· S&P 500 rises to start the new quarter, tech leads Nasdaq Composite to record close
The S&P 500 and Nasdaq Composite started the new quarter with solid gains on Wednesday, with market sentiment getting a lift from positive coronavirus vaccine news and strong U.S. economic data.
The S&P 500 closed 0.5% higher at 3,115.86. The tech-heavy Nasdaq Composite posted a record closing high, rising 0.95% to 10,154.63. The Nasdaq-100 index — which is made up of the composite’s 100-largest nonfinancial stocks —jumped more than 1% to an all-time high and closed at 10,279.25. The Dow Jones Industrial Average lagged, falling 77.91 points, or 0.3%, to 25,734.97.
A study of a coronavirus vaccine candidate being developed by Pfizer and BioNTech showed the drug created neutralizing antibodies. The results were released online, but have not been reviewed by a medical journal yet.
The company also said that, if the vaccine gets regulatory approval, it expects to make up to 100 million doses by year-end and “potentially” more than 1.2 billion by the end of 2021. Pfizer shares jumped 3.2% on the news and BioNTech’s U.S.-listed shares fell 3.9%, erasing earlier gains into the close.
· European markets close slightly higher after positive coronavirus vaccine news
European stocks eked out minor gains on Wednesday, following positive news about a U.S. coronavirus vaccine trial.
The pan-European Stoxx 600 closed up by about 0.2%, however gains in the broader market were capped with the German blue-chip DAX index slipping 0.5%.
· Asia Pacific stocks rise amid coronavirus vaccine hopes; Australia trade data for May ahead
Stocks in Asia Pacific rose in Thursday morning trade following positive news overnight around the development of a potential coronavirus vaccine.
In Japan, the Nikkei 225 rose 0.39% in early trade as shares of conglomerate Softbank Group jumped 2%. The Topix index also added 0.63%. South Korea’s Kospi gained 0.78%.
Meanwhile, Australia’s S&P/ASX 200 rose 0.44%.
Overall, the MSCI Asia ex-Japan index traded 0.16% higher.
Investors watched for overnight reaction to a study of a coronavirus candidate being developed by Pfizer and BioNTech that showed the drug created neutralizing antibodies. The results, which were posted online, have yet to be reviewed by a medical journal.
Meanwhile, market movements in Hong Kong will also be watched as stocks return to trade following a Wednesday holiday. Hong Kong police announced Wednesday they had made their first arrests after China’s national security law went into effect.
In economic data news, Australia’s trade data for May is set to be released around 9:30 a.m. HK/SIN on Thursday. The U.S. nonfarm payrolls report is also set to be released Thursday morning stateside.
Reference: CNBC, Reuters
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