Upbeat Coronavirus Vaccine News Driving Futures Sharply Higher

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Monday, 09 November 2020 10:52:13 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( ["All In" Buy Alert Issued for $10 Stock Update]( How to Tap Into the Most Powerful Income Stream in America... [Click Here for Details]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a sharply higher opening on Monday, with stocks likely to extend the rally seen last week. The Dow futures are currently spiking by 1,660 points, suggesting the blue chip index is on pace to jump to a new record high. Early buying interest is likely to be generated in reaction to upbeat results from a phase 3 study of the coronavirus vaccine being developed by Pfizer (PFE) and BioNTech (BNTX). Pfizer and BioNTech said an interim analysis of the results found the vaccine candidate to be more than 90 percent effective in preventing COVID-19 in participants without evidence of prior infection. ?Today is a great day for science and humanity,? said Pfizer Chairman and CEO Dr. Albert Bourla. ?The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine?s ability to prevent COVID-19.? The companies said they plan to submit the vaccine for regulatory approval in the U.S. and Europe soon after the required safety milestone is achieved, which is currently expected to occur in the third week of November. Stock futures soared following the news but had already been pointing to a higher open for the markets following Democratic candidate Joe Biden?s projected victory in the presidential election. Several major news organizations called the race for Biden after projecting the former Vice President will win Pennsylvania and its 20 electoral votes. The apparent victory for Biden potentially sets up a divided government, with control of the Senate likely to be decided by two run-off elections in Georgia. However, President Donald Trump has refused to concede the race, alleging widespread voter fraud and launching legal challenges in several key states. After coming under pressure in early trading on Friday, stocks recovered over the course of the session before closing little changed. The roughly flat close on the day came on the reels of the rally seen over the past few sessions. The major averages finished the day on opposite sides of the unchanged line. While the Nasdaq inched up 4.30 points or less than a tenth of a percent to 11,895.23, the Dow dipped 66.78 points or 0.2 percent to 28,323.40 and the S&P 500 edged down 1.01 points or less than a tenth of a percent to 3,509.44. Despite the mixed closed on the day, the major averages all moved sharply higher for the week. The Dow jumped by 6.9 percent, the Nasdaq soared by 9 percent and the S&P 500 spiked by 7.1 percent. The early weakness on Wall Street was partly due to profit taking following the strong upward move seen over the past several sessions. Lingering uncertainty about the outcome of the presidential election also weighed on the markets as several key states continued to count votes. The early selling pressure was partly offset by a closely watched report from the Labor Department showing stronger than expected job growth in the month of October The report said non-farm payroll employment jumped by 638,000 jobs in October after surging up by a revised 672,000 jobs in September. Economists had expected employment to increase by 600,000 jobs compared to the addition of 661,000 jobs originally reported for the previous month. The Labor Department also said the unemployment rate dropped to 6.9 percent in October from 7.9 percent in September. The unemployment rate was expected to slip to 7.7 percent. "While the drop in unemployment was again mainly driven by temporarily laid-off workers returning to their old jobs, the number of permanent job losers also fell back slightly," said Andrew Hunter, Senior U.S. Economist at Capital Economics. He added, "That could be a crucial sign that the longer-term damage from the pandemic will not prove as severe as many had feared." Energy stocks showed a substantial move to the downside on the day amid a steep drop by the price of crude oil. Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index and the NYSE Arca Natural Gas Index both plunged by 2.7 percent, while the NYSE Arca Oil Index fell by 1.9 percent. Significant weakness was also visible among housing stocks, as reflected by the 2.4 percent slump by the Philadelphia Housing Sector Index. Biotechnology and banking stocks also saw considerable weakness on the day, while semiconductor, networking and steel stocks showed strong moves to the upside. --------------------------------------------------------------- [Man Who Predicted 2020 Gold Rally Issues New Call]( Gold expert explains why massive shift happening right now in the financial markets could create biggest opportunity in last 100 years. [Click here to know more.]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The Treasury Department is scheduled to announce the results of its auction of $54 billion worth of three-year notes at 1 pm ET. At 1:30 pm ET, Cleveland Federal Reserve President Loretta Mester is due to deliver the opening keynote at the Philadelphia Fed's Fourth Annual Fintech Conference virtual event. Philadelphia Fed President Patrick Harker is schedule to moderate a "Fintech Conversation with Brian P. Brooks and Patrick T. Harker" at the virtual event at 2:20 pm ET. --------------------------------------------------------------- --------------------------------------------------------------- Stocks in Focus Cruise operators Carnival Corp. (CCL), Norwegian Cruise Line (NCLH) and Royal Caribbean (RCL) are skyrocketing in pre-market trading on the upbeat coronavirus vaccine news. Shares of Party City (PRTY) are also seeing substantial pre-market strength after the party supplies retailer