Morning Report 21 Jul 20: US sharemarkets were higher on Monday

Monday saw the S&P500 index turning positive for the year and the Dow Jones index erasing a 167 point drop earlier in the trading session. Pfizer (+0.7%) and BioNTech (+3.5%) reported early positive data on a joint COVID-19 vaccine candidate. Shares of Noble Energy lifted 5.4% after Chevron (-2.2%) agreed to buy the oil and gas producer for US$5 billion. Halliburton's shares rose 2.5% after the oilfield services giant posted a solid quarterly profit. Amazon shares surged 7.9% -its biggest lift since December 2018 -after a Goldman Sachs analyst lifted the price target of the stock to US$3,800 per share. The Dow Jones index rose by 9 points or 0.03%. The S&P500 index lifted by 0.8%. The Nasdaq index rose by 264 points or 2.5% to a record closing high. 

 

This report is approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399, AFSL 238814 (CommSec) a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (the Bank). The Bank and its subsidiaries have effected or may effect transactions for their own account in any investments or related investments referred to in this report. This report is not a recommendation to buy, sell or hold any securities or financial products, and has been prepared without taking account of the objectives, financial or taxation situation or needs of any particular individual. For this reason, any individual should, before acting on the information in this report, consider the appropriateness of the information, having regard to the individual's objectives, financial or taxation situation and needs and, if necessary, seek appropriate professional advice. This report is produced by Commonwealth Research based on information available at the time of publishing. We believe that the information in this correspondence is correct and any opinions, conclusions or recommendations are reasonably held or made as at the time of its compilation, but no warranty is made as to accuracy, reliability or completeness. To the extent permitted by law, neither the Bank nor any of its subsidiaries accept liability to any person for loss or damage arising from the use of this report.