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Updated Covid vaccines, Oracle earnings, Tesla stock jumps: Top Stories

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The U.S. Food and Drug Administration has approved updated Covid vaccines from Pfizer (PFE) and Moderna (MRNA) to combat new virus variants amid a surge in new cases and hospitalizations. Oracle (ORCL) shares moved lower in after-hours trading after reporting mixed fiscal first quarter results. Lastly, Tesla (TSLA) stock jumped after Morgan Stanley (MS) upgraded the stock to 'Overweight' from 'Equal Weight' and issued a $400 price target, citing a potential boost from its Dojo supercomputer. Yahoo Finance's Akiko Fujita breaks down the top stories of the day.

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-- China escalated its defense of the yuan by delivering a strong verbal warning to speculators and forceful guidance to investors with its daily reference rate, measures that pushed the managed currency away from a 16-year low.

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