US Stock Market Overview – Stocks Rise Led by Financials; the Nasdaq Hits a Fresh All-time HighPPI unexpectedly falls
US stocks moved higher on Friday driven by gains in the Dow Industrials. The financials led the way. Most sectors were higher, technology bucked the trend. News before the opening bell that Gilead’s drug Remdesivir, which is a coronavirus treatment, reduces the risk of death in severely sick patients by nearly 60%. The US treasury note yield slumped to 57-basis points before rebounding into the close to settle above 60-basis points. New coronavirus cases in the U.S. rose by more than 63,000, another single-day record, as hospitals in Texas, California and other states strain to accommodate a surge of new patients. US producer prices came out weaker than expected with core intermediate goods looking the index lower. Next week the earnings season will kick off with the large US banks. JP Morgan is scheduled to release Q2 earnings before the opening bell on Tuesday.
Amazon Say Employees Must Remove Tick Tok
Amazon.com is now requiring its hundreds of thousands of employees to remove the TikTok app from mobile devices. Amazon said in a staff memo Friday that employees must delete TikTok by Friday to be able to continue accessing their email from their phones.
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Producer Prices Fall More than Expected
The US producer price index (PPI) dropped 0.2% last month after rebounding 0.4% in May. Year over year through the 12-months ending June, the PPI declined 0.8%, matching May’s decrease. Expectations were for a 0.4% rise in June and a 0.2% fall in May. Excluding the volatile food, energy producers’ prices rose by 0.3% in June. The core PPI dropped 0.4% on a year-on-year basis in May, which was the largest annual decrease since 2013.