US stocks rose sharply on Monday to begin the first full week of trading in the third quarter and second half of 2020. All three major averages were in the green, shaking off an increase in coronavirus cases in the US and abroad. Technology stocks led the Nasdaq Composite to an intraday record high.
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1:57 p.m .: Coronavirus hospitalization is increasing in 23 states as the number of patients registered in Texas increases
12:55 PM: NYSE supporters lead the declines 2-1
The number of names listed on the New York Stock Exchange was twice that of declining emissions as Wall Street builds on last week's strong gains. A total of 1,877 NYSE shares traded higher, according to FactSet, and 992 fell. – Imbert
12:00 p.m .: Markets at noon: Big Tech leads Nasdaq to record highs
The Nasdaq Composite was at an all-time high on Monday as major technology stocks – Facebook, Amazon, Apple, Netflix, and Google parent alphabet – rose. The index rose by more than 2% around noon. The Dow and S & P 500 also got a boost, gaining 364 points and 1.6%, respectively. – Imbert
11:50 a.m .: Big Tech leads the market higher
Shares in major technology stocks led the market higher on Monday. Amazon, which traded above $ 3,000 a share for the first time, and Netflix rose 4.7% and 4.6%, respectively. Both stocks hit an all-time high on Monday. Microsoft grew 2.2% and Apple more than 3%. Facebook reversed past losses and traded 2.5% higher. In addition to the euphoria, Tesla's shares rose more than 10% after JMP Securities predicted that Tesla would generate annual sales of $ 100 billion by 2025. – Fitzgerald
11:40 a.m .: Companies have returned $ 30 billion in loans for the paycheck protection program
Corporations have returned or canceled more than $ 30 billion in loans approved under the government's emergency paycheck protection program, a senior official said Monday. The sum of several billion dollars shows that the vast majority of the funds returned came from private companies; According to FactSquared, a data analysis company, public companies have only returned $ 430 million. The Small Business Administration also reported an incomplete list of companies that had received the PPP relief loan by June 30. President Trump extended the deadline to apply for the PPP until August 8 on Saturday. – Franck
11:34 am: JPMorgan experiences strong denim demand and e-commerce growth for Levi in the coronavirus era
JPMorgan reiterated its overweight rating ahead of Levi's result on Tuesday, saying the company should benefit from "more casualization" if the corona virus persists. "Investors will focus on product category trends and how denim has evolved through COVID-19 and how mgmt. Consumer preference is changing for denim that changes with the low after the pandemic> 70% of Levi's sales with mgmt Without & # 39; zoom effect & # 39; or From the beginning of April, the business mix in China or the United States will change, "said analyst Matt Boss. The company also said that e-commerce is a relatively "small" part of the company's revenue, but the company has recently accelerated investment in its digital activities. The company's shares rose by more than 3% in midday trading. – blooming
10:58 a.m .: Amazon trades over $ 3,000 for the first time
The shares of the e-commerce giant Amazon were traded above the $ 3,000 level for the first time on Monday. In addition to the broader market, the share rose by more than 3%. The juggernaut led by Jeff Bezos has grown more than 60% this year as millions of Americans stocked up on food and household items during quarantine while avoiding physical business. – Fitzgerald
10:52 a.m .: Netflix should remain content king as consumers continue to stay at home, says analyst
Canaccord said Monday that Netflix’s content leadership is "ready to move on," wrote analyst Maria Ripps. "We also see the potential for an upward trend in estimates as consumers shift their discretionary spending away from out-of-home activities like movie theaters, concerts and sporting events and more towards home entertainment like subscription videos on Deman," she said. "In the long term, we expect a further shift from linear TV consumption to digital over-the-top platforms, and we can see that Netflix's extensive content library creates a strong competitive gap in a favorable industry environment." The shares of the streaming giant rose 3.6% in early trading. -Flowers
10:28 am: The ISM Nonmanufacturing Index jumps more than expected
The Institute for Supply Management's non-manufacturing index rose more strongly than expected in June, signaling its first expansion in the sector in three months. The index rose to 57.1 last month, beating a Dow Jones estimate of 50.1. It was also the largest increase in the index over the previous month. – Imbert
10:14 a.m .: Here are the biggest analyst calls of the day on Monday: Intel, Netflix, Tesla, Zoom and more
Goldman Sachs downgraded Intel to sell from neutral. Imperial downgraded Netflix from Outperform to undercut market performance. Bernstein downgraded Spotify from $ 1,050 to $ 1,500. Citi initiated Harley-Davidson as a buy target price for Zoom from $ 230 to $ 300.
