Stock market live updates: Dow below 20,000, Boeing falls 20%, Regeneron speeds up drug

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While the broader market struggled to rebound from Monday’s deep losses, a handful of biotech companies were posting double-digit returns. Germany-based BioNTech surged almost 61% Tuesday after it said it’s teaming up with Pfizer to develop a coronavirus vaccine. Moderna jumped over 12%, while Regeneron climbed more than 10% after the company said it aims to start human clinical trials of a coronavirus drug by early summer. – Li, Francolla

  • Oppenheimer upgraded Walmart to outperform from perform
  • Deutsche Bank upgraded Procter & Gamble to buy from hold.
  • Needham initiated Zoom as buy.
  • Evercore ISI upgraded Pepsi to outperform from in line.
  • Bernstein upgraded JD.com to outperform from market perform.
  • MKM upgraded Boston Beer to buy from neutral.
  • MKM upgraded Electronic Arts to buy from neutral.
  • Cowen upgraded Square to outperform from market perform.
  • Bank of America downgraded Royal Caribbean to underperform from neutral.
  • Wedbush added Facebook, Amazon and Peloton to the best ideas list.

Read the full analyst calls of the day here. –Bloom 

American industrials crown jewel Boeing fell another 20% on Tuesday, adding to an eye-popping slide for the aircraft manufacturer over the last several months. The sell-off comes a day after Boeing said it is in talks with the Trump administration about potential aid and others in its supply chain as the novel coronavirus whacks the travel industry. The company was already dealing with the consequences of two fatal crashes of its 737 Max aircraft, which has been grounded around the world since 2019. The price of Boeing equity is down 72% over the last six months. — Franck

The Federal Reserve is continuing to provide support for short-term bank funding, as it will institute another $500 billion repo operation Tuesday afternoon. In the latest operation, the Fed will conduct another operation that comes on top of a similar offering Monday. The central bank’s New York trading desk has been aiming to quell disruptions in the overnight funding markets where banks to go get operating capital. —Cox 

Source: https://www.cnbc.com/2020/03/17/stock-market-today-live.html

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