Today is Wednesday, August 5th and stock futures cut gains after private payrolls report is much worse than expected. Mortgage rates set another record low and private payroll growth slows sharply in July amid a spike in virus. Moderna said they are pricing the coronavirus vaccine around $32 to $37 per dose, and the Beruit death toll rises to at least 100.
U.S. stock futures trimmed gains Wednesday after the release of much weaker-than-expected private payrolls data. Dow Jones Industrial Average futures were up 140 points, or 0.5%. Earlier in the day, Dow futures were up more than 200 points. S&P 500 futures traded 0.4% higher and Nasdaq 100 advanced 0.1%.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 3.14% from 3.20% last week. Mortgage applications to purchase a home also fell for the week, down 2%, but were 22% higher than one year ago.
Moderna is charging between $32 to $37 per dose for its coronavirus vaccine for some customers, under cheaper “pandemic pricing,” the company said Wednesday.
Private payrolls increased by 167,000 in July, well below Wall Street estimates of 1 million. All but 1,000 of the jobs came in the services sector. June’s payroll count was revised sharply upward to 4.3 million, but the jobs market is nowhere close to recovering the damage from March and April.
The explosion, which blew out windows and destroyed property for miles around, has been initially blamed on 2,750 tons of ammonium nitrate stored in an unsecured warehouse at Beirut’s cargo port. But the government subsequently announced an investigation to determine within five days the exact cause of the explosion and “who was responsible.” The immediate crisis in homelessness, health, overwhelmed medical services and destroyed property and businesses comes on top of an already crippled economy, the coronavirus pandemic and regional tensions.
Apple on Tuesday announced a big update to its 27-inch iMac. While the design remains the same as in previous years, Apple upgraded the internal hardware across the board. It’s targeted at people who want a bigger, 5K screen at their desks and who, now working from home, may prefer an all-in-one desktop computer instead of a laptop. Apple said it focused on a few key areas to improve the experience for people at home, including the cameras, speakers and microphones.