CureVac Plummets on Wall Street After Corona Vaccine Development Stops
On Tuesday, American investors reacted with shock to the announcement that pharmaceutical company CureVac would stop developing a vaccine against Covid-19, the disease caused by the coronavirus.
Shares of the German company fell about 10 percent on Tuesday when the stock exchanges on Wall Street opened. The financial markets are also processing new economic estimates from the International Monetary Fund (IMF).
CureVac came to its decision because it wanted to target other agents that use the same mRNA technology. But for the Netherlands, for example, it is bad news because, if the drug were approved in Europe, millions of doses would also have gone to our country. That deal has now expired.
Across the board, investors appear to be shaking off longstanding concerns about high inflation as they prepare for the busy period when many large companies report their quarterly results. It kicks off on Wall Street later this week.
The Dow Jones Industrial Average rose 0.2 percent to 34,561 points in early trading in New York. The broad S&P 500 gained 0.1 percent to 4366 points, and tech exchange Nasdaq gained 0.2 percent at 14,513 points.
According to economists at the IMF, the economic recovery from the corona crisis is losing some momentum worldwide. However, the revision of the forecasts is minimal, and in some countries, the prospects have actually improved.
Tesla (plus 1.8 percent) also knows the focus. The electric car maker saw its shipments of Chinese-made cars increase for the second month in a row in September.
Industry partner GM was put 1 percent higher. The car company made agreements with South Korean LG Electronics to recover nearly $2 billion in costs related to a battery recall from the Chevrolet Bolt.
Furthermore, GlaxoSmithKline gained more than 2 percent after reports that the pharmaceuticals branch of the pharmaceutical company would arouse the interest of several investment companies. The company then said that it was “advanced” with plans to split off the part.