The major averages were mostly weaker, led lower by the Nasdaq as the laggard with tech stocks continuing their recent weakness. Pfizer and CVS each reported solid profit growth, aided by their roles in the nation's COVID-19 vaccination efforts.
ECONOMIC EVENTS: In the U.S., the trade deficit widened almost exactly as expected to a new all-time high of $74.4B from a prior record-high of $70.5B in February. The factory report for March slightly undershot estimates with a 1.1% headline orders gain and a 1.7% ex-transportation increase.
TOP NEWS: Pfizer (PFE) shares were fractionally higher after the pharmaceutical giant reported better than expected first quarter adjusted earnings and revenue and raised its guidance for fiscal 2021. The results came after the New York Times reported last evening that the FDA is slated to approve use of Pfizer's COVID-19 vaccine, which is co-developed with BioNTech (BNTX), in adolescents aged 12 to 15 by early next week.
Shares of CVS Health (CVS) rose 4.4% after the company reported upbeat quarterly results, with same-store sales for the quarter rising 0.4% year-over-year. The company also raised its fiscal 2021 adjusted earnings view.
Under Armour Class A (UAA) shares fell 1.2% even after the apparel company reported better than expected Q1 results and raised its earnings and revenue guidance for fiscal 2021.
In non-earnings news, Bill.com (BILL) shares close 4.9% lower after Forbes reported that the company is in talks to acquire expense reporting startup Divvy.
Meanwhile, Ford (F) shares were 1.9% lower despite the car maker reporting that April U.S. car sales rose 64.8% year-over-year to 197,813 vehicles. The company noted that retail sales for the month not only increased from last year, but also exceeded April 2019's sales by 24%.
Additionally, Gap (GPS) shares were fractionally lower after the company entered into an agreement to sell Intermix, an omni-channel fashion boutique for customers seeking a highly curated shopping experience, to private equity firm Altamont Capital Partners.
MAJOR MOVERS: Among the noteworthy gainers was Camping World (CWH), which gained 10% after reporting quarterly results. Shares of Domtar (UFS) advanced 19.2% after the company acknowledged that its management has been in discussions with Canada's Paper Excellence about a possible business combination or acquisition.
Among the notable losers was ChemoCentryx (CCXI), which declined 45.4% after the FDA posted the briefing documents for the May 6 Arthritis Advisory Committee Meeting, which included discussing “uncertainties” with the company's Avacopan study. Also lower was SmileDirectClub (SDC), which fell 19% after revealing the company experienced a system outage caused by a cybersecurity incident which has caused delays and disruptions to parts of the business.
INDEXES: The Dow rose 19.80, or 0.058%, to 34,133.03, the Nasdaq lost 261.61, or 1.88%, to 13,633.50, and the S&P 500 declined 28.00, or 0.67%, to 4,164.66.
