The daily business briefing: December 18, 2020

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The Moderna vaccine

1.

A Food and Drug Administration advisory panel on Thursday recommended authorizing emergency use of Moderna’s coronavirus vaccine. The 20-0 vote, with one abstention, cleared the way for FDA approval, which is expected on Friday. Moderna’s late-phase trials concluded that the two-dose vaccine was 94 percent effective. “The evidence for the vaccine highly outweighs any issues that we have seen,” said panel member Hayley Gans, a Stanford University pediatrics professor. Moderna’s vaccine will be the second to receive emergency approval. A campaign to administer the vaccine made by Pfizer and its German partner, BioNTech, began this week. Moderna expects this month to deliver 20 million doses of its vaccine, which doesn’t require special freezers like Pfizer’s. [The Wall Street Journal]

2.

More than 30 states on Thursday filed an antitrust lawsuit accusing Google of trying to expand its “search-related monopolies” by illegally squelching competition. The lawsuit, led by Colorado Attorney General Phil Weiser and Nebraska Attorney General Doug Peterson, said that Google’s anti-competitive tactics have “harmed consumers, advertisers, and the competitive process itself,” including by undermining search rivals. New York Attorney General Letitia James’ office said the states want to “counter any advantages that Google gained as a result of its anticompetitive conduct.” The latest suit came one day after Texas led a coalition of states filing a separate antitrust lawsuit against Google that focused on advertising. In October, the Department of Justice also sued Google for alleged antitrust violations. [The New York Times, The Verge]

Video: CNBC Markets Now: December 17, 2020 (CNBC)

CNBC Markets Now: December 17, 2020

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UP NEXT

3.

Coinbase Global, the largest U.S.-based cryptocurrency exchange, is poised to become the first major Bitcoin-focused company to offer its stock to the public. Coinbase said in a blog post Thursday that it had filed with the Securities and Exchange Commission for an initial public offering. Coinbase’s news came a day after Bitcoin rose above $20,000 for the first time. The cryptocurrency has nearly tripled this year. The filing puts Coinbase on track to be among the first big IPOs of 2021, coming off a string of blockbuster market debuts for startups in 2020. IPOs have raised more than $160 billion on U.S. exchanges this year, surpassing the debuts at the peak of the dot-com boom in 1999. [The Wall Street Journal, Yahoo Finance]

4.

U.S. stock index futures were flat early Friday after the major indexes rose to record highs on Thursday. Futures for the Dow Jones Industrial Average were unchanged several hours before the opening bell. Futures for the S&P 500 were up by less than 0.1 percent, while those of the Nasdaq were down by less than 0.1 percent. All three of the main U.S. indexes closed at new highs on Thursday, boosted by optimism about COVID-19 vaccines and progress in Congress toward a new coronavirus relief package. The Dow gained 0.5 percent, while the S&P 500 and the Nasdaq closed up by 0.6 percent and 0.8 percent, respectively. Congressional negotiators are hammering out the $900 billion in coronavirus aid that would include checks to individuals but no liability protection for businesses. [CNBC]

5.

The number of Americans making initial jobless claims rose to 885,000 last week from 862,000 the week before, the Labor Department reported Thursday. The latest figure was the highest weekly total since September, and far higher than the 800,000 economists had forecast. The increases have come as coronavirus infections, hospitalizations, and deaths surge to record levels, threatening to derail the economic recovery from the spring’s collapse. The total number of people receiving traditional state unemployment benefits fell to 5.5 million from 5.8 million, but that was partly because many unemployed people have exhausted their benefits, which typically last six months. Layoffs remain high and new state and local anti-coronavirus restrictions are forcing many businesses to reduce hours and capacity, or close temporarily. [The Associated Press]