Shares opened higher Tuesday night after a choppy session earlier sent the S&P 500 within striking distance of a record close before the blue-chip index lost steam and declined.
Shares of Moderna (MRNA) jumped more than 10% shortly after 6 p.m. ET, after the company announced a deal to provide the U.S. government with 100 million doses of its Covid-19 vaccine candidate currently in human trials in ‘ the late stage is. Meanwhile, Tesla’s share (TSLA) rose 7% after the company announced a five-for-one stock split earlier Tuesday.
Regular sessions of equities – the first for the S&P 500 and Dow in eight sessions – came as prospects for a near-term virus delivery package from Congress deepened. Primary negotiators including Treasury Secretary Steven Mnuchin, Chief of Staff Mark Meadows, Speaker Nancy Pelosi and House Minority Leader Chuck Schumer have not met since Friday to discuss a new package, with lawmakers still deeply divided. are about the amount of support that needs to be released state and local governments.
Other national developments also added a risk-off vote Tuesday afternoon. The Big Ten Conference and Pac-12 have each announced that they will postpone their bankruptcy seasons as concerns about the ongoing coronavirus pandemic abound, following days of speculation about the fate of one of the major revenue drivers for major universities.
“Having college football in the fall is a sign of a return to normalcy,” Jim Bianco, Bianco Research President and CEO, told Yahoo Finance during “The Final Round” on Tuesday.
The postponement of the season “is an indication to everyone in those neighborhoods, if those states, that things are not back to normal yet,” Bianco said. “The big one in college football is the SEC, from Florida to Arkansas, all the way to South Carolina and Clemson – they said nothing. But I think if they were to slow down even after the spring, that could actually bleed in the election as well. You’re telling everyone in that important place to vote, it’s not ready yet. It’s not good yet. ”
Each year, the season continues through Wednesday with a relatively light list of companies set to report, including Lyft (LYFT), Tencent (0700.HK) and Cisco (CSCO).
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6:03 pm ET Tuesday: Shares open higher
Here were the key movements in stock markets, starting at 6:03 pm ET:
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S&P 500 futures (ES = F): 3,339.5, up 9.5 points, or 0.29%
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Dow futures (YM = F): 27.685.00, up 71 points, or 0.26%
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Nasdaq futures (NQ = F): 10.935.5, up 57 points, or 0.52%
NEW YORK, NEW YORK – MARCH 20: Traders work on the floor of the New York Stock Exchange (NYSE) on March 20, 2020 in New York City. Commerce on the floor will be temporarily fully electronic on Monday to protect employees from the spread of the coronavirus. The Dow fell more than 500 points Friday as investors remained concerned about COVID-19. (Photo by Spencer Platt / Getty Images)
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