(Bloomberg) — U.S. stocks fell for the first time in four sessions after reports circulated that Moderna Inc.’s vaccine study, which was credited in part for Monday’s rally, didn’t produce enough critical data to assess its success. Crude oil and Treasuries gained.The S&P 500 and Nasdaq Composite turned negative in the last hour of trading, while the Dow Jones Industrial Average extended its losses. Equities had fluctuated much of the day after optimism over the drug as a potential coronavirus vaccine sent the S&P up the most Monday in almost six weeks. Crude oil rose for a fourth day.“We’re going to continue to see volatility because every day the market’s taking any little piece of information it has about things and prices it in,” said Peter Mallouk, president and chief investment officer of Creative Planning. “Every day it’s taking every little piece of information and it’s instantly pricing it in. Everything else is a derivative of Covid-19 now.”Earlier, Federal Reserve Chairman Jerome Powell reiterated during a Senate hearing that the central bank is ready to use all the weapons in its arsenal to help the U.S. economy endure the coronavirus pandemic.The Stoxx Europe 600 Index retreated as investors showed little reaction to both news of a $546 billion recovery fund for the region and a surprise jump in German investor confidence. European government bonds were mixed. Sterling strengthened after the U.K. announced plans for 30 billion pounds ($37 billion) in tariff cuts after Brexit.Riskier assets had started the week on the front foot after the Moderna news fueled hopes for a coronavirus vaccine, but investors are struggling to maintain the optimism as they continue to monitor efforts to both contain the pandemic and restart economies.“A vaccine would be a bullish game changer, and stocks reacted accordingly,” Tom Essaye, author of “The Sevens Report” newsletter, wrote in a note. “But one day doesn’t make a sustainable move.”Headwinds remain for stocks, not least a deteriorating U.S.-China relationship. In a further sign of tightening scrutiny on capital flows to the Asian nation, Nasdaq is set to unveil new rules for initial public offerings including tougher accounting standards that will make it more difficult for some Chinese companies to list on the exchange.Asian equities rallied, tracking the big gains on Wall Street from a day earlier.These are some of the main moves in markets:For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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According to a report from STAT, vaccine experts are saying that Moderna’s coronavirus vaccine, mRNA-1273, does not have sufficient data to support the optimism which surrounds it. Yahoo Finance’s Anjalee Khemlani joins The Final Round to break down the latest news about the coronavirus.

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Shares in Southwest Airlines Co. (LUV) rose 5.7% after the U.S. carrier said that it has seen a “modest improvement” in May demand as new passenger bookings outpaced trip cancellations.In the month through May 18, the U.S. airline recorded net positive bookings reversing net negative booking trends prevalent during most of March and April, where trip cancellations outpaced new passenger bookings, it said in a SEC filing disclosing preliminary figures. The reversal drove shares up 5.7% to $28.58 in early afternoon U.S. trading.The value of Southwest's shares has almost halved this year as stringent travel restrictions tied to the coronavirus pandemic have brought travel demand to an almost halt. U.S. airlines have been burning through billions of dollars in the first quarter incurring huge losses and implementing broad cost-cutting plans, as well as taking steps to shore up its cash buffers.Southwest said it expects average daily cash burn in June to be in the low-$20 million compared with average daily core cash spending of $30 million to $35 million in the second quarter.In May, capacity is set to decrease 60% to 70%, compared with an estimated decline of 45% to 55% in June, according to the preliminary figures. This month, the load factor is expected to be in the range of 25% to 30%, compared with a range of 35% to 45% expected in June.Bernstein analyst David Vernon last week maintained his Hold rating on the stock with a $29 price target, saying that although Southwest has some of the highest industry margins, it will have steeper capital spending as it upgrades its fleet with Boeing (BA) 737 MAX planes on order.“The company has the healthiest balance sheet among the four [U.S. airlines] and the equity dilution risk is already baked in,” Vernon wrote in a note to investors.Southwest said it currently has $13 billion in cash and short-term investments. Since the beginning of the year, it raised about $13.9 billion, including $10 billion in financings and sale-leaseback transactions and $2.2 billion through a common stock offering. Based on the preliminary figures, it currently estimates to have about 20 months of liquidity, it said.Overall, Wall Street analysts are cautiously optimistic on the stock. The 15 analyst ratings are divided between 9 Buys and 6 Holds adding up to a Moderate Buy consensus. The $42.50 average price target indicates 49% upside potential in the shares in the coming 12 months. (See Southwest Airlines stock analysis on TipRanks).Related News: Ryanair Cuts Traffic Target By Almost 50% For Coming Year, Seeks To Reduce Boeing Plane Deliveries Boeing Gets No Orders in April, Customers Cancel 737 MAX Jets Colombian Carrier Avianca Files for Bankruptcy Protection Due to Coronavirus Woes More recent articles from Smarter Analyst: * Walmart’s Quarterly Sales Surprise As Virus Lockdown Drives Online, Store Delivery Traffic * Kohl’s Posts Quarterly Loss, Sees April Online Sales Jumping 60%  * GM Director Displays Confidence in Company Despite Recent Troubles * iQIYI Sinks 4% As Online Ad-Revenue Falls Sharply

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