The United States plans a massive testing effort involving more than 100,000 volunteers and a half dozen or so of the most promising vaccine candidates in an effort to deliver a safe and effective one by the end of 2020, scientists leading the program told Reuters.

The United States has secured almost a third of the first 1 billion doses planned for AstraZeneca’s experimental COVID-19 vaccine by pledging up to $1.2 billion, as world powers scramble for medicines to get their economies back to work.

By Ian King Quarterly data center sales topped $1 billion for first time Game-related revenue fell sequentially as pandemic hurt supply (Bloomberg) — Nvidia Corp. gave a quarterly revenue forecast in line with analysts’ estimates, helped by a surge in spending on internet infrastructure and purchases of computer gaming gear. Revenue will be about $3.65 billion in […]

By Emily Barrett Breakeven rates show subdued expectations even after stimulus Outlook makes 10-year inflation-linked offering a hard sell (Bloomberg) — Bond investors are skeptical that inflation will rebound as the U.S. economy eventually starts to recover. While some lawmakers fretted this week that a combination of central bank and government rescue packages could inflame long-dormant […]

There’s a good chance that stocks build on their face-ripping rally off the lows given all the cash sitting on the sidelines, according to Bank of America. Savita Subramanian, the bank’s head of U.S. equity and quantitative strategy, said equity allocation among BofA clients has dropped by 3 percentage points to 57.1% while cash allocations […]

U.S. airlines are starting to see an uptick in demand as the summer vacation season approaches, but a full recovery appears far off. Southwest Airlines said Tuesday that new bookings are now outpacing cancellations, a turning point in the coronavirus pandemic that has devastated air travel demand.

By Todd White Measure of market health has bounced back to early March level Strong second wave of virus ‘could change all this’: Gkionakis (Bloomberg) — American financial conditions have loosened at the fastest pace since at least 1990, belying mounting investor skepticism that a V-shaped economic recovery will follow the pandemic-induced crash. A Bloomberg measure of market […]

By Katia Dmitrieva (Bloomberg) — The Congressional Budget Office says the U.S. economy will expand more in 2021 than previously projected, though the economic fallout from the coronavirus will have a long-lasting impact on the labor market. The non-partisan agency’s update to its economic projections showed gross domestic product will increase 4.2% in 2021 on a fourth quarter-to-fourth […]

By Lananh Nguyen and David Westin Consumer spending picking up in reopening areas, Moynihan says ‘Not seeing the type of credit damage that you’d expect’ (Bloomberg) — Bank of America Corp. Chief Executive Officer Brian Moynihan said consumer spending is picking up in some areas of the U.S. as government relief programs cushion the credit impact of the coronavirus pandemic. “These measures taken […]

By Craig Torres Says rates will stay near zero until U.S. is back on track Fed chief remarks in testimony prepared for Senate hearing (Bloomberg) — Federal Reserve Chairman Jerome Powell said the central bank is prepared to use its full range of tools and leave the benchmark lending rate near zero until the economy is back on […]