Sources tell FOX Business’ Charlie Gasparino that Wall Street traders and investors are prepping for a market reaction as the coronavirus vaccine is poised for distribution.
U.S. equity markets opened lower Wednesday, a day after closing in record territory, as private employers added fewer than expected jobs in November.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 29817.82 | -6.10 | -0.02% |
| SP500 | S&P 500 | 3662.48 | +0.03 | +0.00% |
| I:COMP | NASDAQ COMPOSITE INDEX | 12319.902848 | -35.20 | -0.28% |
The Dow Jones Industrial Average fell 223 points, or 0.75%, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite were weaker by 0.45% and 0.8%, respectively.
The early weakness comes after both the S&P 500 and the Nasdaq Composite closed at record highs on Tuesday, fueled by the news of a $908 billion bipartisan COVID-19 relief package being worked on in Congress.
ADP JOBS DATA SIGNALS SLOW HIRING
The ADP payroll report showed U.S. private employers added 307,000 jobs in November, missing the 410,000 jobs that analysts surveyed by Refinitiv were expecting. Job gains from the prior month were revised up to 404,000 from 365,000.
HOUSE POISED TO CUT ROGUE CHINESE FIRMS OFF FROM AMERICAN INVESTORS
Looking at stocks, the U.K. government granted emergency use authorization to the Pfizer/BioNTech COVID-19 vaccine. The vaccine, which is the first in the world to be approved, will begin being distributed to vulnerable populations next week.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PFE | PFIZER INC. | 40.76 | +1.36 | +3.45% |
| BNTX | BIONTECH SE | 119.43 | +5.42 | +4.75% |
Elsewhere, Moderna shares were lower after Merck & Co. said it sold its stake in the company.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRNA | MODERNA INC. | 146.28 | +5.26 | +3.73% |
| MRK | MERCK & CO. INC. | 81.81 | +0.27 | +0.33% |
In mergers and acquisitions, Salesforce.com Inc. agreed to buy workplace messaging platform Slack Inc. in a $27.7 billion deal. Slack shareholders will receive $26.79 per share in cash and 0.776 Salesforce shares for each Slack share they own.
SALESFORCE BUYS SLACK $27.7B DEAL
The deal was partly driven by the onset of the pandemic, according to the companies, who predict remote working is here to stay.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CRM | SALESFORCE.COM | 224.49 | -17.12 | -7.09% |
| WORK | SLACK TECHNOLOGIES INC. | 43.15 | -0.76 | -1.72% |
Meanwhile, Li Auto reported disappointing delivery numbers, dragging down shares of Tesla Inc. and Nio. Aso trading lower were fuel cell companies like Plug Power Inc. Separately, Elon Musk in an interview said, if he was approached to do a deal or be acquired, like any good CEO, he’d consider.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LI | LI AUTO INC. | 35.24 | +0.38 | +1.09% |
| TSLA | TESLA INC. | 564.30 | -20.46 | -3.50% |
| NIO | NIO INC. | 45.91 | +0.65 | +1.43% |
BlackBerry Ltd. shares were sharply higher for a second day after announcing a collaboration with Amazon Web Services to develop its intelligent vehicle data platform.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BB | BLACKBERRY LIMITED | 7.87 | +0.87 | +12.43% |
| AMZN | AMAZON.COM INC. | 3,212.18 | -7.90 | -0.25% |
Palantir Technologies Inc. was downgraded to underweight and given a $17 price target at Morgan Stanley. Shares of the Peter Thiel-backed software company that specializes in big data had surged 170% through Tuesday since debuting on the New York Stock Exchange on Sept. 30.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PLTR | PALANTIR TECHNOLOGIES INC. | 22.54 | -3.14 | -12.23% |
The Federal Reserve’s Beige Book will cross the wires at 2 p.m. ET.
Looking at commodities, gold climbed $2.50 to $1,821.40 per ounce and West Texas Intermediate crude oil lost 5 cents to $44.50 per barrel.
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In Europe, Britain’s FTSE 100 was trading higher by 0.55% after the government gave the green light for the Pfizer/BioNTech COVID-19 vaccine to be distributed, while France’s CAC 40 and Germany’s DAX 30 were weaker by 0.38% and 0.63%, respectively.
Asian markets ended little changed with Japan’s Nikkei 225 edging up 0.05%, China’s Shanghai Composite index slipping 0.08% and Hong Kong’s Hang Seng 225 falling 0.13%.
