Wall Street Opens More in Reopening Hopes by Investing.com

By Geoffrey Smith

Investing.com – US Stock Markets USA They opened higher on Tuesday when the sight of more and more states relaxing the blockade measures fostered hope for a robust rebound from the current collapse of economic activity.

At 9:35 AM ET (1335 GMT), they rose 297 points or 1.3% to 23,047 points, while they rose 1.2% and rose 1.4%.

The market was supported by strength in energy reserves, as prices continued to recover from recent lows. The lifting of the blockade measures is underpinning demand for gasoline, while several US producers, both large and small, have recently announced that they will cut production, contributing to the overall rebalancing of supply and demand. Exxon Mobil Heavyweight Index (NYSE 🙂 stocks and Chevron (NYSE 🙂 Shares were up 4.9% and 3.8% respectively to test two-month highs. Futures, meanwhile, rose 18% to $ 24.06 per barrel.

According to the Evercore ISI analysis, the proportion of Americans living on home stay orders statewide has fallen from over 90% in mid-April to just 60% as of this week, and is expected to drop to around 5% for the first week of June.

However, such reopening carries the risk of a new recovery in infection rates. The University of Washington Institute for Health Measurement and Assessment has revised its estimates for the significantly higher Covid-19 death toll in the United States based on current knowledge about the timing of state reopens. Now he expects about 135,000 deaths in the United States in early August, according to The Wall Street Journal.

On a relatively busy morning for pharmaceutical stocks, Pfizer Inc (NYSE 🙂 rose 2.4% to its highest level in more than three months after announcing the start of human testing for its possible coronavirus vaccine, a project it is developing in conjunction with Biontech (NASDAQ: ) based in Germany. Biontech shares rose 7.9%.

Elsewhere, Regeneron (NASDAQ 🙂 shares rose 5.2% after their Dupixent treatment for eczema more than doubled sales in the first quarter, generating a better-than-expected set of results at the group level. . Meanwhile, shares of Alexion Pharmaceuticals (NASDAQ 🙂 fell 4.1% after agreeing to buy Portola (NASDAQ 🙂 at a premium of more than 100% at their current market value.

The underperformers included car rental company Hertz Global (NYSE :), which fell 13% after a report saying it can file for Chapter 11 bankruptcy as early as this week. Worth $ 15 billion in 2014 before the Uber (NYSE 🙂 boom and Lyft (NASDAQ :), the company with nearly $ 10 billion in sales last year is now valued at about $ 500 million. Meanwhile, Uber is up 5.0% after announcing that it intends to discontinue Uber Eats services that generate losses in eight markets around the world.