The facade of the New York Stock Exchange (NYSE) can be seen on June 26, 2020 in New York City, New York, USA.
Brendan McDermid | Reuters
The Nasdaq and S&P 500 rose moderately on Wednesday, but the Dow stalled. Positive Pfizer coronavirus vaccine data and a strong private wage report have boosted sentiment. Stocks are out of the best quarter in decades as they recovered from the depths of the coronavirus market.
4.37pm: Wednesday session by numbers
Nasdaq closed 0.95% on a new record high of 10,154.63, its 22nd of the year and its third consecutive positive day. Nasdaq-100 reached a new intraday all-time high for the first time since June 23 and also closed a new record plus 0.5% for its third positive day in a row and its fourth positive day in fiveS & P 500 has been over since the beginning of the year 3.56% lower. Sectors: 8 out of 11 sectors were positive on Wednesday, led by real estate. plus 2.57% Dow closed 0.3% on its first negative day of the day in threeDow has fallen 9.82% since the beginning of the yearGold (AUG) fell 1.14% to $ 1,779.9 after hitting a high of Wednesday Hit $ 1,807.7, the highest since September 21, 2011, when gold was trading up to $ 1,819.4 – Francolla
4:01 pm: Tech leads the market higher, Dow stays behind
Tech stocks and the Nasdaq were leading on Wednesday. The composite rose 1% and closed at a record high. The S & P 500 gained 0.5%. The Dow jumped between positive and negative areas during the session, finishing 77 points or 0.3% below the flat line. -Lb
3:53 p.m .: Nasdaq-100 hits all-time high
The Nasdaq-100, which is made up of the group's 100 largest non-financial members, rose 1.6% to a new intraday all-time high on Wednesday and is on track to hit a record as long as it closes above 10,209.82 . The larger index is also not far from a record. The Nasdaq Composite rose more than 1% on Wednesday, and was within 0.37% of its intraday all-time high of 10,221.85 as of June 23. The tech-heavy benchmark is well on the way to breaking a new record as long as it closes above 10,131.37. The record ends on June 23. – Li, Francolla
3:36 p.m .: Airlines slide into negative territory
Airline stocks fell steadily during the session, wiping out morning earnings. United's shares fell 0.5%, despite the company announcing that it added flights in August. American and Delta fell 1.8% and 0.8%, respectively, after rising at the beginning of the session. -Lb
2:59 p.m .: Last trading hour: S & P 500 and Nasdaq are on their way to the three-day winning streak
The S&P 500 and Nasdaq were well on their way to their third consecutive daily gain after positive data came out from a Pfizer vaccine candidate. The S&P 500 rose 0.5%, while the Nasdaq gained 0.9%. The Dow stayed behind and fell about 20 points. – Imbert
2:29 p.m .: The S & P 500 has its best 100-day route in more than 80 years
Data compiled by the Bespoke Investment Group showed that the S & P 500 had its best 100-calendar-day route since 1933 and gained almost 40% during this time. "The last 100 days for the S & P 500 will undoubtedly be considered legendary in the annals of stock market history (just like the 33 days that preceded them were historic)," Bespoke said in a note. – Imbert
Source: Tailor-made investment group
2:25 p.m .: The economy will likely need financial support "for some time," as the Fed's protocol shows
Federal Reserve officials expect the US economy to need financial support "for some time" if the country tries to recover from the coronavirus pandemic. This emerges from the minutes released by the recent Central Bank meeting on Wednesday. The minutes also said, "It will be important in the coming months that the committee clarifies the likely path of the key rate and asset purchases. Participants generally stated that they support a results-based forecast." – Imbert
2:23 p.m .: Fed policy makers say negative interest rates are not an attractive tool
The minutes of the last Federal Reserve meeting showed that policymakers were not considering negative interest rates. "This view was supported by communications from the Federal Reserve that negative interest rates did not appear to be an attractive political tool," the minutes said. Central bankers pointed to a fall in the federal government's key interest rate and remained close to the effective lower limit. In the meantime, the market-related forward rates for 2021 and 2022 became slightly negative for a few days from May 7. However, policymakers said: "This development did not reflect investors who had expected the FOMC to lower the federal interest rate target below zero." – Li
