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Stock market news live updates: Stock futures mixed as vaccine euphoria abates, tech selling continues – Yahoo Canada Shine On

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Stocks were mixed Tuesday as investors reined in an initial wave of optimism over a promising vaccine candidate. Tech shares remained under pressure, and the Nasdaq dipped further after Monday’s losses.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="News that a Pfizer (PFE) and BioNTech’s (BNTX) vaccine candidate was more than 90% effective in preventing COVID-19 in patients in its clinical trial helped fuel a market rally earlier on Monday. During the regular session, the S&amp;P 500 and Dow rocketed to intraday records, with the latter index adding as many as 1,610 points, or 5.7% at session highs. However, both indices pared some gains into market close.” data-reactid=”17″>News that a Pfizer (PFE) and BioNTech’s (BNTX) vaccine candidate was more than 90% effective in preventing COVID-19 in patients in its clinical trial helped fuel a market rally earlier on Monday. During the regular session, the S&P 500 and Dow rocketed to intraday records, with the latter index adding as many as 1,610 points, or 5.7% at session highs. However, both indices pared some gains into market close.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“I think the big surprise here was the efficacy. I think you had polled investors before this, the efficacy range would have been 50-75% as sort of a wide range,” Stuart Kaiser, UBS Head of Equity Derivatives Research, told Yahoo Finance on Monday. “And if this number is truly 90% or above, I think that is what the market is responding so positively to.”&nbsp;” data-reactid=”18″>“I think the big surprise here was the efficacy. I think you had polled investors before this, the efficacy range would have been 50-75% as sort of a wide range,” Stuart Kaiser, UBS Head of Equity Derivatives Research, told Yahoo Finance on Monday. “And if this number is truly 90% or above, I think that is what the market is responding so positively to.” 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="More positive news from companies working on COVID-19 vaccines and therapeutics came out during the overnight session. Eli Lilly (LLY) said its antibody therapy for treating mild to moderate COVID-19 in high-risk patients had received emergency use authorization from the U.S. Food and Drug Administration. Shares of the drug-maker rose more than 3% in early trading.” data-reactid=”19″>More positive news from companies working on COVID-19 vaccines and therapeutics came out during the overnight session. Eli Lilly (LLY) said its antibody therapy for treating mild to moderate COVID-19 in high-risk patients had received emergency use authorization from the U.S. Food and Drug Administration. Shares of the drug-maker rose more than 3% in early trading.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Shares of cruise lines, airlines and lodging companies – which each stand to benefit from the increase in consumer confidence that an effective vaccine might confer –&nbsp;gave back some gains after surging during the regular session.” data-reactid=”20″>Shares of cruise lines, airlines and lodging companies – which each stand to benefit from the increase in consumer confidence that an effective vaccine might confer – gave back some gains after surging during the regular session.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Many of the tech stocks that had led the market higher earlier this year did not participate in Monday’s rally, however, and continued to sell off Tuesday morning. Investors unloaded positions in software names that had climbed throughout much of 2020, as traders treated them as safer bets while the pandemic threatened to keep people mostly at home. Other safe haven assets, including gold, silver and U.S. Treasuries, steadied Tuesday morning after tumbling during Monday’s session.” data-reactid=”21″>Many of the tech stocks that had led the market higher earlier this year did not participate in Monday’s rally, however, and continued to sell off Tuesday morning. Investors unloaded positions in software names that had climbed throughout much of 2020, as traders treated them as safer bets while the pandemic threatened to keep people mostly at home. Other safe haven assets, including gold, silver and U.S. Treasuries, steadied Tuesday morning after tumbling during Monday’s session.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="A successful vaccine has widely been viewed by investors, company executives and politicians as the key component of a broad-based economic reopening and sustained recovery. About 27 million workers, or around 22% of the U.S. workforce, are in occupations that require close physical proximity, Torsten Slok, chief economist for Apollo Global Management, pointed out in a note, with many of these workers having been put out of work by the fall-out from the pandemic and social distancing orders.” data-reactid=”22″>A successful vaccine has widely been viewed by investors, company executives and politicians as the key component of a broad-based economic reopening and sustained recovery. About 27 million workers, or around 22% of the U.S. workforce, are in occupations that require close physical proximity, Torsten Slok, chief economist for Apollo Global Management, pointed out in a note, with many of these workers having been put out of work by the fall-out from the pandemic and social distancing orders.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Still, widespread distribution of a vaccine – from either Pfizer or one of the other companies in late-stage trials including Johnson &amp; Johnson (JNJ) and Moderna (MRNA) – is not likely to take place for months, even after approval is granted. Some analysts cautioned against extrapolating too far beyond Monday’s knee-jerk jump higher in markets as the race for a vaccine, and the ongoing uncertainty over whether Congress might deliver additional fiscal stimulus in the meantime, continue to play out.” data-reactid=”23″>Still, widespread distribution of a vaccine – from either Pfizer or one of the other companies in late-stage trials including Johnson & Johnson (JNJ) and Moderna (MRNA) – is not likely to take place for months, even after approval is granted. Some analysts cautioned against extrapolating too far beyond Monday’s knee-jerk jump higher in markets as the race for a vaccine, and the ongoing uncertainty over whether Congress might deliver additional fiscal stimulus in the meantime, continue to play out.

