Monster CEO Scott Gutz discusses the May jobs reports and the significance of sector spikes.
The Nasdaq Composite rallied to a record high Monday as investors remained optimistic over the reopening of the U.S. economy from COVID-19 lockdowns.
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The tech-heavy Nasdaq touched an intraday peak of 9,847.16 in the opening minutes of trading before pulling back. The index needs to finish above 9,817.18 to close in record territory.
BLOCKBUSTER JOBS RALLY PUTS US ON FAST TRACK TO CORONAVIRUS RECOVERY
Elsewhere, the Dow Jones Industrial Average gained 218 points, or 0.8 percent, while the S&P 500 was higher by 0.42 percent. The early gains have the major averages on track for a fourth straight week of gains.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:COMP | NASDAQ COMPOSITE INDEX | 9792.766431 | -21.31 | -0.22% |
| I:DJI | DOW JONES AVERAGES | 27313.1 | +202.12 | +0.75% |
| SP500 | S&P 500 | 3202.95 | +9.02 | +0.28% |
New York City entered phase one of its reopening plan on Monday, allowing construction and manufacturing to restart and retailers to open their doors for curbside and in-store pickups and drop-offs.
Looking at stocks, airlines, cruise operators, booking sites and other travel-related names continued to shine as the reopening of America has yet to produce a feared second wave of COVID-19 infections.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP INC. | 20.00 | +1.42 | +7.61% |
| CCL | CARNIVAL CORP. | 24.46 | +2.95 | +13.71% |
| EXPE | EXPEDIA GROUP, INC. | 95.84 | +2.78 | +2.99% |
Gun-related names surged as former Vice President Joe Biden secured the Democratic nomination over the weekend. Gun sales, which climbed to a record in May amid the COVID-19 lockdowns and riots, typically see a boost during election years amid concerns a new administration could bring increased regulatory measures.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AOBC | n.a. | n.a. | n.a. | n.a. |
| VSTO | VISTA OUTDOOR INC | 11.90 | +0.66 | +5.84% |
| RGR | STURM RUGER | 72.12 | +2.61 | +3.75% |
Drugmaker AstraZeneca has approached rival Gilead Sciences about a potential merger that would be the largest health care deal of all-time, Bloomberg reported, citing people familiar with the matter. The report said Gilead is not interested in selling itself or merging with another big pharmaceutical company.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AZN | ASTRAZENECA PLC | 52.23 | -1.62 | -3.00% |
| GILD | GILEAD SCIENCES INC. | 77.23 | +0.48 | +0.63% |
KUDLOW SAYS NEXT CORONAVIRUS RELIEF PACKAGE NEEDS TO INCLUDE ‘LONG-TERM’ MEASURES TO SUPPORT ECONOMY
Meanwhile, Facebook shares underperformed after CEO Mark Zuckerberg said the company would review its content policies. The social-media space has come under increased scrutiny in recent weeks after Twitter recently labeled some of President Trump’s tweets.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FB | FACEBOOK INC. | 228.18 | -2.59 | -1.12% |
| TWTR | TWITTER INC. | 36.38 | +1.51 | +4.33% |
Oil major BP announced plans to lay off 10,000 workers, or 14 percent of its global workforce, due to disruptions caused by COVID-19.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BP | BP PLC | 28.34 | +0.63 | +2.27% |
Chinese e-commerce company JD.com is planning a secondary listing in Hong Kong amid the threat foreign companies listed in the U.S. could face increased regulatory requirements. Elsewhere, Luckin Coffee Chairman Lu Zhengyao will likely to face criminal charges in China after authorities uncovered emails showing he instructed employees to commit fraud, according to state-run media company Caixin.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JD | JD.COM INC | 58.73 | -0.31 | -0.53% |
| LK | LUCKIN COFFEE | 4.76 | -0.75 | -13.61% |
On the earnings front, recreation vehicle maker Thor Industries reported a surprise profit and revenue that topped expectations. The company said sales have improved since dealerships reopened last month from their COVID-19-related shutdowns.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| THO | THOR INDUSTRIES | 107.98 | +7.98 | +7.98% |
West Texas Intermediate crude oil was down 0.61 percent at $39.31 a barrel after OPEC and its allies on Sunday agreed to extend historic production cuts through July. Earlier in the session, WTI crossed $40 a barrel for the first time since March 9. Meanwhile, gold was higher by 0.89 percent at $1,698 an ounce.
U.S. Treasurys were little changed with the yield on the 10-year note holding near 0.91 percent.
European markets were mixed with Britain’s FTSE and Germany’s DAX higher by 0.13 percent and 0.12 percent, respectively, while France’s CAC was lower by 0.11 percent.
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In Asia, Japan’s Nikkei gained 1.37 percent, China’s Shanghai Composite added 0.24 percent and Hong Kong’s Hang Seng ticked up 0.03 percent.
