S&P 500 Index logo

SPX - S&P 500 Index News Story

$4249.15 2.7  0.1%

Sector
Size
Market Cap £n/a
Enterprise Value £n/a
Revenue £n/a
Position in Universe th / 0

US STOCKS-Nasdaq, S&P 500 slip as COVID-19 vaccine makers fall

Thu 6th May, 2021 3:20pm
* Weekly jobless claims fall more than expected
    * Pharma slides as Biden backs COVID-19 vaccine IP waiver
    * ViacomCBS rises on beating quarterly revenue estimates
    * Indexes: S&P off 0.09%, Nasdaq down 0.46%, Dow up 0.19%

 (Updates prices to open, adds comments)
    By Shreyashi Sanyal and Sruthi Shankar
    May 6 (Reuters) - The Nasdaq and the S&P 500 slipped on
Thursday as vaccine makers fell after President Joe Biden
announced plans to back intellectual property waivers on
COVID-19 shots, but losses were capped by an upbeat jobless
claims report.
    Shares in Pfizer Inc  PFE.N , Moderna Inc  MRNA.O , Johnson
& Johnson  JNJ.N  and Novavax Inc  NVAX.O , all involved in the
making of COVID-19 vaccines, fell between 0.2% and 9.3%.   
 urn:newsml:reuters.com:*:nL8N2MT3K9
    The declines were triggered after Biden said he had backed a
World Trade Organization waiver for vaccine intellectual
property to enhance the fight against the pandemic.  urn:newsml:reuters.com:*:nL1N2MS2IE
    The S&P 500 healthcare sector  .SPXHC  slipped 0.5%, while
the Nasdaq Biotechnology index  .NBI  dropped 1.3%.
    Moderna also raised its 2021 sales forecast for its COVID-19
vaccine, reflecting demand from countries looking to return to
normalcy through rapid inoculation.  urn:newsml:reuters.com:*:nL4N2MT38E
    "It could clearly reduce potential revenues some of these
firms were expecting to generate from licensing their patents,"
said Neil Wilson, chief market analyst at Markets.com.
    Shares of highly valued technology-related stocks like 
Microsoft Corp  MSFT.O , Apple Inc  AAPL.O , Alphabet Inc
 GOOGL.O  and Amazon.com Inc  AMZN.O  were trading flat to
lower. 
    The S&P 500 technology sector  .SPLRCT  fell 0.4%, while the
Philadelphia SE Semiconductor index  .SOX  dropped 0.6%.
    A Labor Department report showed fewer Americans filed new
claims for unemployment benefits last week as the labor market's
recovery gains steam amid an economic boom.  urn:newsml:reuters.com:*:nL1N2MS2IY 
    Initial claims for state unemployment benefits totaled a
seasonally adjusted 498,000 for the week ended May 1 compared to
590,000 in the prior week. 
    Investors are awaiting more comprehensive non-farm payrolls
data on Friday to get clues on strength of the labor market and
potentially the U.S. Federal Reserve's stance on monetary
policy.
    "Today's read is another proof point that we're one step
closer to full economic recovery, sooner than some may have
expected," said Mike Loewengart, managing director of investment
strategy at E*TRADE Financial.
    "So as we see some serious momentum building on the jobs
front, all eyes will be on how this plays into action taken by
the Fed, if any."
    At 9:56 a.m. ET, the Dow Jones Industrial Average  .DJI  was
up 63.84 points, or 0.19%, at 34,294.18, the S&P 500  .SPX  was
down 3.95 points, or 0.09%, at 4,163.64 and the Nasdaq Composite
 .IXIC  was down 62.12 points, or 0.46%, at 13,520.30.
    Among other stocks, ViacomCBS Inc  VIACA.O  rose 1.4% after
reporting quarterly revenue that beat Wall Street estimates.
 urn:newsml:reuters.com:*:nL4N2MT389
    Regeneron Pharmaceuticals Inc  REGN.O  rose 1.1% after the
drugmaker reported a 78% rise in first-quarter profit, helped by
a robust recovery in demand for its eye drug Eylea.  urn:newsml:reuters.com:*:nL4N2MT331
    Uber Technologies Inc  UBER.N  fell 5.5% as it signaled it
would pay drivers more to get cars back on the road and
disclosed a $600 million charge to provide UK drivers with
benefits.  urn:newsml:reuters.com:*:nL1N2MS2XL
    Declining issues outnumbered advancers for a 1.03-to-1 ratio
on the NYSE and for a 1.95-to-1 ratio on the Nasdaq.
    The S&P index recorded 81 new 52-week highs and no new low,
while the Nasdaq recorded 68 new highs and 58 new lows.

 (Reporting by Shreyashi Sanyal and Sruthi Shankar in Bengaluru;
Additional reporting by Joice Alves in London and Medha Singh in
Bengaluru; Editing by Maju Samuel)
 ((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780; +91 961
144 3740; Twitter: https://twitter.com/s_shreyashi;))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.