US Stock Market Overview – Stock Rally as the FDA Authorized the use of Convalescent Plasma

US stocks moved higher on Monday, initially rallying on news that President Trump was weighing fast-tracking the Astrazeneca vaccine for COVID-19. The S&P 500 index as well as the Nasdaq settled at fresh all-time highs. Apple shares continued to move higher on the date of record for the company’s 3-1 stock split.

Most sectors in the S&P 500 index were higher, led by financials and energy, Healthcare bucked the trend. Energy shares were buoyed by a surge in natural gas prices which rallied as two tropical storms moved into the Gulf of Mexico. Tropical storm Marco is beginning to peter-out after being downgraded to a tropical storm from a Hurricane. Tropical Storm Laura is expected to hit Port Author Louisiana as a category 2, hurricane.

The Attorney General of New York has asked a judge to enforce a subpoena that Eric Trump testify in front of a grand jury for issues related to the Trump organization. It appears that the New York Attorney General is going down the path to potentially issue criminal charges against the Trump Organization and several of the president family members. The FDA said it authorized the use of convalescent plasma, the antibody-rich blood component taken from recovered Covid-19 patients, for the treatment of serious coronavirus cases. The VIX volatility index whipsawed initially moving lower but rebounding into the close to settle the day up 1.5% at 22.80.

TikTok Sues White House

Chinese-owned TikTok sued the U.S. government in federal saying that it protects its users’ data and challenging President Trump’s executive order that would effectively ban the video-sharing app if it doesn’t find an American buyer for its U.S. operations.