July 27, 2020

July 27, 2020

Coming off a week that saw the red-hot technology sector actually lead the market lower we began this week with the market moving higher lead by strength in technology as we await the next stimulus package out of Washington.

The Dow opened flat

At the close

  • Dow +116 to 26,586
  • S&P 500 +24 to 3239
  • NASDAQ +173 to 10,536
  • Oil +.32 to 41.61
  • Gold +34 to 1931 (all time high)

In corporate news shares of drug developer Moderna plunged 23% last week but was 9% higher today after the company received another $472M of government assistance for development of their COVID vaccine candidate. Hasbro, already down 25% for the year, dropped 7% today after reporting disappointing revenue and net income for the most recent quarter. Biogen gained 5% on a Morgan Stanley upgrade to buy based in large part on the prospect for their new Alzheimer’s drug.

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