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Stocks close slightly higher on vaccine hopes and better than expected economic data

July 1, 2020 Stock Market Update

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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:

arrow up S&P 500 3,116 +16 +0.5%
arrow down Dow Jones 25,735 -78 -0.3%
arrow up Nasdaq 10,155 +96 +1.0%
arrow up Crude Oil 39.74 +.47 +1.2%
arrow down Gold 1781.0 -19.5 -1.1%
*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.

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