5 issues it’s best to know earlier than the inventory alternate opens on December 9, 2020


Here are the top news, trends, and analysis investors need to get their trading day started:

1. Dow is added to Tuesday’s record closing

The S&P 500 hit its first close above 3,700 as Wall Street got off to a good start in December in continuation of the November rally. So far this year, which included a monumental slump into coronavirus lows in March, the Dow is up 5.7%. the S&P 500 gained almost 14.6%; and the Nasdaq was up over 40%, driven mainly by technology stocks that benefited from the home economy during the pandemic.

2. DoorDash should begin trading with technical IPOs

A Doordash sticker is seen on a window at the Mallenche Mexican Grill in the Flatbush neighborhood of Brooklyn on December 4, 2020 in New York City. Food delivery startup DoorDash Inc is expected to increase its US IPO to $ 3.14 billion.

Michael M. Santiago | Getty Images

DoorDash will debut on the New York Stock Exchange on Wednesday. The U.S. grocery shipping company valued its IPO Tuesday night at $ 102 per share, above its revised target range of $ 90 to $ 95. The offer gives DoorDash a value of around 38 billion US dollars. DoorDash marks the first IPO in a wave of consumer tech late in the year that includes Airbnb’s expected debut Thursday.

Robinhood online stock trading app, favored by younger investors and gaining newfound popularity during the pandemic, has selected Goldman Sachs to lead preparations for an IPO, people familiar with the matter told Reuters. The offer could be worth more than $ 20 billion next year.

3. The Trump administration offers $ 916 billion for business stimulus talks

The U.S. Capitol building after a rainstorm on Capitol Hill in Washington, December 4, 2020.

Tom Brenner | Reuters

The Trump administration jumped back into Capitol Hill talks on new Covid-19 incentives. Treasury Secretary Steven Mnuchin made an offer of $ 916 billion late Tuesday to House Speaker Nancy Pelosi. The California Democrat said the White House plan would provide direct payments to Americans, but eliminate a $ 300-a-week unemployment benefit hike backed by non-partisan negotiators working to reach a limit of $ 908 billion that was released last week.

Senate Majority Leader Mitch McConnell on Tuesday recommended lifting legal protections for corporations from state and local government Covid lawsuits and roadblocks and passing a law spanning the areas of the agreement. The Kentucky Republican said the more difficult problems could be resolved after the new year.

4. Vaccine developments dominate the headlines from the UK to the UAE

People with a history of “significant” allergic reactions should not receive the coronavirus vaccine developed by Pfizer and BioNTech, the UK drug authorities said on Wednesday. The UK, which launched its mass vaccination campaign on Tuesday, became the first country to approve the Pfizer vaccine.

As the FDA prepares to meet on Thursday with Pfizer’s emergency application and Moderna’s next week, the United Arab Emirates health authorities said data from human studies with a Chinese vaccine showed 86% effectiveness. It is unclear how this rate was calculated. The UAE began Phase 3 human trials of the experimental vaccine in July, which was approved for healthcare workers there in September.

Developed by AstraZeneca and Oxford University, the coronavirus vaccine is the first whose late-stage study results have been independently reviewed and published in a peer-reviewed medical journal. The study, published Tuesday in The Lancet, confirmed an average effectiveness of 70%. It also confirmed 62% effectiveness for two full doses and 90% effectiveness for half the dose and then the full dose.

5. The Supreme Court rejects the GOP’s offer to reverse Biden’s win in Pennsylvania

A police barricade outside the US Supreme Court in Washington, DC on Monday, December 7, 2020.

Al Drago | Bloomberg | Getty Images

The Supreme Court denied a Republican motion to reverse President-elect Joe Biden’s victory in Pennsylvania. The Supreme Court rejected a petition from Trump ally Mike Kelly. Pennsylvania Republican legislature argued that virtually all of the state’s postal ballot papers were illegal. The action completes one of President Donald Trump’s last remaining avenues to dismiss the results of the 2020 election in court, although some far-fetched legal cases are still pending.

Texas Republican Attorney General Ken Paxton filed a lawsuit directly with the Supreme Court to invalidate the results of the presidential elections in four swing states that helped secure Biden’s victory over Trump. The lawsuit, which legal experts were quick to dismiss as political theater, alleged “unlawful election results” in Pennsylvania, Georgia, Wisconsin and Michigan.

– The Associated Press contributed to this report. Follow all developments on Wall Street in real time with CNBC Pro’s live market blog. Find out about the latest pandemics on our coronavirus blog.

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