Asian stocks rose on Tuesday after Moderna reported promising results from the first human trials of its coronavirus vaccine. US futures slid after US President Donald Trump threatened to terminate funding to the World Health Organization unless it makes "substantive improvements" following its response to the coronavirus outbreak. The UK's unemployment claims rose to a record high in April. Visit Business Insider's homepage for more stories.
Asian indexes extended gains on Tuesday after Moderna showed signs of success in the first human trials of its coronavirus vaccine. The biotech firm reported on Monday that the vaccine produced protective antibodies in all eight of its volunteers, potentially marking a breakthrough moment in the fight against the coronavirus pandemic. However, analysts recommended investors consider "some of the small print." "All companies searching for a vaccine like to say they are doing well: it's very much in their interest. This was a sample of less than 10 when phase two, starting in months, will be on many thousands," analysts at Rabobank said in a note. "Even if that hurdle is passed with flying colors we will still not see a vaccine on the US market, let alone in emerging markets, until early 2021." Read More: Hedge fund insiders explain why Wall Street is obsessed with going 'quantamental' — and where firms are falling short Here's the market roundup as of 11.15 a.m. in London (11:15 a.m. ET):
Asian indexes climbed with China's Shanghai Composite up 0.8%, Hong Kong's Hang Seng up 1.9%, and Japan's Nikkei up 1.5%. European equities fell, with Germany's DAX down 0.8%, Britain's FTSE 100 down 0.7%, and the Euro Stoxx 50 down 0.9%. US stocks are set to open lower. Futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq fell by 0.3% to 0.5%. Oil prices fell, with West Texas Intermediate down 0.3% at $31.60, and Brent crude down 0.4% at $34.70. The benchmark 10-year Treasury yield fell to 0.71%. Gold rose 0.2% to $1,738.
Read More: GOLDMAN SACHS: Buy these 21 cheap under-the-radar stocks that offer market-beating growth potential right now The decline in US futures may have been sparked by President Trump threatening to cut funding the World Health Organization due to its "failed response to the Covid-19 outbreak." His administration will review the matter over the next 30 days. In a letter to the WHO chief, Dr. Tedros Adhanom Ghebreyesus, Trump wrote the organization must make "major substantive improvements," failing which the US would permanently end funding and reevaluate membership. Elsewhere, the UK reported horrific jobs data similar to the US. The country's statistics authority announced unemployment claims soared to 2.1 million in April, a record monthly increase. "The claimant count change for last month rose by 856,500 – to put that in perspective, March's increase was 5,400, while analysts were forecasting an increase of 675,000," Connor Campbell, a financial analyst at SpreadEx, said in a note. Read More: Small companies are the biggest post-coronavirus battleground on Wall Street. 4 of the world's best fund managers share their strategies for the space — and the single stocks they love.Join the conversation about this story » NOW WATCH: Pathologists debunk 13 coronavirus myths
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Summary List Placement US stocks climbed on Wednesday as investors digested a disorderly presidential debate and...Summary List Placement US stocks climbed on Wednesday as investors digested a disorderly presidential debate and wavering hopes for a near-term stimulus deal. All three major US indexes climbed through the day on renewed hopes for a deal. Stocks pared some gains after Senate Majority Leader Mitch McConnell balked at Democrats' latest proposal. The trio of indexes notched their first monthly losses since March after failing to retrace early September's tech-led slumps. On the economic data front, the September ADP report said US private firms added 749,000 payrolls last month, handily beating the median economist estimate of 649,000 payrolls. Watch major indexes update live here. US equities climbed on Wednesday as investors bet on slight progress in stimulus-deal talks. Premarket futures traded negative until Treasury Secretary Steven Mnuchin told CNBC that he expected to reach a stimulus deal with House Speaker Nancy Pelosi. All three major US indexes then opened in positive territory and gained through the session on revived hopes for a near-term compromise. Still, legislators have a ways to go before new spending proposals reach President Donald Trump's desk. House Democrats are set to vote on their $2.2 trillion measure tonight despite Senate Majority Leader Mitch McConnell balking at the bill's size. Pelosi and Mnuchin indicated they will continue to negotiate on a spending package. Here's where US indexes stood at the 4 p.m. ET close on Wednesday: S&P 500: 3,363.00, up 0.8% Dow Jones industrial average: 27,781.70, up 1.2% (329 points) Nasdaq composite: 11,167.51, up 0.7% Read more: BANK OF AMERICA: Buy these 29 high-quality value stocks primed to cash in on the economic recovery Despite Wednesday's