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The Dow Jones now is on the rise after U.S. President Donald Trump announced the United States would purchase 100 million doses of a COVID-19 vaccine from Moderna Inc. (NASDAQ: MRNA). More on this below.
Investors are paying close attention to Wall Street's reaction to Democratic Presidential Nominee Joe Biden's decision to select Sen. Kamala Harris (D-CA) as his VP candidate on the party ticket. Read on for everything moving the Dow today.
First, here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
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Now here's a closer look at today's most important market events and stocks. We'll also discuss the stories that slipped under the radar of the mainstream financial press on Wednesday.
The Top Stock Market Stories for Wednesday
- Today, investors are paying renewed attention to the state of COVID-19 across the country. Johns Hopkins University reports that the total number of COVID-19 cases in the United States has now surpassed 5.1 million. In addition, the number of deaths now sits on the cusp of 165,000. The United States has experienced three consecutive days of new cases under 50,000.
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- On the global front, I'm paying close attention today to numbers out of Europe. GDP fell by 20.4% in the United Kingdom during the second quarter. Annualized, that figure is about a drop of 60%. The UK bore the biggest hit of Europe, aided in part by its decision to go it alone during Brexit. Of course, voters and politicians couldn't have foreseen a global pandemic happening after its divorce from Europe. However, the figure is a major concern given that English officials believe it could take until at least the end of 2021 for things to be normal again.
- Gold prices slumped on Tuesday, while the price of silver fell by its largest amount in a single day since the collapse of Lehman Brothers. Prices were largely flat after investors turned their attentions back to the latest speculation on a new stimulus deal and growing tensions between China and the United States. President Trump recently issued an executive order that could prevent American app stores from selling TikTok. A recent report by The Wall Street Journal states that TikTok had been tracking user data in a way that had been banned by Alphabet Inc. (NASDAQ: GOOGL). Meanwhile, China slapped sanctions on 11 Americans over their criticism of China's recent Hong Kong security law.
Stocks to Watch Today: MRNA, TSLA
- Shares of Moderna Inc. (NASDAQ: MRNA) are in focus after President Trump announced that the U.S. government has struck a deal to purchase 100 million doses of the company's experimental COVID-19 vaccine. The deal for the vaccine, mRNA-1273, is worth roughly $1.53 billion and gives the government an opportunity to purchase another 400 million doses. The drug is currently in late-stage human trials. The announcement came the same day that Russian President Vladimir Putin said that his government had approved a vaccine.
- Eastman Kodak Co. (NASDAQ: KODK) is back down at $10 after a wild run fueled by Robinhood traders and other speculators. CEO Jim Continenza said his company has supported the U.S. government's decision to halt a potential loan to the firm that would allow it to manufacture pharmaceutical components for the American government. That loan faced steep criticism after it was revealed that the company issued stock options to top executives shortly before the government announced the loan.
- Shares of Tesla Inc. (NASDAQ: TSLA) added 6% after the electric auto manufacturer announced a 5-for-1 stock split. The split will take place at the end of the month. While it won't change the company's market capitalization, the split will make the stock more affordable to retail investors. Shares are up more than 225% since the start of 2020.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.