Citron Research founder and executive editor Andrew Left on Chinese companies, like GSX Techedu, trading on U.S. stock exchanges.
The S&P 500 closed in on record highs Tuesday as the benchmark index worked to extend its longest winning streak since April 2019.
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The index gained 0.5% in the opening minutes of trading while the Dow Jones Industrial Average rose 277 points, or 1%. Both were on track for their eighth straight day of gains. The Nasdaq Composite, meanwhile, continued its recent underperformance, slipping 0.24%.
Economically-sensitive stocks were among the Dow’s biggest gainers for a second straight session as recovery hopes gained momentum, with drugmakers BioNTech and Pfizer saying they may seek regulatory approval for a COVID-19 vaccine as soon as October.
Airline stocks surged for a second day after Transportation Security Administration data out Monday showed the number of travelers who went through airport screenings on Sunday was the highest since shutdowns began in mid-March.
Cruise operators also gained after Royal Caribbean Group announced it is working on new safety measures that will allow ships to resume their voyages.
Ride-hailing operators Uber Technologies Inc. and Lyft Inc. were ordered by a California judge to classify drivers in the state as employees, entitling them to benefits. The companies currently classify drivers as independent contractors.
Looking at earnings, Simon Property Group Inc. missed Wall Street estimates for both profit and revenue as retailers struggled to pay rent due to the loss of sales during COVID-19 shutdowns. In the U.S., the mall operator collected 51% of April rent due and 69% for May and June combined. That number increased to 73% in July.
Canada Goose Holdings Inc.’s loss widened as COVID-19 shuttered stores and reduced hours of operation. The outerwear manufacturer will focus new store openings in the Greater China region after its four new stores in Chengdu outpaced expectations.
Chinese streaming-music service Tencent Music said its paid subscribers jumped 52% to 47.1 million during the three months through June. The company also extended its licensing agreement with Universal Music Group, home to Taylor Swift and the Beatles.
Chinese electric-vehicle maker Nio Inc.’s quarterly revenue surged 147% from a year ago, as the world’s largest auto market reopened from COVID-19 lockdowns. The company said momentum carried over into July, with deliveries up 322% year-over-year.
Looking at commodities, West Texas Intermediate crude oil climbed 74 cent to $42.68 per barrel while gold tumbled $51 to $1,988.70 an ounce.
U.S. Treasurys were lower, causing the yield on the 10-year note to climb by 3.3 basis points to 0.607%.
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In Europe, France’s CAC rose 2.8%, Germany’s DAX added 2.65% and Britain’s FTSE gained 2.44%.
Asian markets ended mixed with Hong Kong’s Hang Seng and Japan’s Nikkei climbing 2.11% and 1.88%, respectively, while China’s Shanghai Composite slid 1.15%.