“The vaccine news is really a 2021 story and we still have the worst to deal with COVID, as cases run at new highs. So the vaccine is not an immediate fix,” Carter Henderson, Fort Pitt Capital Portfolio Specialist, told Yahoo Finance on Monday. “That’s why we believe stimulus is still on the table. So if we get news about stimulus early in next year coupled with vaccine news, we think the market could have a true melt-up.”

12:41 p.m. ET: Dow holds higher while tech selling leads S&P 500, Nasdaq lower

The three major indices remained mixed during Tuesday’s afternoon session, with declines across many of the heavily weighted tech stocks pulling both the S&P 500 and Nasdaq into the red.

The information technology, consumer discretionary and communication services sectors led the declines in the S&P 500, while consumer staples, industrials and energy stocks outperformed. The Dow rose more than 200 points, bucking the downward trend of the other two indices as shares of Walgreens Boots Alliance jumped 8.5%, and Boeing rose 6.8%.

10:02 a.m. ET: Job openings little changed in September from August, though government openings fall as Census worker demand drops: BLS

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Job openings in the U.S. totaled 6.436 million as of the end of September, the Bureau of Labor Statistics reported on Tuesday. This was little changed from the 6.352 million reported at the end of August, and slightly below the 6.5 million openings for September that consensus economists had predicted, according to Bloomberg data.” data-reactid=”35″>Job openings in the U.S. totaled 6.436 million as of the end of September, the Bureau of Labor Statistics reported on Tuesday. This was little changed from the 6.352 million reported at the end of August, and slightly below the 6.5 million openings for September that consensus economists had predicted, according to Bloomberg data.

The number of job openings decreased in the federal government by 20,000, and the number of hires fell by 256,000 primarily due to a drop in demand for temporary 2020 Census workers, the BLS added. Hires also fell in retail trade and educational services, while rising in accommodation and food services, wholesale trade, and transportation and warehousing industries.

9:32 a.m. ET: S&P 500, Nasdaq fall while Dow adds to Monday’s gains

Here were the main moves in markets, as of 9:32 a.m. ET:

  • S&P 500 (^GSPC): -4.67 points (-0.13%) to 3,545.83

  • Dow (^DJI): +151.57 points (+0.52%) to 29,309.54

  • Nasdaq (^IXIC): -63.90 points (-0.52%) to 11,654.1

  • Crude (CL=F): +$0.62 (+1.54%) to $40.91 a barrel

  • Gold (GC=F): +$24.20 (+1.31%) to $1,878.60 per ounce

  • 10-year Treasury (^TNX): +0.8 bps to yield 0.966%

7:24 a.m. ET: Stocks point to mixed open, Dow futures add 200+ points while tech shares slide

Here were the main moves in markets as of 7:24 a.m. ET:

