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Follow this list to discover and track stocks that have been overbought as indicated by the RSI momentum indicator within the last week. A stock is overbought when the RSI is above 70. This list is generated daily, ranked based on market cap and limited to the top 30 stocks that meet the criteria.
Pfizer (PFE) announces promising preliminary data on a vaccine candidate from its early-stage coronavirus program under which it is developing four mRNA-based vaccine candidates.
An appeals court ruled in Amgen's (AMGN) favor in a case challenging the validity of two patents on its top-selling medicine, Enbrel.
The Nasdaq and the S&P 500 closed higher on Wednesday as investors focused on signs of economic recovery and better than expected economic data.
* U.S. economy creates 4.8 mln jobs * Safe-haven dollar also hurt by vaccine news * Dollar on pace to post losses for 2nd straight week * Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh (Adds analyst comment, more details on jobs report, updates prices) By Gertrude Chavez-Dreyfuss NEW YORK, July 2 (Reuters) - The U.S. dollar fell on Thursday after data showing the world's largest economy defying expectations for a second month in a row, creating jobs in June at a far faster pace than market forecasts. The greenback was on track to post losses for a second straight week against a basket of major currencies. Data showed that U.S. nonfarm payrolls increased by 4.8 million jobs in June, the most since the government started keeping records in 1939.
GlaxoSmithKline's HIV business ViiV is within weeks of resubmitting its request for approval of its long-acting injection Cabenuva to U.S. drug regulators, ViiV's head of research said on Thursday. ViiV executive Kimberly Smith told a media briefing that the company would stick to its previous guidance of refiling the request around mid-year and that this would happen "within weeks".
World stocks rose for a fourth straight day on Thursday as encouraging coronavirus vaccine trials kept investors' spirits up ahead of what was expected to be a record rebound in U.S. jobs figures. Economists polled by Reuters expect a bumper 3 million U.S. jobs to have been added in June on top of the 2.5 million created in May, and some generally reassuring data from both Asia and Europe this week. Despite the ongoing rise in global virus cases, Asian equity markets saw their biggest daily climb in more than two weeks overnight, aided by news that a vaccine being trialled by Pfizer and Germany's BioNTech had been well tolerated in early-stage human tests.
As a result, America is the only developed country in the world where cases of the deadly respiratory illness are marking new all-time highs. Since the beginning of the year, shares of telemedicine giant Teladoc Health (NYSE: TDOC) have rallied by 128%. In the first quarter of 2020, new registrations on Teladoc's platform surged by more than 125% over the prior year.
(Bloomberg Opinion) -- The Nasdaq Composite hit a record Wednesday, as the S&P 500 rose for the third straight day. This happened even with the Covid-19 pandemic growing in multiple states, and on the same day California and New York rolled back plans to allow restaurants to serve customers indoors.Anyone looking for a convergence between markets and the state of the economy can point to the pullback in travel-related stocks since the growth in the number of coronavirus cases in Arizona, Florida and Texas began in early June. But with Wednesday bringing good news about a vaccine candidate from Pfizer Inc. and BioNtech SE, and with Phase 3 trials for other vaccines set to begin this month, we could begin seeing an even bigger divergence between the real-time economic data and a rosier future priced in by markets.Up until now, there’s an argument that markets have largely followed the progression of the virus and economic momentum, even if markets are priced for a much stronger economic environment than the U.S. was experiencing at July’s onset. Stocks crashed between the latter part of February and the latter part of March as awareness grew about the spread of the virus and the U.S. saw a rolling wave of shutdowns of various forms of economic activity. Stocks bottomed on March 23, the same week that initial jobless claims peaked at 6.8 million.The early part of April through the early part of June was the sweet spot for the progression of the virus, the economic recovery and the stock market. The 7-day moving average of new virus cases in the U.S. initially peaked on April 10, which happened to be the low point for hotel occupancy and passenger air traffic. Stocks rallied as the economy was reopening, jobless claims were falling and virus case counts were declining even as the amount of testing was increasing.But since the early part of June there’s been a setback. Virus case counts reached new highs in some Southern states that reopened their economies after they weren’t hit as hard by Covid-19 in March and April. The Airline Index has fallen over 25% from its June 8 peak, some governors have ordered bars and dine-in restaurants closed again, states in the Northeast are imposing quarantines on visitors from hot spots, and there are signs that credit card spending may be slowing. For the first month since March, we could see both a worsening public health crisis and a deterioration in the economic data in July.At the same time, the timeline for a vaccine and intermediate medical treatments may be getting closer. Moderna Inc. is expected to begin Phase 3 trials for its vaccine candidate in July, with up to 30,000 people getting a small dose. Other vaccine candidates are close behind, with Pfizer and BioNtech’s entry proving safe and to have prompted patients to produce antibodies in a small early trial. On Tuesday, infectious-disease expert Anthony Fauci repeated before Congress that a vaccine could be widely available by early 2021, and the Food and Drug Administration re leased its guidelines for approving inoculations. Although there’s no guarantee that we’ll ever have a vaccine, it may not be long before the conventional wisdom on vaccine availability shifts from 12 to 18 months to more like within 6 months.Over the next month or two then, we could be grappling with the conflicting narratives of a worsening pandemic but more clarity around the timeline and effectiveness of an eventual vaccine. It’s possible that markets, like they were in March, will be gripped by the fear and uncertainty about knock-on effects from the pandemic hurting economic activity, employment and corporate profits. But it’s just as possible that if investors have more confidence that there’s light at the end of the tunnel, markets will look past whatever deterioration we get in the short-term with their focus turning to an end to the public health crisis and a stronger economic recovery in 2021.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Conor Sen is a Bloomberg Opinion columnist. He has been a contributor to the Atlantic and Business Insider.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The U.S. dollar slipped to a one-week low against its rivals on Thursday as upbeat U.S. and European economic data sharpened risk appetite, with hopes for a COVID-19 vaccine breakthrough also helping sentiment. Against a basket of currencies, the greenback is on track for its biggest weekly drop in a month, of 0.5% with the rise in coronavirus cases in the U.S. weighing on sentiment. U.S. markets are shut on Friday.
