| What to watch today: Dow futures extend gains after positive vaccine results | | |  | MON, MAY 18, 2020 | | | | AS OF MON, MAY 18, 2020 • 09:13 ET | | Dow Jones Fut | | 23,685.42 | | Current: | 24,267.00 | | Change: | 750.00 | | Impl. Open: | 663.58 | | | S&P 500 Fut | | 2,863.70 | | Current: | 2,928.50 | | Change: | 82.00 | | Impl. Open: | 70.80 | | | NASDAQ 100 Fut | | 9,152.64 | | Current: | 9,269.75 | | Change: | 173.25 | | Impl. Open: | 126.11 | | | Russell 2000 Mini | | 1,256.99 | | Current: | 1,317.00 | | Change: | 70.60 | | Impl. Open: | 65.21 | | Dow futures were extending their gains and pointing to a 650-point jump at Monday's open after Moderna said the early-stage human trial for its coronavirus vaccine produced antibodies against Covid-19 in all 45 participants. Shares of Moderna were surging more than 30% in premarket trading. Year-to-date, the biotech's stock soared nearly 250% as of Friday's close. (CNBC)
* Moderna reports positive data on early-stage coronavirus vaccine trial (CNBC) | | | | Despite Thursday's surge and Friday's gain, the Dow Jones Industrial Average lost more than 2.6% last week as investors dealt with dismal economic data and increasing trade tensions between the U.S. and Chinai. The Nasdaq, led by the rally in tech stocks, remained positive for the year as of Friday's close after going into the green for 2020 earlier this month. (CNBC) | | | | The U.S. economy could shrink by upwards of 30% in the second quarter, Federal Reserve Chairman Jerome Powell told CBS' "60 Minutes." Powell said he believes the economy will recover but it could take until the "end of next year." White House economic advisor Kevin Hassett told CNBC this morning that Powell is too pessimistic and predicts an economic comeback soon. (CNBC) | | The World Health Organization's decision-making body opened a two-day virtual meeting, and Chinese President Xi Jinping on Monday called for an independent review of the global response to the coronavirus under the WHO once the pandemic is under control. Xi also defended Beijing's handling of the outbreak, which was discovered in the Chinese city of Wuhan late last year. | | | General Motors, Ford and Fiat Chrysler are reopening U.S. auto plants Monday for the first time since shuttering operations in March due to the coronavirus. The companies have rolled out a series of safety measures to protect workers, including temperature checks, personal protective equipment and deep-cleaned factory floors. Tesla restarted its plant in Fremont, California, last week. (Reuters)
* Tesla considers building its next factory in Austin or Tulsa (CNBC)' | | | | Apple released a set of guidelines its retail stores will follow as they reopen. The tech giant said Sunday it will require customers to submit to temperature checks and wear masks before entering. Apple will provide masks. Twenty-five Apple retail stores will reopen in the U.S. this week. (CNBC) | | | In regulatory filings late Friday, some of the world's most followed investors made big moves, including Warren Buffett. The billionaire's Berkshire Hathaway conglomerate decreased its Goldman Sachs stake by 84% as of the end of the first quarter. Apple was Berkshire's biggest holding as of the end of March. (CNBC Pro)
Bill Ackman's Pershing Square Capital plowed much of its profits from a big short against the market in March back into its core holdings in the first quarter. Pershing Square's largest bet was on home improvement chain Lowe's. It sold nearly a third of its shares in Chipotle Mexican Grill. (CNBC Pro) | | The CEOs of Uber (UBER) and Grubhub (GRUB) met over the weekend to continue merger discussions, according to The Wall Street Journal, as they try to work out a stock-swap deal to combine Uber's delivery service, Uber Eats, with Grubhub. Grubhub continues to maintain that Uber's current offer is too low. | | | | Allianz chief economic advisor Mohamed El-Erian was named lead independent director at Under Armour (UAA), effective at the athletic apparel maker's annual meeting on May 27. El-Erian has been an Under Armour board member since 2018. | | | | Alphabet's (GOOGL) Google unit will be the target of likely antitrust lawsuits from the Justice Department and state attorneys general, according to The Wall Street Journal. The suits will reportedly focus on Google's dominance in both the advertising business and in online search. | | | | Japan's Softbank is in talks to sell a significant portion of its stake in T-Mobile US (TMUS) to controlling shareholder Deutsche Telekom, according to The Wall Street Journal. Such a transaction would boost Deutsche Telekom's share from nearly 44% to over 50%. | | | | Tesla (TSLA) Tesla has zeroed in on two locations in Texas and Oklahoma as possible sites for a new factory, according to a source intimately familiar with the automaker's plans who spoke to CNBC. | | | | Best Buy (BBY) Best Buy was upgraded to "outperform" from "market perform" at Telsey Advisory Group, which expects the electronic retailer to benefit from the shift to working at home and increased consumer adoption of e-commerce. | | | | J.C. Penney (JCP) The retailer filed for Chapter 11 bankruptcy protection, with plans to hand control to lenders and split into two separate companies. One would hold the retail operations, while the other would be a real estate investment trust holding some of the company's property. | | | | Walt Disney (DIS) Disney will reopen part of the shopping area at its Disney Springs resort in Florida on Wednesday. The company is implementing a variety of safety measures, including masks and contactless payment options. | | | | Fiat Chrysler (FCAU) Fiat Chrysler is in talks to set up a $6.8 billion credit line that will be guaranteed by the Italian government. The automaker is trying to shore up its finances as it deals with the impact of the coronavirus outbreak as well as proceed with its planned merger with Peugeot parent PSA Groupe. | | | | Cinemark Holdings (CNK) Cinemark was downgraded to "neutral" from "buy" at B Riley FBR, which points to a variety of negative factors for the movie theater operator including a worsening coronavirus situation in Brazil. | | Workers who still have their jobs are happier, particularly in light of April's 14.7% unemployment rate, but they're working harder, according to the latest CNBC|SurveyMonkey Workplace Happiness Survey. Nearly half of those polled have been working remotely during the pandemic, and they're generally happy about it. | |  | | |
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