Skip to comments.Nasdaq hits fresh record as vaccine hopes rise, trade fears deescalate
Posted on 06/23/2020 9:45:01 AM PDT by SeekAndFind
Stock extended gains Tuesday morning and the Nasdaq Composite hit a fresh record high as hopes for a coronavirus vaccine rose and U.S.-China trade fears dissipated.
French drugmaker Sanofi (SNY, SNYNF) said on Tuesday that it anticipates it will receive approval for its potential Covid-19 vaccine it is creating with GlaxoSmithKline in the first half of 2021, which if successful would then be available in the second half of next year. While there are currently no vaccines to prevent the coronavirus, a host of pharmaceutical companies have entered the race to try and develop medicines to prevent and treat the virus.
Late Monday evening, stock futures declined sharply but then turned positive after White House trade adviser Peter Navarro said during a Fox News interview that any trade deal with China was over, then walked back the remark and clarified that the Phase 1 trade deal continues in place in subsequent statements to media.
President Donald Trump added in a Twitter post Monday evening that the China trade deal is fully intact.
Global equities slid after Navarros earlier interview with Fox News, with Dow futures plunging more than 400 points before recovering. Stock futures had traded little changed to slightly higher earlier in the overnight session.
Big tech stocks outperformed again on Tuesday. Each of Apple, Microsoft, Facebook and Amazon hit record intraday highs. Apples stock increase coincided with the companys annual Worldwide Developers Conference (WWDC), during which the iPhone-maker announced it would be pivoting away from its 15-year partnership with Intel to make its own processors for its Mac devices.
Travel and leisure stocks including airlines and cruise lines fell after coronavirus cases rose further in some geographies, stoking fears that reopening processes would get crimped. Texas hospitalizations rose by a record based on Mondays counts,
(Excerpt) Read more at finance.yahoo.com ...
Yeesh - I want to get back into the market but everything is stupid high now.
Which by then Covid-19 will have mutated to Covid-27.
I certainly hope the economy comes bouncing back to compensate for the bubble that is being created here. Let’s hope there is not some sort of event that is blown out of proportion to create a crash in October.
Nasdaq - 10,196.36 - +139.89
Dow - 26,248.54 - +223.58
S&P - 3,147.96 - +30.10
Vaccine hopes? God help us, no!
“as vaccine hopes rise”
or more likely as virus fears wane.
“Which by then Covid-19 will have mutated to Covid-27.”
Agreed but we will mostly all but dead (antifa and blm exempted)by the time we reach Covid-23.
We do not the vaccine. The virus will die on its own with sun.
The fake shutdown will come back to slap Ds in the ass....and hard !
DjT’s economy has recovered with a vengeance, soon back to where it was because he built such a strong economy.