US Stock Market Overview – Stock Rise Led by Energy; Moderna Results Buoy SharesModerna results buoy riskier assets
The Dow Jones Industrial Average hit an all-time intra-day high on Monday following the news of Moderna’s vaccine results. The Dow Industrials was the best performer of the major averages, as Energy shares outperformed. Most sectors in the S&P 500 index were higher on Monday, led by Energy and Materials, Healthcare shares bucked the trend. The dollar moved lower on Monday helping to buoy gold prices as well as Bitcoin which made a new 35-month high. Oil prices continue to move higher helping to buoy the energy sector. Stronger than expected Japanese and Chinese data helped buoy yields.
Moderna Vaccine News Lifts Markets
On Monday, Moderna announced the results of its phase-3 trial for a coronavirus vaccine. The company said that it saw 94.5% efficacy, with very few patients getting the COVID-19 disease. Moderna said that there were 30,000 people in its phase-3 trial, and of those 5 who did not receive a placebo, got COVID-19. The benefits of the Moderna vaccine is that it is an RNA protein messenger drug. It sends a message of a spile protein to your body and your immune system prepares you for defense against COVID-19. Additionally, Moderna said that the vaccine can be stored at 36-46 degrees Farenheight for up to 30-days which is much warmer than the vaccine produced by Pfizer. The news of the results helped buoy riskier assets especially stocks that have been beaten down.
Biden Meets with Business Leaders
President-elect Joe Biden hosted a joint meeting Monday with labor union leaders and the chief executives of major tech, retail, and auto companies. This included GM, Microsoft, Target, and Gap. It also included leaders of the AFL-CIO, the SEIU and the UAW. The meeting was to discuss business as well as what the country would need to defend itself from the surging number of people impacted by the coronavirus. Biden said at the start of the meeting. “We face a dark winter ahead with Covid.”