5 Things to Know

5 things to know before the stock market opens on Wednesday

1. Stock futures rally as Wall Street tries to rebound from first loss in eight sessions

U.S. stock futures rose sharply on Wednesday as traders tried to recover from a tech-led pullback in the previous session. Dow Jones Industrial Average futures were up 261 points, or nearly 1%. S&P 500 futures climbed 0.7% and Nasdaq 100 futures gained 0.9%. The S&P 500 snapped a seven-day winning streak in the previous session as tech shares such as Microsoft, Facebook and Apple all struggled. Those declines came as the S&P 500 tried to reach its Feb. 19 record.

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2. U.S. reaches deal with Moderna to buy 100 million doses of coronavirus vaccine, Trump says

President Donald Trump said late Tuesday that the U.S. will buy 100 million doses of Moderna's experimental coronavirus vaccine. "We are investing in the development and manufacture of the top six vaccine candidates to ensure rapid delivery," Trump said. Moderna said the deal is worth $1.53 billion and gives the government the option to buy an additional 400 million doses. Moderna shares rallied more than 11% in the premarket on the news.

Moderna CEO, Stephane Bancel attends 2019 Forbes Healthcare Summit at the Jazz at Lincoln Center on December 05, 2019 in New York City.
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3. Tesla announces 5-for-1 stock split

Tesla shares jumped more than 6% in the premarket after the electric-car maker announced a 5-for-1 stock split. The split will take effect at the close of Aug. 31. While a stock split does nothing to change the company's value in the market, it does theoretically make it more affordable for small investors to buy the stock. Tesla shares have been on fire this year, surging more than 228%.

Elon Musk attends the groundbreaking ceremony of the Tesla Gigafactory in Shanghai, east China, on January 7, 2019.
Ding Ting | Xinhua News Agency | Getty Images

4. Joe Biden picks Kamala Harris as his running mate

Democratic presidential candidate Joe Biden announced Tuesday that his running mate will be Sen. Kamala Harris, making her the first-ever Black woman to appear on a major party ticket. Some Wall Street executives cheered the decision. For example, Marc Lasry, CEO of Avenue Capital Group and co-owner of the NBA's Milwaukee Bucks, said Harris will help "Joe immensely. He picked the perfect partner." President Donald Trump also reacted to the news, tweeting on Wednesday that Harris is "the kind of opponent everyone dreams of."

Democratic presidential hopefuls former Vice President Joe Biden (L) and US Senator from California Kamala Harris greet each other ahead of the second round of the second Democratic primary debate of the 2020 presidential campaign season hosted by CNN at the Fox Theatre in Detroit, Michigan on July 31, 2019.
Jim Watson | Getty Images

5. Greg Abbott says coronavirus situation in Texas needs to improve before bars can reopen

Texas Gov. Greg Abbott said the coronavirus outbreak in the state needs to be curbed before bars can reopen. He said if the state's positivity rate returned to a low level, "well below" 10%, "then bars may be allowed to return." Abbott warned, however, that Texas has "to be vigilant right now" and that the coronavirus has "not left the state of Texas."

Texas Governor Greg Abbott announces the reopening of more Texas businesses during the COVID-19 pandemic at a press conference at the Texas State Capitol in Austin on Monday, May 18, 2020.
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