Futures point to a mixed open
Dow futures were slightly higher on Wednesday morning as traders welcomed news that data from the clinical trials of the vaccine developed by Pfizer (NYSE: PFE) and BioNTech SE (NASDAQ: BNTX) met the safety standards of the Food and Drug Administration (FDA).
Traders are also hoping that Congress and the White House will agree on more stimulus to support the coronavirus-battered economy as surging cases trigger new restrictions on business and social activity.
On Tuesday, the Trump administration proposed a $916 billion-package to Democrats that adds a $600 direct payment to Americans.
By 5:50 a.m. ET, the blue-chip Dow rose 88.5 points, or 0.29% to 30,258.5. The S&P 500 futures gained 6.62 points, or 0.18% to 3,708.62 while the tech-heavy Nasdaq 100 futures dropped 7 points to 12,630.5.
DoorDash prices IPO above range
DoorDash has raised the price of its proposed initial public offering to $102 per share, CNBC reported late Tuesday, citing people familiar with the matter.
The new price is above the $90-$95 per share range the food delivery service had previously targeted. DoorDash has recorded an increase in demand during the coronavirus pandemic.
At the new price, it is now expected to raise at least $3.36 billion and will have a valuation of $32.4 billion. DoorDash will sell 33 million shares, which expected to begin trading Wednesday under the ticker “DASH” on the New York Stock Exchange.
Crude jumps ahead of EIA report
Meanwhile, crude futures rose early Wednesday despite the American Petroleum Institute revealing late Tuesday that U.S. crude oil inventories increased unexpectedly to 1.4 million barrels in the week ended Dec. 4.
The Energy Information Administration (EIA) is scheduled to publish its weekly report on petroleum inventories in the U.S. at 10:30 a.m. ET.
As of 5:50 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures were at $45.87, up 27 cents, or 0.59% a barrel. International Brent crude futures were up 26 cents, or 0.53% to $49.10 a barrel.
