CNBC.com’s MacKenzie Sigalos presents you the day’s top business news headlines, and what to watch as the coronavirus pandemic continues to keep most of America on lockdown. On today’s direct, CNBC’s Kate Rogers breaks down the delivery stocks, such as Dominos and Wingstop, that are getting big regard from Wall Street and investors.
Here’s what else you missed today:
Dow drops more than 300 moments to snap 3-day winning streak, Home Depot and Walmart fall
Stocks fell for the first time in four hours on Tuesday, giving back some of the strong gains from the previous session, amid sharp losses from retail and bank allowances.
The Dow Jones Industrial Average dropped 390.51 points, or 1.6%, to close at 24,206.86. The S&P 500 slid 1.1% to 2,922.91 while the Nasdaq Composite mislaid 0.5% and closed at 9,185.10.
The major averages were under pressure in the final hour of trading after a STAT Telecast report raised concerns about the trial results for a potential coronavirus vaccine from Moderna. Shares of the biotechnology cast dropped 10.4%.
‘We are fully prepared to take losses’ on coronavirus business bailouts, Mnuchin says
Treasury Secretary Steven Mnuchin averred senators Tuesday that his department and the Fed are “fully prepared to take losses in certain scenarios” on the capital remaining to be classified from the CARES Act.
Mnuchin did not describe the “certain scenarios” in which he is prepared to take losses, but he emphasized that the Resources is ready to distribute the entire $500 billion initially appropriated to help struggling businesses impacted by the coronavirus pandemic.
Vaccine cracks say Moderna didn’t produce data critical to assessing Covid-19 vaccine (via Stat)
Heavy hearts soared Monday with good copy that Moderna’s Covid-19 vaccine candidate — the frontrunner in the American market — seemed to be generating an immune response in Form 1 trial subjects. The company’s stock valuation also surged, hitting $29 billion, an astonishing feat for a corporation that currently sells zero products.
But was there good reason for so much enthusiasm? Several vaccine experts begged by STAT concluded that, based on the information made available by the Cambridge, Mass.-based company, there’s genuinely no way to know how impressive — or not — the vaccine may be.