Stock futures rose Wednesday morning, reversing some Tuesday losses that sent each of the Dow and S&P 500 off more than 1% by the closing bell.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="These declines came after a STAT News report late during the regular trading day&nbsp;questioned the significance of the data Moderna (MRNA) provided in assessing its&nbsp;experimental COVID-19 vaccine candidate. Tuesday’s dip erased some of the gains made during a roaring session Monday, during which optimism over Moderna’s vaccine data had contributed in part to the advance.” data-reactid=”17″>These declines came after a STAT News report late during the regular trading day questioned the significance of the data Moderna (MRNA) provided in assessing its experimental COVID-19 vaccine candidate. Tuesday’s dip erased some of the gains made during a roaring session Monday, during which optimism over Moderna’s vaccine data had contributed in part to the advance.

Some more upbeat developments, however, continued to trickle in surrounding the pandemic. In the hard-hit state of New York, Governor Andrew Cuomo said in his daily briefing Tuesday that another 105 individuals lost their lives from the coronavirus as of Monday, with this sum nearly matching the death toll from late March and coming down significantly from the hundreds of new daily deaths recorded in early April.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Elsewhere, Ohio Governor Mike DeWine announced Tuesday afternoon that he was lifting mandatory stay in place orders and instead designating these measures as “strong recommendations,” albeit while keeping restaurants and some other businesses under stricter restrictions. Meanwhile, an earlier report from South Korean health officials suggested that individuals who tested positive for Covid-19 and recovered had a level of protection from reinfection and transmission.” data-reactid=”19″>Elsewhere, Ohio Governor Mike DeWine announced Tuesday afternoon that he was lifting mandatory stay in place orders and instead designating these measures as “strong recommendations,” albeit while keeping restaurants and some other businesses under stricter restrictions. Meanwhile, an earlier report from South Korean health officials suggested that individuals who tested positive for Covid-19 and recovered had a level of protection from reinfection and transmission.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="But even as the health crisis appears to have eased by some measures in some areas, the economic distress induced by the crisis and social distancing measures remains on full display. New data Tuesday morning showed new U.S. housing starts and building permits fell to the lowest levels since early 2015 in April, signaling the far-reaching impact of the pandemic on activity across virtually all sectors of the economy.” data-reactid=”20″>But even as the health crisis appears to have eased by some measures in some areas, the economic distress induced by the crisis and social distancing measures remains on full display. New data Tuesday morning showed new U.S. housing starts and building permits fell to the lowest levels since early 2015 in April, signaling the far-reaching impact of the pandemic on activity across virtually all sectors of the economy.

And in congressional testimony Tuesday, Treasury Secretary Steven Mnuchin said there was “the risk of permanent damage” if states take too long in reopening, thereby keeping an anchor on employment and business activity. Still, his baseline assumption is that economic conditions will improve in the third and fourth quarters of this year.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="His testimony came alongside remarks from Federal Reserve Chair Jerome Powell, who said before the Senate Banking Committee he expects the Fed’s Main Street Lending Program aimed at providing loans to small- and medium-sized businesses will launch by the end of the month or first few days of June.” data-reactid=”22″>His testimony came alongside remarks from Federal Reserve Chair Jerome Powell, who said before the Senate Banking Committee he expects the Fed’s Main Street Lending Program aimed at providing loans to small- and medium-sized businesses will launch by the end of the month or first few days of June.

7:33 a.m. ET: Lowe’s stock jumps in early trading after reporting estimates-topping 1Q results

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Lowe’s (LOW) posted first-quarter sales and profit that topped consensus expectations and grew over last year.” data-reactid=”25″>Lowe’s (LOW) posted first-quarter sales and profit that topped consensus expectations and grew over last year.

First-quarter adjusted earnings per share were $1.77 on net sales of $19.68 billion, with each better than the $1.29 per share on sales of $18.28 billion anticipated, according to Bloomberg data. Comparable same-store sales jumped 11.2% over last year, or more than double the 3.5% growth rate in the same quarter last year and the consensus estimate for a rise of 4%.

Online sales demand also jumped, with digital revenue up 80% during the quarter, the company said.

A day earlier, competitor Home Depot had posted mixed results, with strong sales offset by weaker than expected profit, driven by an $850 million in pre-tax expenses due to coronavirus-related measures to support associates. Lowe’s also incurred additional costs related to the pandemic.

The company “made two special payments of $300 for full-time hourly associates and $150 for part-time hourly associates to help with unexpected expenses, totaling approximately $145 million,” it said in a statement.

