Market Watch Weekly | July 17th, 2020 | Flat: It's The New Up.
Erik Dekker - Jul 17, 2020
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In a surprising change of pace, the S&P 500 and TSX were comfortably higher in a week that saw the tech centric NASDAQ post a loss. Following new all-timehighs on Monday, the NASDAQ gave back its gains much to the benefit of deep cyclicals...
In a surprising change of pace, the S&P 500 and TSX were comfortably higher in a week that saw the tech centric NASDAQ post a loss. Following new all-time-highs on Monday, the NASDAQ gave back its gains much to the benefit of deep cyclicals such as financials, energy, materials and industrials. “Position squaring” might best define the market activity this week when one considers that the bulk of the market rebound since March lows have been driven by the US mega-cap “stay at home” stocks in the technology and communication services sectors.
U.S. earnings season kicked off this week with JP Morgan and other U.S financials reporting better than expected results. That, and news of crucial data on Covid vaccines had markets moving this week. Moderna’s vaccine elicited antibodies in all people tested in an initial safety trial, federal researchers said Tuesday. New immunizations are reaching important milestone as a growing number of companies are reporting positive initial data and advancing to various degrees of human trials. Johnson & Johnson said it expects to begin a phase one human next week with 1,000 participants with a late-stage human trial for a potential coronavirus vaccine in late September, ahead of schedule. More than 100 vaccines are under development with at least 23 already in human trials, according to the World Health Organization (not fake news)..
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