President Trump discusses the importance of funding police departments, Democratic candidate Joe Biden’s alleged lack of leadership, the coronavirus, the Supreme Court’s decision on his tax returns, and his second-term agenda.
The US stock markets rebounded on Monday when two COVID-19 vaccines received “fast track” status and the earnings season began with some better-than-expected results.
Pfizer Inc. and BioNTech SE received fast-track designation for two of their experimental COVID-19 vaccines, which helped offset the news that the number of new daily COVID-19 infections in the US remained above 60,000 throughout the weekend. Despite the daily case count rising to a record, the number of new deaths rose to 482 on Sunday, or just 18 percent from a peak of 2,701 in May.
CORONAVIR VACCINE COULD INCLUDE CHOICE TOWARDS TRUMP BY ENERGIZING THE STOCK MARKET
| Heart | Security | Latest | Change | Change% |
|---|---|---|---|---|
| PFE | PFIZER INC. | 35.49 | +1.67 | + 4.92% |
| BNTX | BIONTECH | 80.57 | +10.21 | + 14.51% |
The Dow Jones Industrial Average gained as much as 301 points, or 1.16 percent, while the S&P 500 and Nasdaq Composite were 0.94 percent and 1.28 percent higher, respectively. The anticipated advance pushed Nasdaq on track for a record 28th this year.
| Heart | Security | Latest | Change | Change% |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGES | 26411.93 | +336.63 | + 1.29% |
| SP500 | S&P 500 | 3220.65 | +35.61 | + 1.12% |
| I: COMP | NASDAQ COMPOSITE INDEX | 10768.854814 | +151.41 | + 1.43% |
As for earnings, PepsiCo Inc. reported results that exceeded Wall Street’s expectations for both earnings and revenue. The company reported that sales fell 3.1 percent from a year earlier, as consumers stocked up on snacks and bought fewer drinks amid COVID-19 orders to stay home.
Citigroup Inc., Delta Air Lines Inc., JPMorgan Chase & Co. and Wells Fargo & Co. will report their second quarter results ahead of Tuesday’s opening bell.
| Heart | Security | Latest | Change | Change% |
|---|---|---|---|---|
| ENERGY | PEPSICO INC. | 137.18 | +2.72 | + 2.02% |
| C | CITIGROUP INC. | 52.56 | -0.09 | -0.17% |
| DAL | DELTA AIR LINES INC. | 26.83 | -0.26 | -0.96% |
| JPM | JP MORGAN CHASE & CO. | 97.57 | +1.30 | + 1.35% |
| WFC | WELLS FARGO & COMPANY | 25.43 | -0.04 | -0.14% |
Elsewhere, Analog Devices Inc. agreed to buy Maxim Integrated Products Inc. for $ 20.91 billion in an all-stock deal that pays 0.63 analog shares for each Maxim share it owns.
Alibaba co-founder Jack Ma sold $ 9.6 billion worth of company shares at current levels, reducing his stake to 4.8 percent. Meanwhile, Executive Vice President Joseph Tsai reduced his stake to 1.6 percent after selling company shares worth $ 4.1 billion.
Tesla Inc. cut the starting price of its Model Y SUV by almost 6 percent to $ 49,990 amid sluggish demand in the auto sector due to the COVID-19 pandemic. Stocks have soared in recent days amid a slight squeeze.
| Heart | Security | Latest | Change | Change% |
|---|---|---|---|---|
| ADI | ANALOGUE DEVICES INC. | 119.61 | -4.89 | -3.93% |
| MXIM | MAXIM INTEGRATED PRODUCTS INC. | 71.36 | +7.27 | + 11.34% |
| SLIME | ALIBABA GROUP HOLDING LTD | 261.00 | -0.01 | -0.00% |
| TSLA | TESLA INC. | 1,754.51 | +209.86 | + 13.59% |
West Texas Intermediate crude oil fell 36 cents to $ 40.19 a barrel, while gold rose $ 11.30 to $ 1,813.20 an ounce.
US Treasury bonds were lower, causing the 10-year bond’s yield to rise 1.5 basis points to 0.648 percent.
In Europe, France’s CAC led the rally, 1.52 percent, while Britain’s FTSE and Germany’s DAX were 1.33 percent and 1.3 percent higher, respectively.
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Asian markets were higher across the board, with Japan’s Nikkei rising 2.22 percent, China’s Shanghai Composite rising 1.77 percent and Hong Kong’s Hang Seng adding 0.17 percent .
