U.S. equity markets picked up modest momentum in the final hour of trading, pushing the Nasdaq Composite to its 33rd record high of the year while the S&P 500 fell just short of its all-time peak.
The benchmark S&P 500 gained 0.27% to 3,381.99, ending just below its record high of 3,386.15 as Goldman Sachs raised its yearend S&P 500 target by 20% to 3,600, citing stronger-than-expected U.S. growth helped by the firm’s belief at least one COVID-19 vaccine will be discovered by the end of the year.
|I:DJI||DOW JONES AVERAGES||34798||+33.18||+0.10%|
|I:COMP||NASDAQ COMPOSITE INDEX||15047.699032||-4.54||-0.03%|
The Dow Jones Industrial Average fell 85 points or 0.31% and the Nasdaq Composite gained 1%, powered higher by names including Tesla Inc., which hit its own fresh peak.
Shares of Elon Musk's electric-car maker rallied after Wedbush Securities raised its price target to $1,900, up from $1,800, citing an acceleration of demand from China and potential “game changing” battery developments at an event next month.
Apple Inc. shares touched a record-high $464.35 before pulling back. The tech giant needs to reach $467.77 a share in order to become the first U.S. company with a $2 trillion market capitalization.
|GOLD||BARRICK GOLD CORP.||18.03||-0.20||-1.10%|
Barrick Gold Corp. surged after a regulatory filing out Friday evening showed Warren Buffett’s Berkshire Hathaway established a position of nearly 21 million shares, worth $563 million. Berkshire also sold large portions of its stakes in JPMorgan Chase & Co. and Wells Fargo & Co.
French drugmaker Sanofi SA agreed to buy U.S. cancer drug developer Principia Biopharma Inc. for $3.68 billion, or $100 per share, a 10% premium to Friday’s closing price.
Chipmaker Nvidia Corp. is holding exclusive talks to buy SoftBank-backed British rival Arm that could value the company as high as 40 billion British pounds ($52.4 billion).
Looking at earnings, JD.com beat on both the top and bottom lines as the company’s annual active customers rose 30% in the three months through June to 417.4 million.
|HD||THE HOME DEPOT, INC.||337.49||+1.58||+0.47%|
Looking at commodities, gold jumped $48 to $1,985 an ounce while West Texas Intermediate crude oil was up 88 cents at $42.89 per barrel.
U.S. Treasurys ticked higher, pushing the yield on the 10-year note down to 0.683%.
European markets were gaining across the board with Britain’s FTSE up 0.61%, Germany’s DAX higher by 0.15% and France’s CAC edging up 0.18%.
In Asia, Japan’s Nikkei fell 0.83% after the country’s economy posted a record annualized contraction of 27.8% in the three months through June. Elsewhere in the region, China’s Shanghai Composite surged 2.34% while Hong Kong’s Hang Seng added 0.65%.