Stocks pulled back after big gains on Monday, as a tech-led rally to start the week gave way to a tech-led retreat. The Dow Jones Industrial Average fell 143 points, or about 0.5%, to finish at 31,391.
Merck, J&J to team up. In a rare collaboration between pharmaceutical giants and direct competitors, Merck (ticker: MRK) will join forces with Johnson & Johnson ( JNJ) to help manufacture JNJ’s newly approved one-shot vaccine.
This is a positive macroeconomic development that is expected to help produce enough vaccines for all Americans to get the vaccine by the end of May. JNJ’s one-shot vaccine is the first single-dose vaccine to gain approval.
Rocket shorts “crashing and burning.” In another frenzied, somewhat random rally driven by an excess of short interest, shares of Rocket Companies ( RKT) surged more than 71% on Tuesday. The bullish interest in the online mortgage company is again partially driven by Reddit’s now-famous WallStreetBets thread, the same group of traders that helped boost so-called “meme stocks” like GameStop ( GME) and AMC Entertainment Holdings ( AMC) mere weeks ago.
Fox jumps. Shares of media and entertainment giant Fox Corp. ( FOXA) surged 9.1% on Tuesday, with the stock finishing as the single best performer in the S&P 500. February viewership numbers for Fox News came in, and the channel once again returned to the top of the heap among its competitors in the prime time news network category.
More from U.S. News