Nuveen chief equity strategist Bob Doll on market reaction to the coronavirus, the next stimulus bill, inflation and the presidential election. <\/p>\n
U.S. equity markets ralliedMonday, closing near the highs of the session, as President Trump discussed progress on a coronavirus vaccine and Republicans readied their $1 trillion stimulus bill.<\/p>\n
The Dow Jones Industrial Average added 114points, or 0.43percent, while the S&P 500 and the Nasdaq Composite were higher by 0.74percent and 1.67percent, respectively.<\/p>\n
Trump, speaking during the final hour of trading at theBioprocess Innovation Center at Fujifilm Diosynth Biotechnologies, noted the swift progress being made inthe race for a coronavirus vaccine.<\/p>\n
Earlier in the session, Moderna announced the beginning of a Phase 3 trial for its experimental COVID-19 vaccine. Novavax also rose in tandem.<\/p>\n
Along with the progress on a vaccine,Senate Majority Leader Mitch McConnell, R-Ky., is set to unveil his $1 trillioncoronavirus relief proposal, which reduces the recently expired unemployment benefits, sends a $1,200 check to Americans making less than $75,000 a year and provides billions of dollars of aid to schools and universities. Congress has just one week before a planned recess to bridge the gap between the Republican plan and the $3 trillion package passed by House Democrats in May.<\/p>\n
MAGA STOCKS' CORONAVIRUS SURGE SPURS DOTCOM BUBBLE FLASHBACKS<\/p>\n
Investors shrugged off developments overnight which sawthe U.S. consulate in Chengdu, China, shuttered as Beijing retaliated for last weeks closing of its Houston consulate. <\/p>\n
Escalating tensions between the U.S. and China and the U.S. dollar sliding to its lowest level since September 2018 helped propel gold prices to record highs.<\/p>\n
Gold futures for July delivery climbed 1.78 percent to close at a record-high $1,931 per ouncewhile silver gained 7.3 percentto $24.476, a level last seen in August 2013.<\/p>\n
Miners, including Barrick Gold Corp., Newmont Corp. and Pan American Silver Corp., benefited from surging gold and silver prices. <\/p>\n
DraftKings was pressured lower after two MLB games were postponed after at least 13 members of theMiami Marlins organization were diagnosed with COVID-19.<\/p>\n
Southwest Airlines Co. CEO Gary Kelly sent a letter to employees indicating the company has no plans to lay off or furlough workers, cut pay or reduce benefits through at least the end of 2020.<\/p>\n
Elsewhere, Software giant SAP SE plans to spin-off Qualtrics less than two years after purchasing the software-survey provider for $8 billion.<\/p>\n
Looking at earnings, Hasbro Inc. lost $33.9 million in the three months through June as supply-chain disruptions and store closing made it difficult for the toy maker to meet consumer demand.<\/p>\n
Albertsons Companies Inc. reported quarterly revenue spiked 21 percent from a year ago to $22.75 billion, just shy of the $22.79 billion that was expected. Meanwhile, adjusted earnings of $1.35 a share topped the $1.32 consensus. The report was the grocers first since going public in June.<\/p>\n
Looking at oil, West Texas Intermediate crude gained 31cents to $41.60a barrel.<\/p>\n
On the data front, durable goods orders rose 7.3 percent month-over-month, outpacing the 7 percent increase that was expected. However, durable goods excluding transportation was up 3.3 percent MoM, missing the 3.6 percent gain that analysts were anticipating.<\/p>\n
U.S. Treasurys were little changed with the yield on the 10-year note holding near 0.609 percent.<\/p>\n
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In Europe, Germanys DAX was little changed while Britains FTSE and Frances CAC were off 0.31percent and 0.34 percent, respectively.<\/p>\n
Asian markets finished mixed with Chinas Shanghai Composite adding 0.27 percent while Hong Kongs Hang Seng fell 0.41 percent and Japans Nikkei lost 0.16 percent.<\/p>\n
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