  • S&P 500 futures (ES=F): 3,540.25, down 3.75 points or 0.11%

  • Dow futures (YM=F): 28,278.00, up 230 points or 0.79%

  • Nasdaq futures (NQ=F): 11,635.75, down 184.75 points or 1.56%

  • Crude (CL=F): +$0.25 (+0.62%) to $40.54 a barrel

  • Gold (GC=F): +$22.30 (+1.2%) to $1,876.70 per ounce

  • 10-year Treasury (^TNX): -2.1 bps to yield 0.937%

7:12 a.m. ET Tuesday: EU files antitrust complaint against Amazon, opens a second probe over the e-commerce platform

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The European Union on Tuesday said it issued a statement of objections against Amazon over practices it has implemented while serving as both a marketplace platform and seller, which the EU said the company has used to make “strategic business decisions to the detriment of the other marketplace sellers.” Amazon shares fell 2% in early trading.” data-reactid=”59″>The European Union on Tuesday said it issued a statement of objections against Amazon over practices it has implemented while serving as both a marketplace platform and seller, which the EU said the company has used to make “strategic business decisions to the detriment of the other marketplace sellers.” Amazon shares fell 2% in early trading.

“The Commission’s preliminary view, outlined in its Statement of Objections, is that the use of non-public marketplace seller data allows Amazon to avoid the normal risks of retail competition and to leverage its dominance in the market for the provision of marketplace services in France and Germany – the biggest markets for Amazon in the EU,” the EU said in a statement. “If confirmed, this would infringe Article 102 of the Treaty on the Functioning of the European Union (TFEU) that prohibits the abuse of a dominant market position.”

The statement of objections does not mark the end or the outcome of an investigation or suggest any fines or changes to Amazon’s business model that the EU might eventually demand. It does, however, raise the specter of further action against the company.

The EU also announced it opened a second antitrust investigation over whether Amazon’s business practices “might artificially favor its own retail offers and offers of marketplace sellers that use Amazon’s logistics and delivery services (the so-called ‘fulfillment by Amazon or FBA sellers’).”

6:01 p.m. ET Monday: Stock futures open higher amid lingering vaccine optimism

Here were the main moves in markets, as of 6:01 p.m. ET Monday evening:

  • S&P 500 futures (ES=F): 3,556.00, up 12 points or 0.34%

  • Dow futures (YM=F): 28,153.00, up 105 points or 0.36%

  • Nasdaq futures (NQ=F): 11,882.25, up 61.75 points or 0.52%

A logo for Pfizer is displayed on a monitor on the floor at the New York Stock Exchange (NYSE) in New York, U.S., July 29, 2019. REUTERS/Brendan McDermidA logo for Pfizer is displayed on a monitor on the floor at the New York Stock Exchange (NYSE) in New York, U.S., July 29, 2019. REUTERS/Brendan McDermid
A logo for Pfizer is displayed on a monitor on the floor at the New York Stock Exchange (NYSE) in New York, U.S., July 29, 2019. REUTERS/Brendan McDermid

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PM: Feds, provinces agree vaccine prioritization should be consistent Canada-wide – CTV News

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OTTAWA —
As the precise order of who will follow seniors, health care workers and high-risk populations in line to get COVID-19 vaccines is still being sorted out, Prime Minister Justin Trudeau says the federal and provincial governments agree that there should be a cross-Canada “consensus” on the matter.

With Health Canada now beginning its assessment of a fourth potential vaccine candidate — Johnson & Johnson’s — the prime minister said talks are ongoing with the provinces and territories about the “challenging ethical and societal” aspect of the country’s vaccine rollout.

Logistics aside, governments and health care experts are having to weigh and decide who will be prioritized and what the eventual order of precedence will be for Canadians to line up and be vaccinated.

According to the preliminary guidance issued by the National Advisory Committee on Immunization, prioritization will be based on three factors: the state of the pandemic when the vaccine is available; the supply available and number of doses required; and the risk-benefit analysis of key populations such as those who are at higher risk for adverse outcomes if they contract the novel coronavirus.

Based on that advisory group’s preliminary guidance, the recommendation is that essential workers and others who face increased risks related to COVID-19 should be vaccinated against the disease before everyone else. Examples of those at higher risk include providers of essential services, or those whose living or working conditions put them at higher risk.