Pro subscribers read more here. – blooming
9:40 a.m .: Nasdaq Composite reaches all-time high throughout the day
The Nasdaq Composite hit a new all-time high during the day on Monday, the 26th all-time high of 2020. The technology-intensive index has now accelerated for the fifth time in a row for the first time since its eighth session. The Nasdaq-100 also reached the open new all-time high within one day. – Fitzgerald, Hayes
9:31 a.m .: Shares open in the green, Dow rises by 300 points
At the beginning of the first full week of the third quarter, the stocks opened with strong gains. On Monday, the Dow Jones Industrial Average rose 360 points, or 1.4%. The S & P 500 and the Nasdaq Composite rose 1.4% and 1.5%, respectively. – Fitzgerald
9:05 am: Trump says the elections in Biden would "dissolve" 401 (k) s and shares
President Donald Trump warned Monday morning that Joe Biden's election could cause American 401 (k) and stocks to "crumble and disappear" thanks to the Democratic policy. Trump, who lags Biden by 8.7 percentage points in national polls, went to Twitter to berate what he classified as his opponent's plan for "massive tax increases". However, stocks continued to rise, although Biden's lead in the polls increased. And JPMorgan told customers on Monday that a democratic win in November would be neutral to slightly positive for the markets. – Franck
8:34 am: The reopening of names leads the market in the premarket trade higher
Shares in companies that would benefit most from reopening in the US outperformed the broader market ahead of Monday morning's opening bell. Mall operator Simon Property Group grew 3%, while Kohl's and Gap grew 2.5% and 3.5%, respectively. The airlines Delta, Southwest and United all grew by around 2.5%. Expedia and TripAdvisor each grew 2.5%. – Franck
8:33 am: Tesla rises after the JMP finish hike
JMP Securities raised its price target for Tesla, saying in a message to customers that the company's better-than-expected second-quarter deliveries showed it was on the right track to continue growing. The company predicted that Tesla would generate annual sales of $ 100 billion by 2025. The automaker's shares rose 6% in premarket trading.
Pro subscribers can read more about the note here. -Lb
8:27 a.m .: Intel fails after downgrading from Goldman
Intel shares fell 0.4% in premarket trading after Goldman Sachs downgraded the stock to sell it from neutral. The bank said in a message to customers that its channel reviews have shown that the PC market is slowing and Intel is losing market share in other businesses. -Lb
8:18: China's shares appear in the editorial office and praise the "prosperity effect" of the market.
Asian equity indices rose Monday morning after the China Securities Journal promoted stocks and investors will feel "the capital markets wealth effect". The state media publication also emphasized the importance of a "healthy" bull market. The China Shanghai indices rose by around 6% and the Nikkei 225 in Japan by 1.8%. "When I look at the markets over the next 5 to 10 years, I'm optimistic about emerging Asia and believe that stocks in this region of the world will outperform everywhere after 10 years of underperformance," said Peter Boockvar, chief Investment officer at the Bleakley Advisory Group. – Cox
8:17 a.m .: Coronavirus cases jump over the weekend
The bullish mood on Wall Street is against the background of rising coronavirus cases in Germany and abroad. The World Health Organization said Saturday that more than 200,000 coronavirus cases were confirmed within 24 hours, a record. The largest increase was in America, where nearly 130,000 new cases were confirmed. Florida and Texas reported daily record highs of 11,445 and 8,258, respectively. – Fitzgerald
8:09 a.m .: Warren Buffett's Berkshire Hathaway makes his first deal since the pandemic
Berkshire Hathaway Spends $ 4 Billion on the Purchase of Dominion Energy Gas Transmission and Storage Facilities. This is the conglomerate's first deal since the coronavirus crisis and the biggest purchase in years. Including the assumption of debt, the deal amounts to almost $ 10 billion. With the deal, Dominion is moving to a purely regulated utility that focuses on generating clean energy from wind, solar, and natural gas. Prior to the announcement, Warren Buffett announced that Berkshire had set a record $ 137 billion in cash and was aiming for an "elephant-sized takeover." – Li
8:07 a.m .: Uber officially buys Postmates
Uber said it was ready to buy the Postmates grocery delivery service, the two companies said on Monday. Postmates is the fourth largest U.S. food delivery service by market share. The company was successful in certain urban areas such as Los Angeles and Miami. – Fitzgerald
7:54 am: Uber jumps on Postmates deal
Ride-hail giant Uber's shares rose 6.5% in premarket trading on Monday after several reports said Uber had signed a $ 2.65 billion purchase agreement for Postmates food delivery service. Earlier this year, Uber was in talks to buy Grubhub; The deal never materialized and Grubhub was bought by Just Eat Takeaway.com in Europe. – Fitzgerald
7:45 a.m .: Jump stock futures
US equity futures traded significantly higher on Monday, extending last week's strong performance to the second half of the year. Dow futures rose 345 points, or 1.3%. The move implied a higher opening by around 400 points. The S&P 500 and Nasdaq-100 futures were 1.1% higher. Stocks whose performance depends on the reopening of the economy rose in premarket trading.
The shares made a strong start to the third quarter and second half of 2020. The Dow Jones Industrial Average and the S&P 500 rose 3.3% and 4% respectively last week. The Nasdaq gained 4.6% during the week with shorter vacations. – Fitzgerald
– With reports from Jeff Cox, Tom Franck, Michael Bloom and Fred Imbert from CNBC.
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