Tuesday’s Headlines: Market Surges On Hopes Of A Vaccine
As yesterday was Memorial Day, the markets were closed, so today's Daily Movers are unchanged.
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. Dow futures jumped 513 points on Tuesday morning, pointing to an implied opening jump of around 526 points, with the S&P 500 and Nasdaq also looking at positive gains. The jump comes after American biotech company Novavax said Monday it had started the first human study of its experimental coronavirus vaccine. The market rally continues after it had its best run since April last week due to Moderna also unveiling a potential vaccine, with the 3 major indices jumping more than 3% each. Read the full story here.
2. Warren Buffett-backed StoneCo will announce its Q1 earnings after market close later today and is expected to deliver a year-over-year decline in earnings. The ‘Square of Brazil’, has seen its home country hit hard by the coronavirus, with a reduction in discretionary spending likely to have affected income, but its stock is still up 6.5% in the past month. Analysts anticipate that the payments company will post quarterly earnings of $0.15 per share, a YOY change of -16.7%, on top of a 3.3% revenue decline to $137.53 million. Get the full preview here.
3. Amazon could be in for a tough grilling with its shareholders at its AGM on Wednesday, where investors wish to hear more about the company’s treatment of workers. Amazon already faces mounting pressure from attorneys general, senators, and advocacy groups to address workers’ concerns, but the calls from some of the company’s shareholders adds a new layer of pressure. Investors want Amazon to release a report detailing the outcomes of its investments in worker safety during the pandemic, and should Bezos fall short, investor sentiment may fall. Get the complete story here.