June 29, 2020

June 29, 2020

Stocks opened the week higher despite the continuing rise in new coronavirus cases. This is due to investors believing states will continue to reopen even as some Covid-19 hotspots pop up. In economic news, pending home sales had a record increase of 44.3% in May.

 

Dow Jones +580 at 25,596

S&P 500 +44 at 3,053

NASDAQ +117 at 9,874

 

The 10 Year Treasury closed flat yielding 0.64%

Oil prices closed up $0.98 ending at $39.47 a barrel

Gold prices closed up $3 ending at $1,783 an ounce

 

The days’ stock news:

  • Shares of Boeing moved 14% higher after announcing recertification flights for its 737 Max jet will begin today, a significant step as Boeing seeks to return the Max to service.
  • Gilead Sciences announced the prices for its anti-viral Covid-19 treatment, with developed world governments paying $390 per dose and privately insured patients being charged $520 per dose.
  • Shares of Beyond Meat dropped 7% after being downgraded at Barclays, which points to several factors including the impact of lockdowns on foodservice channels.

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