By Jonathan Garber FOXBusiness
Elsewhere, Simon Property Group, the largest U.S. mall operator, plans to open about half of its locations within the next week.
Drugmaker Moderna received fast-track approval from the Food and Drug Administration to speed up the review of its experimental coronavirus vaccine.
Separately, Novavax received $348 million of funding for trials of its experimental coronavirus vaccine from the Coalition for Epidemic Preparedness, a non-profit founded by the Bill & Melinda Gates Foundation.
At least 2 states eased lockdowns on Tuesday
U.S. equity markets slid Tuesday as members of President Trump's task force on the coronavirus testified before Congress and the administration ordered federal retirement funds to dump Chinese stocks from their portfolios.
The Dow Jones Industrial Average fell 96 points, or 0.40 percent, while the Nasdaq Composite slipped 0.08 percent and the S&P 500 dropped 0.58 percent. All three of the major averages had opened to modest gains.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 24082.4 | -139.59 | -0.58% |
| SP500 | S&P 500 | 2912.96 | -17.36 | -0.59% |
| I:COMP | NASDAQ COMPOSITE INDEX | 9180.675322 | -11.67 | -0.13% |
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Disease, and other health experts spent the morning updating the Senate on the pandemic and the administration's response.
Fauci advised against reopening local economies too quickly, without following the government's guidelines.
At least two states are easing lockdown restrictions on Tuesday: Colorado is allowing state parks to reopen campgrounds, and Ohio is permitting consumer, retail and services businesses to restart operations with guidelines.
Meanwhile, the Trump administration -- in a move tied to Beijing’s handling of COVID-19 -- wants the Thrift Savings Plan, a federal employee retirement fund, to pull its investments in Chinese companies, FOX Business has learned. The fund currently owns about $4 billion of Chinese shares.
Looking at stocks, Chinese companies Alibaba, Weibo and Baidu have reacted little to the news.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BABA | ALIBABA GROUP HOLDING LTD | 204.77 | -0.63 | -0.31% |
| WB | WEIBO CORPORATION | 36.73 | +0.36 | +0.99% |
| BIDU | BAIDU INC. | 98.96 | -0.59 | -0.59% |
Drugmaker Moderna received fast-track approval from the Food and Drug Administration to speed up the review of its experimental coronavirus vaccine.
Separately, Novavax received $348 million of funding for trials of its experimental coronavirus vaccine from the Coalition for Epidemic Preparedness, a non-profit founded by the Bill & Melinda Gates Foundation.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SPG | SIMON PROPERTY GROUP INC. | 55.80 | +0.72 | +1.31% |
| MRNA | MODERNA INC. | 64.40 | -2.50 | -3.74% |
| NVAX | NOVAVAX INC. | 43.91 | +19.41 | +79.21% |
In finance, PNC Financial announced plans to sell its entire 22 percent stake in BlackRock, the world’s largest asset manager.
On the earnings front, Casper Sleep reported mixed first-quarter results and said online sales grew as the COVID-19 pandemic forced the company to temporarily shut down its retail stores.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PNC | PNC FINL SVC | 99.70 | -2.42 | -2.37% |
| BLK | BLACKROCK INC. | 456.24 | -36.87 | -7.48% |
| CSPR | CASPER SLEEP INC | 6.80 | -1.10 | -13.92% |
West Texas Intermediate crude oil climbed 7.37 percent to $25.92 a barrel while gold rallied 0.61 percent to $1,708 an ounce.
U.S. Treasurys gained, pushing the yield on the 10-year note down 4.8 basis points to 0.678 percent.
In Europe, France’s CAC fell 0.39 percent and Germany's DAX lost 0.05 percent while Britain’s FTSE added 0.93 percent.
Markets ended lower across Asia, with Hong Kong’s Hang Seng sliding 1.45 percent, Japan’s Nikkei slipping 0.12 percent and China’s Shanghai Composite shedding 0.10 percent.
Source: Fox Business
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