ADP Private Payroll Report Disappoints & Disney Climbs – Daily Financial News Summary For August 5, 2020

Investing, Market Insider, News, Stock Market, Trader Talk
Business Credit Cards

Wednesday kept things in the green as the Nasdaq advanced 0.4%, the S&P 500 was up 0.6%, and the Dow Jones rose 1.4% and hit a 4-day winning streak. The Stoxx Europe 600 Index gained 0.5%. The yield on 10-year Treasuries added four basis points to 0.54%.

While our after-hours reporting showed Disney remaining flat, today, the shares saw a 8.8% gains.

Another gainer for Wednesday was Novavax, whose shares popped 10.4% after the company reported phase one vaccine trial results that demonstrated a positive immune response among patients.

More good news on the fight against COVID-19 came from Johnson & Johnson when they announced they struck a $1 billion deal with the U.S. government to manufacture 100 million doses of its coronavirus vaccine candidate if it proves successful. As a result, their shares rose 0.8%.

United Airlines climbed 4.5%, Delta rose 3.1%, and American Airlines saw a 9.5% gain after the Senate Republicans shared news of their support of an additional $25 billion in federal aid to support the airline industry.

ADP’s payroll report presented a negative outlook on hiring in July. Private payrolls increased by 167,000 in July, this was significantly less than the 1 million that Wall Street was forecasting. All but 1,000 of the jobs were in the services sector. The report illustrates how payroll gains slowing sharply in July is likely linked to the increase in coronavirus cases, which is pausing the re-opening of the job market.

July U.S. employment and jobs reports expected Friday and the Dallas Fed President Robert Kaplan is expected to discuss the U.S. economy at a Thursday event.

 

 

close

Subscribe to our free daily news summary:
Call Put Strike Insights

close

Subscribe to our free daily news summary:
Call Put Strike Insights

Products You May Like

Articles You May Like

StocksForYou Stock: The Ultimate Stock Recommendation Service for High Growth Stocks
Choosing The Best Credit Card for your Spending Habits
Saudi Arabia To Increase Oil Prices In Asian Market As OPEC+ Plans To Ease Output Curbs
US Stocks Bounce Back Ahead Of Busy Earning Session And $2 trillion Infrastructure Plan
Deliveroo Holdings PLC (LON:ROO) IPO Disappoints As Sell-Off Persists
Bitcoin Ready To Rally To $70,000 level As Institutional Demand Remains High
Cryptocurrencies Continue To Perform Well Boosting Revenue For Companies Despite Market Volatility

Leave a Reply

Your email address will not be published. Required fields are marked *