get the report and five below FIVE.
5. – McDonald’s McRib Sandwich is back
Mcdonalds (MCD) – Get the report The barbecue sandwich, the McRib, returns to restaurants across the country on Wednesday for a limited time.
The pork sandwich made its national debut in the early 1980s, according to McDonald’s. It was brought back to 10,000 McDonald’s restaurants in the United States last year, but has not been available nationwide since 2012.
McDonald’s McRib makes a sweet, hot and crispy comeback
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