US stocks close higher but oil is at an 18-year low: March 30, 2020

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7:39 a.m. ET, March 30, 2020

Johnson & Johnson shares rise on coronavirus vaccine hopes

From CNN Business' Jordan Valinsky

Johnson & Johnson's (JNJ) announcement that it's fast-tracking a vaccine against the novel coronavirus has sent its stock up nearly 5% in early trading.

The pharmaceutical giant said Monday it has a "lead COVID-19 vaccine candidate" and hopes to conduct studies in humans by September. If successful, the vaccine could be used in early 2021 with the goal of producing one billion doses.

The US government and the company have committed a combined $1 billion to "co-fund vaccine research, development, and clinical testing," it also said.

6:58 a.m. ET, March 30, 2020

Dow set to sink 100 points

From CNN Business' David Goldman

Dow futures pointed to a modestly lower open Monday morning after the index's best week week in more than 80 years.

The Dow was set to open 100 points lower.

The S&P 500 and Nasdaq futures were essentially flat.

7:12 a.m. ET, March 30, 2020

Costco cuts store hours on weekdays

From CNN Business' Jordan Valinsky

Costco (COST) stores will close at 6:30 pm on weeknights beginning Monday. Weekend hours aren't changing.

The earlier closing hours were announced on its website. Costco is also adding special shopping hours for seniors on Tuesdays, Wednesdays and Thursday from 8 am to 9 am.

Costco is the latest company to cut hours as stores struggle to restock in light the coronavirus pandemic sparking people to stock up on necessities.

6:43 a.m. ET, March 30, 2020

US oil prices sink below $20

Oil was slammed by the prospect of further disruption to the US economy and with Saudi Arabia apparently determined to pursue a price war with Russia and American producers to regain market share.

Prices are also suffering as demand collapses and the price war between Saudi Arabia and Russia drags on.

Brent crude futures, the global oil benchmark, were down 8.6%, last trading at $22.79 per barrel. US oil is trading at $20.27 per barrel, down 5.8%.It fell as low at $19.92 a barrel this morning.

Reuters reported last week that Russia was seeking talks to end the standoff, which has led to a supply glut at a time when demand for energy has plunged. But a Saudi official said Friday that the talks weren't happening, despite rising pressure from Washington.

6:18 a.m. ET, March 30, 2020

Global markets sank as investors brace for another wild week

Global markets sank again on Monday as the coronavirus pandemic continued to worsen and after President Donald Trump announced that social distancing measures would be extended at least through April 30.

Let's take a look around the world:

  • Japan's Nikkei 225 (N225fell 3.7%
  • Hong Kong's Hang Sang Index (HSIdropped 1.3%
  • China's Shanghai Composite (SHCOMPfell 0.9%
  • Germany's DAX (DAX) dropped 1.4% in early trading
  • France's CAC 40 (CAC40fell 2.4%
  • The FTSE 100 (UKX) shed 2.3% in London
6:22 a.m. ET, March 30, 2020

Jefferies Group CFO dies of coronavirus complications

From CNN Business' Clare Duffy

The chief financial officer of Jefferies Group LLC, Peregrine "Peg" Broadbent, has died from coronavirus complications, the company said in a statement Sunday.

Broadbent, 56, had served as CFO of the financial services company since 2007. The company has appointed Teri Gendron, CFO of Jefferies Financial Group, as the interim CFO and chief accounting officer of Jefferies Group (JEF).

"For over a dozen years, Peg has been our CFO and partner, and helped us build Jefferies from less than half its current size, and navigate through hard times and good times," the company said. "He has also been a much-loved and respected leader to the incredible global team that provides the support, foundation and glue across our firm."

Read more here.