Dow Jones Futures Extend Fed Rate-Hike Retreat; Goldman In Buy Range, Covid Vaccine Play CureVac Crashes


Dow Jones futures fell late Wednesday, along with S&P 500 futures and Nasdaq futures. The stock market rally fell modestly on Wednesday as Federal Reserve policymakers signaled earlier interest-rate hikes amid hotter inflation. The 10-year Treasury yield jumped following the latest Fed meeting.


After the close, CureVac (CVAC) announced that its coronavirus vaccine candidate achieved a low 47% efficacy rate in a Phase 2b/3 trial. CVAC stock crashed, while BioNTech (BNTX), Moderna (MRNA) and Novavax (NVAX) rose slightly.

The Federal Reserve still isn’t in a hurry to change course. But new inflation targets, rate-hike projections and Fed chief Jerome Powell’s comments signaled that policymakers are getting closer to actual Fed taper talk.

Stock and bond markets got the message. The Dow Jones, S&P 500 and Nasdaq composite, down slightly to modestly before the Fed meeting decision, retreated after the 2 p.m. announcement and Powell’s comments,…

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