The subsequent order of who gets vaccinated next remains a largely open question, however, in the race to see 70 per cent of Canadians vaccinated by September.

“We talked about it with the provinces last week on our 22nd first minister’s call, and there was a number of perspectives, but there seemed to be a consensus that we should all agree across the country on what that list looks like and make sure that it is applied fairly right across the country,” Trudeau told reporters on Tuesday.

“There are more conversations to come and we will keep Canadians informed as we determine what that right order of priority is. Other elements of it is, certain vaccines might be more effective with certain populations versus others, and that’s why the experts are going to be so important in making determinations around, what is the best path to move forward for our country,” said the prime minister.

Though, Health Minister Patty Hajdu said later that provinces will be able to refine the prioritizations based on their own regional demographics.

“At the end of the day it is the provinces who deliver health care and it is the provinces who will decide on the priority populations and of course we’re working closely to make sure that we have coordination across the country, and that we agree on the principles, which in fact we have, we have a shared set of principles,” Hajdu said.

“There are also some federal populations that we will obviously have to take care of ourselves as the federal government,” Hajdu said. Examples of these groups would presumably be Indigenous communities and federal inmates.

Manitoba Premier Brian Pallister said on Tuesday that he and other premiers still have outstanding questions that need to be answered.

“Clearly we need our most vulnerable folks, our seniors… our front-line care workers to get the vaccine earlier, we can all agree on that. But the devil’s in the details, when you get beyond that. Should it be done on the basis of age? Or how do you determine vulnerability? Should it be done on the basis of ethnicity? Should it be done on the basis of race in some way? These questions have to be addressed,” Pallister said.

“We’re not saying the federal government has to do it all but we’re saying that we need to have the criteria established and the priority should be common, not different in one side of Saskatchewan’s border with Alberta than it is on the other, or not different than it is in Ottawa from Gatineau, but rather that we have a co-ordinated strategy.”

In an interview on CTV’s Power Play, New Brunswick Premier Blaine Higgs said in his province he doesn’t anticipate there will be a huge line up of people who want to get vaccinated early on, but communicating as clearly as possible in advance of who will be eligible first will help avoid a “panic situation.”

So far, just over $284 million has been spent on distributing vaccines to Canadians, with overall more than $1 billion allocated to Canada’s vaccine procurement effort, as part of a more than $14-billion commitment over the next several years on research into and development of vaccines and therapeutics.

AGE MAY BE KEY FACTOR: TAM

Chief Public Health Officer Dr. Theresa Tam said Tuesday that work is underway right now on getting more “granular” in planning who among the highest risk groups will be first.

“That detail work is, you know, being taken very seriously by the provinces and territories as they begin to plan their immunization clinics.”

Then, once the priority groups are immunized, it’s possible the next easiest way to break down the order would be by age, said Tam.

“The age group, based on our analysis is actually the easiest and the most scientifically-sound way, I think, of increasing the population coverage,” she said.

“We know that underlying medical conditions put people at high risk but when we actually analyze all the different underlying medical conditions, and their age, it still comes out that the age is in fact the most important where you look at severe illness and mortality.”

There will also be groups who won’t be able to get a vaccine early on, due to the lack of research into the potential impacts on them, such as children and people who are pregnant.

“Kids haven’t really been engaged in a lot of the clinical trials, so that would be another age group for which data is needed, and we’ll be looking towards more data on pregnant women as well,” Dr. Tam said.

Asked whether he anticipates being among the earliest groups to get vaccinated, Trudeau said that he’s “going to trust the experts to make the right determination of what the priority populations are.”

With files from CTV News’ Ryan Flanagan

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Canada’s coronavirus cases surge past 380K while daily death toll average stands at 87 – Global News

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Canada’s cases of the novel coronavirus pushed past 380,000 Tuesday after health authorities added another 5,326 new cases of COVID-19, as well as 81 more deaths.

The data, announced by public health officials across the country, pushed the country’s total COVID-19 cases to 383,132 and its death toll from the virus to 12,211.

To date, a total of 304,888 people — or 79 per cent of all cases — have also recovered from the virus, while over 14,779,000 tests have been administered.

