The major averages are mixed, but little changed, at midday as trading remains choppy and cautious. Investors are monitoring the virus and its mutations, the uneven pace of vaccine rollouts across the states and concern that the U.S. stimulus package may not happen until mid-March, while also reacting to earnings reports that are picking up in pace and volume.
ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 1.0% to another new record peak of 310.1 in November. The S&P Case Shiller 20-city home price index increased 1.1% to 238.5 in November. The Conference Board Consumer Confidence Index improved moderately in January to a reading of 89.3, up from a four-month low of 87.1 in December. The Richmond Fed manufacturing index dropped 5 points to 14 in January.
TOP NEWS: Four Dow members reported before today's open, including 3M (MMM), Johnson & Johnson (JNJ), American Express (AXP) and Verizon (VZ). Following their earnings report, the quartet is split in terms of stock performance at midday, with 3M up 3%, J&J rising 3%, AmEx down 2% and Verizon sliding 3%.
In other earnings news, former Dow constituent General Electric (GE) is up 3% near noon following its Q4 report and FY21 guidance.
In COVID-19 news, Regeneron (REGN) announced what it called "positive initial results" from an ongoing Phase 3 clinical trial evaluating REGEN-COV used as a passive vaccine for the prevention of COVID-19 in people at high risk of infection due to household exposure to a COVID-19 patient. Passive vaccination with REGEN-COV resulted in 100% prevention of symptomatic infection and approximately 50% lower overall rates of infection, the company said.
MAJOR MOVERS: Among the noteworthy gainers was Vir Biotechnology (VIR), which rose 29% after it announced initial topline data from its ongoing trial of VIR-3434 in patients with chronic hepatitis B virus infection. Also higher was Beyond Meat (BYND), which gained 18% after establishing a joint venture with PepsiCo (PEP). PepsiCo shares were 1% higher after the news.
Among the notable losers was Vaxart (VXRT), which declined 9% after announcing additional preclinical COVID-19 oral vaccine data. Also lower was Lockheed Martin (LMT), which fell 2% after reporting quarterly results.
INDEXES: Near midday, the Dow was up 11.15, or 0.04%, to 30,971.15, the Nasdaq was down 10.07, or 0.07%, to 13,625.92, and the S&P 500 was down 3.60, or 0.09%, to 3,851.76.
Johnson & Johnson
+5.27 (+3.17%)
American Express
-2.82 (-2.33%)
Verizon
-1.75 (-3.00%)
3M
+4.65 (+2.73%)
Regeneron
-6.57 (-1.20%)
Vir Biotechnology
+13.33 (+30.06%)
Beyond Meat
+27.85 (+17.55%)
PepsiCo
+1.46 (+1.04%)
Vaxart
-1.02 (-10.14%)
Lockheed Martin
-8.495 (-2.47%)