Dr. Fauci called Moderna's possible coronavirus vaccine "promising"
Dow Jones Industrial Average (DJI) futures are hovering just above fair market value this morning, as Wall Street looks to wrap up a winning week and head into Memorial Day weekend on a high note. Gains are capped as tensions between the U.S. and China increased overnight, after China released a draft legislation regarding new security measures that would increase Beijing's hold over Hong Kong. This comes a day after the U.S. Senate passed a bill that would potentially take Chinese stocks off U.S. exchanges.
Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are beginning the day below fair market value, but there are still high hopes for a COVID-19 vaccine, especially after National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci called Moderna's (MRNA) potential coronavirus vaccine "promising."
Continue reading for more on today's market, including:
The cruise stock defying sector struggles.Analysts dug into Expedia stock after earnings.Plus, Alibaba eyes U.S. bill; Lululemon begins reopening stores; and NVDA showered with bull notes.
Stocks in Asia fell today, as U.S.-China tensions rise once again, in addition to spiked tensions between Hong Kong and Beijing. Hong Kong's Hang Seng dropped a staggering 5.6%, amid news that China is ready to impose a new national security law on the city after months of anti-government protests in the area. This left China's Shanghai Composite at a 1.9% drop, alongside an announcement that China will not set a gross domestic product (GDP) target for 2020. Meanwhile, the Kospi in South Korea shed 1.4%, while Japan's Nikkei lost 0.8%.
In Europe, stocks are mostly struggling for direction today, as investors eye the growing rift between the U.S. and China. London's FTSE 100 is down 0.4% so far, after U.K. borrowing reached a record high of ?62.1 billion ($75.8 billion) in April, while retails sells dropped by an unprecedented 18%. The German DAX has dipped 0.1%, while today's only winner so far, the French CAC 40, is currently up 0.2%.