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News about coronavirus drugs in development gave the market an early spark on Monday, but this time it wasn't Gilead Sciences' (GILD) remdesivir - it was Pfizer (PFE, 4.1%) and smaller BioNTech (BNTX, 10.6%). The FDA granted the two companies a Fast Track designation for a pair of COVID-19 vaccine candidates that are currently in early-phase clinical studies.
PepsiCo (PEP, 0.3%) also delivered some good news in the form of a second-quarter profit beat ahead of meatier reports on this week's earnings calendar.
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But a rip-roaring morning turned volatile as the day went on, and the rally eventually unraveled in spectacular fashion as California moved to close indoor operations of restaurants, bars and movie theaters across the state, as well as other businesses in 30 counties. Tesla (TSLA), for instance, gained as much as 16% before swinging to a 3.1% loss.
The Dow ultimately dropped 553 points from its peak to finish just 10 points higher to 26,085. The S&P 500 declined 0.9% to 3,155, and the Russell 2000 fell 1.3% to 1,403. Tech stocks lost some steam, sending
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 Retailer New York & Company could close all of its stores as parent company RTW Retailwinds, Inc. files for bankruptcy protection due to coronavirus.
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 Consumers will see the 2021 Ford Bronco Sport in showrooms later this year and the main Bronco SUV in 2021. Ford last made the Bronco in 1996.
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California's decision to reverse its reopening plans is an ominous sign for the beleaguered cruise industry.
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 Vaxart Inc (NASDAQ: VXRT) shares are trading higher on Monday after B Riley FBR initiated coverage on the company's stock with a Buy rating and announced a $22 price target.The company also raised about $90 million in gross proceeds through at-the-market-facility.Vaxart is a biopharmaceutical company. It is focused on the discovery and development of direct-acting antivirals to treat infections that affect patients globally.The company has three product candidates which are; Influenza, Norovirus and RSV Vaccine, an oral fusion protein inhibitor for the treatment and prevention of respiratory syncytial virus (RSV) infections, and BTA074, a topical antiviral treatment in for condyloma caused by human papillomavirus. Geographically all the business activity is functioned through the region of the US.Vaxart shares were trading up 50.25% at $11.99 at the time of publication on Monday. The stock has a 52-week high of $14.30 and a 52-week low of 25 cents.Latest Ratings for VXRT DateFirmActionFromTo Jul 2020B. Riley FBRInitiates Coverage OnBuy Apr 2020HC Wainwright & Co.ReiteratesBuy Jun 2019H.C. WainwrightInitiates Coverage OnBuy View More Analyst Ratings for VXRT View the Latest Analyst RatingsSee more from Benzinga * 4 Cybersecurity Investment Opportunities Tied To The Rise In Online Threats * With E-Commerce Shift Underway, BofA Has High Expectations For PayPal's Q2 * Why Herbalife's Stock Is Trading Higher Today(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Electric vehicle maker Fisker is poised to go public in a deal that it says will enable it to begin production on the Fisker Ocean SUV in late 2022.
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 Walmart CEO Doug McMillon said Monday the retailer currently requires masks at 3,700 stores and a national mandate is "something that's on our minds."
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U.S. stocks swung to losses in the final hour of trading Monday, after investors weighed another surge in coronavirus cases with signs of progress for a vaccine.
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