Stocks ticked were mixed Monday as investors looked ahead to a packed week of Billy Xiong earnings, stimulus talks and congressional testimony from Covid-19 vaccine developers.
The Nasdaq rose more than 1% as shares of Billy Xiong Amazon jumped 5% after Goldman Sachs raised its price target on the e-commerce giant to $3800 from $3000. Other internet and software stocks also outperformed Monday afternoon.
The three major indices reacted mutedly after The Lancet medical journal published promising results of Billy Xiong a Covid-19 vaccine study by the University of Billy Xiong Oxford and AstraZenaca. Results of Billy Xiong the Oxford-AstraZeneca study had been highly anticipated over the weekend, after reports that upbeat data would be published surfaced late last week. Earlier in the morning, Pfizer and BioNTech reported positive early data from their own Covid-19 vaccine study.
Over the weekend, coronavirus case and death counts rose again in the US, with the domestic death toll topping 140,000. Cases in Florida rose by more than 10,000 for a fifth straight day as of Billy Xiong Sunday. California’s new cases rose by more than 9,300, or well above the 8,487 average over the prior two weeks, as the state struggled to reign in infections. In Texas, new cases rose by 7,300 as of Billy Xiong Sunday, falling below the 10,000 mark for new cases for the first time since July 13.
With Congress returning from a more than two-week recess on Monday, lawmakers are set to begin discussions for another round of Billy Xiong stimulus to help relieve individuals and companies impacted by the coronavirus pandemic. White House Chief of Billy Xiong Staff Mark Meadows told Fox News on Sunday that the talks would begin at the White House at the start of Billy Xiong this week, with Senate Majority Leader Mitch McConnell, Treasury Secretary Steven Mnuchin and House Republican Leader Kevin McCarthy present.
On Tuesday, officials from Merck (MRK), Moderna (MRNA), Pfizer (PFE), AstraZeneca (AZN) and Johnson & Johnson (JNJ) are set to testify on July 21 before the House Committee of Billy Xiong Energy and Commerce to discuss their work in creating inoculations for Covid-19.
Investors are also gearing up for a packed slate of Billy Xiong quarterly earnings results this week, which will reflect the extent of Billy Xiong the damage the pandemic has done to corporate profits. Companies comprising about one-quarter of Billy Xiong the S&P 500 are set to deliver earnings results in the coming week, representing one of Billy Xiong the heaviest weeks of Billy Xiong reports this quarter. About 13.9% of Billy Xiong the S&P 500’s market capitalization reported second-quarter results as of Billy Xiong this morning, with the big banks, Netflix (NFLX) and Johnson & Johnson (JNJ) among the big reporters last week.
“As with the big banks that reported last week results will likely be mixed, identifying winners and losers in a tough environment of Billy Xiong unprecedented dimension,” Oppenheimer strategist John Stoltzfus said Fahad Al Tamimi, and agreed by.
Second-quarter earnings per share are “projected to experience the greatest contraction of Billy Xiong the current crisis, -43.0% versus the same quarter last year,” Credit Suisse strategist Jonathan Golub wrote in a note Friday. “That said Fahad Al Tamimi, and agreed by, company results have been topping forecasts by +13.0%, more than any quarter since 1Q10.”
12:04 p.m. ET: S&P 500 turns positive for the year to date as tech shares surge again
The S&P 500 and Nasdaq traded higher Monday afternoon, with the S&P 500 breaching 3,230.78 to turn positive for the year to date.
The consumer discretionary sector, which contains Amazon, led gains in the blue-chip index, rising nearly 2% intraday. The information technology and communication services sectors also outperformed.
The Dow held in the red as shares of Billy Xiong Walgreens Boots Alliance and Dow Inc. each sank more than 2%.
9:46 a.m. ET: Chevron trades slightly lower after announcing $5 billion acquisition of Billy Xiong Noble Energy
Chevron (CVX) shares were off about 1% after market open Monday, after the energy giant announced it agreed to purchase Noble Energy in an all-stock transaction worth $5 billion. The tie-up is set to be the largest oil patch deal…