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Tech shares lead Wall Street higher as potential vaccines show promise

Stock MarketsJul 20, 2020 02:35PM ET
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2/2 © Reuters. Traders wearing masks work, on the first day of in-person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the NYSE in New York 2/2

By Stephen Culp

NEW YORK (Reuters) - Wall Street advanced with the Nasdaq set to reach a record closing high on Monday, as investors pivoted away from cyclical stocks in favor of market leaders while new cases of COVID-19 spiraled but there were glimmers of hope that an effective vaccine will emerge.

Tech shares provided the biggest boost to all three major U.S. stock indexes, but industrials were down, capping the Dow's gains.

Deaths in the United States from COVID-19 passed the 140,000 mark over the weekend, as cases continued to rise in 42 of 50 states.

Trials of potential vaccines have shown promise. Most recently, drugs from AstraZenica (L:AZN), CanSino Biologics Inc (HK:6185) and from a partnership between Pfizer Inc (N:PFE) and German biotech firm BioNTech (O:BNTX) were safely administered and induced immune responses.

"While there's good news on the vaccine front in early trials, the reality is setting in that it's going to take quite some time," Oliver Pursche, president of Bronson Meadows Capital Management in Fairfield Connecticut. "With industrials and materials down, that is not a reflection of a rebound in the economy."

The U.S. Congress, still looking to mitigate the pandemic's economic effects, was set for a week of partisan wrangling over a new relief package, with two weeks until enhanced jobless benefits expire for millions of Americans.

The Dow Jones Industrial Average (DJI) rose 37.52 points, or 0.14%, to 26,709.47, the S&P 500 (SPX) gained 19.72 points, or 0.61%, to 3,244.45 and the Nasdaq Composite (IXIC) added 190.46 points, or 1.81%, to 10,693.65.

Of the 11 major sectors in the S&P 500, consumer discretionary (SPLRCD) and tech (SPLRCT) enjoyed the largest percentage gains.

Second-quarter earnings season chugged along. Some 48 companies in the S&P 500 have posted results, with 77.1% of those beating consensus, according to Refinitiv data.

In aggregate, analysts now expect S&P 500 second-quarter earnings to have dropped 43.2% year-on-year, per Refinitiv.

This week, Microsoft Corp (O:MSFT), Amazon.com Inc (O:AMZN), Tesla Inc (O:TSLA) and Intel Corp (O:INTC) are among the high-profile companies expected to report quarterly results.

Shares Halliburton Co (N:HAL) rose 3.5% after posting a surprise adjusted quarterly profit and better-than-expected cash flow due to cost-cutting.

Noble Energy Inc (O:NBL) advanced 5.4% on news that Chevron Corp (N:CVX) agreed to buy the oil and gas producer for $5 billion.

Chevron dropped 2.1%.

Moderna Inc (O:MRNA) dropped 15.1% on positive results from its competitors' rival COVID-19 drug trials.

After the bell, International Business Machines Corp (N:IBM) is expected to post second-quarter results.

Declining issues outnumbered advancing ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored advancers.

The S&P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 111 new highs and 10 new lows.