Emerging market stocks in Europe, the Middle East and Africa rose on Thursday as investors bet on a potential coronavirus vaccine, while currencies remained subdued ahead of key U.S. economic data. Improving manufacturing activity surveys across the globe also spurred riskier buying, with Hungarian and Russian stock indexes leading gains in EMEA for the day. Most EMEA currencies were muted, indicating that caution was still at the forefront, especially ahead of U.S. payroll data later in the day.
The U.S. dollar slipped to a one-week low against its rivals on Thursday as upbeat U.S. and European economic data sharpened risk appetite, with hopes for a COVID-19 vaccine breakthrough also helping sentiment. Against a basket of currencies, the greenback is on track for its biggest weekly drop in a month, of 0.4%.
U.S. stocks are set to open higher Thursday, rallying ahead of the three-day weekend amid growing confidence of an economic recovery despite the resurgence of Covid-19 cases in many states. At 7:05 AM ET (1105 GMT), S&P 500 Futures traded 21 points, or 0.7%, higher, Nasdaq Futures up 45 points, or 0.4%. The Dow Futures contract rose 259 points, or 1%.
All eyes are on U.S. employment data, due later in the day, which are expected offer further cues into how the world's largest economy is coping with a rise in coronavirus cases in several states. In a sign the positive sentiment will extend elsewhere, E-minis for S&P500 rose 0.3% while futures for Euro Stoxx 50 rose 0.8% and those for Germany's DAX climbed 0.8%. Risk sentiment was whetted by a COVID-19 vaccine from Pfizer and Germany's BioNTech, which was found to be well tolerated in early-stage human trials.
The dollar was on the defensive against more growth-sensitive currencies on Thursday, following upbeat U.S. and European economic data, though worries about the coronavirus blunted more aggressive risk taking ahead of upcoming U.S. jobs figures. Against a basket of currencies, the greenback slipped marginally and is tracking toward its worst week in a month, with a 0.4% fall - though it could shift significantly in either direction depending on U.S. jobs data due at 1230 GMT. Non-farm payrolls figures are expected to show an increase of 3 million jobs last month.
Progress towards a COVID-19 vaccine and positive EU and U.S stats provided support early on. U.S Nonfarm payrolls and jobless claims are in focus later.
The dollar was on the defensive in early European trade Thursday, with traders turning to perceived riskier currencies amid optimism surrounding a potential Covid-19 vaccine as well as solid economic data. News emerged late Wednesday that a potential Covid-19 vaccine developed by Pfizer (NYSE:PFE) and Biontech (NASDAQ:BNTX) produced positive results in early-stage human trials, raising optimism that an antidote to the virus which has infected over 10 million and killed over 500,000 people can be found. This followed economic data which had suggested that a global recovery is starting to gain momentum: U.S. manufacturing activity rebounded more than expected in June, with the manufacturing activity index by the Institute for Supply Management, released Wednesday, hitting its highest in 14 months.
Asian stocks tracked Wall Street higher on Thursday although sentiment was cautious ahead of U.S. employment data while copper prices jumped to more than six-month highs on a better global outlook and supply fears in top producer Chile. Japan's Nikkei rose 0.4%, China's blue-chip index added 0.6% while Hong Kong's Hang Seng index climbed 1.7%. U.S. employment figures due later in the day are expected to show if the world's largest economy can sustain its fragile recovery as new COVID-19 cases accelerate in several southern states.
The dollar was on the defensive against more growth-sensitive currencies on Thursday, following upbeat U.S. and European economic data but renewed worries about the coronavirus blunted more aggressive risk taking. The market sentiment gained an additional boost from the news that a COVID-19 vaccine developed by German biotech firm BioNTech and U.S. pharmaceutical giant Pfizer has shown potential and was found to be well tolerated in early-stage human trials.
What happened Shares of Pfizer (NYSE: PFE) rose 3.2% on Wednesday after the pharmaceutical giant released promising early results from its COVID-19 vaccine trials. So what Pfizer is working with German biotech BioNTech (NASDAQ: BNTX) to develop a novel coronavirus vaccine.
The S&P 500 and Nasdaq indexes closed higher on Wednesday to kick off the third quarter as increasing optimism for a safe and effective COVID-19 vaccine eased concerns that another round of business lockdowns was likely. Pfizer Inc's shares rose more than 3% after the drugmaker said a COVID-19 vaccine being developed with German biotech firm BioNTech showed promise and was found to be well-tolerated in early-stage human trials.
The Dow industrials soared 450 points Thursday on a strong jobs report. Tesla surged 9% on strong delivery numbers.