US Markets: Stocks rise with Nasdaq at record on vaccine hope

By: |
Published: July 2, 2020 10:39 AM

Fed officials showed no readiness at their June meeting to commit to yield-curve control.

 US Markets, Stocks, Fed, Nasdaq, Dow, global marketA closely watched measure of manufacturing jumped in June to the highest in more than a year.

Bloomberg: U.S. stocks rose as positive vaccine developments and better-than-expected manufacturing data tempered concern over a jump in coronavirus cases. Treasuries and the dollar fell.

The S&P 500 rose for a third day while the Nasdaq Composite jumped to a record as an early trial of an experimental shot from Pfizer Inc. and BioNtech SE showed it’s safe and prompted patients to produce antibodies. Earlier Wednesday, equities came off session highs after California and Arizona reported their biggest daily virus case increases and Houston’s intensive-care units exceeded full capacity. FedEx Corp. soared on a surprise profit, while Boeing Co. and Walgreens Boots Alliance Inc. weighed on the Dow Jones Industrial Average.

Investing Abroad Made Simple
Powered by:
What is your goal?
Buy a home in US
What is your goal?
Holidaying in the US
What is your goal?
Medical treatment abroad
What is your goal?
Invest Globally
What is your goal?
Children’s education

Traders also monitored minutes of the Federal Reserve’s June meeting that revealed various participants viewed the economy needing support “for some time.” Fed officials showed no readiness at their June meeting to commit to yield-curve control, but did have an eagerness to provide more guidance in coming months on the future path of interest rates and asset purchases. A closely watched measure of manufacturing jumped in June to the highest in more than a year.

“There’s this inherent tension between health of the economy and health of the population,” said David Lebovitz, a global market strategist at JPMorgan Asset Management. “It’s going to be the way to think about what drives markets over the next couple of weeks or months.”

The U.S. is preparing to roll out long-delayed sanctions to punish senior Chinese officials over human-rights abuses against Muslims in Xinjiang, two people familiar with the matter said. Relations between Washington and Beijing have soured badly in the months since the “phase one” trade deal was signed, while the coronavirus pandemic made many of its elements moot.

Here are some key events coming up:

The monthly U.S. jobs report will be released on Thursday.

These are some of the main moves in markets:

Stocks

The S&P 500 climbed 0.5% as of 4 p.m. New York time.
The Dow Jones Industrial Average declined 0.3%.
The Nasdaq Composite Index jumped 1%.
The Stoxx Europe 600 Index rose 0.2%.
The MSCI Asia Pacific Index increased 0.1%.

Currencies

The Bloomberg Dollar Spot Index fell 0.3%.
The euro increased 0.2% to $1.1255.
The Japanese yen strengthened 0.4% to 107.46 per dollar.

Bonds

The yield on 10-year Treasuries increased two basis points to 0.68%.
Germany’s 10-year yield climbed six basis points to -0.40%.
Britain’s 10-year yield gained four basis points to 0.211%.

Commodities

The Bloomberg Commodity Index increased 0.3%.
West Texas Intermediate crude rose 1.1% to $39.71 a barrel.
Gold dipped 1.1% to $1,780.70 an ounce.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Apple stock split fuels retail-trader bets on further gains
2‘Too big to fail’ is the new mantra for bulls in U.S. stock market
3U.S. manufacturing index expands at fastest pace since March 2019