Asian stocks and U.S. futures opened higher on Friday after the stocks’ selloff in the United States and Europe on Thursday because of fears over growing COVID-19 cases. The president-elect Joe Biden strengthened his presidential win in Arizona, and so far, Donald Trump’s efforts to overturn the results of the November 3 US presidential election were futile.
European officials keep warning their citizens against a rough ride through Winter, saying strict measures to control the infections must continue until the vaccine is made available. U.S Federal Reserve Chair Jerome Powell echoed the same view on Thursday, basically saying that the news about the vaccine was welcoming, but additional government stimulus packages are needed to tackle the risks of growing infection shortly.
Weekly unemployment data showed that 709,000 people filed for unemployment benefits; the number is 48,000 lower than the prior week, which was 757,000.
Disney’s (DIS) earnings results took the market by surprise as the company raised 3.5% after it reported a fewer loss than feared. The company also showed a more significant jump in subscribers than expected for its one-year-old streaming service Disney+.
Cisco (CSCO) shares went up by 8.8%, exceeding markets’ expectations with its second-quarter guidance.
The coronavirus vaccine development race is very much alive, with Moderna also jumping on the wagon; the company shares (MRNA) rose 5%.
On Wednesday, Dr.Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said that Moderna’s coronavirus vaccine would be just as effective as Pfizer’s.
French healthcare giant Sanofi (NASDAQ: SNY) plans to invest in Jieto Capital, an investment firm dedicated to biotech and Biopharma.
For the first time in China, Daimler (OTC: DDAIF) plans to build Mercedes-Benz branded Actors heavy trucks.
Oil falls on Friday due to the fears of slow global economic recovery and less fuel demand as the number of coronavirus cases keeps increasing. However, the investors remain hopeful because the vaccine news brought some gains.