Singapore Stock Market News

Market Commentary: Markets optimistic on prospects of a vaccine

StockFanatic
Publish date: Tue, 21 Jul 2020, 05:34 PM
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·   Technology shares pushed the Nasdaq to a record closing high, as promising trial results from potential Covid-19 vaccines helped investors look beyond spiralling new cases of the disease.
·           The Dow Jones Industrial Average rose 8.92 points, or 0.03%, to 26,680.87, the S&P 500 gained 27.11 points, or 0.84%, to 3,251.84 and the Nasdaq Composite added 263.90 points, or 2.51%, to 10,767.09.
·           Of the 11 major sectors in the S&P 500, consumer discretionary and tech enjoyed the largest percentage gains, on demand for companies that benefit from diminished economic activity.
·           On the virus front, AstraZeneca jumped to a record after results from a vaccine trial were published, but the rally faded after analysts said the data, while good, were not as stellar as hoped for.
·           Second-quarter earnings season chugged along. Some 48 companies in the S&P 500 have posted results, with 77.1% of those beating consensus, according to Refinitiv data. In aggregate, analysts now expect S&P 500 second-quarter earnings to have dropped 43.2% year-on-year, per Refinitiv.
·           In Washington, lawmakers are starting to hammer out a rescue package to replace some of the expiring benefits earlier versions contained. Euro-area leaders appeared close to an agreement on stimulus; while the total size of the recovery package is in flux, an earlier proposal was for 750 billion euros (US$858 billion). The latest arrangement includes 390 billion euros of grants and 360 billion euros of low-interest loans.
·           Chinese stocks rebounded on Monday after the government adopted measures to slow the pace of gains. The Shanghai Composite jumped by more than 3%, signalling the market may continue the blistering run it has been on in July.
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