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Pfizer, EV Stocks, Oil Industry: 3 Things to Watch

Stock MarketsNov 17, 2021 03:26PM ET
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© Reuters

By Liz Moyer

Investing.com -- Stocks dipped on Wednesday, giving back some gains after strong retail earnings and signs consumers continue to spend.

Some investors are worried the Federal Reserve will move more quickly to raise interest rates as consumer prices surged the most in 31 years in October from last year. Still, the Fed is moving to reduce its bond buying program later this year. The question about rates will be decided down the road.

One of the big influences on the Fed’s direction will be President Joe Biden’s choice of who will lead it when current Chair Jerome Powell’s term comes to an end in February. He could either re-nominate Powell, as many expect, or pick board governor Lael Brainard to succeed him, as others expect.

Biden has said his decision could come this week.

Credit card issuer Visa (NYSE:V) weighed on the Dow Jones Industrial Average after Amazon.com (NASDAQ:AMZN) said it would stop accepting its cards issued in the U.K. because of fees.

Otherwise, this week’s strong retail earnings cap off a positive earnings season that helped lift stocks to repeated records in recent weeks. 

Here are three things that could affect markets tomorrow:

1. Vaccine meeting

Pfizer Inc (NYSE:PFE) will be in the spotlight as regulators consider making its Covid-19 vaccine booster available to all adults. The Food and Drug Administration is sitting Thursday and vaccine experts at Center for Disease Control and Prevention’s independent committee meet Friday to discuss merits of the case and approve the company’s third jab for all those 18 years and older.

Moderna Inc (NASDAQ:MRNA) is also seeking emergency approval to have its vaccine booster available to all adults. Though boosters are available to all in some locations, regulators initially approved them for those 65 and older or those in at-risk jobs or environments.

2. Electric stocks

Shares of electric vehicle makers have been on a tear over the last week, with Lucid and Rivian being among the biggest gainers. Now it’s going in the other direction. Lucid Group Inc (NASDAQ:LCID) stock fell 6% on Wednesday and Rivian Automotive Inc (NASDAQ:RIVN) -- one of the biggest IPOs of the year last week. -- fell 17%.

Still, both stocks have gained so much they now have market values that rival the biggest automakers in the world. 

3. Gas price scrutiny

Oil refining companies are under scrutiny after the Biden administration asked the Federal Trade Commission to look into whether there is anti-competitive activity holding prices at the gas pump high. 

Biden’s letter follows his direction to the antitrust regulator a few months back, routed through the director of the National Economic Council, to go behind reasons for spiraling gas prices. In his latest directive, Biden said further action is needed since “prices at the pump have continued to rise, even as refined fuel costs go down and industry profits go up."

-- Reuters contributed to this report.

 

 

Pfizer, EV Stocks, Oil Industry: 3 Things to Watch
 

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Comments (4)
germann muravchik
germann muravchik Nov 17, 2021 8:27PM ET
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One of the big influences on the Fed’s direction will be President Joe Biden’s choice of who will lead it when current Chair Jerome Powell’s termOne of the big influences on the Fed’s direction will be President Joe Biden’s choice of who will lead it when current Chair Jerome Powell’s term. who cares really? are you naive or just do not know what to say?
Abraniyous Assefa
Abraniyous Assefa Nov 17, 2021 5:38PM ET
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Oil prices not determined by demand/ supply and speculations there on. Mostly swing with talking from politicians.
Abraniyous Assefa
Abraniyous Assefa Nov 17, 2021 5:38PM ET
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Oil prices not determined by demand/ supply and soecukatoons there on. Mostly swing with talking from politicians.
Joe Fred
Joe Fred Nov 17, 2021 5:28PM ET
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I dont understand this mindset of go after anyone making money and try to hammer them into the ground via taxes, regulations and investigations. If you want to tax these companies and people so much, why not encourage them to make even more money? You get more taxes by their profitability, more people are hired so you have a larger tax base and the economy is in better shape with more people doing well. I don’t understand this mindset of not doing this.
Tochukwu Paul
Tochukwu Paul Nov 17, 2021 5:28PM ET
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That's nice question
Kris Luis
Kris Luis Nov 17, 2021 5:28PM ET
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Gotta give the left someone to blame, makes em feel better about themselves. Worked for *****
Kris Luis
Kris Luis Nov 17, 2021 5:28PM ET
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Apparently a certain former German Chancellor is not to be named here. *****
 
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