Wall Street finished the day and the week with solid gains, as a rotation trade helped stocks gain steadily from a flat open.
Tesla (NASDAQ:TSLA) shares soared another 8% in Friday’s trading, crossing above a psychologically important $1,500 level for the first time.
Goldman Sachs wads up the oft-repeated thesis that if you haven’t subscribed to Netflix (NFLX +2.7%) by now, you never will.
Stocks are gaining steam in afternoon trading, with momentum stock standing out and cyclical sectors adding to early gains.
Tesla (NASDAQ:TSLA) appears on the verge of joining the S&P 500, Reuters reports, a move that would unleash a flood of new demand for the company’s shares which already have surged 500% over the past year.
Cruise line stocks are rallying after Carnival’s final Q2 results sounded slightly more upbeat that its preliminary report.
Well Fargo bank analyst Mike Mayo, in an interview on CNBC and a response to a question about whether loss provisions will be higher this time around, noted that with 2Q earnings season on the docket for next week, you can expect a worse result for banks than 1Q.
Driven by higher loan loss reserves, Citigroup (NYSE:C) Q1 EPS of $1.05 falls short of the consensus of $1.44 and declines from $1.87 in the year-ago quarter.
Nkarta (NASDAQ:NKTX) had a big IPO, upsizing the number of shares sold to 14M from 10M. It also priced at $18 vs. the expected range of $16-$17. The offering raised $252M.
The market moves to its highs of the day as a rotation in leadership lets tech take a breather.The S&P is up 0.5%, the Dow is rising 0.9% and the Nasdaq is flat.
Carnival (CCL +4.4%) reports revenue declined 85% in Q2.Specific brands and ships are expected to return to service in collaboration with governmental and health authorities.
Rivian (RIVN) raised another $2.5B in a funding round led by T. Rowe Price (NASDAQ:TROW).Other participants in the round include Soros Fund, Coatue, Fidelity Management, Baron Capital, Amazon (NASDAQ:AMZN) and funds managed by BlackRock.
The market opens little changed, but futures erased losses ahead of the bell following encouraging COVID treatment data.
Gilead Sciences (NASDAQ:GILD) reports additional data on remdesivir that includes a comparative analysis of the Phase 3 SIMPLE-Severe study and a real-world retrospective cohort of severely ill COVID-19 patients. The results are being presented virtually at the 23rd International AIDS Conference.
June Producer Price Index: -0.8% vs. +0.4% consensus and -0.4% prior.-0.2% Y/Y vs. -0.4% consensus and -0.8% prior.
The tech-heavy Nasdaq on Thursday closed at a new all-time high led by gains from Microsoft and Amazon, while the Dow and S&P 500 closed lower on disappointing earnings from Walgreens.
“While the oil market has undoubtedly made progress… the large, and in some countries, an accelerating number of COVID-19 cases is a disturbing reminder that the pandemic is not under control and is casting a shadow over the outlook,” the IEA wrote in its closely-watched monthly report.
Stocks finished the day down, well off the lows but unable to turn afternoon upward momentum into gains for the broader market.
Twelve states, including California and Florida, hit highs on a seven-day moving average of new COVID-19 cases, according CNBC analysis of Johns Hopkins data.
Aswath Damodaran, in some circles known as the “Dean of valuation” given his standing as a professor at NYU Stern, in an interview on CNBC, discussed recent valuation worries and “story” stocks like Tesla (NASDAQ:TSLA) and Zoom Video (NASDAQ:ZM).