Moderna’s shares soared after the company said its potential vaccine to prevent Covid-19 produced a “robust” immune response in all 45 patients in its early stage human trial, according to newly released data published Tuesday evening in the peer-reviewed New England Journal of Medicine.

By Debby Wu The Apple chipmaker’s revenue comes in just above estimates World’s top contract chipmaker is ramping up production now (Bloomberg) — Taiwan Semiconductor Manufacturing Co. posted monthly revenue that suggested June-quarter sales surpassed analysts’ estimates, underscoring how its technological lead is helping the chipmaker weather the pandemic and U.S. curbs on No. 2 customer Huawei Technologies […]

Gilead Sciences announced new findings Friday that its antiviral drug remdesivir reduced the risk of death for severely sick coronavirus patients by 62% compared with standard care alone, saying more research is needed. The company said its analysis also found that remdesivir treatment was associated with “significantly improved clinical recovery.” The findings are being presented at […]

By Nico Grant (Bloomberg) — Global personal computer shipments climbed in the second quarter, when vendors patched supply-chain issues and consumer demand for laptops surged with more people forced to work from home. PC makers shipped 2.8% more devices in the three-month period compared with a year earlier, for a total of 64.8 million units, according […]

By Cecile Gutscher and Justina Lee Tech stocks are rallying to new highs, pulling up the S&P 500 But airlines and retailers have crumbled in the past month (Bloomberg) — Scratch the surface of the latest stock rally, and investors remain steadfast in their conviction that real life isn’t returning anytime soon. The best companies over the past […]

By Reade Pickert Continuing claims also decline while remaining elevated California, Florida among states with drops in initial claims (Bloomberg) — Applications for unemployment benefits in the U.S. declined last week by more than projected, easing concerns of a renewed downturn in the labor market after several large states reported a pickup in coronavirus cases. Initial jobless […]

By Lu Wang Relative valuation, fund positioning bode well for stocks Strategist says investors are mispricing virus, election risks (Bloomberg) — The earnings season will kick off this month and may be the worst since the global financial crisis. Time to sell stocks? Not yet, according to JPMorgan Chase & Co.’s Marko Kolanovic. While profit expectations have […]

Sanja Jelic’s worst day in almost two decades as a critical care doctor in New York City was April 6. Faced with an unmanageable influx of coronavirus patients at Columbia University Irving Medical Center’s step-down unit, an intermediate care ward, Jelic made an unorthodox decision: she asked those struggling to breathe to roll onto their […]

U.S. stocks rose sharply on Monday as a rebound in U.S. services industry activity in June and expectations of a revival in China’s economy boosted optimism, helping investors look past a surge in new coronavirus cases in the United States. A non-manufacturing activity index jumped to a reading of 57.1 last month, the highest since […]

The ISM non-manufacturing index confirmed that the economy is bouncing back fast, which supports risky assets, despite the worrying news on public health. The 57.1 reading in the service index implies real GDP growth of 2.9%, according to the ISM. If we look at the historic relationship between the SPX 500’s earnings estimate and the weighted composite ISM […]