Dow went up 234, advancers over decliners 3-1 & NAZ slid back 6. The MLP index remained in the 281s & the REIT index gained 6+ to 381. Junk bond funds edged higher & Treasuries saw more buying which trimmed yields (more below). Oil traded lower in the 81s & gold jumped 15 to 2214 for another record.
AMJ (Alerian MLP Index tracking fund)
Moderna (MRNA) has more to offer beyond its Covid vaccine. The biotech company announced positive clinical trial data on 3 experimental vaccines against other viruses. The company is moving those shots to final stage studies. The update brings MRNA a step closer to having multiple products on the market, which it badly needs amid plunging demand for Covid shots worldwide. The company's Covid jab is its only commercially available product. MRNA stock has long been tied to that vaccine, with shares falling nearly 45% last year. MRNA will chart its post-Covid future during its 5th annual “Vaccines Day,” an investor event in Boston focused on the company's vaccine portfolio. That
business has an estimated total addressable market of $52B for
infectious disease shots, which includes $27B for respiratory
vaccines & more than $25B for latent shots & other jabs. The company will present new clinical trial data on the 3 vaccines,
including some against latent viruses, at the event today. The stock rose 1.10.
Moderna moves three vaccines into final stage trials as it works to rebound from Covid slump
10-year Treasury fell more than 2 basis points to 4.21% & the yield on the 2-year Treasury was last at 4.57% after also declining more than 2 basis points. Yields & prices move in opposite directions & 1 basis point equals 0.01%. Investors looked to the latest data & remarks from Federal Reserve officials as they weighed the outlook for the economy. This comes amid uncertainty about when, & how often, the Fed will cut interest rates this year after central bank officials have repeatedly said their decision-making would depend on the state of the economy. Some policymakers have also said that they believe there could be fewer than the forecast three rate cuts this year. Durable goods orders rose by more than expected in Feb while the latest consumer confidence report indicated declining optimism about the economy.
Treasury yields slide as investors weigh economic outlook
Fed Governor Christopher Waller will give remarks later today. The bulls are hoping he will bring an optimistic message for stocks.
Dow Jones Industrials
