Today’s stock market shows promising development, with Moderna Inc. experiencing a 3% increase in its stock. The surge in their shares comes following the announcement that Moderna has submitted regulatory applications for its mRNA-1345 vaccine targeting RSV-associated lower respiratory tract disease and acute respiratory disease in adults aged 60 and older in Europe, Switzerland, and Australia. Additionally, the company has initiated the submission process for a Biologics License Application with the FDA in the United States. The applications are backed by the results from a Phase 3 trial, indicating the vaccine’s efficacy at 83.7%, and its well-tolerated nature [1][2][3].
References: [1] CNBC: Stock Markets, Business News, Financials, Earnings [2] US Markets, World Markets, and Stock Quotes [3] MarketWatch: Stock Market News – Financial News …
Technology stocks Nvidia, Microsoft, Apple, Alphabet and Tesla slid in premarket trading Wednesday
As Wall Street recommenced work after the Independence Day vacation, the Dow Jones Industrial Average experienced slight drops. This article takes a comprehensive view of the factors that shaped the particular trading day, the speculations surrounding the Federal Reserve meeting, and the influence of the global market on the Dow Jones today.
1. A Glimpse at the Dow Jones Today
The Dow Jones Industrial Average, a 30-stock index, experienced a minor dip, losing almost 100 points, translating to a 0.3% decrease. The S&P 500 and Nasdaq Composite followed suit, each shedding 0.2%. The U.S. markets had just come back online after being closed for the July Fourth holiday.
2. The Federal Reserve Meeting: Awaiting the Minutes
Minutes from the June 13-14 Federal Reserve meeting due Wednesday afternoon were anticipated by investors to provide more details on the future monetary policy direction. The decision to maintain the interest rates was expected, but the suggestion that members anticipate at least two more hikes by the year’s end took the market by surprise.
3. Fed’s Monetary Policy and Inflation Concerns
Since the June meeting, Fed Chair Jerome Powell and other policymakers have given further indications of more work ahead before inflation is brought back to a manageable level. “The question is, how deep is it?,” queried Quincy Krosby, chief global strategist at LPL Financial regarding the discord within the Fed.
4. Factory Orders and Employment Data
Data released on Wednesday morning indicated that factory orders in May were weaker than previously expected. Later in the week, investors were set to scrutinize a batch of employment and wage data for insights into the health of the labor market.
5. A Positive Start to the New Quarter
Investors started the new month, quarter, and half-year on a positive note. Last week, the Nasdaq closed out its best first half of the year since 1983, thanks to a surge in interest in artificial intelligence, which boosted investor optimism in stocks. The Dow had a modest rise of 3.8%.
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6. The Global Impact: China’s Role
China’s economic performance has a significant impact on the global economy. A surprising drop in Chinese services activity raised concerns about the world’s second-largest economy, further fueling tensions in the ongoing US-China trade war.
7. Market Performance of Key Stocks
Several stocks recorded notable movements. AstraZeneca rebounded after mixed results from a cancer drug trial led to a selloff on Monday. Moderna advanced following reports of its intent to expand drug production in China. Social media titan Meta saw its shares rise by 3% as it prepared to launch its Twitter competitor on Thursday.
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8. Retreat of Chinese Stocks
Chinese stocks saw a decline, with Hong Kong’s Hang Seng Index falling by 1.6% and the Shanghai Composite Index dropping by 0.7%, breaking a three-day winning streak. Other global indexes also experienced a dip, with the Stoxx Europe 600 off by 0.8%.
9. Commodity Prices and Treasury Bonds
Some commodity prices weakened, with Copper falling by 1.3% due to its heavy reliance on Chinese demand. However, oil prices rose, with the U.S. crude benchmark up about 3%. Treasury bonds were broadly stable, with the yield on the benchmark 10-year Treasury note slightly rising to 3.908%.
10. Looking Ahead: The Fed’s Future Actions
The minutes from the Fed’s June meeting could provide insights into policymakers’ decision to hold off on a rate hike while still signaling more increases to come. Investors were keenly looking forward to the crucial June jobs report due on Friday.
In conclusion, the Dow Jones today was influenced by a variety of factors, including the Federal Reserve’s monetary policy and the performance of the global economy. As Wall Street continues to navigate these complex dynamics, investors will be watching closely for any indications of future market trends.
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