The daily business briefing: November 10, 2020

1. Pfizer coronavirus vaccine news sends stocks soaring

The Dow Jones Industrial Average and S&P 500 soared on Monday after drug makers Pfizer and BioNTech announced that their COVID-19 vaccine candidate was more than 90 percent effective in tests. The Dow rose by nearly 3 percent, gaining 835 points in its biggest jump since June 5 and touching an all-time intraday high. The S&P 500 gained 1.2 percent. Airlines and other travel-related stocks that have suffered heavy losses during the pandemic led the gains. The tech-heavy Nasdaq fell by 1.5 percent as many technology stocks fell after outperforming the broader market as people have done more work, learning, and shopping online during the pandemic. CNBC's Mad Money host Jim Cramer said "the rally is justifiable," and marks a beginning of a discussion about what America is "going to look like post-COVID." Dow futures rose further early Tuesday, but S&P 500 and Nasdaq futures fell.

CNBC

2. McDonald's unveils plans for 'McPlant' burger

McDonald's on Monday announced that it will add a plant-based burger and other items to menus in select markets. The company said it would be testing its own "McPlant" items starting next year. The announcement came after the burger chain conducted a pilot program in Canada earlier this year selling plant-based patties mimicking meat that were made by industry leader Beyond Meat. The plant-based food company helped McDonald's develop a patty for the McPlant line, which also could include plant-based substitutes for chicken and breakfast meats. Beyond Meat shares rose on news of the collaboration, then plunged in overnight trading after the company reported earnings that fell far short of expectations due to the coronavirus crisis.

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The Wall Street Journal TechCrunch

3. EU imposes tariffs on $4 billion worth of U.S. goods

The European Union on Monday outlined plans to impose tariffs on up to $4 billion worth of U.S. goods in retaliation for Trump administration levies on European products. Boeing aircraft will face a 15 percent tariff, while a variety of products, including tractors, gin, video game consoles, cotton, and salmon, will be covered by a 25 percent levy. The decision was part of an ongoing dispute over subsidies to aircraft makers. The U.S. imposed tariffs on billions of dollars worth of European goods, arguing that Europe gives unfair support to Boeing's European rival, Airbus. The EU says the U.S. gives Boeing illegal state aid. Boeing called the EU decision "disappointing."

The Washington Post Reuters

4. Amazon expected to face anti-competition allegations in Europe

European regulators are expected Tuesday to file formal charges against Amazon accusing the online retail giant of unfair business practices, The Wall Street Journal reported, citing a person familiar with the matter. European Commission antitrust authorities have been investigating Amazon since June 2019, examining how the company gathers data from buyers and sellers and uses the information to market its own products. Regulators are expected to rule next year on whether Amazon violated competition laws. Violations are punishable with fines of up to 10 percent of global revenue, or as much as $28 billion based on Amazon's 2019 earnings. The commission also can demand that Amazon change some of its business practices, although the company can challenge any decision in court.

The Wall Street Journal

5. FDA approves emergency use of Eli Lilly antibody drug

The Food and Drug Administration on Monday granted emergency-use authorization for drug maker Eli Lilly's experimental antibody drug for some COVID-19 patients. The drug, bamlanivimab, is the first antibody drug to receive such approval. Doctors will be allowed to administer it to patients who are not hospitalized but who face a risk of serious illness due to their age or other conditions. Trial data showed that a one-time infusion of the drug reduced the need for hospitalization or emergency room visits for these high-risk patients. President Trump received a similar treatment, developed by Regeneron Pharmaceuticals, when he was diagnosed with COVID-19 in early October. Dr. Anthony Fauci, the nation's top infectious disease expert, said the treatment likely contributed to Trump's recovery.

Reuters