CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines, and what to watch as the coronavirus pandemic continues to keep most of America on lockdown. On today's show, CNBC's Kate Rogers breaks down the delivery stocks, such as Dominos and Wingstop, that are getting big attention from Wall Street and investors.
Here's what else you missed today:
Stocks fell for the first time in four days on Tuesday, giving back some of the strong gains from the previous session, amid sharp losses from retail and bank shares.
The Dow Jones Industrial Average dropped 390.51 points, or 1.6%, to close at 24,206.86. The S&P 500 slid 1.1% to 2,922.91 while the Nasdaq Composite lost 0.5% and closed at 9,185.10.
The major averages were under pressure in the final hour of trading after a STAT News report raised concerns about the trial results for a potential coronavirus vaccine from Moderna. Shares of the biotechnology company dropped 10.4%.
Treasury Secretary Steven Mnuchin told senators Tuesday that his department and the Fed are "fully prepared to take losses in certain scenarios" on the capital remaining to be distributed from the CARES Act.
Mnuchin did not describe the "certain scenarios" in which he is prepared to take losses, but he emphasized that the Treasury is ready to distribute the entire $500 billion initially appropriated to help struggling businesses impacted by the coronavirus pandemic.
Heavy hearts soared Monday with news that Moderna's Covid-19 vaccine candidate — the frontrunner in the American market — seemed to be generating an immune response in Phase 1 trial subjects. The company's stock valuation also surged, hitting $29 billion, an astonishing feat for a company that currently sells zero products.
But was there good reason for so much enthusiasm? Several vaccine experts asked by STAT concluded that, based on the information made available by the Cambridge, Mass.-based company, there's really no way to know how impressive — or not — the vaccine may be.