reported a surprise third quarter profit on much better than expected revenues and provided upbeat guidance. Cannabis producer Canopy Growth (CGC) is also likely to move sharply higher in early trading after reporting a narrower than expected fiscal second quarter loss on revenues that beat analyst estimates. Shares of Nordstrom (JWN) may also move to the upside after Telsey Advisory Group upgraded its rating on the luxury department store chain to Outperform from Market Perform. --------------------------------------------------------------- --------------------------------------------------------------- Europe European stocks have moved sharply higher on Monday Pfizer and BioNTech announced their coronavirus vaccine candidate was found to be more than 90 percent effective in preventing COVID-19 in participants without evidence of prior infection. The rally in Europe also comes after Democratic candidate Joe Biden was projected to defeat incumbent Donald Trump in the U.S. presidential election, helping remove some political uncertainty. Biden reportedly topped the necessary 270 Electoral College votes, but Trump has yet to concede he has lost the race. Analysts think that Trump's election lawsuits are unlikely to pass legal muster. While the French CAC 40 Index has soared by 7.2 percent, the German DAX Index and the U.K.?s FTSE 100 Index are up by 5.6 percent and 5.5 percent, respectively. Oil major BP Plc and Royal Dutch Shell have shown notable moves to the upside amid a sharp increase by the price of crude oil. British distribution and outsourcing company Bunzl has also moved notably higher after announcing an acquisition in Brazil. Homebuilder Taylor Wimpey has also skyrocketed after delivering a bullish update on the country's housing market. German chipmaker Infineon Technologies has also jumped. After posting in-line results for the fourth quarter, the company forecast that revenue would grow by nearly 23 percent in the year ahead. Volkswagen has also advanced. Traton SE, a subsidiary of Volkswagen, has signed an agreement to buy the remaining stake in Navistar International Corp. it does not already own for $44.50 per share. In economic news, German exports grew more than expected in September, while imports fell unexpectedly, data from Destatis revealed. French economic activity was expected to be reduced by 12 percent of normal levels this month as a result of the new lockdown, the Bank of France said. Sentix's investor confidence index for the eurozone dropped to -10.0 in November from -8.3 in October, falling for a second straight month. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks rallied on Monday after Democratic candidate Joe Biden was projected to defeat incumbent Donald Trump, helping remove some U.S. political uncertainty. A divided government with a Biden presidency and Republican-controlled Senate seemed like it could be good for both the stock market and the world's largest economy. Chinese shares rallied on hopes of a thaw in the frosty Sino-American trade relations. The benchmark Shanghai Composite Index soared 61.57 points, or 1.9 percent, to 3,373.73, while Hong Kong's Hang Seng Index rose 1.2 percent to 26,016.17. Japanese shares hit a 29-year high, with upbeat earnings from Honda Motor and Biden's projected victory helping underpin investor sentiment. The Nikkei 225 Index spiked 514.61 points, or 2.1 percent, to 24,839.84, its highest close since November 1991. The broader Topix closed 1.4 percent higher at 1,681.90, a level last seen in late February. Honda Motor shares soared 9.4 percent after the carmaker posted strong quarterly earnings and upwardly revised its earnings outlook. Toyota Motor rose 2.2 percent to extend gains, while Mazda Motor lost 2.9 percent on disappointing earnings. Japan Airlines plunged 11 percent after unveiling a share sale plan. Australian markets hit an eight-month high as Biden's apparent win buoyed demand for riskier assets. The benchmark S&P/ASX 200 Index jumped 108.60 points, or 1.8 percent, to 6,298.80, while the broader All Ordinaries Index surged up 120.70 points, or 1.9 percent, to 6,515.70. Miners BHP, Fortescue Metals Group and Rio Tinto jumped 3-6 percent on a weaker dollar. Lithium miners Pilbara Minerals and Galaxy Resources soared 10-11 percent. Tech stocks also gained ground, with buy-now-pay-later heavyweight Afterpay rising 4 percent. Online real estate advertising firm REA Group rallied 9.1 percent on brokerage upgrades after the online real estate advertising firm issued a positive first-quarter update last week. On the economic front, the total number of building permits issued in Australia in September rose a seasonally adjusted 15.4 percent month-on-month, official data showed. Permits for private sector houses rose 9.7 percent, while permits for private sector dwellings excluding houses spiked 23.4 percent. Seoul stocks posted strong gains to hit a more than two-year high as investors remained focused on what a Biden victory will mean for the global economy. The benchmark Kospi jumped 30.70 points, or 1.3 percent, to 2,447.20, extending gains for the sixth straight day. Tech, renewable energy and battery suppliers paced the gainers, with rechargeable battery maker Samsung SDI soaring 6.8 percent. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It?s a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are spiking $4.07 to $41.21 a barrel after tumbling $1.65 to $37.14 a barrel last Friday. Meanwhile, after rising $4.90 to $1,951.70 an ounce in the previous session, gold futures are plunging $58.70 to $1,893 an ounce. On the currency front, the U.S. dollar is trading at 104.92 yen versus the 103.35 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.1887 compared to last Friday?s $1.1874. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. 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