5 things to know before the stock market opens Wednesday - CNBC

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1. S&P 500 to add to Tuesday's record close

It was the shortest bear market ever. The index on Tuesday also hit an all-time intraday high. The previous records were on Feb. 19 before Wall Street tanked to coronavirus lows on March 23. Ahead of Wednesday's trading, the S&P 500 was up nearly 55% since then. The Nasdaq hit another record high Tuesday. The Dow Jones Industrial Average fell Tuesday and remains about 6% away from its February record high.

2. Target, Lowe's deliver strong earnings

Shares of Target jumped 8% in the premarket after the retailer blew past every forecast on Wall Street for the second quarter as it attracted millions of new customers online during the coronavirus pandemic and set a record for same-store sales that drove earnings up by 80% to $1.7 billion. Target's total revenue rose nearly 25% to $23 billion. Adjusted profit came in at $3.38 per share. The company said it was able to keep up the momentum in August. Target CEO Brian Cornell on CNBC attributed the company's stunning quarterly performance to increased retail spending by consumers who had more money in their pockets while cutting back on vacations and other summer activities.

3. Democratic National Convention: Day 3

Former President Barack Obama and Sen. Kamala Harris to speak on Day 3 of the 2020 Democratic National Convention.

Getty Images | Reuters

4. Pharma deals from J&J, Regeneron

Shares of Momenta Pharmaceuticals surged 70% in the premarket after Johnson & Johnson said it agreed to buy the biotech company for about $6.5 billion in cash. The deal gives J&J's Janssen unit access to Momenta's experimental therapy to treat a neuromuscular disease that causes weakness in muscles. J&J shares were basically flat after the announcement.

Momenta Pharmaceuticals

U.S.-based Regeneron and Swiss drugmaker Roche are teaming up on an investigational antibody cocktail against Covid-19. If the drug were to get regulatory approval, Regeneron will sell it in America and Roche will sell it elsewhere. The stocks were higher on Wednesday's news.

5. More colleges move to online instruction

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Business - Latest - Google News
August 19, 2020 at 07:21PM
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5 things to know before the stock market opens Wednesday - CNBC
Business - Latest - Google News
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