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Oct. 13, 2020, 7:23 a.m. EDT

European stocks and U.S. futures lose momentum after vaccine trial pause

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By Steve Goldstein

European stocks edged lower on Tuesday, losing momentum after the pause of a key coronavirus vaccine trial.

Up 0.7% on Monday, the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.06% weakened by 0.2%.

The German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.29% , French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.53% and U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.35% also sagged.

U.S. stocks /zigman2/quotes/210599714/realtime SPX -0.16% blasted higher on Monday on little news during a light Columbus Day holiday , with the technology-heavy Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +0.48% rallying 2.6% to its third-highest close in history. But futures /zigman2/quotes/208225921/composite SP -0.30% /zigman2/quotes/210598365/realtime COMP +0.48% were mixed as Johnson & Johnson /zigman2/quotes/201724570/composite JNJ -0.13% on Monday night paused its trial of a coronavirus vaccine after an unexplained illness. It isn’t uncommon for drugmakers to pause trials in this way, and so far the pause isn’t the more serious clinical hold.

Third-quarter earnings season starts on Tuesday with JPMorgan Chase /zigman2/quotes/205971034/composite JPM -1.05% , BlackRock and Johnson & Johnson each topping analyst estimates.

Thursday, meanwhile, is the U.K.’s self-imposed date to reach a trade agreement with the European Union. The current arrangement lasts until the end of the year. Data from the U.K. showed the unemployment rate rose to 4.5% in the three months ending August , which was higher than expected but masks what is expected to be a bigger jump once the job furlough program expires at the end of October.

Of stocks on the move, MorphoSys /zigman2/quotes/205694191/delayed XE:MOR +0.72% /zigman2/quotes/204695992/composite MOR +0.04% shares slumped 9% as the dual-listed biopharmaceutical said it is selling a €325 million convertible bond.

Rolls-Royce /zigman2/quotes/203646520/delayed UK:RR +1.15% shares dropped 6%, the second day of sharp losses for the troubled engine maker after nearly doubling in value last week.

A Rolls-Royce customer, Airbus /zigman2/quotes/208224336/delayed FR:AIR +0.41% , dropped 3% after a downgrade to underweight from hold at JPMorgan Cazenove. The broker cited a more cautious view on air travel and airline profitability, which led it to reduce its view on deliveries next year by 10%.

SSE’s /zigman2/quotes/204546319/delayed UK:SSE +0.07% shares rose 4%, after agreeing to sell its 50% share in two energy-from-waste ventures for £995 million to an infrastructure fund managed by First Sentier Investors.

/zigman2/quotes/210599654/delayed
XX : STOXX
391.87
+0.24 +0.06%
Volume: 0.00
Nov. 27, 2020 12:59p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,324.44
+37.87 +0.29%
Volume: 18,957
Nov. 27, 2020 12:59p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,596.53
+29.74 +0.53%
Volume: 23,008
Nov. 27, 2020 12:59p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,340.46
-22.47 -0.35%
Volume: 247,198
Nov. 27, 2020 11:59a
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/zigman2/quotes/210599714/realtime
US : S&P US
3,629.65
-5.76 -0.16%
Volume: 2.32B
Nov. 25, 2020 5:33p
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
12,094.40
+57.62 +0.48%
Volume: 4.16M
Nov. 25, 2020 5:16p
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/zigman2/quotes/208225921/composite
add Add to watchlist SP 500 FUTURES
US : U.S.: Nasdaq
$ 30.04
-0.09 -0.30%
Volume: 131,526
Nov. 25, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$693.58 million
Rev. per Employee
$69,611
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/zigman2/quotes/210598365/realtime
add Add to watchlist NASDAQ 100 FUTURES
US : U.S.: Nasdaq
12,094.40
+57.62 +0.48%
Volume: 4.16M
Nov. 25, 2020 5:16p
loading...
/zigman2/quotes/201724570/composite
US : U.S.: NYSE
$ 143.68
-0.19 -0.13%
Volume: 7.59M
Nov. 25, 2020 7:00p
P/E Ratio
22.58
Dividend Yield
2.81%
Market Cap
$378.24 billion
Rev. per Employee
$603,509
loading...
/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 122.03
-1.29 -1.05%
Volume: 11.72M
Nov. 25, 2020 7:00p
P/E Ratio
15.93
Dividend Yield
2.95%
Market Cap
$371.97 billion
Rev. per Employee
$582,907
loading...
/zigman2/quotes/205694191/delayed
XE : Germany: Xetra
92.14
+0.66 +0.72%
Volume: 31,119
Nov. 27, 2020 12:59p
P/E Ratio
102.34
Dividend Yield
N/A
Market Cap
€2.98 billion
Rev. per Employee
€168,440
loading...
/zigman2/quotes/204695992/composite
US : U.S.: Nasdaq
$ 26.85
+0.01 +0.04%
Volume: 101,029
Nov. 25, 2020 4:00p
P/E Ratio
126.41
Dividend Yield
N/A
Market Cap
$3.55 billion
Rev. per Employee
$188,526
loading...
/zigman2/quotes/203646520/delayed
UK : U.K.: London
109.55 p
+1.25 +1.15%
Volume: 17.53M
Nov. 27, 2020 11:59a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
£9.28 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208224336/delayed
FR : France: Euronext Paris
90.17
+0.37 +0.41%
Volume: 535,208
Nov. 27, 2020 12:59p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€71.71 billion
Rev. per Employee
€522,326
loading...
/zigman2/quotes/204546319/delayed
UK : U.K.: London
1,380.00 p
+1.00 +0.07%
Volume: 800,285
Nov. 27, 2020 11:59a
P/E Ratio
10.99
Dividend Yield
5.80%
Market Cap
£14.34 billion
Rev. per Employee
£582,443
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