US equity markets rallied on Monday as two COVID-19 vaccines achieved “fast track” status and the results season started with better than expected results.
Pfizer Inc. and BioNTech SE Received Accelerated Designation For Two Of Their Experimental COVID-19 Vaccines, Helping To Offset The News That The Number Of New Daily COVID-19 Infections In The United States Stayed Over 60,000 All Week weekend. Despite the number of daily cases reaching a record high, the number of new deaths totaled 482 on Sunday, just 18% from the peak of 2,701 in May.
CORONAVIRUS VACCINE COULD TILT ELECTIONS TOWARDS ENERGY BY ENERGIZING STOCK MARKET
|PFE||PFIZER INC.||35,57||+1,74||+ 5.14%|
The Dow Jones Industrial Average gained up to 413 points, or 1.59%, while the S&P 500 and the Nasdaq Composite rose by 1.37% and 1.84% respectively. This early lead allowed the Nasdaq to finish its 28th record this year.
|I: DJI||MEDIUM DOW JONES||26530.13||+454.83||+ 1.74%|
|SP500||S&P 500||3228.23||+43.19||+ 1.36%|
|I: COMP||NASDAQ COMPOSITE INDEX||10808.678454||+191,24||+ 1,80%|
Regarding profits, PepsiCo Inc. released results that exceeded Wall Street expectations for profits and revenues. The company said sales fell 3.1% from a year ago as consumers stocked up on snacks and bought fewer drinks under COVID-19 home orders.
Citigroup Inc., Delta Air Lines Inc., JPMorgan Chase & Co. and Wells Fargo & Co. are expected to release their second quarter results before Tuesday’s opening bell.
|DYNAMISM||PEPSICO INC.||137,36||+2,90||+ 2.16%|
|OF||DELTA AIR LINES INC.||27.00||-0,09||-0,32%|
|JPM||JP MORGAN CHASE & CO.||97,21||+0,94||+ 0.98%|
|WFC||WELLS FARGO & COMPANY||25,32||-0,15||-0,59%|
Elsewhere, Analog Devices Inc. has agreed to purchase Maxim Integrated Products Inc. for $ 20.91 billion in an all-share transaction that earns 0.63 Analog shares for each Maxim share held.
Alibaba co-founder Jack Ma sold $ 9.6 billion worth of the company’s stock at current levels, lowering its stake to 4.8%. Meanwhile, executive vice president Joseph Tsai cut his stake to 1.6% after selling $ 4.1 billion worth of the company’s stock.
Tesla Inc. reduced the starting price of its Model Y SUV by almost 6% to $ 49,990 amid sluggish demand in the automotive sector due to the COVID-19 pandemic. Stocks have skyrocketed in the past few days amid rapid compression.
|LAST NAME||ANALOG DEVICES INC.||119,79||-4,71||-3,78%|
|MXIM||MAXIM INTEGRATED PRODUCTS INC.||71,44||+7,35||+ 11.46%|
|BABA||ALIBABA GROUP HOLDING LTD||259,59||-1,42||-0,54%|
|TSLA||TESLA INC.||1.735,43||+190,78||+ 12.35%|
West Texas Intermediate crude oil rose 10 cents to $ 40.65 a barrel, while gold rose $ 9.30 to $ 1,811.20 an ounce.
US Treasuries fell, increasing the yield on the 10-year note by 2.2 basis points to 0.655%.
In Europe, the French ACC led the rally, up 1.32%, while the British FTSE and the German DAX increased by 1.27% and 0.99% respectively.
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Asian markets were higher in all areas: Japanese Nikkei jumped 2.22%, Chinese Shanghai Composite rose 1.77% and Hang Seng in Hong Kong added 0.17%.