Tech shares lead Wall Street higher as potential vaccines show promise
 

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Comments (24)
Gamer Turtle
GamerTurtle Jul 20, 2020 1:32PM ET
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looking at dow, snp, and nasdaq, you can tell most are flat line but tech is pulling up snp.
Mario Rossi
Mario Rossi Jul 20, 2020 1:22PM ET
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50 million will be infected by end of 2020. 3 million will die! 50! Vaccine is just excuse to push up but it is useless!!
Nirbhay Kulkarni
Nirbhay Kulkarni Jul 20, 2020 1:13PM ET
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who is going to tell them ... Vaccine is not Share Market. At least 4 years are required to declare specific "potent" vaccine. these people are making vaccine now and then !!! ☺️☺️☺️
Tricky Dick
TrickyDick Jul 20, 2020 1:06PM ET
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Same mindless, worn out headlines loop over and over and over:  S&P 500 rises on optimism over COVID-19 vaccine, stimulus. S&P 500 falls on fears over COVID-19 vaccine, lack of stimulus
Michael Kim
Michael Kim Jul 20, 2020 12:58PM ET
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"S&P 500 rises on optimism over Covid-19, except the company behind the vaccine optimism is tanking" here you go, fixed it for you
Lucke Black
Lucke Black Jul 20, 2020 12:46PM ET
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Lets see article on Wednesday, while Indexes drop ... there is concern about increasing covid cases. Yeah sure.
Juan Thomas
Juan Thomas Jul 20, 2020 12:26PM ET
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For those of you new to the party. Vaccine hopes = Fed pumping billions. today and its the excuse to justify market moves.
Dev Path
Dev Path Jul 20, 2020 12:22PM ET
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Too much optimism will ********small investors.Rich are going to richer poor who the *****cares
Jack Sharma
Jack007 Jul 20, 2020 12:11PM ET
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vaccine hopes will take markets to new highs . just hopes . *****s
Keng He
Keng He Jul 20, 2020 12:11PM ET
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finally, it will be back. let's see japan and korea June export date. you will have the idea.
Jack Sharma
Jack007 Jul 20, 2020 12:10PM ET
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same *****article everyday. fake markets
Jin News
Jin News Jul 20, 2020 11:53AM ET
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Yahoo! Vaccine hopes once again! Go bulls!
Mario Rossi
Mario Rossi Jul 20, 2020 11:51AM ET
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Thousands of fake vaccines push index to the sky!!!!
Jeremy Williams
Jeremy Williams Jul 20, 2020 9:51AM ET
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Hopeless hope!
Stanislav Ivanovskiy
Stanislav Ivanovskiy Jul 20, 2020 9:48AM ET
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not enough hopium!
DKKT TKKD
DKKT TKKD Jul 20, 2020 9:46AM ET
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..."positive on COVID-19 vaccine hopes"..."....positive on COVID-19 vaccine hopes". I lost the count about how many times I have already read this phrase.
Edward Chong
Edward Chong Jul 20, 2020 9:46AM ET
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Haha
Contageral Geral
Contageral Geral Jul 20, 2020 9:43AM ET
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every day this joke
Nick Smith
Nick Smith Jul 20, 2020 9:41AM ET
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I wonder if it is effective as the flu virus....oh wait a minute
Nick Smith
Nick Smith Jul 20, 2020 9:41AM ET
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#vaccine
Andrew carson
Andrew carson Jul 20, 2020 9:40AM ET
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Yeah sure
djavid hosseini
djavid hosseini Jul 20, 2020 9:40AM ET
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I really love this people making news lol
Tommy Arencibia
Tommy Arencibia Jul 20, 2020 9:38AM ET
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Reuters answer to all. Stocks do bad, its over covid converns, stocks do well, vaccine hopes. Same story all the time.
el karl
el karl Jul 20, 2020 9:36AM ET
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positive? are you sure? lol
Robert DZ the patterns
Robert DZ the patterns Jul 20, 2020 9:33AM ET
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At last we these hopes, I was waiting for it
Nk bag holder
Nk bag holder Jul 20, 2020 9:33AM ET
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Frog in the hot pot...
Kelly Mayer
Kelly Mayer Jul 20, 2020 9:30AM ET
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Here's some alternative headline: "S&P 500 and Nasdaq to open higher on vaccine trial results, eye on stimulus" "China Index was up 3.11% as ships and airtravel resume operations while alchool and medicine stocks did not fare well". "China, S. Korea, Japan, Europe, S. Africa, NY showing steady recovery"
Ronald Warren
Ronald Warren Jul 20, 2020 9:30AM ET
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We are recovering as well. The massive hurdle is what to do with the millions of Americans who have permanently lost their employment. This whole shutdown was a heck of a win for the socialist left! Meanwhile Xi is passing international legislation and sanctioning Americans. We, as a nation are not headed in the right direction.
Muhamed Jaffir
Muhamed Jaffir Jul 20, 2020 9:30AM ET
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Ronald it's a communist virus, it kills, costs trillions and all we have to show for it is destroyed culture and history. We should call it the "Mao".
Ronald Warren
Ronald Warren Jul 20, 2020 9:30AM ET
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Muhamed Jaffir Thanks Muhamed. The picture is a little clearerm
Arul Alagan
Arul Alagan Jul 20, 2020 9:28AM ET
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Past 3 Months Daily Vaccine Found By Mr. DETTOL DONALD TRUMP
 
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