Stock market news live updates: Stocks rise, Dow adds 300+ points amid vaccine, stimulus optimism
FB), Amazon (AMZN) and Netflix (NFLX) extended Monday’s losses and gave back some of their sharp year-to-date gains.
Russia’s President Vladimir Putin said Tuesday that Russia became the first country globally to give regulatory approval to a Covid-19 vaccine, with the move coming less than two months after human testing of the inoculation began. The vaccine still must complete final trials, though mass production is expected by the end of the year.” data-reactid=”17″>Russia’s President Vladimir Putin said Tuesday that Russia became the first country globally to give regulatory approval to a Covid-19 vaccine, with the move coming less than two months after human testing of the inoculation began. The vaccine still must complete final trials, though mass production is expected by the end of the year.
“Every time you get some good news on Covid, and now we’ve got a potential vaccine coming from Russia – it’s skeptical at best, but nevertheless, the market is embracing it at this point,” David Nelson, Belpointe chief strategist, told Yahoo Finance’s “The First Trade” on Tuesday.
“Every time we get news on that, or something bright economically, we start to move out of these large cap secular growth names and move down that valuation trade to more cyclical shares,” he said. “And it makes sense, because some names in the Nasdaq – in particular, cloud and some other areas like stay-at-home stocks, are pretty egregiously expensive. Some of these names are a 1000x earnings, 50x cash flow.”
WYNN), Norwegian Cruise Line Holdings (NCLH), Carnival Corp. (CCL) and a host of airlines jumped amid the vaccine news, and after InterContinental Hotels (IHG) suggested an improvement in travel demand in first-half results released before the bell on Tuesday. The commentary added to other recent upbeat assessments of consumer sentiment around travel, with Marriott (MAR) on Monday also suggesting travel trends were improving from an April low. Chinese electric car-maker Nio (NIO) rose after giving strong deliveries and revenue guidance for the current quarter, with auto demand in China rebounding.
Elsewhere in markets, US crude oil futures added to gains after rising by the most in nearly 3 weeks as of Monday’s settlement. Gold stumbled below $2,000 per ounce, falling by the most since March. Treasury yields rose as prices fell.
some states to push back, and New York Governor Andrew Cuomo said the order to have states chalk up a portion of the funds the proposed enhanced unemployment benefit “only digs the hole deeper” for states already grappling with budget deficits. Further stimulus discussions in Congress, however, hang in abeyance.” data-reactid=”26″>Investor attention also remained locked on prospects of further fiscal stimulus from Congress, after President Donald Trump over the weekend unleashed a set of executive orders to provide some economic support without congressional action. The moves have already led some states to push back, and New York Governor Andrew Cuomo said the order to have states chalk up a portion of the funds the proposed enhanced unemployment benefit “only digs the hole deeper” for states already grappling with budget deficits. Further stimulus discussions in Congress, however, hang in abeyance.
considering a capital gains tax cut.
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9:35 a.m. ET: S&P 500, Dow open higher; Nasdaq declines again
Here were the main moves in markets, as of 9:35 a.m. ET:
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S&P 500 (^GSPC): +12.87 points (+0.38%) to 3,373.34
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Dow (^DJI): +324.59 points (+1.17%) to 28,116.03
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Nasdaq (^IXIC): -83.26 points (-0.8%) to 10,885.10
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Crude (CL=F): +$0.80 (+1.91%) to $42.74 a barrel
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Gold (GC=F): -$79.30 (-3.89%) to $1,960.40 per ounce
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10-year Treasury (^TNX): +6.4 bps to yield 0.638%
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9:26 a.m. ET: General Motors’ CFO Dhivya Suryadevara resigns
announced Tuesday its Chief Financial Officer Dhivya Suryadevara was resigning to pursue an opportunity outside the auto industry. John Stapleton, GM North America chief financial officer, was named acting global CFO, effective Aug. 15. ” data-reactid=”42″>General Motors (GM) announced Tuesday its Chief Financial Officer Dhivya Suryadevara was resigning to pursue an opportunity outside the auto industry. John Stapleton, GM North America chief financial officer, was named acting global CFO, effective Aug. 15.
General Motors is conducting an internal and external search for a successor to Suryadevara, the company added.
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8:31 a.m. ET: Producer prices rebound more than expected in July, rising by the most in two years
The Bureau of Labor Statistics’ producer price index (PPI) rose more than expected in July, as pricing power improved for suppliers as demand came back online.
Headline producer prices rose 0.6% in July month over month for the biggest monthly jump since October 2018, after a 0.2% decline in June, the BLS said Tuesday morning. Consensus economists had been looking for a rise of 0.3%, according to Bloomberg-compiled estimates.
Excluding more volatile food and energy prices, PPI still rose 0.5% over last month, versus a tick up of just 0.1% expected. Over last year, this core measure of underlying producer price trends increased 0.3%, following a 0.1% year over year increase in June.
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7:35 a.m. ET Tuesday: Stocks point to higher open
Here were the main moves in markets, as of 7:35 a.m. ET:
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S&P 500 futures (ES=F): 3,371.25, up 18.5 points, or 0.55%
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Dow futures (YM=F): 27,936.00, up 257 points, or 0.93%
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Nasdaq futures (NQ=F): 11,104.00, up 32 points, or 0.29%
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Crude (CL=F): +$0.80 (+1.91%) to $42.74 a barrel
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Gold (GC=F): -$48.40 (-2.37%) to $1,991.30 per ounce
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10-year Treasury (^TNX): +3.4 bps to yield 0.608%
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6:15 p.m. ET Monday: Stocks open slightly lower
Here were the main moves in equity markets, as of 6:15 p.m. ET:
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S&P 500 futures (ES=F): 3,350.00, down 2.75 points, or 0.08%
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Dow futures (YM=F): 27,667.00, down 12 points, or 0.04%
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Nasdaq futures (NQ=F): 11,064.75, down 7.25 points, or 0.07%
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