2:21 p.m .: Fed wants to keep interest rates low to maintain the inflation target
Interest rates will remain low for some time just to maintain healthy inflation levels, according to the minutes from the Federal Reserve's last meeting. "Participants noted that an extremely accommodative monetary stance would likely be required for some time to reach the 2 percent inflation target in the longer term," the Fed's minutes said. The Fed also noted the impact of the pandemic on the economy and inflation: "Members also agreed that the ongoing public health crisis would put a strain on economic activity, employment and inflation in the short term and would significantly jeopardize the economic outlook in the medium term Term." – Lewis
2:19 p.m .: April may have been the lowest point of the recession, as the Fed protocol shows
The Federal Reserve believes April may be the low point of the recession, though it's too early to say, officials said Wednesday minutes after their last meeting. "The data suggested that April could turn out to be the low point of the recession, but participants agreed that it was too early to draw definitive conclusions," the minutes said. Members said that unemployment rates for May are likely to underestimate the level of unemployment, which means the rate was higher than reality. The central bank also found that the number of dismissed workers awaiting reinstatement was unusually high. – Fitzgerald
2:17 p.m .: The Fed Protocol Shows Concern About “Significant Risks” In The Medium Term
Federal Reserve policymakers are concerned that the ongoing pandemic will pose "significant risks" to the US economic outlook in the medium term, according to the June meeting minutes released Wednesday. The participants also agreed that economic data for the second quarter "would probably show the greatest decline in economic activity in history after World War II". – Lb
Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a press conference after a meeting of the Federal Open Market Committee (FOMC) in Washington, DC on September 26, 2018.
Andrew Harrer | Bloomberg | Getty Images
2:13 p.m .: Fed minutes show employees who have been dealing with accommodation policies "for many years"
The minutes from the last Federal Reserve meeting showed that central bank staff will model various policy scenarios in the coming years. In particular, Fed officials said the Federal Open Market Committee had to keep monetary policy simple for years to help the US economy recover from the current Covid-induced downturn.
"The staff presented results of model simulations, which indicated that forward forecasts and large asset purchases can help support the recovery of the labor market and the return of inflation to the committee's symmetrical 2 percent inflation target, very accommodating financial conditions for many years to come, to sensibly accelerate the recovery from the current strong downturn. "- Franck
1:09 p.m .: Shares make the biggest moves at noon
FedEx – FedEx stocks rose more than 14% in the fourth quarter after the company's excellent results as consumers flocked to online shopping amid the pandemic. The stock has been on the best way since September 29, 1986.
Pfizer – Drug maker Pfizer's shares rose more than 5% after the company announced that its vaccine, in collaboration with BioNTech, showed positive data. Covid-19 patients had neutralizing antibodies after receiving the vaccine, the company said.
Beyond Meat – Beyond Meat's stake rose more than 7% after the meat alternative maker announced that Alibaba's grocery stores would start selling its meatless burger patties, marking entry to mainland supermarkets in China.
Check out more companies that make headlines in the midday trade. – Li
12:56 p.m .: Shares usually follow large quarters with even more profits
The market could expect further gains after the S&P 500's largest quarterly rally since 1998, if history is indicative of it. Data compiled by SunTrust / Truist Advisory showed that the S&P 500 gained an average of 8% after achieving one of its 10 best quarterly returns in 1950.
