The Wall Street rally seems to have come to its end as most defining stocks closed lower amidst increasing COVID-19 cases.
Pfizer and BioNTech stocks have jumped in response to receiving ‘Fast Track’ status on their coronavirus vaccine candidates. PFE and BNTX prices are rising.
This week, the S&P 500 companies are expected to announce their Q2 2020 earnings. Things will be slightly different from their usual state considering the current situation.
Recent reports suggest that the Trump administration has been mulling to revoke the USD-HKG peg and reduce the supply of U.S. dollar to Hong Kong after China forcefully imposed a national security law in June.
Tesla’s mammoth growth in 2020 has helped Elon Musk to add over $43 billion to his personal fortune just in the last six months. Currently, Elon Musk is the highest-paid CEO in the U.S. drawing a $595 million payday check.
Tesla (TSLA) stock growth and the company’s performance are expected to help Tesla enter the S&P 500 index. The stock hit a new record high on Friday closing above $1540 levels.
The Commodity Futures Trading Commission (CFTC) has released its framework for 2020-2024. The framework will support the emergence of cryptocurrencies derivative markets.
It is expected that major U.S. crypto exchange Coinbase may go for an IPO in early 2021.
The U.S. stock market has taken a new turn as Nasdaq has set a new record high. This increase is mainly due to a recent surge in Apple and Microsoft shares.
As the clouds of COVID-19 concerns continue to hover over Wall Street, tech and software companies see a major surge due to larger demand and the changing economic dynamics. Dow Jones and other indices moved higher.
The positive performance of Tesla (TSLA) stock can be attributed to the operations of its Shanghai Giga factory. 14,954 Model 3 vehicles were manufactured and delivered in June.
At the beginning of the week, Wall Street was quite optimistic being supported by the signs of strength in the service sector, however, now the performance of its key components shows a downtrend.
Tesla stock has set a new record after it surged 13.5% on Monday. The increase has pushed the company’s market value to $245 billion. Today TSLA is trading in the green again.
Last week’s growth in Chinese markets has spiked a bullish run in U.S Wall Street. Hopes for a full economic recovery are gaining momentum.
Alphabet was the latest to re-enter the $1 trillion club, reaching a $1.02 market cap on June 6. GOOGL stock added 2.02% yesterday to close at $1,499.65 but slightly declined to $1,495.05 per share in the pre-market today.