Dow Eases From Highs, but Positive Vaccine News Keeps Reopening Trade Alive By

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By Yasin Ebrahim – The session eased from session highs on Wednesday, but investor sentiment remained buoyed by positive vaccine news and banks' mostly bullish earnings.

Drug users Moderna (NASDAQ 🙂 rose 6% after it was reported that its coronavirus vaccine candidate mRNA-127 produced antibodies in patients ages 18 to 55, suggesting that the treatment could protect them from infection by the virus.

However, some on Wall Street said it was too early to draw a conclusion from the early clinical data.

"Obviously, many unanswered questions remain, including the durability of the immune response and what the profile might look like in older adults, but we believe the data is a good start," Chardan analysts said in a note.

The update of a vaccine helped alleviate concerns about rising Covid-19 cases and stabilize reopening trade – bullish betting on stocks linked to the progress of economic reopening – and supported travel and tourism company stocks .

American Airlines (NASDAQ 🙂 rose 10%, Marriott International (NASDAQ 🙂 rose 6.6%, Wynn Resorts (NASDAQ 🙂 rose 6.2% and Carnival (NYSE 🙂 rose 12%,

Financial data dropped from session highs as Goldman Sachs posted some gains after a quarterly blowout report.

Goldman Sachs Group (NYSE 🙂 rose 1.1% after reporting a $ 6.26 second quarter profit that was above consensus estimates of $ 3.90, led by strong trade performance.

US Bancorp (NYSE 🙂 also outperformed, while PNC Financial Services Group (NYSE 🙂 posted an expected loss. However, the shares of both regional banks rose by more than 2%.

In the technology area, FAANG shares traded in a mix when the intraday bid in the megacap technology area declined.

Apple (NASDAQ 🙂 gave up some profits after growing more than 2% after a Needham upgrade, and reports that the technology giant is facing a $ 14.8 billion tax battle with the European Union had won.

Needham raised its stock rating from $ 350 to $ 450, referring to the value of its ecosystem.

Energy continued its strong start to the week, fueled by rising oil prices as data showing an above-average draw supply offset worries about dwindling demand as some major oil producing countries are reported to curb production cuts.

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