Tuesday, December 1, 2020
Home Economy Moderna, Simon, PNC: What to Watch When the Stock Market Opens Today

Moderna, Simon, PNC: What to Watch When the Stock Market Opens Today

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Here’s what we are watching as markets kick into gear Monday.

A 94.5% vaccine result from
Moderna
boosted stock futures
with the S&P 500 set to open higher after ending last week at a record level. Futures tied to the broad market gauge rose 1% while contracts tied to the Dow Jones Industrial Average climbed 1.7%. Tech heavy Nasdaq futures were slightly in the red, as investors shifted cash into pandemic losers and out of pandemic winners.
Zoom Video Communications
slipped 6%. Read our full market wrap here.

What’s coming up. Cybersecurity firm
Palo Alto Networks
and Chinese tech company
Baidu
report earnings afternoon eastern time.

Market Movers to Watch

Production line where part of the Moderna coronavirus disease (COVID-19) vaccine will be produced, in Visp, Switzerland.

Production line where part of the Moderna coronavirus disease (COVID-19) vaccine will be produced, in Visp, Switzerland.

Photo: olivier maire/EPA/Shutterstock


Moderna
rocketed around 16% premarket after the company said its Covid-19 vaccine candidate demonstrated 94.5% efficacy in its Phase 3 trial.

Virgin Galactic Holdings plunged 7.4% before the bell. Rival commercial aerospace company SpaceX successfully launched four astronauts into orbit Sunday, beginning regularly scheduled commercial flights to the International Space Station.

—Airliners and cruise companies, bellwethers for the travel industry’s outlook, surged premarket.
United Airlines Holdings
jumped 10.4%,
Delta Air Lines
climbed 6.6%,
Royal Caribbean Group
advanced 7.3% and
Norwegian Cruise Line Holdings
gained 10.4%.


PNC Financial Services Group
gained 4.3% premarket after agreeing to buy the U.S. arm of Spain’s
Banco Bilbao Vizcaya Argentaria
(BBVA) for $11.6 billion in one of the largest bank tie-ups since the financial crisis, The Wall Street Journal reported. BBVA’s U.S. listed ADR surged 19%.

—The PNC deal helped speed up the rotation from growth to value stocks in off-hour trading as financial stocks gained.
JPMorgan Chase
rose 3.4%,
Bank of America
gained 3.4%,
Wells Fargo
advanced 4.2% and
Citigroup
climbed 4%.


Simon Property Group
jumped 7% off-hours after agreeing a cut-price takeover for mall developer
Taubman Centers,
The Wall Street Journal reported. Taubman advanced over 8%.


JD.com
‘s U.S. listed ADR slid around 2% ahead of the bell, after the Chinese e-commerce mammoth reported earnings for the latest quarter.


Inovio Pharmaceuticals
jumped 14.5% premarket after updating investors on the status of efforts to develop a Covid-19 vaccine, with regulatory approval to proceed with Phase 2 trials.


HD Supply Holdings
advanced 24% after
Home Depot
said it has agreed to acquire the company for $56 a share. HD Supply closed Friday at $44.81.

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