Here's the most important news, trends and analysis that investors need to start their trading day:
- Dow set to drop for second day after Friday's record
- FDA says Pfizer Covid vaccine trial data did not raise safety concerns
- UK began giving Pfizer vaccine to the public after last week's emergency approval
- Trump to hold a 'Vaccine Summit,' to sign an executive order
- Lawmakers hope to buy more time to reach a Covid stimulus bill
The Dow was set to drop at Tuesday's open, one day after the 30-stock average lost 148 points on concerns about spikes in coronavirus cases and uncertainty over new stimulus out of Washington. Monday's Dow decline ended a four-session winning streak, including a record high close Friday. The S&P 500 on Monday dipped from Friday's record close. However, the Nasdaq edged higher Monday for another record close. Shares of red-hot Tesla fell 1% in premarket trading after the electric auto maker on Tuesday unveiled plans for a $5 billion capital raise. It's the second such move in three months as Tesla looks to cash in on its meteoric stock rally of more than 650% this year. Shares hit another intraday all-time Monday.
Two days before the FDA's vaccines committee meets to consider the Pfizer-BioNTech Covid-19 candidate for emergency use authorization, the agency on Tuesday released a document evaluating the companies' clinical trial data. The FDA said the data did not raise safety concerns. James Hildreth, a member of the committee, told NBC News that authorization could come as early as Friday. A week after Thursday's meeting, the FDA committee is set to consider Moderna's coronavirus vaccine, which was also shown to be more than 90% effective. Both vaccines employ a new approach to inoculations that uses genetic material to provoke an immune response.
The U.K. on Tuesday began rolling out the Pfizer-BioNTech vaccine to the public. Ninety-year-old Margaret Keenan made history as the first person in the world to receive the Pfizer-BioNTech vaccine outside of trial conditions. The vaccine was approved by U.K. drug regulators last week. It will be given to front-line health-care workers, nursing home workers and people over 80, before it's available more widely among the U.K. population. Britain has also preordered other Covid-19 vaccine candidates from companies, including Moderna, but these have yet to be approved.
President Donald Trump is expected to sign an executive order Tuesday designed to ensure that U.S. efforts to assist other countries in vaccinating their populations against Covid-19 take on a lower priority than domestic inoculations. Pfizer and Moderna, which have vaccines under consideration by the FDA, declined Trump's invitation to attend Tuesday's "Vaccine Summit" at the White House. Invitees included drug distributors, pharmacies and logistics companies such as McKesson, Walgreens Boots Alliance, CVS Health, UPS and FedEx.
Lawmakers on Capitol Hill aim to extend federal government funding, which runs out Saturday, for an additional week. They're hoping to buy more time to pull together an appropriations spending deal and a coronavirus stimulus measure. However, familiar sticking points have emerged as a bipartisan group tries to put the finishing touches on legislation that they hope will serve as the template for a year-end $908 billion rescue package. Failure to act on stimulus before the end of the year would send millions of Americans spiraling into deeper financial peril. Failure to act further on spending would result in a government shutdown.