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Weekly gain on Wall Street, COVID-19 vaccine expected by early 2021 (at best)

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07/14/2020 | 10:29am EDT

Week from 6 to 12 July 2020

10.7.20 Global Flows Map

Week from 6 to 12 July 2020

Although the infection rate is still growing rapidly in the U.S. (confirmed cases now exceeding the 60,000-a-day mark), Wall Street extended gains on Friday as BioNTech and Pfizer lifted sentiment after their CEOs announced that a treatment could be ready for approval by December. Dr Anthony Fauci added that he was “cautiously positive” about having a vaccine available by early 2021.

The S&P 500 surged 1.76%, the Dow Jones Industrial Average rose 0.96% and the Nasdaq Composite climbed as much as 4.01%, to a fresh all-time high of 10,617.44, as FAANG stocks were sparkling again (Facebook +4.99%, Google-Alphabet +5.26%, Apple Inc. +5.37%, Amazon +10.71%, Netflix +15.06%). On the other hand, small cap stocks significantly underperformed their large cap counterparts (Russell 2000 down 0.64%, bringing the S&P 500 return in excess to the Russell 2000 to 13.31% YTD!).

Tech fared well (+2.70%) but two other S&P sectors did better over the week: consumer discretionary stocks (+4.83%), boosted by Amazon which topped $3,200 for the first time ahead of the quarterly earnings season, and communication services (+4.68%). By contrast, energy lagged behind (-4.64%). WTI is still facing huge resistance (closing at $40.55 per barrel, up 0.67% WTD) from the gap that grew out of the Saudi-Russia price war. Real estate (-1.76%) and industrials (-1.39%) were also losing momentum.

European stock markets ended the week with mixed results (CAC 40 down 0.73%, DAX 30 up 0.84%, FTSE 100 down 1%), awaiting for the meeting of the EU leaders, on July 17-18, for any further news on the €750bn recovery fund.

In Asia, the Shanghai Composite continued its three-week winning streak (+7.31% WTD) in anticipation of faster economic recovery while the Nikkei inched down 0.07%.

On the interest rate front, yields on govies remained virtually unchanged (U.S. 10-year: +0.65%, Germany 10-year: -0.47%).

IG corporate bonds gained ground (+0.29% in Europe, +0.80% in the U.S.), outperforming high-yield bonds once again (+0.16% in Europe, +0.29% in the U.S.). Emerging debt followed suit (+0.79% in local currencies).

Lastly, it is worth noting that gold which benefits from very low interest rates across the globe topped $1,801.90/Oz (+0.94%). This bullish trend is consistent with the net selling of U.S. Treasury securities and dollar weakness.

Find the full report here: https://www.trackinsight.com/en/weekly-flow-report/2020-07-10/global

10.7.20 Global Weekly Flows

10.7.20 Global Weekly Performance
10.7.20 Global Winner Loser

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -0.19% 1502.08 Delayed Quote.12.36%
APPLE INC. -1.04% 450.3 Delayed Quote.49.92%
BIONTECH SE 0.31% 77.31 Delayed Quote.127.51%
CAC 40 0.16% 4893.59 Real-time Quote.-18.28%
DAX 0.66% 12675.59 Delayed Quote.-4.96%
DJ INDUSTRIAL -0.27% 27325.22 Delayed Quote.-4.68%
FACEBOOK 4.34% 276.67 Delayed Quote.29.25%
LONDON BRENT OIL -1.33% 44.54 Delayed Quote.-31.33%
NASDAQ 100 -0.24% 11240.756567 Delayed Quote.29.02%
NASDAQ COMP. -0.13% 11094.281515 Delayed Quote.23.80%
NETFLIX, INC. -1.76% 500.62 Delayed Quote.57.33%
NIKKEI 225 -0.39% 22329.94 Real-time Quote.-5.24%
PFIZER LIMITED -0.70% 4390.9 End-of-day quote.3.95%
PFIZER, INC. 0.18% 38.3582 Delayed Quote.-2.32%
S&P 500 -0.09% 3346.92 Delayed Quote.3.66%
S&P/CITIC 300 INDEX -0.02% 4087.27 Delayed Quote.16.25%
S&P/CITIC 50 INDEX -0.02% 3922.77 Delayed Quote.5.91%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.70% 73.6875 Delayed Quote.17.41%
WTI -1.56% 41.385 Delayed Quote.-31.22%

© www.trackinsight.com 2020
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