Here are the top news, trends, and analysis investors need to get their trading day started:
1. Wall Street will fall into May after a strong start
Traders on the floor of the New York Stock Exchange.
Source: NYSE
U.S. stock futures fell Tuesday after a strong start to May, fueled by a rally in stocks tied to the economic reopening due to looser Covid restrictions. The rally in these stocks came after New York Governor Andrew Cuomo announced that most capacity restrictions across the state would be lifted. The 24-hour subway service is slated to resume in New York City later this month. On Monday, the Dow Jones Industrial Average rose 238.38 points, or 0.7%. The S&P 500 gained 0.3%. Both benchmarks were less than 1% short of last month’s record close. The Nasdaq, which was down 0.5% on Monday, was 1.7% below its record high in April.
2. Pfizer plans to apply for full US approval for its Covid vaccine
A group of teenagers who acted as “Covid-19 Student Ambassadors” joined Governor Gretchen Whitmer to receive a dose of Pfizer Covid vaccine at Ford Field to encourage Michigan residents to get their vaccines on Jan. Detroit, Michigan.
Matthew Hatcher | Getty Images
Pfizer reported better-than-expected earnings and sales in the first quarter and plans to file for full U.S. approval of its Covid vaccine, which was developed in partnership with German drug maker BioNTech, later this month. If the FDA unsubscribes, companies will be able to commercialize the two-shot regimen directly to consumers. Pfizer’s shares rose 1.5% in the pre-market. The BioNTech share rose by almost 2%. The New York Times reported Monday, citing federal officials, that early next week the FDA would amend its existing emergency approval for the Pfizer vaccine to include adolescents ages 12-15. The vaccine was approved for people aged 16 and over.
CVS pharmacy technician Leslie Carnejo (left) speaks to RN Claire Karas after receiving the COVID-19 vaccine at a CVS in East Boston on February 12, 2021.
Erin Clark | Boston Globe | Getty Images
CVS Health reported a strong first quarter on Tuesday and increased its guidance for the full year as customers came into its stores for Covid vaccinations, tests and prescriptions. The company was a major coronavirus vaccine supplier and has recently started offering same-day shooting appointments. In premarket trading, shares rose 2%.
3. US travel restrictions on travel out of Covid-affected India begin
A patient suffering from coronavirus disease (COVID-19) will be treated in the casualty department of a hospital in New Delhi, India on May 1, 2021.
Danish Siddiqui | Reuters
The Biden government’s travel restrictions on travel from India go into effect on Tuesday as the devastating surge in coronavirus cases in that country causes a total of 20 million infections. India reported 357,229 new cases in the past 24 hours after setting a global record of 401,993 new daily infections over the weekend. The travel order signed by President Joe Biden last week bans most foreigners who have been in India in the past 14 days from entering the United States. White House press secretary Jen Psaki announced the ban on Friday, saying the travel policy was set on the recommendation of the Centers for Disease Control and Prevention.
4. Apple is defending its app store control in federal court
The App Store logo will appear on two screens next to the Epic Games Store logo. Epic, maker of the popular game “Fortnite”, wants to sell digital items in its apps without lowering Apple’s purchase price.
Fabian Sommer | Image Alliance | Getty Images
Epic Games argued on the first day of a landmark federal trial over Apple’s App Store rules that the tech giant is deliberately locking its customers in. Epic, the company behind Fortnite, wants to force Apple to allow the video game maker to use its own payment processor and bypass Apple’s usual 30% fee for in-app transactions. Fortnite booted from the App Store last year after introducing a direct payment mechanism. Apple argued that it built the digital storefront and could set the rules to ensure that apps are of high quality and security. The process is expected to take three weeks.
5. Bill Gates and Melinda Gates split after 27 years
Bill and Melinda Gates
Frederic Stevens | Getty Images
Microsoft co-founder Bill Gates and his wife Melinda French Gates said on Twitter that they will split up after 27 years. The two also said Monday that they will continue to work together on philanthropic endeavors that address education, gender equality and health care.
The Gates’ relationship has had troubles in recent years, two people close to them told the New York Times. Bill Gates decided to partially step down from the boards of Microsoft and Berkshire Hathaway to spend more time with his family, these people told the Times.
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