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Stock market news live updates: Stocks jump after Pfizer, BioNTech fuel Covid-19 vaccine hopes – Yahoo Canada Finance

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Stocks extended gains Monday morning after two pharmaceutical companies received “fast track” designation for the development of their vaccine candidates against Covid-19, stoking hopes of near-term inoculation amid the pandemic.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Pfizer (PFE) and BioNTech SE (BNTX) announced that two of the companies’ four investigational vaccine candidates received the designation from the US Food and Drug Administration, which is intended to speed up both the development and review of new drugs and vaccines. Shares of both companies rose in pre-market trading.” data-reactid=”17″>Pfizer (PFE) and BioNTech SE (BNTX) announced that two of the companies’ four investigational vaccine candidates received the designation from the US Food and Drug Administration, which is intended to speed up both the development and review of new drugs and vaccines. Shares of both companies rose in pre-market trading.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Over the weekend, some states again reported surging numbers of new coronavirus cases, as parts of the country struggled to keep new infections at bay. Florida reported a record 15,300 new Covid-19 cases as of Sunday, the highest one-day total for any US state so far during the pandemic, while new deaths in Florida fell by more than half versus the prior day to 45.” data-reactid=”18″>Over the weekend, some states again reported surging numbers of new coronavirus cases, as parts of the country struggled to keep new infections at bay. Florida reported a record 15,300 new Covid-19 cases as of Sunday, the highest one-day total for any US state so far during the pandemic, while new deaths in Florida fell by more than half versus the prior day to 45.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Despite the ongoing surge in the state, Disney’s (DIS) Walt Disney World Resort began reopening in Florida on Saturday to join competitors including Comcast’s (CMCSA) Universal Studios and SeaWorld Entertainment in opening their park gates to customers in the state.” data-reactid=”19″>Despite the ongoing surge in the state, Disney’s (DIS) Walt Disney World Resort began reopening in Florida on Saturday to join competitors including Comcast’s (CMCSA) Universal Studios and SeaWorld Entertainment in opening their park gates to customers in the state.

Elsewhere, new deaths in Arizona increased for a third straight day, with 86 reported as of Sunday. The state’s new case count of 2,537 marked a step down from the 3,038 from the day prior. California’s 8,460 new cases were below the state’s average one-day increase over the past seven days.

“The economic implications of the second wave are pretty clear, qualitatively at least. The third quarter recovery will be slower than we previous expected, but we’re hoping that some of the deferred spending will be pushed into the fourth quarter rather than abandoned altogether,” Ian Shepherdson, chief economist for Pantheon Macroeconomics, wrote in a note.

“Markets are caught in the middle. We have argued for months that a full recovery depends on three pillars, namely, sustained progress against the virus, the continuance of super-accommodative Fed policy, and consistent support from fiscal policy,” he added. “Clearly, the first pillar has crumbled, and the third is now in limbo, with the Senate in recess until July 20. The Fed can’t do everything, so we’re not surprised that the S&P 500 has been range-bound since late May.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="As for other potential market catalysts, second-quarter earnings season kicks off this week with a packed docket of big bank earnings, along with other early reporters including Netflix (NFLX), UnitedHealth Group (UNH) and Delta Airlines (DAL). Financials, which have lagged for the year to date, outperformed on Friday heading into earnings season, with the KBW Bank Index (KBW) rising by the most in five weeks at the end of last week.” data-reactid=”25″>As for other potential market catalysts, second-quarter earnings season kicks off this week with a packed docket of big bank earnings, along with other early reporters including Netflix (NFLX), UnitedHealth Group (UNH) and Delta Airlines (DAL). Financials, which have lagged for the year to date, outperformed on Friday heading into earnings season, with the KBW Bank Index (KBW) rising by the most in five weeks at the end of last week.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Market participants have so far set a low bar for second-quarter earnings results across sectors, with the coronavirus pandemic and measures taken to contain it at their most widespread in the April through June period this year. The estimated earnings decline for the S&amp;P 500 is 43.8% for the second quarter,&nbsp;according to data from FactSet as of early July.&nbsp;Such a result would represent the largest year-over-year decline in earnings since the fourth quarter of 2008, and a steep downward revision from the estimate as of March 31, which had been for a decline of 13.6%.” data-reactid=”26″>Market participants have so far set a low bar for second-quarter earnings results across sectors, with the coronavirus pandemic and measures taken to contain it at their most widespread in the April through June period this year. The estimated earnings decline for the S&P 500 is 43.8% for the second quarter, according to data from FactSet as of early July. Such a result would represent the largest year-over-year decline in earnings since the fourth quarter of 2008, and a steep downward revision from the estimate as of March 31, which had been for a decline of 13.6%.

