Monday's Market Recap - Stocks Higher As Moderna Begins Covid-19 Vaccine Phase 3 Clinical Trials
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately positive. Dow futures up 96 points, Nasdaq futures up 100 points, and the S&P futures up 15 points. Asian markets were muted overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.59%, up 0.01%.
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.27
Crude Oil:
WTI crude oil futures at $41.40/barrel, up 0.27%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets mildly mixed. Japan (Nikkei 225) down 0.16%, Shanghai up 0.26%, Hong Kong (Hang Seng) down 0.41%
Major European markets mostly lower. German (DAX) flat %, France CAC 40 down 0.34%, London FTSE 100 down 0.31%.
Market And Sector Dynamics
Stocks were mostly mixed at the start of trading, with the Dow down 7 points, Nasdaq gained 72 points, and the S&P was up 2 points. WTI crude oil at $40.94/barrel, down 0.94%, and the US 10 Year started off the day at 0.576%.
If it's another day of vaccine optimism we can assume that the market will move higher today. This morning we learned that Moderna, one of the companies in the hunt for a Covid-19 vaccine will begin its 30,000 Phase 3 Clinical Trial, the final stage, which will ultimately determine the safety and the efficacy of the vaccine.
The market turned positive shortly after the open and remained comfortable higher for the entire session. Shares of Apple, Tesla, and other technology stocks led markets higher today, along with drug/biotech stocks such as Moderna, and Novavax.
The rally was broad based and positive, with nine of the eleven S&P sectors closing with nice gains, led by Technology, Basic Materials, Real Estate, Consumer Discretionary, Communication Services, Healthcare, Consumer Staples, Industrials, and Energy. Utilities and Financials were today's laggards.
Factors Influencing Today's Market
Moderna begins a massive 30,000 Phase 3 Clinical Trials for its Covid-19 vaccine today.
Asian and European market were mostly lower in their session.
Technology and Biotech stocks took center stage in today trading.
US 10 Year Bond Yield closed at 0.615%, up 3.59%.
WTI crude oil closed today at $41.73/barrel, up 1.56%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the markets were higher. The Dow gained 114.88 points, Nasdaq gained 173.09 points, and the S&P gained 23.78 points. Total NYSE volume traded, a modest 4.00 billion shares. Advancing shares outpaced Declining shares by 1.48:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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