Dow opens flat Tuesday and S&P 500 briefly carves out intraday record before retreating

U.S. stocks were trading mixed to flat on Tuesday as investors took data on retail sales and producer prices in stride as Federal Reserve policy makers prepared to kick off a closely watched two-day meeting. The U.S. May producer-price index rose 0.8% in May, pushing prices up 6.6% year over year. Separately, retail sales dropped 1.3% in May. Also, the New York Fed's Empire State factory index fell to 17.4 in June from 24.3 a month earlier. The S&P 500 index was down 0.1% at 4,252, after hitting an intraday all-time high at 4,257.16. The Dow Jones Industrial Average was trading flat at 34,396, while the Nasdaq Composite Index declined 0.3% at 14,133. In corporate news, shares of DraftKings Inc. was trading 8% lower after news from a short seller.

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Novavax says efficacy of COVID-19 vaccine isn't affected when co-administered with the flu shot

Shares of Novavax Inc. were down 0.9% in trading on Tuesday, the day after the company said a study evaluating co-vaccination against COVID-19 and the flu demonstrated similar efficacy to administering Novavax's experimental COVID-19 shot alone. "Separate health care visits to cover both COVID-19 and influenza vaccinations will be burdensome," a Novavax executive said in a news release. As part of the Phase 3 clinical trial for its coronavirus vaccine in the U.K., the company also enrolled 431 participants in a sub-study that gave participants both the COVID-19 vaccine and the flu shot. In the preprint, published Sunday, the researchers found that the immunogenicity of the flu shot was the same, while there was a "modest decrease" in the immunogenicity of the COVID-19 shot. Novavax also announced this week that its coronavirus vaccine had an efficacy rate of 90.4% when it comes to preventing symptomatic infection in roughly 30,000 participants enrolled in the Phase 3 clinical trial in the U.S. Novavax's stock has soared 86.2% so far this year, while the S&P 500 is up 13.3%.

Bright Health to offer 60 million shares in planned IPO, priced at $20 to $23 each

Bright Health Group set terms for its initial public offering on Tuesday with plans to offer 60 million shares priced at $20 to $23 each. The operator of healthcare clinics would raise $1.38 billion at the top of that price range, before deducting expenses. Based on an expected 624 million shares outstanding after the deal closes, the company has a valuation of more than $14 billion. The company has applied to list on the New York Stock Exchange under the ticker "BHG." There are nine banks underwriting the deal, led by JP Morgan and Goldman Sachs. Proceeds of the deal will bs used to repay debt and for working capital and other general corporate purposes, the company says in its IPO filing documents. "Bright Health was founded in 2015 to transform healthcare," the documents say. "Our mission of Making Healthcare Right. Together. is built upon the belief that by connecting and aligning the best local resources in healthcare delivery with the financing of care, we can drive a superior consumer experience, reduce systemic waste, lower costs, and optimize clinical outcomes."

Biogen says experimental drug for rare retinal disease fails in late-stage clinical trial

Shares of Biogen Inc. were down 0.3% in premarket trading on Tuesday, the day after the company said an experimental gene therapy for choroideremia failed a late-stage clinical trial. Biogen said Monday that the Phase 3 study did not meet its primary endpoint or efficacy on secondary endpoints among study participants who have the rare, hereditary retinal disease. The news is one of several stock-moving announcements for Biogen in the last two weeks, including the Food and Drug Administration approval of its Alzheimer's disease drug last week and Tuesday's disclosure that an experimental treatment for major depressive disorder it's developing with Sage Therapeutics Inc. met the primary endpoint in a Phase 3 clinical trial. Biogen's stock is up 65.8% so far this year, while the S&P 500 has gained 13.3%.

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Dow opens flat Tuesday and S&P 500 briefly carves out intraday record before retreating

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