SQUAWK BOX, WEDNESDAY 15TH JULY, 2020

Vaccine hopes. US. futures rally after a study shows Moderna’s COVID drug produces antibodies, with the biotech company saying all 45 participating people showed a “robust immune response” in the latest trial. The overnight market gains come after underperforming cyclicals and oil stocks lead U.S. averages higher, while big tech lags for a change. The biggest U.S. banks report earnings for the second quarter. Trading revenues surge, helping JP Morgan outperform, but ballooning loan-loss provisions weigh on results, dragging Wells Fargo to its first quarterly loss since the financial crisis. JPMorgan CEO Jamie Dimon warns the future path remains “murky.” Chinese markets trade in the red after President Trump signs an executive order suspending Hong Kong’s preferential status due to Beijing’s passing of a controversial security law.