Money Map Press Chief Investment Strategist Shah Gilani discusses his outlook for the markets.
U.S. equity markets were mixed on Monday as New York City entered Phase 4 of its reopening and the biggest oil deal since the onset of the COVID-19 pandemic had been reached.
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The Dow Jones Industrial Average fell 123 points, or 0.46 percent, while the S&P 500 was little changed and the Nasdaq Composite was higher by 0.7 percent.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26563.68 | -108.27 | -0.41% |
| SP500 | S&P 500 | 3221.73 | -3.00 | -0.09% |
| I:COMP | NASDAQ COMPOSITE INDEX | 10561.627608 | +58.44 | +0.56% |
New York City entered Phase 4 of its COVID-19 reopening, allowing outdoor entertainment venues, including zoos and sports stadiums without fans, to unlock their doors. Gyms, museums and shopping malls must remain closed and restaurants still cannot utilize indoor seating.
Looking at stocks, Pfizer Inc. and BioNTech SE’s experimental COVID-19 vaccine received positive results from a Phase 1/2 study in Germany. Additionally, the companies agreed to supply 30 million doses of the experimental vaccine to Britain, the country’s business industry said on Monday. Financial terms of the deal were not disclosed.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PFE | PFIZER INC. | 36.90 | +0.65 | +1.79% |
| BNTX | BIONTECH | 89.81 | +4.56 | +5.35% |
Meanwhile, Dow component Chevron Corp. reached an agreement to buy Noble Energy Inc. for $5 billion in an all-stock deal. The transaction, which pays Noble shareholders 0.1191 Chevron shares for each Noble share owned, is valued at $13 billion when including debt.
Looking at earnings, Halliburton Co. posted its third straight quarterly loss and booked a $2.1 billion charge as the novel coronavirus made for difficult business conditions in North America.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 85.03 | -2.16 | -2.48% |
| HAL | HALLIBURTON COMPANY | 13.64 | +0.56 | +4.28% |
| NBL | NOBLE ENERGY | 10.21 | +0.56 | +5.75% |
Elsewhere, Walt Disney Co. reduced ad spending on Facebook as hundreds of other companies have boycotted the social media platform due to its handling of hate speech and divisive content, The Wall Street Journal reported, citing people familiar with the matter. Disney was the largest ad buyer on the social media platform during the first half of the year, spending an estimated $210 million, the report said.
Electric-truck maker Nikola Corp. plans to issue as many as 23.9 million shares through warrants and said existing shareholders may sell up to 53.39 million shares, according to a Securities Exchange and Commission filing.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | WALT DISNEY COMPANY | 116.95 | -1.70 | -1.43% |
| FB | FACEBOOK INC. | 240.50 | -1.53 | -0.63% |
| NKLA | NIKOLA | 39.83 | -9.01 | -18.45% |
West Texas Intermediate crude oil slid 58 cents to $40.01 per barrel while gold was up $8.60 at $1,818.60 an ounce.
U.S. Treasurys gained, pushing the yield on the 10-year note down by 2.1 basis points to 0.607 percent.
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Overseas markets were mixed with Germany’s DAX trading higher by 0.52, France’s CAC up 0.1 percent and Britain’s FTSE down 0.66 percent.
In Asia, China’s Shanghai Composite surged 3.11 percent and Japan’s Nikkei edged up 0.09 percent while Hong Kong’s Hang Seng slipped 0.12 percent.
