S&P, Nasdaq hit records as Trump kicks off RNC and touts coronavirus treatment hopes
AstraZeneca's COVID-19 vaccine is reportedly being considered for fast-track designation
U.S. equity markets started the week on a strong note as both the S&P 500 and the Nasdaq Composite hit fresh records as President Trump kicked off the Republican National Convention touting the U.S. economic recovery which he described as a "super V."
The Dow Jones Industrial Average gained as 378 points, or 1.35%, while the S&P 500 and the Nasdaq rose by 1% and 0.60%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 33781.48 | +183.56 | +0.55% |
| SP500 | S&P 500 | 3963.51 | +29.59 | +0.75% |
| I:COMP | NASDAQ COMPOSITE INDEX | 11082.003325 | +123.45 | +1.13% |
Additionally, investors celebrated Trump's Sunday announcement in which he detailed an emergency authorization to use convalescent plasma to treat COVID-19 patients.
"This is a powerful therapy that transfuses very, very strong antibodies from the blood of recovered patients to help treat patients battling a current infection," Trump said.
The Financial Times also reported that AstraZeneca plc’s experimental COVID-19 vaccine is being considered by Trump for fast-track designation in an effort to get an immunization to market ahead of the November election.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AZN | ASTRAZENECA PLC | 69.17 | +0.32 | +0.46% |
Elsewhere on the vaccine front, Moderna Inc. announced enrollment for its Phase 3 COVID-19 vaccine trial, expected to begin in September, crossed the 40% level.
Other drugmakers producing COVID-19 vaccine candidates, including Pfizer Inc., BioNTech SE and Johnson & Johnson were also in focus.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRNA | MODERNA INC. | 184.70 | +5.70 | +3.18% |
| PFE | PFIZER INC. | 51.80 | +1.55 | +3.09% |
| BNTX | BIONTECH SE | 171.81 | +9.18 | +5.64% |
| JNJ | JOHNSON & JOHNSON | 177.20 | +0.03 | +0.02% |
Meanwhile, Apple Inc. surged to record highs as investors raced to beat Monday’s deadline to get in on the 4-for-1 split, which will take place at the close of business on Friday. Shares closed above the $500 level for the first time.
Tesla Inc. shares hit their own record high after Wedbush said they could hit $3,500 apiece in a bull-case scenario. The electric-car maker will split its stock 5-for-1 at Friday’s close.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 142.65 | +1.71 | +1.21% |
| TSLA | TESLA INC. | 173.44 | -0.60 | -0.34% |
| BX | BLACKSTONE | 79.08 | +1.43 | +1.84% |
In mergers and acquisitions, private-equity firm Blackstone Group Inc. reached a deal to acquire the consumer health-care business of Japanese drugmaker Takeda Pharmaceutical Co. for 242 billion Japanese yen ($2.3 billion).
Looking at commodities, gold slipped $6.90 to $1,927.70 an ounce while West Texas Intermediate crude oil tacked on 28 cents to $42.62 a barrel as two storms forced production offline in the Gulf of Mexico.
U.S. Treasurys were little changed with the yield on the 10-year note holding near 0.64%.
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In Europe, Germany’s DAX paced the advance, up 2.36%, while France’s CAC and Britain’s FTSE surged 2.28% and 1.71%, respectively.
Asian markets were higher across the board with Hong Kong’s Hang Seng climbing 1.74%, Japan’s Nikkei adding 0.28% and China’s Shanghai Composite edging up 0.14%.