Some traders, investors betting on airline, leisure stocks as they eye end of coronavirus pandemic: Gasparino
Sources tell FOX Business’ Charlie Gasparino that Wall Street traders and investors are prepping for a market reaction as the coronavirus vaccine is poised for distribution.
U.S. equity markets got an extra lift Tuesday morning on renewed stimulus hopes after a bipartisan coalition floated a plan for a package around $900 billion.
Continue Reading Below
|I:DJI||DOW JONES AVERAGES||29907.62||+268.98||+0.91%|
|I:COMP||NASDAQ COMPOSITE INDEX||12392.254696||+193.52||+1.59%|
The S&P 500 and the Nasdaq Composite, meanwhile, climbed 10.8% and 11.8%, respectively, posting their best months since April.
GEORGIA RUNOFFS, CORONAVIRUS LOCKDOWNS PUT STOCK MARKET'S RECORD RUN IN PERIL
Powell, Mnuchin Testify
Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin continued testifying on Capitol Hill. Mnuchin reiterated the economic dangers of lockdowns.
MNUCHIN WARNS ON LOCKDOWNS, ECONOMIC KILLER
Looking at stocks, Pfizer Inc., BioNTech SE and Moderna Inc. gained after the companies applied their COVID-19 vaccines for emergency use in Europe. An approval decision will be made on the Pfizer/BioNTech vaccine by Dec. 29 and on the Moderna vaccine by Jan. 12.
Retail stocks in focus after Cyber Monday sales soared to a record $10.8 billion as tracked by Adobe Analytics.
In other retail news, Kohl's has struck a deal with beauty chain Sephora to open in-store boutiques in 850 stores. The move will help compete with rival Ulta.
In tech news, Blackberry shares were higher after announcing a cloud software development deal with Amazon Web Services.
Exxon Mobil Corp. shares rallied after the oil company said it is planning a writedown of up to $20 billion and that it intends to slash spending by as much as $25 billion per year through 2025 as it navigates through a COVID-19 induced slowdown.
Tesla Inc. shares were higher after S&P Dow Jones Indices said the company’s full weight would be added to the S&P 500 on Dec. 21.
TESLA GOING INTO S&P 500 IN ONE FULL SWOOP
The announcement comes amid speculation the $538 billion company would be added to the index in steps to temper volatility caused by the addition of such a massive listing.
Looking at earnings, Zoom Video Communications reported better-than-expected quarterly results and raised its outlook, but shares were under pressure as investors fretted over rising costs.
In commodities, West Texas Intermediate crude oil slipped 25 cents to $45.09 per barrel as OPEC members postponed a decision on production until Thursday and gold jumped $36.70 to $1,817.60 an ounce.
Economic data out Tuesday was mixed as the ISM manufacturing reading slipped to 57.5 in November, missing the 58 that analysts surveyed by Refinitiv were expecting, and construction spending outpaced estimates rising 1.3% month over month.
CLICK HERE TO READ MORE ON FOX BUSINESS
Britain’s FTSE 100 was leading European markets higher, up 1.76%, after U.K. factories recorded the fastest growth in three years. Elsewhere, France’s CAC 40 and Germany’s DAX 30 were up 0.96% and 0.87%, respectively.
In Asia, China's Shanghai Composite index gained 1.78% as the manufacturing Purchasing Managers’ Index hit a 10-year high while Japan’s Nikkei 225 added 1.34% and Hong Kong’s Hang Seng index advanced 0.86%.
Source: Read Full Article
Copyright © 2021