US stock futures rose Wednesday; lifted by news that scientists are making progress in developing a Covid-19 vaccine at Moderna (MRNA).

A peer-reviewed New England Journal of Medicine report published that the company's vaccine produced antibodies in all patients tested in an initial safety trial. Scientists will begin a 30,000-person study July 27.

Dr. Fauci, the government’s top infectious-disease expert, said that the larger study could determine the vaccine's effectiveness by year-end.

These vaccine developments brought optimism to a financial market that had otherwise recently struggled to make headway, as virus infections and deaths continued to climb across the US and in Asia.

Ahead, today's economic calendar includes; Import and Export Prices for June at 8:30am EST, Industrial Production for June at 9:15am EST and Crude Oil Inventories for the week ended July 10 at 10:30am EST.

In corporate news; Goldman Sachs (GS), US Bancorp (USB), PNC Financial (PNC) and Bank of New York Mellon (BK) are amongst the companies scheduled to issue their latest financial data today.

Coronavirus: Moderna Fires Up Covid Vaccine Race. (Bloomberg)
Moderna’s Covid-19 vaccine produced antibodies to the coronavirus in all patients tested in an initial safety trial, federal researchers said.

Today's Economical Announcements.
08:30AM - ★★☆ - Import Price Index (Jun) (Previous: 1.0%)
08:30AM - ★★☆ - Export Price Index (Jun) (Previous: 0.5%)
09:15AM - ★★☆ - Industrial Production (Jun) (Previous: 1.4%)
09:15AM - ★★☆ - Manufacturing Production (Jun) (Previous: 3.8%)
10:30AM - ★★★ - Crude Oil Inventories (Previous: 5.654M)

Pre-Market Movers & News Related Stocks.
Moderna (MRNA): [NEWS] The drugmaker’s Covid-19 vaccine candidate produced neutralizing antibodies in all 45 patients involved in an early study, according to newly released data. Those antibodies were similar to those seen in patients who have recovered from Covid-19.

Goldman Sachs (GS): [EARNINGS] Earned $6.26 per share for its latest quarter, beating the consensus estimate of $3.78. Revenue was also well above forecasts, helped by strong performance in its investment banking and markets businesses.

Apple (AAPL): [NEWS] A European Union court sided with Apple, ruling that it did not have to pay $14.8 billion taxes to Ireland. EU antitrust officials had maintained that tax breaks received by Apple had constituted an illegal subsidy.

Eldorado Resorts (ERI): [NEWS] Meet today to decide on the fate of Eldorado’s planned merger with Caesar’s Entertainment (CZR). New Jersey is the last state approval that the two casino operators will need to complete the deal, with Indiana and Nevada already giving their approval.

Uber Technologies (UBER), Lyft (LYFT): [NEWS] Massachusetts filed suit against the ride-hailing companies, saying they incorrectly classified drivers as independent contractors rather than employees, depriving them of benefits. Uber and Lyft face a similar legal action in California.

Sirius XM (SIRI): [NEWS] Added $2 billion to its stock buyback program.

PVH Corp. (PVH): [NEWS] Is shutting down 162 retail stores and cutting 450 jobs in North America, due to the impact of Covid-19 on apparel sales. The company behind brands like Tommy Hilfiger, Calvin Klein, and IZOD said the move affects 12% of its workforce and will save about $80 million annually.

UnitedHealth (UNH): [EARNINGS] Reported quarterly earnings of $7.12 per share, well above the consensus estimate of $5.28. Revenue came in below Wall Street forecasts. Profit was helped by pandemic-related deferrals of medical care, and the company is maintaining its prior full-year earnings forecast.

Alphabet (GOOGL): [NEWS] Will pay $4.5 billion for a 7.7% stake in the digital arm of India’s Reliance Industries. The unit’s largest operation is Jio Infocomm, India’s largest mobile carrier. It had been reported Tuesday that Google was close to striking the deal.

Best Buy (BBY): [NEWS] Will require all customers to wear masks in its stores, becoming the latest retailer to do so. Other large chains, including Starbucks (SBUX) and Costco (COST), have instituted similar rules.

Facebook (FB), Sony (SNE): [NEWS] Are planning to increase output of upcoming gaming devices by as much as 50%, according to a report in the Nikkei Asian Review. Sony raised production orders for its PlayStation 5 to about 9 million units from 6 million, while Facebook is increasing orders for its Oculus virtual reality headsets by about 50% to a total of about 2 million.


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