9:31 a.m. ET: Stocks open higher

Here were the main moves in markets, as of 9:31 a.m. ET:

  • S&P 500 (^GSPC): +26.76 points (+0.84%) to 3,211.8

  • Dow (^DJI): +249.99 points (+0.96%) to 26,325.29

  • Nasdaq (^IXIC): +115.28 points (+1.1%) to 10,731.46

  • Crude (CL=F): -$0.32 (-0.79%) to $40.23 a barrel

  • Gold (GC=F): +$15.20 (+0.84%) to $1,817.10 per ounce

  • 10-year Treasury (^TNX): +2.5 bps to yield 0.658%

9:11 a.m. ET: PepsiCo shares rise after consumer pantry loading drives Q2 earnings beat

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Food and beverage giant PepsiCo (PEP) reported fiscal second-quarter results that topped consensus estimates, driven by a jump in sales at the company’s North American food and snacking businesses.” data-reactid=”39″>Food and beverage giant PepsiCo (PEP) reported fiscal second-quarter results that topped consensus estimates, driven by a jump in sales at the company’s North American food and snacking businesses.

Core earnings per share of  $1.32 per share was better than the $1.25 expected, and net revenue of $15.95 billion also topped estimates for $15.39 billion. Organic sales PepsiCo’s Quaker Foods North America unit surged 23% over last year, or more than three times greater than expected, and Frito-Lay North America also outperformed. However, PepsiCo’s North American beverage unit – its largest by sales – saw organic revenue drop 7% during the quarter.

“Our snacks and food business has performed very well, while our beverage business was challenged but continued to improve its competitive positioning,” PepsiCo CEO Ramon Laguarta said in prepared remarks of 2Q results. We expect our snacks and foods businesses to remain resilient, albeit with some moderation in growth, while our beverages business should deliver better performance during the second half of this year.”

7:26 a.m. ET Monday: Futures extend gains after vaccine hopes rise further

Here were the main moves in markets, as of 7:27 a.m. ET:

  • S&P 500 futures (ES=F): 3,201.75, up 23.25 points or 0.73%

  • Dow futures (YM=F): 26,191.00, up 214 points, or 0.82%

  • Nasdaq futures (NQ=F): 10,931.25, up 94 points, or 0.87%

  • Crude (CL=F): -$0.76 (-1.87%) to $39.72 a barrel

  • Gold (GC=F): +$12.90 (+0.72%) to $1,814.80 per ounce

  • 10-year Treasury (^TNX): +1.3 bps to yield 0.646%

6:02 p.m. ET Sunday: Stock futures add to Friday’s gains

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:02 p.m. ET:

  • S&P 500 futures (ES=F): 3,189.75, up 11.25 points or 0.35%

  • Dow futures (YM=F): 26,081.00, up 104 points, or 0.4%

  • Nasdaq futures (NQ=F): 10,857.25, up 20 points, or 0.18%

Guests wearing masks walk to the entrance of Walt Disney World's Magic Kingdom in Orlando, Florida, on Saturday, July 11, 2020. The theme park reopened at limited capacity during the Coronavirus pandemic. (Stephen M. Dowell/Orlando Sentinel/Tribune News Service via Getty Images)
Guests wearing masks walk to the entrance of Walt Disney World’s Magic Kingdom in Orlando, Florida, on Saturday, July 11, 2020. The theme park reopened at limited capacity during the Coronavirus pandemic. (Stephen M. Dowell/Orlando Sentinel/Tribune News Service via Getty Images)

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Follow Yahoo Finance on&nbsp;Twitter,&nbsp;Facebook,&nbsp;Instagram,&nbsp;Flipboard,&nbsp;LinkedIn, and&nbsp;reddit.” data-reactid=”75″>Follow Yahoo Finance on TwitterFacebookInstagramFlipboardLinkedIn, and reddit.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Find live stock market quotes and the latest business and finance news” data-reactid=”76″>Find live stock market quotes and the latest business and finance news

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For tutorials and information on investing and trading stocks, check out Cashay” data-reactid=”77″>For tutorials and information on investing and trading stocks, check out Cashay

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Former Starbucks employee sues for unpaid OT on behalf of store managers – Business News – Castanet.net

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A former Starbucks Canada employee is suing the company for unpaid overtime for himself and other store managers.

Trevor Hopman is the lead plaintiff in a proposed class action that claims Starbucks was wrong to class store managers as exempt from overtime pay for work in excess of 44 hours per week.

Hopman worked for Starbucks in Toronto from 2010 through 2017 and is making the claim on behalf of all current and former managers at Starbucks-owned stores in Ontario from Oct. 1, 2014 or later.

The suit, filed Aug. 7 by Toronto-based Goldblatt Partners, asks the court to declare that Starbucks violated Ontario’s Employment Standards Act.

The claim, which requires court certification to proceed as a class action, seeks $50 million in general damages and $10 million in punitive damages — although it leaves the amounts to the court’s discretion.

A Starbucks representative says the company is aware of the suit and will respond to its allegations in the course of litigation.

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Oil Prices Leap Higher On Bullish Inventory Data – OilPrice.com

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Oil Prices Leap Higher On Bullish Inventory Data | OilPrice.com

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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    Oil storage

    Crude oil prices got another lift today after the Energy Information Administration reported a crude oil inventory draw of 4.5 million barrels for the week to August 7.

    At 514.1 million barrels, inventories remain above the five-year average for this time of the year despite several hefty weekly draws, including one of 7.4 million barrels for the first week of August. Analysts had expected the authority to report an inventory draw of 3.2 million barrels.

