Here are five things you must know for Tuesday, Dec. 8:
1. — Stock Futures Fall as Infections Surge
Stock futures traded modestly lower Tuesday as coronavirus infections surged in the United States and the prospects for a new, near-term aid plan for the struggling U.S. economy dimmed.
Contracts linked to the Dow Jones Industrial Average fell 91 points, S&P 500 futures were down 14 points and Nasdaq futures declined 6 points.
The United Kingdom on Tuesday became the first Western country to begin immunizing its citizens with a Covid-19 vaccine, the shot made by Pfizer (PFE) – Get Report and BioNTech (BNTX) – Get Report. People over 80 will be the first to receive the vaccine, which was approved by British authorities last week.
The U.S. said it would have enough Covid-19 vaccine doses to let most Americans get inoculated by next summer. The New York Times reported that federal officials last summer turned down an offer from Pfizer to sell the country more doses of its vaccine.
Deaths in the U.S. from Covid-19, the disease caused by the coronavirus, approached 284,000, according to Johns Hopkins University. The country is averaging about as many deaths from the virus as in April, Bloomberg reported.
As for negotiations over a coronavirus relief bill, it appears that Senate Majority Leader Mitch McConnell is the major roadblock to securing an agreement. Both Democratic and Republican senators have said that the prospects for a compromise on a $908 billion bill would come down to McConnell, who keeps pushing his own plan with a smaller price tag.
Stocks in the U.S. ended mixed Monday. The Dow declined 148 points, or 0.49%, to 30,070, the S&P 500 fell 0.19% but the Nasdaq rose 0.45% to close at a record high.
2. — Coronavirus – The Latest
Margaret Keenan, 90 years old, became the first person in the U.K. and the world to receive a coronavirus vaccine approved by health authorities.
Great Britain’s vaccination program will administer about 800,000 doses of the vaccine developed by Pfizer and BioNTech, which has shown 95% effectiveness in large-scale trials.
The Food and Drug Administration in the U.S. could approve the Pfizer vaccine as early as Thursday, and if it does vaccine distribution in the country could begin within 24 hours, according to Health and Human Services Secretary Alex Azar.
A senior Trump administration official said the U.S. was confident it would have enough supply to vaccinate everyone, Bloomberg reported, noting that the government signed a deal last summer to obtain 100 million doses of Pfizer’s vaccine – enough for 50 million people, given the two-dose regimen – and also has agreements in place with Moderna (MRNA) – Get Report, AstraZeneca (AZN) – Get Report, Johnson & Johnson (JNJ) – Get Report and others.
The New York Times reported that President Donald Trump was planning to sign an executive order on Tuesday that would “ensure that United States government prioritizes getting the vaccine to American citizens before sending it to other nations.” The Times said it wasn’t immediately clear what force the president’s executive order would carry, or what impact it would have on existing agreements for the vaccine.
Neither Pfizer nor Moderna are planning to send anyone to the White House event Tuesday, billed as a “vaccine summit,” Stat News reported.
The number of confirmed global deaths from Covid-19, the disease caused by the coronavirus, rose to 1,545,723, according to Johns Hopkins University. Confirmed cases of the virus across the world have risen to 67,650,207.
The U.S. death toll is 283,743, the most in the world. The number of infected people in the U.S. was 14,954,331.
3. — Tuesday’s Calendar: Chewy and GameStop Earnings
Earnings reports are expected Tuesday from Chewy (CHWY) – Get Report, GameStop (GME) – Get Report, AutoZone (AZO) – Get Report, H&R Block (HRB) – Get Report, Designer Brands (DBI) – Get Report and MongoDB (MDB) – Get Report.
The economic calendar Tuesday includes the NFIB Small Business Optimism Index for November at 6 a.m. ET and Productivity and Costs for the third quarter at 8:30 a.m.
4. — Stitch Fix Soars After Posting Surprise Profit
Earnings in the quarter were 9 cents a share and revenue jumped 10% to $490.4 million. Analysts has been expecting Stitch Fix to post a loss of 20 cents a share on revenue of $481.17 million.
“This quarter we are proud to have achieved several multi-year highs, including our highest sequential client addition on record,” said founder and CEO Katrina Lake in a statement.
The company reported having 3.76 million active clients, with net revenue per active client of $467, down slightly from the $486 per active client the company reported in the previous quarter.
Lake said Stitch Fix expects to deliver between 20% and 25% growth for the full year, with revenue of between $2.05 billion to $2.14 billion.
The stock jumped 33.13% to $47.70 in premarket trading.
5. — Uber to Sell Its Self-Driving Car Division
The deal effectively ends Uber’s plans to develop its own line of autonomous taxis.
Uber will invest $400 million in Aurora. The deal values Aurora at $10 billion, Bloomberg reported, citing people familiar with the talks.
The companies also reached an agreement for Aurora’s self-driving cars to be deployed on the Uber app.
Uber shares traded flat in premarket trading at $53.80.