Jake Novak's Morning Business Briefing, 8/11

STOCKS/ECONOMY

-Stock futures are sharply higher after Monday's mixed session ended with a 358-point gain for the Dow, 0.3 percent rise for the S&P 500, and a 0.4 percent loss for the Nasdaq. Investors are responding bullishly this morning to Russia's claim that it has successfully completed development of a COVID-19 vaccine. Russian President Vladimir Putin says his own daughter has taken it.

-The yield on the 10-year Treasury bond is up to 0.6 percent, with the 2-year yield 46 basis points bJehind at 0.14 percent. 

-Gold is off its highs and back below the $2,000 per ounce level to $1,988 per ounce. Bitcoin is at the $11,700 level.

-Asian markets closed mostly higher today, led by a 2.1 percent gain for Hong Kong's Hang Seng index. Japan's Nikkei rose 1.9 percent, while Shanghai's Shenzhen composite fell 1.2 percent. 

-China's July auto sales rose 16.4 percent compared to the year earlier, as buyers continue to make up for lost time after China's virus lockdowns early this year. 

OIL/ENERGY

-U.S. crude prices are about 2 percent higher and back to the $42 a barrel level.

-Gasoline prices are steady at $2.17 a gallon, national average.

CORONAVIRUS LATEST

-Even though Russia has already started administering its new COVID-19 vaccine, phase 3 test trials are just beginning now. President Putin says the vaccine is effective and has "passed all the necessary checks." But there is global skepticism over these claims since the vaccine was developed in just two months and no data from the vaccine studies has been published.

-Germany's BioNTech, which is developing a vaccine with Pfizer, says it hopes to publish the results of its latest vaccine trials by October. BioNTech shares are down about 1 percent in the premarket. Pfizer shares are up 0.2 percent in the premarket. 

-Novavax says its hopes to begin phase 3 trials for its COVID-19 vaccine by late September. But Novavax shares are down 4 percent in the premarket. 

-U.S. Treasury Secretary Steven Mnuchin says the White House is still willing to offer more money for a virus relief bill.

-From April through July, the federal government spent $250 billion in $600 per person enhanced relief payments.

-Much of Monday's rally for the Dow was due to reports from the TSA that airport screenings had risen to their highest levels since March 17. That boosted shares in the airlines and Boeing.

-Mall owner Simon Property says it was able to collect 73 percent of its rents from retailers in July, compared to just 51 percent in April and May, and 69 percent in June. This is all due to the virus lockdowns. Simon shares are up 2 percent in the premarket after gaining 5 percent Monday. They're still down more than 50 percent year to date.

EARNINGS SCORECARD

-SoftBank reported a $12 billion quarterly profit after posting a $13 billion loss for its last fiscal year. SoftBank was mostly helped this past quarter by investment gains from its bets on Uber and Slack. SoftBank shares fell 2 percent in Japanese market trading today.

-Streaming music provider Tencent Music reported a better than expected 18 percent gain in quarterly revenues and 52 percent increase in its paid subscriber base. Tencent Music shares are up 2 percent in the premarket.

RIDE HAILING WARS

-A California judge has ruled that ride-hailing companies Uber and Lyft shouldn’t classify their drivers as independent contractors, citing the state’s gig-worker law that went into effect this year. Uber shares are down 1 percent in the premarket after losing 2 percent Monday. Lyft shares are down 2 percent in the premarket after gaining 3 percent Monday.

MCDONALD'S MAYHEM

-McDonald's shares are up about 1 percent in the premarket after investors continue to digest the news that the company is suing ex-CEO Steve Easterbrook for allegedly using company funds inappropriately in connection with personal relationships with employees. McDonalds shares fell just slightly in Monday's trading in light of that news.