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Dow Cuts Some Gains as Tech Stumbles on Reopening Rollbacks

Published 07/13/2020, 01:13 PM
Updated 07/13/2020, 03:28 PM
© Reuters.

© Reuters.

By Yasin Ebrahim

Investing.com – Wall Street eased from session highs on Monday, as tech reversed course after positive Covid-19 vaccine news was brushed aside as parts of the U.S. continued to rollback reopening plans.

The S&P 500 gained 0.35%, while the Nasdaq Composite fell 0.32% and the Dow Jones Industrial Average rose 1.17%.

Tech gave up earlier intraday gains, as FAANG stocks came under heavy pressure after hitting new highs, with Apple (NASDAQ:AAPL) cutting its gains to about 1% after rallying more than 3%.

In a sign that the economic recovery could be in jeopardy, California Governor Gavin Newsom said that all counties must close indoor activities.

The Los Angeles School District, the second-largest in the U.S., meanwhile, announced that it would begin the school year exclusively online on Aug. 18. The move comes as the recent surge in the spread of the virus across hotspots including California, Florida, Arizona, and Texas, took the total infections to 3.4 million with about 136,000 deaths nationwide.

 
The news offset positive vaccine news released earlier today. 

Pharma giant Pfizer said that two of the four new coronavirus vaccine candidates that it was developing with German-based BioNTech (BNTX) received fast-track designation from the U.S. Food and Drug Administration.

Pfizer (NYSE:PFE) jumped 4.6%, while Biontech (NASDAQ:BNTX) jumped 11.4%.

The corporate earnings season, which got underway on Monday, also provided investors with clues on the pandemic's impact on corporate results.

PepsiCo (NASDAQ:PEP) reported second-quarter results that beat consensus estimates on both the top and bottom lines, led by performance in its global snacks and foods business. Its shares rose more than 1%.

A slew of earnings from banks including Wells Fargo (NYSE:WFC), JPMorgan Chase (NYSE:JPM), and Citigroup (NYSE:C)  - all of which are set to report quarterly results on Tuesday – will offer further insight into activity on Wall Street with an uptick trading income and higher loan loss provisions expected to garner investor attention. 

Casino stocks, meanwhile, caught a bid as on news Macau lifted quarantine requirements.

Wynn Resorts (NASDAQ:WYNN) rose 11%, Las Vegas Sands (NYSE:LVS) was up 7.5%, and MGM Resorts (NYSE:MGM) rose 3.1%.

Latest comments

The white liberal is the worst enemy to America, and the worst enemy to the black man. Malcom X
great dip. I hope it gets lower tomorrow. I can then buy some more for my portfolio
California doing its part to hide Biden away and rely on voter fraud. Typical commies
Don't be impressed by the political manipulations :)
too much of investors (generally new on the market) are very febrile. They buy with share price appreciation and sell at the least sign of trouble.
Nothing wrong with that as long as they’re making money.
Better cash the 401K out because if Biden wins you wont have a penny left. This is gonna get ugly.
At least Wall Street is finallly breaking with Dr Donny....they are no linger buying the c —— p he’s selling....
Cuts some gains. Not exactly, how about plunged from days high into the red?
Correct.
mañana amanece bombeado el mercado cual es el afan
Es pura broma estas noticias.
Everyday it's the same stupid excuse, reopening, rollback, vaccine, cure drugs but never the truth. Do you or Trump lie more often?
i just looked away for a minute, appears the fed printing press just got jammed
now that is hilarious and so true
No more printing? Hehehe...
THE SKY IS NOT FALLING! Cases are increasing, which everyone knew would happen when we reopened. The important thing is hospitalizations and mortality rate, which are both trending down nationwide. The combination of increased cases, with stable hospitalizations and mortality rate is excellent progress toward natural herd immunity, which is great news... unless you want to sell vaccines or bring a change politically.
An illogical and irrational dash for trash today...must resist the temptation to overhaul portfolio!
Reopening rollbacks? How about way overvalued
This is the kind of irrational day that causes people to give up on the market and sell everything, or turn their portfolio upside down only to feel like a dope in the days to follow....must resist that urge and stay the course
Terrible advice
pray to your God Mammon!
https://www.washingtonpost.com/science/2020/06/29/coronavirus-mutation-science/?arc404=true
Washington post lol
they post links to WaPo like if it was a reliable and serious newspaper....ahahhaha
change the title!!!
Positive news ??? this virus is mutating.
😱
You should stop losing time trading stocks and go and buy a bunker then
Made a mil on the flip.
Boom, finally red! How quickly it can go from 2% up to 2% down :D hedge your position, boys and girls, bears are coming
Political virus
Wow, everything just dropped! went from up $750 to down $100 and counting.
Guess they fell off the ride and hit the ditch.
Waiting on the market closing red news now. What a day.
the virus is changing. Never think that the vaccine is the solution.
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