Moderna's (MRNA) vaccine candidate will likely enter phase 3 trials by the end of the month
After dropping early in the day alongside the Dow and S&P 500, the Nasdaq finished with a modest gain after tech stocks such as Apple (AAPL) made a recovery. Florida's concerning number of coronavirus hospitalizations and deaths led today's downward spiral. However, further losses were likely pared by Dr. Anthony Fauci's announcement that Moderna's (MRNA) vaccine candidate will likely enter phase 3 trials by the end of the month. Meanwhile,
initial jobless claims fell to a four-month low of 1.3 million during early July's holiday-shortened week, while continuing claims for Pandemic Unemployment Assistance rose 1.5 million, to 14.4 million.
- Square stock slips from
all-time highs.
- Semiconductor stock offering
affordable premiums.
- Plus, the retail store struggling; the cruise stock restarting operations; and the tech giant boosted by a bull note.
The Dow Jones Industrial Average (DJI - 25,706.09) lost 361.2 points, or 1.4% for the day. Walmart (WMT) rose to the top of the Dow, finishing 2.7% higher, while Walgreen Boots Alliance (WBA) landed at the bottom with a 7.8%
loss.
Meanwhile, the S&P 500 Index (SPX - 3,152.05) dropped 17.9 points, or 0.6% for the day. The Nasdaq Composite (IXIC - 10,547.75) gained 55.3 points, or 0.5% for today's session.
Meanwhile, the Cboe Volatility Index (VIX - 29.26) gained 1.2 points, or 4.2%, for the day.
5 Items on Our Radar Today
- Despite the spike in coronavirus cases in Florida, Disney is set on reopening its theme parks on July 11. New safety protocol measures include mandatory masks, temperature checks, and empty seats on rides. (CNBC)
- The U.S. Supreme Court ruled that a New York prosecutor can obtain U.S. President Donald Trump's financial records, but prevented congress from seeing similar documents. (Reuters)
- BBBY takes a dive on plan for 200 store closings.
- Cruise stock down
despite German affiliate's plans to operate in August.
- Microsoft stock snags record high.
Data courtesy of Trade-Alert
Gold Pulls Back Following Recent Highs
Oil fell today after yesterday's four-month high, due rising coronavirus cases potentially threatening energy demand. August-dated crude fell $1.28, or 3.1%, to settle at $39.62 a barrel.
Gold prices fell for the first session in five, with further movement dependent on the pace of global recovery, according to analysts at ICICI Bank. August delivery fell $16.80, or 0.9%, to settle at $1,803.80 an ounce.