DJ up above 27000 - New uptrend

Stock market news live updates: Dow adds 200+ points as investors eye vaccine updates, strong earnings

Emily McCormick
August 5, 2020, 9:39 PM





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Stocks rose Wednesday morning as investors considered a spate of updates around companies’ coronavirus vaccine development and distribution plans, alongside a batch of stronger than expected corporate earnings results.

Johnson & Johnson (JNJ) announced it had entered an agreement with the US government to manufacture and deliver 100 million doses of its Janssen unit’s investigational coronavirus vaccine candidate. Meanwhile, Moderna (MRNA) CEO Stéphane Bancel offered more details on pricing plans for the company’s own vaccine candidate, saying some customers would be charged between $32 and $37 per dose.

Shares of CVS (CVS) advanced after topping expectations in second-quarter results. Health-care company CVS grew profit more than 50% over last year as costs in its health-care benefits unit fell. The company also raised its full-year profit guidance. Moderna’s revenue of $66 million was more than double consensus estimates, and the company said it remained on track to finish enrollment for its Phase 3 coronavirus vaccine trial in September.

Disney’s (DIS) stock extended overnight gains , after the company reported mixed third-quarter results Tuesday evening but unexpectedly eked out an adjusted profit per share despite broad-based business disruptions due to the pandemic. In a move to begin rolling out its backlog of films not yet released in theaters, Disney said it would release its live-action “Mulan” starting Sept. 4 on Disney+, with the streaming platform now boasting 60.5 million global subscribers. Disney also plans to launch a new streaming service under its “Star” brand.

Wednesday also brought the first of several major economic data reports this week on the state of the labor market – and the print drastically missed expectations. The ADP National Employment Report showed private employers added back a net 167,000 payrolls in July, whereas consensus economists expected additions of 1.2 million. Private payrolls had increased by an upwardly revised 4.314 million in June.

However, the July report will also give a somewhat dated look at the job market in America, with the coronavirus pandemic and efforts to contain it still under way. Improvements in the labor market and in consumer health are expected to backslide in the absence of further stimulus measures