The stock market closed mixed today with the Dow Jones down 0.10% to close at 28,335.57. The S&P 500 and NASDAQ, however, both closed up for the day. The S&P entered the weekend up 0.34% at 3,465.39 and the NASDAQ up 0.37% to close at 11,548.28. STOXX Europe saw it’s first increase in some time with a 0.48% drive to close at 362.01.
GE just saw their highest price in the last four months though it’s started to see a slight decline thereafter. Still, Wall Street believes that there’s reason to be optimistic about the company. This after they showed themselves as the best month-to-date performer within the SPDR Industrial Select Sector’s exchange traded funds as well as the fourth-best performer for the S&P overall. Their company, Gilead Sciences, was just approved by the FDA for the first COVID-19 treatment.
“[O]n a 12-month basis, we see significant upside in the stock,” Mittermaier wrote in a note to clients. “We think this is currently the most vaccine-levered stock in our coverage.”
According to JP Morgan there are a few stocks that should be watched carefully once a vaccine is actually ready. Moderna and Pfizer are saying that their vacines are nearly ready, but some companies could see a decrease in stocks as normal activity resumes. These include Zoom Video Communication, Centra Garden, Pet Co., and Chegg.
They are at the “upper echelon of momentum and have crowded positioning, that could see the second derivative of their profit growth decrease as consumer / corporate activity normalizes,” said the JPMorgan team.
Telehealth has been around for over a decade, but it’s taken the new pandemic to get the technology out to the general public. Not that it hasn’t been available, but it has most definitely become more useful. That’s because the pandemic has caused less Americans to venture out of their homes and more doctors and medical profssionals to look for different ways to ‘meet’ with their patients. As a result, new telehealth technology is on the rise.
“New ideas are being put out there and tested,” said Eric Mayeda, an analytics leader with Chartis Group. “It’s kind of the cauldron of innovation that we’re seeing right now.”
Gold today closed up slightly, 0.01%, to close at $1,904.80 per ounce. Oil, on the other hand, closed down 2.19%, with the West Texas Intermediate closing at $39.76 per barrel. Treasury yield decreased with the 10-year yield closing at 0.85 and the 30-year yield at 1.64.