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U.S. equity markets rallied Monday as two COVID-19 vaccines were given “fast-track” status and earnings season kicked off with some better-than-expected results.
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Pfizer Inc. and BioNTech SE received fast-track designation for two of their experimental COVID-19 vaccines, helping offset news that the number of new daily COVID-19 infections in the U.S. remained above 60,000 all weekend. Despite the daily case count surging to a record high, the number of new deaths totaled 482 on Sunday, or just 18 percent of the 2,701 peak in May.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PFE | PFIZER INC. | 35.32 | +1.49 | +4.42% |
| BNTX | BIONTECH | 77.91 | +7.55 | +10.73% |
The Dow Jones Industrial Average gained as many as 301 points, or 1.16 percent, while the S&P 500 and the Nasdaq Composite were higher by 0.94 percent and 1.28 percent, respectively. The early advance had the Nasdaq on track for a 28th record close this year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26402.16 | +326.86 | +1.25% |
| SP500 | S&P 500 | 3213.14 | +28.10 | +0.88% |
| I:COMP | NASDAQ COMPOSITE INDEX | 10755.100588 | +137.66 | +1.30% |
Looking at earnings, PepsiCo Inc. reported results that outpaced Wall Street expectations for both earnings and revenue. The company reported sales slid 3.1 percent from a year ago as consumers stocked up on snacks and bought fewer beverages amid COVID-19 stay-at-home orders.
Citigroup Inc., Delta Air Lines Inc., JPMorgan Chase & Co. and Wells Fargo & Co. are set to report their second-quarter results ahead of Tuesday’s opening bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PEP | PEPSICO INC. | 136.65 | +2.19 | +1.63% |
| C | CITIGROUP INC. | 52.54 | -0.11 | -0.21% |
| DAL | DELTA AIR LINES INC. | 26.77 | -0.32 | -1.18% |
| JPM | JP MORGAN CHASE & CO. | 97.18 | +0.91 | +0.95% |
| WFC | WELLS FARGO & COMPANY | 25.39 | -0.09 | -0.33% |
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 owned.
Alibaba co-founder Jack Ma sold $9.6 billion worth of company stock, at current levels, lowering his stake to 4.8 percent. Meanwhile, executive vice chairman Joseph Tsai reduced his stake to 1.6 percent after selling $4.1 billion worth of company shares.
Tesla Inc. slashed 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. Shares have been soaring in recent days amid a short-squeeze.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ADI | ANALOG DEVICES INC. | 121.14 | -3.36 | -2.70% |
| MXIM | MAXIM INTEGRATED PRODUCTS INC. | 72.45 | +8.36 | +13.04% |
| BABA | ALIBABA GROUP HOLDING LTD | 262.16 | +1.15 | +0.44% |
| TSLA | TESLA INC. | 1,731.69 | +187.04 | +12.11% |
West Texas Intermediate crude oil fell 36 cents to $40.19 a barrel while gold was higher by $11.30 at $1,813.20 an ounce.
U.S. Treasurys were lower, causing the yield on the 10-year note to rise by 1.5 basis points to 0.648 percent.
In Europe, France’s CAC was leading the rally, up 1.52 percent, while Britain’s FTSE and Germany’s DAX were higher by 1.33 percent and 1.3 percent, respectively.
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Asian markets were higher across the board with Japan’s Nikkei surging 2.22 percent, China’s Shanghai Composite climbing 1.77 percent and Hong Kong’s Hang Seng adding 0.17 percent.
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