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Fueled by news of Trump’s improvement, the stock market that was in panic last Friday (2) rebounded. US stocks opened higher on Monday (5). The Dow Jones Industrial Average rose nearly 300 points or 1.1%, Nasdaq The Gram Index and the S&P 500 Index rose nearly 1% and the fee was up 1.5%.
Although the White House Chief of Staff (Mark Meadows) confirmed that Trump’s previous medical condition was once concerning, White House physician Sean Conley noted on Saturday (3) that Trump is in good condition and mentally well, as soon as Monday (5)) You can be discharged from the hospital.
After detonating strong selling pressure last Friday, heavyweight technologies such as Apple (AAPL-US), Nvidia (NVDA-US), Netflix (NFLX-US), Amazon (AMZN-US) and Microsoft (MSFT-US ) Shares rose in early trading on Monday (5).
Regarding the financial relief measures, the Speaker of the House of Representatives, Nancy Pelosi, said on Sunday (4) that progress is being made in the new round of stimulus negotiations, and that she has issued a public statement to the executives of the airlines asking them to postpone layoffs due to the impending Reach a rescue deal.
Recent concerns about the scale of the new round of bailouts and the slowdown in the economic recovery have put heavy pressure on the S&P 500 index, which posted its worst monthly performance this year in September.
Starting Monday (5) at 9 p.m. Taipei time:
- The Dow Jones index rose 298.82 points, or 1.08%, to 27,981.63 points temporarily.
- Nasdaq rose 107.99 points, or 0.98%, to 11,183.01 points temporarily
- The S&P 500 rose 32.86 points or 0.98%, temporarily to 3,381.30 points
- Commissions rose 33.75 points, 1.52%, temporarily at 2,254.87 points
- TSMC ADR rises 1.90% to US $ 82.34 per share
- Yield on 10-year US Treasuries increased to 0.734%
- New York light crude oil rose 5.10% to $ 38.94 a barrel
- Brent crude oil rose 4.63% to $ 41.09 a barrel
- Gold rose 0.29% to $ 1913.20 an ounce
- The dollar index fell 0.39% to 93.545 points
Focus actions:
MyoKardia (MYOK-US) was up 57.74% in early trading to $ 220.21.
Biotech company MyoKardia has agreed to sell the company to US manufacturer Bristol-Myers Squibb for a total cash transaction of US $ 225 per share for a total of US $ 13.1 billion. The purchase price is higher than the closing price. last Friday (2). 61% premium.
MyoKardia’s main research and development project is heart disease drugs. It is understood that Bristol-Myers Squibb hopes to reduce the company’s dependence on cancer drug revenue through this acquisition and expand its product sales portfolio.
Regeneron (REGN-US) rose 5.65% in early trading to $ 596.72.
After the president of the United States, Trump, announced the diagnosis of a new coronary pneumonia, the White House doctor, Sean Conley, declared on Friday (2) that, in addition to taking vitamin D, zinc and other medications, Trump accepted Regeneron’s experimental “REGN-COV-2” cocktail.
AMC Entertainment Holdings (AMC-US) fell 7.53% in early trading to $ 4.30
The new corona epidemic has affected the world film industry. After the British cinema chain Cineworld announced that it would suspend the operation of theaters in the US and the United Kingdom from this Thursday (8), the world’s largest cinema chain AMC opened on Monday (5) autumn.
As the world’s second-largest motion picture operator, Cineworld will close 536 US cinemas and 127 UK cinemas, which is expected to affect 45,000 employees.
Daily key economic data:
- Markit US September Service Industry PMI will be announced at 21:45 PM Taipei time, which is expected to be 54.6 and the above value is 54.6
- Comprehensive September US PMI will be announced at 9:45 PM Taipei time, previous value was 54.4
- The US ISM Non-Manufacturing PMI for September will be announced at 22:00 pm Taipei time and is expected to be 56.3, previous value 56.9
Wall Street Analysis:
Robert Greil, chief strategist at Merck Finck Privatbankiers AG, said: “News from Trump may cause more volatility in the market. I think the clear progress of Trump’s illness or a new round of stimulus plans will boost risk sentiment from the investors”.
Mohit Kumar, director of interest rates at Jefferies, said that when Trump is in good shape and no other top government official is infected with the virus, market risk sentiment is slightly optimistic. However, although medical staff are optimistic On Trump’s condition, the drugs he takes are still serious drugs. The actual effect may not be as good as expected. Moving forward, we will continue to pay attention to Trump’s health and the general election.
Armin Peter, director of UBS’s global bond business, said that the factors driving the market were basically unchanged, namely the ongoing Brexit negotiations, the increase in the infection rate of new corona pneumonia and the expectations of the US general election and a new round of stimulus package.
NatWest Markets strategist James McCormick said that as people think that Joe Biden will be elected president of the United States and that the Democratic Party will increasingly control Congress, they realize that relief measures can be taken. on a larger scale in the future. The impact of this on the stock market will be very significant.
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