July 25, 2024

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Dow surges over 600 points as J&J’s coronavirus vaccine debuts

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U.S. equity markets rallied Monday as investors celebrated the approval of a third COVID-19 vaccine and as the U.S. House of Representatives passed a $1.9 trillion relief package.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 31578.22 +645.85 +2.09%
SP500 S&P 500 3899.6 +88.45 +2.32%
I:COMP NASDAQ COMPOSITE INDEX 13526.009516 +333.66 +2.53%

Midmorning, the Dow Jones Industrial Average was higher by 647 points, or 2.09%, while the S&P 500 and the Nasdaq Composite gained 2.05% and 1.74%, respectively.

The gains came as the 10-year yield slid 4.5 basis points to 1.41%. The benchmark yield last week touched a one-year high of 1.61%, causing jitters among stock-market investors as it topped the S&P 500’s dividend yield.

President Biden’s COVID-19 relief package cleared the House in a 219 to 212 vote, mostly along party lines, that saw two Democrats vote against the measure.

The bill, which gives $1,400 checks to most Americans and extends unemployment benefits among other things, has been criticized by Republicans as a “blue state bailout” with only 9% of the money going towards pandemic relief.

BITCOIN BUYERS PUNISHED BY SURGING BOND YIELDS

Ticker Security Last Change Change %
JNJ JOHNSON & JOHNSON 160.11 +2.10 +1.33%

In stocks, Johnson & Johnson’s single-shot COVID-19 vaccine received emergency-use authorization from the U.S. Food and Drug Administration and is expected to begin shipping 4 million doses immediately.

Ticker Security Last Change Change %
MRNA MODERNA, INC. 154.46 -0.35 -0.23%
PFE PFIZER INC. 33.78 +0.27 +0.79%
BNTX BIONTECH SE 110.61 +1.58 +1.45%

Other vaccine makers were in focus with Moderna trading lower.

Ticker Security Last Change Change %
DAL DELTA AIR LINES INC. 48.37 +0.47 +0.98%
RCL ROYAL CARIBBEAN CRUISES 90.60 -2.81 -3.01%
MAR MARRIOTT INTERNATIONAL, INC. 149.37 +1.30 +0.88%

News of another vaccine boosted airlines, cruise ship operators and other companies that have been hit hard by restrictions aimed at slowing the spread of COVID-19.

Ticker Security Last Change Change %
XOM EXXON MOBIL CORP. 56.66 +2.34 +4.31%
CVX CHEVRON CORP. 102.08 +2.31 +2.32%

Elsewhere, ExxonMobil Corp. shares spiked after CNBC reported activist investor Jeff Ubben will join the company’s board of directors.

Ticker Security Last Change Change %
BRK.B BERKSHIRE HATHAWAY, INC. 249.96 +9.43 +3.92%

WARREN BUFFETT: ALWAYS BET ON AMERICA

In earnings, Berkshire Hathaway reported operating income, Warren Buffett’s preferred performance measure, rose 14% from a year ago. The company, which bought back $25 billion of stock in 2020 plans to continue share repurchases in the current fiscal year.

Ticker Security Last Change Change %
DKNG DRAFTKINGS 67.44 +5.91 +9.61%

DraftKings Inc. received multiple upgrades and price target hikes after the sports-betting platform last week raised its outlook for the current fiscal year.

In commodities, West Texas Intermediate crude oil ticked up 34 cents to $61.84 per barrel and gold added $11 to $1,739.80 an ounce.

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Global markets were higher across the board.

France’s CAC 40 paced the advance in Europe, trading up 1.45%, while Britain’s FTSE 100 and Germany’s DAX 30 climbed 1.4% and 1.27%, respectively.

In Asia, Japan’s Nikkei 225 surged 2.41%, Hong Kong’s Hang Seng index advanced 1.63% and China’s Shanghai Composite index rose 1.21%.

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