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The US stock market opened flat on Wednesday (18) and then rose. The Dow Jones Industrial Average was up 67 points or 0.1% in early trading, the Nasdaq Index was up 0.08%, the S&P 500 Index was up 0.04% and rates were up 0.4%.
The Federal Aviation Administration (FAA) officially approved the Boeing 737 Max to come and go, ending the 20-month flight ban order, encouraging Boeing to go up more than 5% at the open.
Pharmaceutical manufacturer Pfizer announced that final data from its phase III clinical trial showed that the new coronary pneumonia vaccine developed in cooperation with BioNTech SE is as effective as 95%, which is better than 90% of previous data. , and so far there have been no serious security issues. .
The company plans to submit an emergency use authorization (US) request to the US Food and Drug Administration (FDA) in the next few days. Pfizer and BioNTech opened 3% and 5% respectively.
On the other hand, the epidemic in the United States continues to worsen and the hospitalization rate has reached a record high. According to data from Johns Hopkins University, the United States added 162,000 new coronavirus diagnoses and 1707 new deaths on Tuesday (17), forcing Ohio to announce a curfew on Tuesday, requiring people to be among the 10 pm and the next morning. Stay home at 5 o’clock.
Fed Chairman Jerome Powell said on Tuesday (17) that the progress of vaccines is undoubtedly good news. In the short term, the economy still faces enormous challenges and uncertainties. At best, the distance is great. The vaccination will take several months.
Generally speaking, concerns about a new round of restrictive measures and a slowdown in the economic recovery are stifling overall market sentiment, and investors’ expectations of hitting a full-scale fiscal stimulus plan are also fading.
Bailout negotiations have entered a critical period this week, and the Senate and House of Representatives still cannot reach consensus on the scale of the bailout. The Speaker of the United States House of Representatives, Nancy Pelosi, and the Democratic leader of the Senate, Chuck Schumer, asked the Republican leader of the Senate, Mitch McConnell, to resume negotiations on Tuesday, but the latter declared that they are only willing to accept $ 500 billion relief. Sleepy Bill.
At 10:00 p.m. on Wednesday (18) Taipei time:
- The Dow Jones Index rose 67.84 points, or 0.13%, to 29,851.19 temporarily.
- Nasdaq was up 9.85 points, or 0.08%, to 11,909.19 temporarily.
- The S&P 500 Index rose 1.37 points, or 0.04%, to 3,610.90 points temporarily
- Rates and a half increased by 9.85 points or 0.39%, temporarily reported at 2558.81 points
- TSMC ADR rose 2.25% to $ 97.86 per share
- 10-year US Treasury yield fell to 0.857%
- New York light crude oil rose 1.23% to $ 41.94 a barrel
- Brent crude rose 1.60% to $ 44.45 a barrel
- Gold fell 0.42% to $ 1,877.10 an ounce
- The dollar index rose 0% to 92.40 points
Focus actions:
Boeing (BA-US) was up 5.02% in early trading to $ 220.60.
The Federal Aviation Administration (FAA) officially approved on Wednesday (18) the resumption of commercial flights of the Boeing 737 Max, ending the 20-month ban. After the aircraft suffered two previous accidents, it began to be on the ground in March 2019.
Pfizer (PFE-US) rose 2.89% to $ 37.08 in early trading.
Pfizer’s German biotechnology company BioNTech SE announced on Wednesday (18) that the phase III trial developed in conjunction with the new coronavirus vaccine showed that the final effectiveness reached 95%, which was higher than the first data. 90%.
Pfizer plans to submit an Emergency Use Vaccine (EUV) authorization request to the FDA within a few days. Chief Executive Albert Bourla said on Tuesday (17) that he has accumulated enough security data for authorities to review. If approved, it is expected to sell the vaccine before the end of this year. .
Target (TGT-US) was up 1.39% in early trading to $ 165.31.
Key figures from the third quarter 2020 earnings report:
- Revenue: $ 22.63 billion, an annual increase of 21.3%, better than Refinitiv’s estimate of $ 20.93 billion
- Net profit: $ 1,010 million, better than $ 714 million in the same period last year
- EPS: US $ 2.01, an annual increase of 46.3%
- (non-GAAP) Adjusted EPS: $ 2.79, an annual increase of 105.1%, better than the $ 1.60 expected by Refinitiv
- Same-store sales: an annual increase of 20.7%, better than StreetAccount’s 11.2%
Daily key economic data:
- The annualized number of new homes started in the United States in October was 1.53 million, which is expected to be 1.448 million. The previous value has risen from 1,415 million to 1,459 million.
- The annualized monthly growth rate of homes started in the United States in October reported 4.9%, the previous value was revised up from 1.9% to 6.3%
- The total number of US building permits in October was reported to be 1.545 million, which is expected to be 1.57 million. The previous value was reduced from 1,553 million to 1,545 million.
- The monthly growth rate of US building permits reported 0% in October, which is expected to be 1.6%, and the previous value decreased from 5.2% to 4.7%
Wall Street Analysis:
Markets.com market analyst Neil Wilson said that while the market response to vaccines today is relatively cool, it highlights the fact that we are moving towards a more optimistic 2021, although the process may require measures of temporarily durable lock. Still on the way back to normal.
Mohit Kumar, a strategist at Jefferies International, said the market has recovered due to the vaccine news from Pfizer. From an epidemic perspective, we will still face a harsh winter, but in the long run, this is great news.
Adam Ozimek, chief economist at Upwork, said that if the government and Congress do not take more action we will see more companies fail and the recovery process will be reversed, by then the United States will face greater economic difficulties.
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