Read more:
Coronavirus therapeutics: A look at COVID-19 treatments in Canada

On Tuesday, Canada’s minister of public services and procurement, Anita Anand, said the federal government was in frequent talks with several coronavirus vaccine suppliers to negotiate earlier delivery dates.

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Health Canada is currently reviewing the approval of four vaccines, with the government previously estimating an initial rollout of six million doses — enough shots to fully inoculate three million Canadians — to come in the new year.

“The delivery window is within the first quarter of 2021 … I am negotiating with our vaccine suppliers every day for earlier delivery dates. So when the Health Canada approval comes we will kick into the delivery process ASAP,” Anand said.


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Coronavirus: Feds provide additional support to Indigenous communities amid outbreaks

Leaked modelling revealed on Tuesday also showed that almost 800 Albertans were projected to be hospitalized with COVID-19 by mid-December, placing an increased strain on hospitals and intensive care units.

[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]

Canada currently has over 2,600 hospitalizations from the virus, with the number steadily growing alongside the country’s cases and deaths.

Canada’s chief public health officer, Dr. Theresa Tam, said in a statement Tuesday that the number of people experiencing severe illness continues to increase, with an average of 87 deaths and over 2,250 people being treated in hospital over the past seven days.

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Coronavirus: Which COVID-19 treatments are available in Canada?


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Ontario tallied the highest number of new COVID-19 cases Tuesday, with 1,707 more infections and seven new deaths. The province, which saw its daily coronavirus cases peak at over 1,800 on Friday, sent several of its hotspots into lockdown last week to curb its surge in new cases.

Read more:
Canada in talks with coronavirus vaccine makers ‘every day’ as approvals near: Anand

In Quebec, another 1,177 infections and 28 additional deaths were announced by health authorities Tuesday. The province has the highest number of COVID-19-related deaths in the country, which now stands at 7,084 following Tuesday’s increase.

Alberta reported 1,307 more infections as well, pushing it’s total caseload to 59,484. Ten more deaths were also added by health authorities Tuesday, with its provincial death toll now standing at 551. Manitoba reported another 282 cases while Saskatchewan added 181.

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B.C. added 653 more cases on Tuesday, of which three were diagnosed as “epi-linked,” meaning cases that displayed symptoms and were close contacts of confirmed infections, but were never tested. A total of 336 patients are considered epi-linked in the province, while the death toll stands at 457 after 16 more fatalities were announced.

Several territories and Atlantic Canadian provinces reported new cases as well, with Nova Scotia adding 10, New Brunswick another seven and both Newfoundland and Labrador and Nunavut reporting just one.

P.E.I., and the Northwest Territories did not add any new infections, while the Yukon has yet to update its Tuesday case figure.


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Cases of the virus continue to rise across the world, with 63,679,000 cases being reported as of today according to a tally kept by Johns Hopkins University.

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A total of 1,476,900 people have also died from the virus so far, with the United States, Brazil and India leading in both infections and fatalities.

© 2020 Global News, a division of Corus Entertainment Inc.

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Conservatives push for parliamentary committee study into failed vaccine deal – Canada News – Castanet.net

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The federal Conservatives are calling for a parliamentary committee to probe the Liberal government’s plan to refit a National Research Council facility in Montreal to start producing a COVID-19 vaccine.

The government announced the $44-million project in May as part of a partnership between the NRC and a Chinese company to develop a made-in-Canada vaccine.

By August, the Liberals confirmed the partnership with CanSino Biologics had fallen apart, after the Chinese government had blocked shipments of vaccine samples meant to be used in clinical trials in Canada.

Conservative Leader Erin O’Toole has criticized the Liberals for putting too much faith in Beijing, and blamed the failed deal for Canada being late to order vaccines from other foreign companies.

The proposed committee probe would look at the investment intended to upgrade the NRC facility and how the deal impacted Canada’s efforts to ensure the country has timely access to vaccines.

Prime Minister Justin Trudeau admitted last week that Canada might have to wait for other countries to get access to vaccines, though the government and vaccine-makers have since downplayed any delay.

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