5 things to know before the stock market opens Tuesday

Here’s the most important news, trends and analysis that investors need to start their trading day:

  • Dow set to drop for second day after Friday’s record
  • FDA says Pfizer Covid vaccine trial data did not raise safety concerns
  • UK began giving Pfizer vaccine to the public after last week’s emergency approval
  • Trump to hold a ‘Vaccine Summit,’ to sign an executive order
  • Lawmakers hope to buy more time to reach a Covid stimulus bill

1. Dow set to drop for second day after Friday’s record

© Provided by CNBC Traders work on the floor of the New York Stock Exchange.

The Dow was set to drop at Tuesday’s open, one day after the 30-stock average lost 148 points on concerns about spikes in coronavirus cases and uncertainty over new stimulus out of Washington. Monday’s Dow decline ended a four-session winning streak, including a record high close Friday. The S&P 500 on Monday dipped from Friday’s record close. However, the Nasdaq edged higher Monday for another record close. Shares of red-hot Tesla fell 1% in premarket trading after the electric auto maker on Tuesday unveiled plans for a $5 billion capital raise. It’s the second such move in three months as Tesla looks to cash in on its meteoric stock rally of more than 650% this year. Shares hit another intraday all-time Monday.

2. FDA says Pfizer Covid vaccine trial data did not raise safety concerns

© Provided by CNBC Vials of coronavirus disease (COVID-19) vaccine candidate BNT162b2 are sorted at a Pfizer facility in Puurs, Belgium in an undated still image from video.

Two days before the FDA’s vaccines committee meets to consider the Pfizer-BioNTech Covid-19 candidate for emergency use authorization, the agency on Tuesday released a document evaluating the companies’ clinical trial data. The FDA said the data did not raise safety concerns. James Hildreth, a member of the committee, told NBC News that authorization could come as early as Friday. A week after Thursday’s meeting, the FDA committee is set to consider Moderna’s coronavirus vaccine, which was also shown to be more than 90% effective. Both vaccines employ a new approach to inoculations that uses genetic material to provoke an immune response.

3. UK began giving Pfizer vaccine to the public after last week’s emergency approval

© Provided by CNBC Margaret Keenan, 90, is the first patient in the United Kingdom to receive the Pfizer/BioNtech covid-19 vaccine at University Hospital, Coventry.

The U.K. on Tuesday began rolling out the Pfizer-BioNTech vaccine to the public. Ninety-year-old Margaret Keenan made history as the first person in the world to receive the Pfizer-BioNTech vaccine outside of trial conditions. The vaccine was approved by U.K. drug regulators last week. It will be given to frontline health-care workers, care home workers and people over 80 years old, before it’s available more widely among the U.K. population. Britain has also preordered other Covid-19 vaccine candidates from companies, including Moderna, but these have yet to be granted approval.

4. Trump to hold a ‘Vaccine Summit,’ to sign an executive order

© Provided by CNBC U.S. President Donald Trump speaks during a ceremony to award the Presidential Medal of Freedom to retired football coach Lou Holtz in the Oval Office at the White House in Washington, U.S., December 3, 2020.

President Donald Trump is expected to sign an executive order Tuesday designed to ensure that U.S. efforts to assist other countries in vaccinating their populations against Covid-19 take on a lower priority than domestic inoculations. Pfizer and Moderna, which both have Covid-19 vaccines consideration at the FDA, declined Trump’s invitation to attend Tuesday’s “Vaccine Summit” at the White House. Invitees included drug distributors, pharmacies and logistics companies such as McKesson, Walgreens Boots Alliance, CVS Health, UPS and FedEx.

5. Lawmakers hope to buy more time to reach a Covid stimulus bill

© Provided by CNBC The U.S. Capitol Building following a rainstorm on Capitol Hill in Washington, December 4, 2020.

Lawmakers on Capitol Hill aim to extend federal government funding, which runs out Saturday, for an additional week. They’re hoping to buy more time to pull together an appropriations spending deal and a coronavirus stimulus measure. However, familiar sticking points have emerged as a bipartisan group tries to put the finishing touches on legislation that they hope will serve as the template for a year-end $908 billion Covid-19 rescue package. Failure to act on stimulus before the end of the year would send millions of Americans spiraling into deeper financial peril. Failure to act further on spending would result in a government shutdown.

— Follow all the developments on Wall Street in real time with CNBC Pro’s live markets blog. Get the latest on the pandemic with our coronavirus blog.

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