    The EIA report comes on the heels of the American Petroleum Institute’s weekly estimate, which saw inventories had shed 4.4 million barrels in the week to August 7, pushing prices higher.

    In gasoline, the EIA reported an inventory decline of 700,000 barrels for last week, compared with a moderate increase of 419,000 barrels for the previous week. Gasoline production last week increased, to 9.6 million barrels daily, from 9.3 million bpd a week earlier.

    In distillate fuels, the authority estimated an inventory draw of 2.3 million barrels for the week to August 7, which compared with a build of 1.6 million barrels for the previous week, Distillate fuel production stood at an average of 4.8 million bpd last week, compared with 4.9 million bpd a week earlier.

    Distillate fuel inventories have been slower than gasoline ones to come down and they remain high above the seasonal five-year average, Reuters’ John Kemp noted last week. At the time, distillate fuel inventories were close to 180 million barrels, the highest since the early 1980s, and 38 million barrels above the five-year average.

    Amid this buildup of distillates, caused in no small part to the still continuing depression in air travel, refineries processed 14.7 million barrels daily of crude oil last week. This was up slightly on the previous week, when refineries in the U.S. processed 14.6 million barrels of crude daily.

    Brent crude was trading at $45.22 a barrel at the time of writing, with West Texas Intermediate at $42.40 a barrel, both slightly up on Tuesday’s close.

    By Irina Slav for Oilprice.com

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      Elon Musk Splits Stock, Makes Tesla's Case to Join Dow Jones – Motley Fool

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      Like it or hate it, Tesla (NASDAQ:TSLA) has indisputably been one of the biggest success stories of the past decade. Since going public in 2010, Tesla’s stock has soared, and the electric vehicle manufacturer has defied industry naysayers by ramping up production and becoming the most valuable automaker on earth.

      Along with its stock price rise, Tesla has demonstrated its ability to perform financially and fundamentally. By becoming consistently profitable, Tesla is likely to join the S&P 500 Index (SNPINDEX:^SPX) in the near future. Yet by making a highly unexpected move on Aug. 11, CEO Elon Musk brought out his usual flair for the dramatic — and made his case for why Tesla should join the Dow Jones Industrial Average (DJINDICES:^DJI).

      Getting over the last speed bump in Tesla’s path to the Dow

      Until Tuesday, there was one seemingly insurmountable obstacle that would have made Tesla getting into the Dow Jones Industrials impossible. Its stock price of nearly $1,400 per share as of the Aug. 11 close would’ve made it an impractical choice to join the price-weighted average, because its influence over the entire Dow Jones Industrials would’ve been unjustifiably high. Even now, the fact that Apple has a nearly 11% weighting in the Dow is somewhat controversial, and that’s with Apple’s share price of just $450. The idea of having Tesla represent 30% was a complete nonstarter.

      Image source: Getty Images.

      Yet Musk surprised just about everyone by doing something that Tesla has never done before: splitting its stock. It announced a 5-for-1 split for owners of record on Aug. 21, with shares to start trading on a split-adjusted basis a week and a half later on Aug. 31.

      To be clear, Tesla’s board of directors didn’t explicitly say it’s trying to join the Dow. In its press release, the company cited the desire to “make stock ownership more accessible to employees and investors.” Yet with the advent of fractional share trading, that’s an increasingly difficult argument to make. And there’s no doubt that becoming one of the Dow 30 stocks would be a big ego boost for Musk.

      One might also see the choice of a 5-for-1 split as a testament to Musk’s vanity. Given the boost to the stock price Wednesday morning to nearly $1,500 per share, the 5-for-1 ratio would put Tesla shares around $300 after the split takes effect. That would make Tesla the third-most influential stock in the Dow behind only Apple and UnitedHealth Group and give the electric car maker about a 7% weighting in the average.

      Why Tesla in the Dow isn’t a crazy proposition

      With its share-price problem solved, the case for Tesla joining the Dow is compelling:

      • The Dow has been without a car company for more than a decade after going through most of its history with at least one.
      • Tesla’s market capitalization of more than $250 billion puts it in the upper third of current Dow components.
      • Its exposure to solar energy would also add to the Dow’s breadth, complementing the two large oil companies currently among its ranks. Its other adjacent industrial applications would similarly boost the average’s industrial origins.

      The best argument against Tesla joining the Dow is that it’s a relatively new company. Most of the current members of the Dow have long pedigrees dating back for decades. Yet the move wouldn’t be unprecedented. Microsoft had only been publicly traded for 13 years before it joined the average, and Visa got into the Dow in 2013, just five years after its 2008 IPO.

      It’s Dow Jones’ move

      Other than that, the big uncertainty about Tesla joining the Dow comes largely from the fact that there aren’t any obvious candidates to get kicked out to make way for the automaker. Although some companies have low share prices that give them insignificant influence over the overall Dow, their fundamental businesses are still solid.

      Nevertheless, the ball is now in the court of Dow manager S&P Dow Jones Indices to decide what to do next. If a vacancy comes up in the Dow Jones Industrials, investors should expect Tesla to get a close look, thanks to Elon Musk’s decision to split the stock.

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