US stock markets turned losses into gains Friday night as investors retreated to tech stocks.
The Nasdaq Composite gained more than 2% with Tesla, Nvidia and Amazon among the top performers and helping the composite register a small weekly gain of 1.1%.
|I: COMP||INDEX COMPOSITE NASDAQ||10913,561787||+241,30||+ 2,26%|
|TSLA||TESLA INC.||407,34||+19,55||+ 5,04%|
|NVDA||NVIDIA CORPORATION||514,95||+21.03||+ 4,26%|
|AMZN||AMAZON.COM INC.||3 095,13||+75,34||+ 2,49%|
The Dow Jones Industrial Average gained more than 359 points or 1.34% as Boeing led the charge after the FAA confirmed plans to test the 737 Max Jet next week with administrator Steve Dickson ready to fly the ‘plane.
This follows the announcement of the return to service of the aircraft before the end of this year, the main European regulator announced on Friday. The plane came to a standstill in March 2019, following two crashes that killed everyone on board.
|I: DJI||MEDIUM DOW JONES||27173,96||+358,52||+ 1,34%|
|BA||BOEING COMPANY||156,03||+9,98||+ 6,83%|
Apple and United Health also posted gains, but that was not enough to curb the weekly losses.
|AAPL||APPLE INC.||112,28||+4,06||+ 3,75%|
|UNH||UNITEDHEALTH GROUP INCORPORATED||302,50||+9,84||+ 3,36%|
And the S&P 500 has seen a large rally, except for energy stocks which posted modest declines contributing to a weekly loss for the broader average.
|SP500||S&P 500||3298,46||+51,87||+ 1,60%|
|XLE||FNB SPDR SECTOR ENERGY SELECT||30,18||-0,02||-0,07%|
Investors have looked into a possible COVID-19 stimulus package that is being discussed by Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi.
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House Democrats are in the process of crafting a $ 2.3 trillion package that would include direct payments to individuals. Although the plan costs more than what Republicans have asked for, White House adviser Larry Kudlow noted that the review was more favorable than the original proposals of $ 2.5 to $ 3 trillion.
As for stocks, Novavax Inc. has launched its advanced stage COVID-19 vaccine trial in the UK. The trial is expected to last up to six weeks.
|NVAX||NOVAVAX INC.||113,56||+11,12||+ 10,86%|
|AZN||API ASTRAZENECA||55,51||+1,34||+ 2,47%|
European regulators have given AstraZeneca PLC partial immunity to the side effects of its experimental COVID-19 vaccine after agreeing to a low price, according to Reuters.
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As for profits, Costco Wholesale Corp. beat both top and bottom results amid a 91% increase in digital orders.
|COST||COSTCO WHOLESALE COMPANY||342,58||-4,42||-1,27%|
Cruise operators Carnival Corp., Norwegian Cruise Line Holdings and Royal Caribbean Group were all overweighted at Barclays due to their risk / reward attractiveness. The company expects the Centers for Disease Control and Prevention (CDC) to discuss when the ships could be allowed to set sail again.
|CCL||CARNIVAL CORP.||15.07||+1,33||+ 9,68%|
|NCLH||NORWEGIAN CRUISE LINE HOLDINGS LTD.||16,63||+2,00||+ 13,67%|
|RCL||ROYAL CARIBBEAN CRUISES||64,59||+4,62||+ 7,70%|
On the commodity side, West Texas Intermediate crude oil fell $ 1.07 this week to $ 40.25 a barrel and gold posted a five-day decline of $ 94.40 to 1,857.70 $ per ounce.
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Economic data was weak with durable goods orders up 0.4% month over month in August, but without the 1.5% increase that analysts polled by Refinitiv expected .
US Treasuries were little changed, with the yield on the 10-year note hovering around 0.659%.
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In Europe, the German DAX accelerated the decline, down 1.6%, while the French CAC and UK FTSE were lower by 1.56% and 0.46%, respectively.
Asian markets finished mixed with Japan’s Nikkei rising 0.51%, China’s Shanghai Composite 0.12% and Hong Kong’s Hang Seng weaker 0.32%.