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Stocks open slightly lower on Friday
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Mnuchin cuts Fed lending power
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Pfizer and BioNTech to seek emergency approval for virus vaccine
American stocks opened slightly higher/lower on the final trading day of the week amid Treasury and Federal Reserve spat. U.S. Treasury Secretary Mnuchin said that the pandemic lending programs at the Fed would expire on December 31. The move would limit Fed’s ability to buoy the economy as coronavirus infections in the United States are on the rise - in many places the pandemic is getting out of control and renewed restrictions keep piling up. Some point out that programs might be revived under new Treasury Secretary from the Biden administration. Others argue that the Fed will still have considerable lending power. Meanwhile, Pfizer and BioNTech are expected to file for emergency authorisation for their Covid-19 vaccine candidate.
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Create account Try a demo Download mobile app Download mobile appUS100 has got stuck in a relatively tight trading range, similarly to many blue chip indices around the world. In the past few days bulls did not manage to break above the resistance area near 12,060 pts which coincides with the 61.8% Fibo retracement of recent sell-off. This level might be viewed as key target for bulls now. On the other hand, important support level may be found at 11,800 pts (notice previous price reactions there). Traders might also want to pay attention to 200-hour moving average which limited downward moves several times (orange circles). Bears successfully broke below it only once in the past few days (on November 18) after three failed attempts. Source: xStation5
Pfizer (PFE.US) and BioNTech (BNTX.US) will apply for and emergency use of their Covid-19 vaccine candidate. Pfizer said that FDA approval would allow for the vaccine to be shipped in December. The firm added that companies will be ready to distribute vaccine within hours after authorisation.
Gilead Sciences (GILD.US) - The WHO advised doctors against using the firm’s antiviral drug remdesivir as a treatment for Covid-19 patients. The organisation said that there was no evidence that remdesivir improves survival rates among hospitalized.
Foot Locker (FL.US) earned $1.21 a share for its latest quarter, above consensus estimate of 63 cents a share. The company managed to beat revenue estimates as it rose 9% to $2.106 billion. Same-store sales jumped 7.7%. The group said it sees fiscal 2021 revenues "to be up high single-digits to low double-digits versus prior year".
Workday (WDAY.US) earned 86 cents a share for its latest quarter, 19 cents a share above consensus estimate. Revenue came in above forecasts as well. The finance-focused cloud software producer raised its subscription revenue outlook for 2021.
Looking at the daily time-frame, Workday shares made a false breakout yesterday as price returned below the downward trendline today. Despite better-than-expected results, stock is plunging over 7% at press time and the area at $200 may be viewed as crucial support level. Source: xStation5
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