gains, all three major indexes registered their first monthly declines since March. The gauges suffered throughout the month as investors balked at tech giants' lofty valuations and secured profits made in the market's summer rally. The positive market open was a turnaround from declines in the futures market late Tuesday as President Donald Trump and former Vice President Joe Biden sparred on stage for the first time. The chaotic presidential debate traded policy discussion for insult-tossing and interruptions, leaving some to wonder whether two more scheduled debates would still take place. Trump repeated claims that mail-in voting is fraudulent and stopped short of confirming that he would accept defeat should his opponent win in November. Several analysts have said a disputed election result would likely drive outsized market volatility and temporarily weigh on stocks. "It's hard to pick a winner, I think we're all losers as far as that debate is concerned, but Biden went into the debate clearly ahead in the polls and I'd be amazed if last night changed anything," Craig Erlam, a senior market analyst at Oanda Europe, said in a note. "I guess he technically wins by default." Read more: Michael Smith returned 39% to investors last year and is outpacing most of his rivals again in 2020. He breaks down how his fund differentiates itself from the competition, and shares 4 of his top stock picks today. Indexes also pared some premarket losses after a better-than-expected reading from the monthly ADP report. Private US companies added 749,000 payrolls in September, the company said. That came in above the median economist estimate of 649,000 payrolls, according to Bloomberg data. The monthly ADP report serves as a precursor to the US government's nonfarm-payrolls report on Friday. That release is expected to show that the unemployment rate fell to 8.2% from 8.4%. Economists also expect it to show 850,000 payroll additions in September. Healthcare and consumer staples names drove indexes higher while energy and industrial stocks notched slight losses. Popular tech names including Apple, Microsoft, and Nvidia gained. Palantir sank below its opening price of $10 per share after surging immediately after its highly anticipated direct listing. Asana similarly declined after its own Wednesday debut. Disney sank after announcing plans to lay off 28,000 workers in the company's struggling resort business. It would be one of the largest layoffs during the coronavirus pandemic. Read more: JPMORGAN: The best defenses against stock-market crashes are delivering their weakest results in a decade. Here are 3 ways to adjust your portfolio for this predicament. Micron fell as gloomy forward guidance overshadowed the chipmaker's strong quarterly performance. Though the company nearly doubled its profit, investors dumped shares after Micron said it wasn't sure when chip sales to Huawei could resume; Huawei's purchases made up 10% of Micron's fourth-quarter sales. Spot gold sank after flirting with the $1,900 threshold, sliding as much as 0.9% to $1881.4800 per ounce. The precious metal has toyed with the key psychological level through the past week after losing the support in mid-September. Oil traded mixed. West Texas Intermediate crude jumped as much as 2.8%, to $40.37 per barrel. Brent crude, oil's international benchmark, fell 1.8%, to $40.30 per barrel, at intraday lows. Now read more markets coverage from Markets Insider and Business Insider: GOLDMAN SACHS: Buy these 16 stocks best-positioned to take advantage of unprecedented Fed money printing and potentially higher inflation in the years ahead Record IPO frenzy will continue through October, NYSE president says US pending home sales leap to record as housing-market surge continuesJoin the conversation about this story » NOW WATCH: Why some Hong Kong skyscrapers have gaping holes
Global stocks rose on Tuesday as European Union leaders reached a breakthrough agreement on a "shiny"...Global stocks rose on Tuesday as European Union leaders reached a breakthrough agreement on a "shiny" $860 billion recovery fund. Major continental European indexes surged, with the pan-European Stoxx 50 up 1.5%. Futures tied to the S&P 500 rose 0.7% following tech stocks leading the market higher on Monday. Bank of America analysts said the EU fund does not "move the needle enough for the macro given the size of the shock." Visit Business Insider's homepage for more stories. Global stocks surged on Tuesday as investors were relieved by the European Union's sanction of a 750 billion euro ($860 billion) recovery fund. Germany's DAX index led markets by rising 1.7%, while the pan-continental Euro Stoxx 50 gained 1.5%. Futures tied to the S&P 500 rose 0.7% after US tech stocks led the market higher on Monday. The EU member states came out the other side of a four-day Brussels summit holding aloft a "shiny" COVID-19 rescue package, said Connor Campbell, a financial analyst at SpreadEx. The recovery deal did not come without compromises as EU leaders modified the original structure by agreeing on a distribution of 390 billion euros ($446 billion) in grants and 360 billion ($641 billion) in loans. Its original composition, which was disputed by the so-called "Frugal Four" nations, was set at 500 billion euros in grants and 250 billion in loans. Read More: BANK OF AMERICA: Buy these 9 stocks poised to crush the market in any market environment as they spend heavily on innovation While different to the original proposed fund, the package is a welcome relief after days of squabbling between EU leaders, SpreadEx analyst Connor Campbell said in an email. "The European indices weren't ready to look a gift horse in the mouth," he remarked. However, analysts at Bank of America said the fresh stimulus does not "move the needle enough for the macro given the size of the shock." That is partially down to the fact that the fund is spread over several years with the most money set to be spent in 2024. "The recovery fund is a recovery tool — we still lack a proper cyclical/stabilisation tool and national governments are left to deal with that on their own," the analysts wrote in a note. The UK's FTSE 100 rose only 0.5% after falling the previous day despite positive results from AstraZeneca and Oxford University's COVID-19 vaccine trial data. Read More: Leka Devatha quit a cushy corporate career to start flipping houses. She breaks down how she made $1 million on a single deal by supercharging a simple strategy. Here's the market roundup as of 12.20 p.m. in London (7.20 a.m. ET): Asian indexes were up with China's Shanghai Composite up 0.2%, Hong Kong's Hang Seng up 2.3%, and Japan's Nikkei up 0.7%. European equities were up, with Germany's DAX up 1.7%, Britain's FTSE 100 up 0.5%, and the Euro Stoxx 50 up 1.5%. US stocks are set to open higher. Futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq rose between 0.6% and 0.8%. Oil prices rose, with West Texas Intermediate up 3.35% to $42.25, and Brent crude up 3.3% at $44.70. The benchmark 10-year Treasury yield fell to 0.61%. Gold rose 0.6% to $1,828 per ounce. Silver hit a nearly 4-year high by rising 3.6% to $20.92 per ounce. SEE ALSO: The EU agrees a historic, unprecedented $860 billion recovery fund as the bloc fights the fallout of coronavirus Join the conversation about this story » NOW WATCH: How waste is dealt with on the world's largest cruise ship
US stocks edged lower Friday following signs that China's economic recovery my be more fragile than...US stocks edged lower Friday following signs that China's economic recovery my be more fragile than hoped. China's government did not set an annual economic target for the nation for the first time in decades amid the coronavirus pandemic. Oil prices slumped as much as 9% amid broader risk-off sentiment. Tensions between the US and China flared again after Beijing said it would impose new national security legislation's in Hong Kong. Read more on Business Insider. US stocks edged lower on Friday as investors weighed signs that China's economic recovery may not be as strong as previously hoped. China's government decided to pull its annual target for economic growth for the first time in decades amid uncertainty from the coronavirus pandemic. Renewed tensions between Washington and Beijing also impacted sentiment. China proposed new security legislation in Hong Kong that would threaten the financial hub and could cause further issues with the US. On Thursday, President Donald Trump said the US would react strongly if China were to impose the national security legislation in Hong Kong. Here's where US indexes stood at the 9:30 a.m. ET market open on Friday: S&P 500: 2,938.98, down 0.3% Dow Jones industrial average: 24,375.18, down 0.4% (99 points) Nasdaq composite: 9,250.61, down 0.4% Read more: 'It works for anything I look at': BlackRock's bond chief who oversees $2.3 trillion shares the 'really simple' 3-part framework that guides every investment decision he makes — and outlines 2 factors he looks for in a company Oil prices slumped, snapping a six-day winning streak. West Texas Intermediate crude futures fell as much as 9.4%, to $30.72 per barrel, before paring those losses to 3% at 9:35 a.m. ET in New York. Brent crude fell 7%, to $33.54 per barrel, at intraday lows. "Although investors have been willing to look past the gloomy economic data so far, in the hope that the worst of the global pandemic has passed, such a view might be shattered if the barbs traded between the world's two largest economies actually translate into actual policy action," Han Tan, a market analyst at FXTM, told Business Insider. Earnings season continued as well. Shares of tractor-maker Deere & Company rose after the company released better-than-expected earnings results. Hewlett Packard fell after the tech giant reported a $821 million loss. Drugmaker Moderna climbed roughly 5% Dr. Anthony Fauci — a top White House health advisor — said he was cautiously optimistic about recent data on the company's potential Covid-19 vaccine. Read more: RBC handpicks 8 tech stocks that could continue to grow revenues during the crisis and are built like 'rocket ships' for the next boomJoin the conversation about this story » NOW WATCH: Why Pikes Peak is the most dangerous racetrack in America