The United States will pay Pfizer and German biotech firm BioNTech $1.95 billion to produce and deliver 100 million doses of their Covid-19 vaccine in the U.S. if it proves safe and effective in humans, the companies announced Wednesday. Under the agreement, the U.S. can acquire an additional 500 million doses of drug, the Department of Health and Human Services added. BioNTech and U.S.-based Pfizer are jointly developing their potential vaccine. The vaccine would then be made available to Americans “at no cost,” HHS said. (CNBC)
Tensions between the world's two largest economies escalated further this morning when the U.S. ordered the closure of China's consulate in Houston as reports came in last night of documents being burned in the compound's courtyard. The State Department said that it ordered the closure "to protect American intellectual property and Americans’ private information.” The move is seen as one of the biggest blows to diplomatic ties between the states in decades. China said it plans to react with "firm countermeasures" with the country's Global Times paper running a poll on Twitter asking people to vote for which U.S. consulate in the country should be closed. (Bloomberg)
Lots of earnings on tap today -- Tesla Inc. which has been riding high in markets in recent months reports results after the bell, with earnings expectations in a huge range while the consensus is for a small loss per share. Should the company turn a profit it would meet a major requirement for inclusion in the S&P 500 Index. Also announcing results today is Microsoft Corp., with analysts expecting the company to have performed well in the stay-at-home economy. (Refinitiv)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.