Stock Market Update Wednesday, July 1st, 2020
This morning ADP Non-Farm Employment data showed that the private sector added 2,369,000 jobs in June.
Restaurants and companies reopening were a big reason for the job increase, but it was still lower than a 2,850,000 forecast.
Stocks opened slightly higher after the news, then we had ISM Manufacturing PMI at 10:00am ET.
The report showed that manufacturing grew in June with a reading of 52.6 (vs. a 49.8 forecast). Readings above 50 indicate industry expansion.
In addition to the positive economic data, we had some great news from Pfizer (PFE) and BioNTech (BNTX). A study by the two companies showed that the coronavirus vaccine that they are working on created neutralizing antibodies. PFE jumped 3.2% on the news, and BNTX finished lower by 3.9% after an early pop.
With Dr. Anthony Fauci saying yesterday that new coronavirus cases could surpass 100,000 a day, the vaccine report was big news.
But the news wasn’t enough to keep the rally going..After a higher start, trading was choppy for most of the day.
The NASDAQ ended the day with a new record. But overall, the major indices were mixed with the DOW finishing in negative territory.
Here’s where the major markets ended the day:
|*As of market close|
Fedex (FDX) jumped +11.7% after a huge earnings report. Fedex’s revenue skyrocketed last quarter because of in increase in E-commerce shipping after the pandemic.
Netflix (NFLX) shares saw a +6.7% increase today and made a new record high! The rally came as multiple analysts reported they believe Netflix stock will increase in value in the short term because of an increase in viewership (no bars = more Netflix).
As we wind down ahead of the holiday weekend there’s one more key report tomorrow. At 8:30am ET eyes will be on the Jobs Report.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.