Stock futures rise
U.S. stock markets were set to resume gains at the opening on Wednesday after the Dow Jones Industrial Average extended its losses during the previous session, while the Nasdaq Composite and the S&P 500 turned negative in the final minutes of trading.
By 5:40 a.m. ET, futures tied to the Dow indicated a gain of 241 points, or 1% to 24,399. S&P 500 futures rose 27.13 points, or 0.93% to 2,945.88 while Nasdaq 100 futures advanced 88 points, or 0.95% to 9,388.75.
In commodities, U.S. West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.38% to $32.08 a barrel. International Brent crude futures were at $35.02 a barrel, up 37 cents, or 1.07%.
Moderna stock sinks as doubts linger over its COVID-19 vaccine
Meanwhile, shares of Moderna (NASDAQ: MRNA) are tumbling following a report by Stat News saying the company has not availed critical information to support its claim that its COVID-19 vaccine candidate successfully produced antibodies in human trials.
Several vaccine experts polled by the medical publication said “there’s really no way to know how impressive — or not — the vaccine may be” based on the data released by Moderna. According to the publication, Moderna’s figures “don’t mean much on their own” because critical information including detailed numbers and data tables was withheld.
The report sent Moderna shares down 10.41% to close Tuesday’s regular session at $71.67 apiece. As of this writing, the stock was down 4.12% to $68.72 a share in premarket trade Wednesday.
Johnson & Johnson ceases sales of talc-based baby powder in the U.S. and Canada
Johnson & Johnson (NYSE: JNJ) has announced that it will discontinue sales of its talc-based baby powder in the United States and Canada.
The healthcare giant said demand for the powder has been dwindling in North America as it faces thousands of lawsuits from consumers who claim that the product caused their cancer after using it for years.
“Demand for talc-based Johnson’s Baby Powder in North America has been declining due in large part to changes in consumer habits and fueled by misinformation around the safety of the product and a constant barrage of litigation advertising,” the company said in a statement on Tuesday.
