5 Things to Know

5 things to know before the stock market opens Wednesday

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Stock futures pop on Moderna vaccine news

U.S. stock futures traded sharply higher on Wednesday after Moderna said its coronavirus vaccine candidate produced antibodies in all patients participating in an early trial. Dow Jones Industrial Average futures surged more than 500 points. Airlines and cruise operator stocks also rose amid hopes for a faster economic recovery from the pandemic.

Goldman Sachs earnings blow past estimates

Goldman Sachs reported quarterly numbers for the previous quarter that easily exceeded analyst expectations, sending the bank's stock up more than 4%. The bank reported earnings per share of $6.26 per share on revenue of $13.3 billion. Analysts polled by Refinitiv expected a profit of $3.78 per share on revenue of $9.75 billion. Goldman's global markets trading revenues surged 93% from the year-earlier period as equities trading had its best quarter in 11 years.

David Solomon, chief executive officer of Goldman Sachs & Co., listens during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, April 29, 2019.
Kyle Grillot | Bloomberg | Getty Images

Apple wins EU tax battle as court nixes 2016 order to pay $15 billion in taxes

Apple shares popped 2% after the European Union's general court ruled in favor of the tech giant in a landmark case against the European Commission over Irish taxes. The court said the commission failed to prove the Irish government had given Apple a tax advantage, and thus the company shouldn't have to pay the $15 billion in taxes being disputed. 

Apple CEO Tim Cook delivers the keynote address during the 2020 Apple Worldwide Developers Conference (WWDC) at Steve Jobs Theater in Cupertino, California, June 22, 2020.
Brooks Kraft | Apple, Inc. | via Reuters

Trump signs law slapping China with sanctions over interference in Hong Kong

President Donald Trump has signed legislation to hit China with sanctions as Beijing interferes with Hong Kong's autonomy. The law would sanction Chinese officials and companies that helped back a security law that suppresses dissent in Hong Kong. Trump also said Tuesday he signed an executive order ending preferential treatment for Hong Kong. "Hong Kong will now be treated the same as mainland China," Trump said.

U.S. President Donald Trump speaks during a news conference in the Rose Garden at the White House in Washington, July 14, 2020.
Jonathan Ernst | Reuters

Three months later, Tax Day arrives

Wednesday marked the deadline for people in the U.S. to file their 2019 tax returns, which had been postponed from April 15 due to the coronavirus pandemic. The extension from the traditional deadline was meant to alleviate some of the financial pressures put on households by the pandemic. 

A pamphlet about the new tax laws is displayed at Liberty Tax Service tax in Oakland, California.
Justin Sullivan | Getty Images