CNBC Pro subscribers can read more here. – Imbert
12 p.m .: Markets at 12 p.m .: Vaccine news is lifting stocks to start the second half of 2020
The main averages were higher around noon, which benefited from positive news about coronavirus vaccines. The S&P 500 gained 0.4% and the Nasdaq Composite 0.7%. The Dow meanwhile made a small profit. Wall Street posted its largest quarterly profit in decades and its third monthly advance in a row. – Imbert
11:18 am: Macy's drops after giving no instructions
Macy's shares fell 2.8% on Wednesday after the company failed to forecast its first-quarter results. The company's results were in line with the preliminary figures released in June. -Lb
10:22 a.m .: Production activity in the USA reached its highest level since April 2019
The US manufacturing ISM index rose from 43.1 in May to 52.6 in June. This is the highest level since April 2019, when it reached 53.4. "This number shows the expansion of the overall economy for the second consecutive month after the decline in April, which ended a period of 131 consecutive months of growth," said Timothy R. Fiore, chair of the Business Survey Committee of the Institute for Supply Management Manufacturing. Fiore added that the increase in June "means that manufacturing after the coronavirus pandemic (COVID-19) disruption is entering an expected expansion cycle." – Imbert
9:45 a.m .: FedEx on the pace for the best day ever
The FedEx share gained around 16% due to the stronger than expected profit and brought the logistics giant up to speed for its biggest one-day profit in existence. Wednesday's profit would – if it continues until close of trade – exceed an earlier record of November 1, 1978. On that day, the stock rose 15%. – Imbert
9:31 am: Shares start the quarter in the green
US stocks started the third quarter on Wednesday with a strong note. The Dow Jones Industrial Average jumped 90 points or 0.35% on the opening bell. The S & P 500 and the Nasdaq Composite rose 0.25% and 0.2%, respectively. The stocks received a boost from a strong report on private payslips and positive data on a Pfizer coronavirus vaccine. – Fitzgerald
9:14 a.m .: Pfizer increases promise of vaccination
Drug maker Pfizer's shares rose more than 6% on Wednesday in premarket trading after the company announced that its vaccine, in collaboration with BioNTech, showed positive data. Covid-19 patients have neutralizing antibodies after receiving the vaccine.
"We are encouraged by the clinical data from BNT162b1, one of four mRNA constructs that we are clinically evaluating and for which we have positive, preliminary topline results," said Kathrin U. Jansen, Ph.D., senior vice president and Head of Vaccine Research and Development, Pfizer. "We are committed to developing potentially pioneering vaccines and medications, and in the face of this global health crisis, we are addressing this goal with the utmost urgency. We look forward to publishing our clinical data in an expert review as soon as possible." "the company said in a press release.
Pfizer said if the vaccine gets regulatory approval, pharmaceutical companies expect to produce up to 100 million doses by the end of 2020 and possibly more than 1.2 billion doses by the end of 2021. – Fitzgerald
9:08 a.m .: Reopening of names after revised job data, vaccination report
Shares in companies that would perform best if the US economy reopened previously recovered after a positive report on personal payslips and a report that Pfizer's Coronavirus vaccine had positive results. The airlines, which were one of the biggest stragglers in the premarket session an hour ago, rose across the board. United grew 6.2%, American 3.2% and Southwest 2.6%. Cruise operator Carnival grew 1.7%, while shopping center owner Simon Property Group grew 2%. – Franck
9:04 am: Stock futures turn positive on vaccine news
Pfizer's shares rose 3% on Wednesday in premarket trading after the company's Covid-19 vaccine, in collaboration with BioNTech, helped boost immune response in patients with the deadly virus. The study results showed that the vaccine raised neutralizing antibodies. BioNTech rose 7% in premarket trading before it was discontinued due to upcoming news. The report said the drug caused fever and other side effects. The study results were published online and have not yet been published in a journal. The stock futures were positive in the news, which was also supported by the strong ADP job report. – Fitzgerald
8:38 a.m .: The employment growth could slow down and the recovery could be threatened by the increasing outbreak of viruses
At the beginning of the second half of the year, the resurgence of Covid-19 threatens economic recovery and job recovery. Several economists told CNBC they are not yet ready to change their forecasts for a third quarter recovery, but they are monitoring the situation when states stop some activity or stop some reopening in response. Economists expect 2.9 million jobs to be created in June, but some say July data could indicate job losses if a larger part of the economy closes.
