Here are the top news, trends, and analysis investors need to get their trading day started:
1. Futures mixed the day after the Dow closed on a record
Trader on NYSE May 3, 2021.
2. Weekly unemployment claims drop to pandemic lows ahead of Friday’s job report
The Labor Department reported Thursday that initial jobless claims fell to a pandemic low of 498,000 last week, better than expected and down 92,000 from the previous week. This is the lowest number of new jobless claims since mid-March 2020 when it stood at 256,000 and below 500,000 for the first time since then. U.S. corporate payrolls rose sharply in April but fell short of high expectations, according to the ADP’s latest monthly report released on Wednesday. ADP data during Covid consistently fell short of the government’s official monthly balance sheet, due to be released on Friday.
3. According to Moderna, early data shows the Covid vaccine is 96% effective in adolescents
A health care worker fills a syringe with the Moderna COVID-19 vaccine as California reveals eligibility to all residents 16 and older during the coronavirus disease (COVID-19) outbreak in Chula Vista, California on April 15, 2021.
Mike Blake | Reuters
Moderna said its Covid vaccine is 96% effective in children ages 12-17. That comes out from early data released Thursday, along with the company’s mixed earnings and earnings for the first quarter. In the pre-market the shares fell by more than 9%. Citing early data from another ongoing study, Moderna said Wednesday a Covid booster shot triggered a promising immune response against variants first identified in South Africa and Brazil. US health officials said earlier Wednesday that highly contagious varieties will remain a “wild card” for the summer.
4. The USA waives patent protection for Covid vaccines
During a weekly market in Kandivali you can see crowds shopping.
SOPA pictures | LightRocket | Getty Images
Biden’s government said Wednesday it supports the waiver of intellectual property protection for Covid vaccines as other countries around the world struggle to manufacture the life-saving doses. Albert Bourla, CEO of Pfizer, told CNBC on Tuesday that such a move would not affect the production of its Covid vaccine. “Bottlenecks are raw materials because raw materials end up in manufacturing facilities,” he said. India again reported new Covid cases every day. According to the New York Times, India has only fully vaccinated 2% of its 1.3 billion citizens, compared to more than 30% in the US
5. SEC Chairman on GameStop Short Derivative Testimony, Archegos Gyrations
Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), speaks during a hearing of the Senate Banking Committee in Washington, DC, the United States, on Tuesday, July 30, 2013.
Andrew Harrer | Bloomberg | Getty Images
Gary Gensler, who was sworn in as SEC chairman last month, will testify before a House financial services committee about the GameStop saga and the collapse of Archegos on Thursday. According to prepared statements, Gensler will tell lawmakers that his agency is considering measures to oblige large investors to allocate more of their short positions involved in the GameStop frenzy in January, as well as the use of derivatives that Archegos felled reveal. In addition, Gensler will talk about how stock trading apps seduce retail customers with playful features like points, rewards, bonuses and competitions.
– Reuters contributed to this report. Follow all market action like a pro on CNBC Pro. Get the latest information on the pandemic with CNBC’s coronavirus coverage.