7:23 a.m. ET: Target posts strong quarterly results, but cites ‘continued uncertainty’ due to coronavirus

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Target (TGT) delivered first-quarter sales and profit that topped consensus expectations, but declined to provide further details on its expected upcoming performance after initially pulling its guidance back in March.” data-reactid=”32″>Target (TGT) delivered first-quarter sales and profit that topped consensus expectations, but declined to provide further details on its expected upcoming performance after initially pulling its guidance back in March.

Net sales of $19.6 billion for the quarter ended May 2 were better than the $18.75 billion expected, and adjusted earnings per share of 59 cents topped estimates by 13 cents. Closely watched comparable same store sales rose 10.8%, or better than the 7.5% rise anticipated.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Target warned in a press release earlier in April that it was seeing sales shift from higher margin categories like clothing to lower margin categories like food and groceries. Ultimately, Target posted first-quarter gross margins of 25.1%, shrinking from the 29.6% posted in the same quarter last year.” data-reactid=”38″>Target warned in a press release earlier in April that it was seeing sales shift from higher margin categories like clothing to lower margin categories like food and groceries. Ultimately, Target posted first-quarter gross margins of 25.1%, shrinking from the 29.6% posted in the same quarter last year.

7:12 a.m. ET Wednesday: Stock futures rise

Here were the main moves in markets, as of 7:12 a.m. ET Wednesday:

  • S&P 500 futures (ES=F): up 33.25 points, or 1.14%, to 2,952.00

  • Dow futures (YM=F): up 284.00 points, or 1.18%, to 24,442.00

  • Nasdaq futures (NQ=F): up 100 points, or 1.08%, to 9,400.75

  • Crude (CL=F): +$0.19 (+0.59%) to $32.15 a barrel

  • Gold (GC=F): +$9.70 (+0.56%) to $1,755.30 per ounce

  • 10-year Treasury (^TNX): -1.5 bps to yield 0.696%

7:00 a.m. ET Wednesday: Weekly mortgage applications for purchases rise for a fifth straight week

Weekly mortgage applications to purchase homes rose 6%, seasonally adjusted, for the week ended May 15 from the prior week, marking the fifth straight week that purchase applications increased, according to the Mortgage Bankers Association’s weekly report.

“Purchase activity – which was 35% below year-ago levels six weeks ago – increased across all loan types and was only 1.5% lower than last year,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement.

“As states gradually reopen and both home buyer and seller activity increases, we will be closely watching to see if these positive trends continue, or if they reflect shorter-term, pent-up demand,” he added.

Still, refinance mortgage applications declined 6% the week of May 15 from the prior week. Refinance activity was at its lowest level in more than a month. Inclusive of both refinance and purchase applications, the MBA’s Market Composite Index tracking mortgage loan application volume fell 2.6% over the prior week.

6:07 p.m. ET Tuesday: Stock futures open lower

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:07 p.m. ET:

  • S&P 500 futures (ES=F): 2,910.25, off 8.5 points (-0.29%)

  • Dow futures (YM=F): 24,092.00, off 66 points (-0.27%)

  • Nasdaq futures (NQ=F): 9,281.75, off 19 points (-0.2%)

NEW YORK, NEW YORK - MAY 18: Women wearing protective masks cross the street with baby carrieges as some restrictions begin to lift during the coronavirus pandemic on May 18, 2020 in New York City. COVID-19 has spread to most countries around the world, claiming over 320,000 lives and infecting over 4.8 million people (Photo by John Lamparski/Getty Images)NEW YORK, NEW YORK - MAY 18: Women wearing protective masks cross the street with baby carrieges as some restrictions begin to lift during the coronavirus pandemic on May 18, 2020 in New York City. COVID-19 has spread to most countries around the world, claiming over 320,000 lives and infecting over 4.8 million people (Photo by John Lamparski/Getty Images)
NEW YORK, NEW YORK – MAY 18: Women wearing protective masks cross the street with baby carrieges as some restrictions begin to lift during the coronavirus pandemic on May 18, 2020 in New York City. COVID-19 has spread to most countries around the world, claiming over 320,000 lives and infecting over 4.8 million people (Photo by John Lamparski/Getty Images)

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Follow Yahoo Finance on&nbsp;Twitter,&nbsp;Facebook,&nbsp;Instagram,&nbsp;Flipboard,&nbsp;LinkedIn, and&nbsp;reddit.” data-reactid=”74″>Follow Yahoo Finance on TwitterFacebookInstagramFlipboardLinkedIn, and reddit.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Find live stock market quotes and the latest business and finance news” data-reactid=”75″>Find live stock market quotes and the latest business and finance news

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For tutorials and information on investing and trading stocks, check out Cashay” data-reactid=”76″>For tutorials and information on investing and trading stocks, check out Cashay