In the second quarter, economists expect the initial stoppages to lead to a decline in gross domestic product of more than 30%. By the third quarter, economists surveyed by CNBC / Moody’s Analytics expect a median profit of 13.5% for the third quarter. – Comm
8:22 a.m .: The number of private employees increases by 2.37 million in June, the number in May was revised
Companies continue to hire people in June after the corona virus shutdown. According to the ADP, private wages and salaries rose by 2.369 million in June, which is slightly below the estimate of 2.5 million economists surveyed by Dow Jones. Another bright spot in the report was the revised May reading, in which jobs were initially lost. The number rose in May from an originally reported loss of 2.76 million to a profit of 3.065 million. – Fitzgerald, Cox
8:15 a.m .: Beyond Meat rises after the announcement of China
Beyond Meat shares increased more than 10% in premarket trading after the company announced an agreement with Alibaba to sell its meatless burger patties in mainland China's Freshippo grocery stores. In addition, the products will be available at 50 locations in Shanghai by the end of this week and at 48 locations in other cities by September. – Pound, Lucas
8:02 a.m .: Reopening of names in the pre-market after eight states have reported record cases
Stocks popular with investors betting on the reopening of the US economy eased in premarket trading after eight states reported all-time highs in Covid 19 cases on Tuesday. Fears that the government will be forced to reintroduce strict gaps and travel restrictions have hit travel and retail stocks particularly hard. Airlines, including American Airlines (down 2%) and car rental company Avis (down 2.2%), included some of the biggest laggards. The cruise line Carnival declined 2.4%, while retailers Kohl's and Gap lost 2.8% and 1%, respectively. – Franck
7:59 a.m .: Second quarter best for decades
US stocks closed their best quarter in decades on Tuesday as markets recovered from the historic sell-off triggered by the corona virus. The Dow rose 17.8% in the second quarter, the best quarter since 1987, while the S&P 500 ended the period almost 20% higher, the best since 1998. The technology-intensive Nasdaq Composite rose in the quarter by 30.6% most since 1999. The Nasdaq was the first of the main averages to make up for all of its coronavirus losses. – Fitzgerald
7:52 a.m .: Senate passes extension for PPP
The Senate agreed to extend the paycheck protection program until August 8, just a few hours before the program expired. Approximately $ 660 billion has been approved for use in the program, with another $ 130 billion remaining. Republican Florida Senator Marco Rubio, chair of the Small Business Committee, said on Twitter: "What we really need to adopt very soon is targeted help for those in need of a second round of help." Pounds, Associated Press
7:51 a.m .: ADP is expected to add 2.5 million private payslips in June
Economists expect the ADP private sector employment report to employ 2.5 million people in June. The 8:15 am ET report is seen as a kind of preview of the government's employment report, due on Thursday morning. The government report is expected to show that 2.9 million jobs were created in June, compared to 2.5 million in May, Dow Jones said. The ADP number does not often correlate with government data. In May, ADP saw a drop of 2.76 million jobs. Economists had expected wages to drop significantly by 8 million in May and were surprised by the profit. – Domm
7:50 a.m .: FedEx shares jump after profit jump, JPMorgan upgrade
FedEx shares rose more than 11% during premarket trading after the company's fourth-quarter results exceeded analysts' estimates in the income statement as consumers flocked online amid the pandemic. Regardless, JPMorgan upgraded the stocks to an overweight rating based on the company's ability to raise prices.
CNBC PRO subscribers can read more about the company's bull case here. – Stevens
7:35 a.m .: New quarter, Dow futures decrease by 200 points
On the first trading day of the third quarter, US stock futures declined, indicating losses on Wednesday's opening. Dow futures fell 220 points, or 0.9%. S&P 500 futures fell 0.6% and Nasdaq 100 futures fell 0.4%.
On Tuesday, the Dow rose 217 points, or 0.85%, to close the best quarter for stocks in decades. The S&P rose 1.54% and the Nasdaq Composite closed 1.9%. – Fitzgerald
– With reports from Patti Domm of CNBC, Yun Li, Fred Imbert, Jeff Cox, Al Lewis and Thomas Franck.
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