U.S. Covid-19 Cases Soar as Pfizer, Moderna Race to Vaccine Approval

The dollar is at two-year lows but hope for a vaccine from the U.S. remains high,

Author: CapitalWatch Staff   

Two U.S. developers of a Covid-19 vaccine, Pfizer Inc. (NYSE: PFE) and Moderna (Nasdaq: MRNA), ended higher in trading as another wave of the coronavirus weighed on the markets and the dollar.

The Nasdaq Composite was down 134.18 points, the S&P 500 dropped 20.97, the Dow fell 205.49 points Tuesday as the coronavirus death toll neared 150,000 in the U.S. on Tuesday. Florida has surpassed New York and counted 186 deaths – a record one-day jump; other states hit seven-day records on Monday.

The dollar hit a two-year low this week – a 0.7% drop – as gold gained 2.2%.

Meanwhile, news that Pfizer has launched the last phase of clinical trials for a Covid-19 vaccine and the company's plans to seek regulatory review as soon as October sent its stock higher yet. PFE shares were up 4% Wednesday, at $39.02 apiece. Pfizer CEO, Albert Bourla, told CNBC in an interview today that its Phase 2/3 trial of BNT162b2 will involve up to 30,000 participants across 120 sites globally.

Moderna stock also traded higher today, at $81.49 per share, up 2%. The company has published the study of its Covid-19 vaccine candidate mRNA-1273 in nonhuman primates in the New England Journal of Medicine. Together with the National Institutes of Health, Moderna has also just begun a study involving 30,000 volunteers, CNBC reported.