The major averages are mixed at midday, with the Nasdaq a bit lower and the S&P 500 slightly higher after closing at a record level on Tuesday. Earnings beats by Goldman Sachs, JPMorgan Chase and Wells Fargo have supported the financials sector, but equity investors appear to be keeping near the sidelines more broadly, possibly in anticipation of Thursday's retail sales report that will be a good barometer of consumers' mood as the U.S. slowly emerges from pandemic mode.
ECONOMIC EVENTS: In the U.S., import prices climbed 1.2% in March and export prices surged 2.1%, both of which were much stronger than expected.
TOP NEWS: Shares of Moderna (MRNA) are 5% higher as the company hosted its second annual Vaccines Day, with presentations "highlighting the advantages of mRNA vaccines." Last night, ahead of today's event, Moderna shared an update on the Phase 3 COVE study of its COVID-19 vaccine, mRNA-1273, stating that efficacy starting two weeks following the second dose and based on the updated adjudicated cases "remains consistent with prior updates." This includes greater than 90% efficacy against all cases of COVID-19, and greater than 95% against severe cases of COVID-19, with a median follow-up of approximately six months post dose two, Moderna said.
In earnings news, the headliners were a trio of big banks, which all beat expectations in terms of their headline results. JPMorgan (JPM), Goldman Sachs (GS) and Wells Fargo (WFC) each reported Q1 earnings and revenue that topped consenus forecasts, aided by reserve releases due to continued improvements in the economic environment.
In earnings news outside of the financial industry, Bed Bath & Beyond (BBBY) shares have fallen 9% after the home goods retailer reported mixed Q4 results and gave guidance.
In new issue news, Bitcoin services provider and marketplace operator Coinbase (COIN) is making its public market debut via a direct listing on the Nasdaq exchange. Nasdaq determined a reference price of $250 and the stock's most recent indications near noon point to a first trade potentially coming at about $370 per share.
MAJOR MOVERS: Among the noteworthy gainers was Televisa (TV), which rose 23% in New York after agreeing to combine content and production assets with Univision.
Also higher was Galectin Therapeutics (GALT), which gained 11% after announcing that a paper published in the peer-reviewed Journal for ImmunoTherapy of Cancer provided "further clinical evidence" that using belapectin in combination with pembrolizumab significantly enhances tumor response to immunotherapy in patients with advanced metastatic melanoma and head and neck squamous cell carcinoma.
Among the notable losers was Future Fintech (FTFT), which declined 10% after signing an equity agreement to acquire a cryptocurrency mining farm.
Also lower was Stitch Fix (SFIX), which fell 4% after announcing CEO Katrina Lake will transition to the role of executive chairperson of the board and that the board will be appointing president Elizabeth Spaulding to the role of CEO.
INDEXES: Near midday, the Dow was up 211.30, or 0.63%, to 33,888.57, the Nasdaq was down 37.60, or 0.27%, to 13,958.50, and the S&P 500 was up 3.68, or 0.09%, to 4,145.27.
Moderna
+7.26 (+4.86%)
JPMorgan
-0.76 (-0.49%)
Wells Fargo
+2.375 (+5.97%)
Goldman Sachs
+15.65 (+4.78%)
Coinbase
+ (+0.00%)
Bed Bath & Beyond
-2.71 (-9.72%)
Televisa
+2.08 (+20.55%)
Galectin Therapeutics
+0.21 (+9.68%)
Future FinTech
-0.535 (-10.74%)
Stitch Fix
-2.24 (-4.53%)