Inventories soar as 2 coronavirus vaccines achieve “fast track” status

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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

TeleprintersecurityLatestChangeChange%
PFEPFIZER INC.35,57+1,74+ 5.14%
BNTXBIONTECH80,33+9,97+ 14.17%

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.

TeleprintersecurityLatestChangeChange%
I: DJIMEDIUM DOW JONES26530.13+454.83+ 1.74%
SP500S&P 5003228.23+43.19+ 1.36%
I: COMPNASDAQ COMPOSITE INDEX10808.678454+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.

TeleprintersecurityLatestChangeChange%
DYNAMISMPEPSICO INC.137,36+2,90+ 2.16%
CCITIGROUP INC.52,19-0,46-0,87%
OFDELTA AIR LINES INC.27.00-0,09-0,32%
JPMJP MORGAN CHASE & CO.97,21+0,94+ 0.98%
WFCWELLS FARGO & COMPANY25,32-0,15-0,59%

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.

TeleprintersecurityLatestChangeChange%
LAST NAMEANALOG DEVICES INC.119,79-4,71-3,78%
MXIMMAXIM INTEGRATED PRODUCTS INC.71,44+7,35+ 11.46%
BABAALIBABA GROUP HOLDING LTD259,59-1,42-0,54%
TSLATESLA 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%.

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