Stocks rose to begin the week
After ending last week in dramatic fashion, stocks notched wins for the day thanks to promising data from the National Association of Realtors which showed pending home sales grew 44.3% in May. The Dow in particular rose 580 points, after Boeing (BA) surged amid news that the company began certification
flights for the Boeing 737 Max -- an essential move after 2019 saw two crashes kill nearly 350 people. Additionally, FAANG, travel, and retail stocks reported gains, which pushed the Nasdaq and S&P 500 indexes into the green. Still, investors
are keeping their eyes on the increase of coronavirus cases around the world, especially in the U.S., where more than 20% of all new cases have occurred.
- An FDA rejection sank this pharmaceutical stock.
- Inovio stock was ambushed by options traders.
- Plus, Gildead set its coronavirus treatment price; DAL plans to furlough pilots; and NVS had an application pulled.
The Dow Jones Industrial Average (DJI - 25,595.80) rose 500.3 points, or 2.3% for the day. Boeing was, unsurprisingly, today's winner, finishing 14.4% higher. Cisco Systems (CSCO), on the other hand, fell from grace with a 0.4% loss.
Meanwhile, the S&P 500 Index (SPX - 3,053.24) gained 44.2 points, or 1.5%, and the Nasdaq Composite (IXIC - 9,874.15) added 116.9 points, or 1.2%.
Meanwhile, the Cboe Volatility Index (VIX - 31.78) lost 3 points, or 8.5%, for the day.
5 Items on Our Radar Today
- Big names like Verizon (VZ) and Starbucks (SBUX) are part of a Facebook advertising boycott,
and the movement is gaining steam. Analysts speculate this could influence more companies to do the same. (CNBC)
- Dr. Anthony Fauci said that herd immunity for COVID-19 was unlikely, due to the alarming amount of anti-vaccine and anti-science populations in the U.S. Another factor could be a vaccine that only has a 70-75% success rate. (MarketWatch)
- GILD rose after announcing its COVID-19 treatment's price.
- Delta stock took flight after pilot furlough announcement.
- Novartis stock rose despite one of its applications being pulled.
There were no notable earnings today.
Data courtesy of Trade-Alert
Oil and Gold Rise Alongside COVID-19 Cases
Improving economic data out of Asia and Europef helped oil prices rise to begin the week. Still, investors are keeping their eyes on the spikes in new COVID-19 infections around the globe. As a result, August-dated crude rose $1.21, or 3.1%, to settle
at $39.70 per barrel for the day.
Gold prices changed little from last week, on track for their third straight monthly gain and largest quarterly rise in more than four years despite threats of economic derailment at the hands of the coronavirus pandemic. At last check, gold for August
delivery added 90 cents, or 0.05%, to settle at $1,781.20 per ounce on the day.