The daily business briefing: November 16, 2020

1. SpaceX launches new era of private space flight

SpaceX on Sunday launched a Falcon 9 rocket carrying the private space firm's Crew Dragon spacecraft "Resilience" into orbit, its first with a full crew. The mission made entrepreneur Elon Musk's SpaceX the first private company with a working system for sending astronauts into space, and bringing them back. Crew Dragon Resilience is carrying NASA astronauts Mike Hopkins, Victor Glover, Shannon Walker, and Japanese astronaut Soichi Noguchi to the International Space Station. Crew Dragon is expected to dock late Monday. The mission is a landmark for NASA, which has had to rely on Russian spacecraft to get its astronauts to the Space Station since the retirement of the space shuttle fleet in 2011.

CNBC

2. Moderna: Trial shows coronavirus vaccine nearly 95 percent effective

Drug maker Moderna announced early Monday that preliminary phase-three trial data showed that its coronavirus vaccine candidate was more than 94 percent effective. CEO Stephane Bancel called the results a "game-changer." Among the trial's 30,000 participants, there were 90 COVID-19 cases among those getting a placebo, and only five cases among those who got the two-dose vaccine. The news came after similarly strong results announced last week in Pfizer's late-stage trial of its COVID-19 vaccine. The progress on vaccines came as the total number of U.S. infections surpassed 11 million. Michigan and Washington state on Sunday became the latest states to announce broad new restrictions on private gatherings and many businesses to fight the latest wave in the pandemic.

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3. Walmart sells majority stake in Japanese supermarket chain

Walmart is selling 85 percent of Japanese supermarket chain Seiyu to investment firm KKR and e-commerce company Rakuten for more than $1 billion, the companies said in a joint statement on Monday. KKR will get 65 percent of the company. Rakuten, which already has an online venture with Seiyu, will acquire 20 percent of the company. Walmart will retain a 15 percent stake. Walmart moved into the Japanese market in 2002, when it acquired a 6 percent stake in Seiyu. It increased its holdings before taking over the company outright in 2008. The retail giant is retreating from Japan as it increases its focus on e-commerce as global markets slow down. Walmart has sold three overseas holdings in less than seven weeks.

Reuters The Wall Street Journal

4. U.S. stock futures rise after last week's record

U.S. stock index futures rose early Monday as big tech stocks drove international markets higher. Futures for the Dow Jones Industrial Average were up by 1.8 percent several hours before the opening bell. Futures for the tech-heavy Nasdaq gained just 0.2 percent, while those of the S&P 500 were up by 1.2 percent. Investors were encouraged by positive news from drug maker Moderna on its potential coronavirus vaccine. Last week, news from Pfizer and BioNTech of positive late-phase vaccine trials sparked optimism, helping to propel the S&P 500 to a record high close on Friday. Coronavirus treatments and vaccines are seen as the key to curbing economic damage from the pandemic, although analysts warned that the rally could falter as the reality that vaccines are still months away sets in.

The Wall Street Journal

5. Costco ends medical exemptions from face-covering policy

Costco is updating its mask policy starting Monday by requiring customers to wear face shields if they say a medical condition prevents them from wearing a mask. CEO Craig Jelinek announced the elimination of the exception to its mask policy in a letter to members, writing that only those "wearing a face mask or face shield" will be allowed to enter the company's 560 warehouse clubs nationwide. The move came as a wave of new coronavirus cases hits the United States. "This updated policy may seem inconvenient to some, however we believe the added safety is worth any inconvenience," Jelinek wrote. "Our goal is to continue to provide a safe shopping environment for our members and guests, and to provide a safe work environment for our employees."

USA Today