U.S. equities start the week in positive territory, fueled by positive vaccine news out of Pfizer and BioNTech. Follow along with the latest stock market updates here:
were each more than 1% higher, putting the three stocks on track to open at record high levels. All three closed at record highs on Friday, as investors continue to favor Big Tech. Gains in these stocks and others have pushed the tech-heavy Nasdaq to a new all-time high, and an 18% gain for the year. The Dow and S&P 500, meanwhile, are still in the red for 2020.
to $625 from $525 on Monday morning and said it expects the "demand surge to hold" in the second quarterWe view stable churn as a positive sign, which suggests the surge in demand from US lockdowns/social distancing has not yet been followed by a wave of en-masse cancellations," analyst Nat Schindler said. The firm also re-iterated its buy rating on the stock ahead of the company's earnings report on Thursday. Shares of Netflix are up 20% this month.
Canaccord's chief U.S. equity strategist, Tony Dwyer, said in a note that stocks have been in a consolidation phase since early June as most of the upside since then comes from the mega-cap tech names. However, he still believes there is further upside in stocks once this consolidation phase concludes.
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