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COVID-19 Vaccine Trials And Stock Market Rally Updates

By July 9, 2020 news

It seems almost impossible to remember life before the pandemic and as many anticipated, life is never going to be the same. 

Coronavirus cases worldwide have reached 11.95 million. Covid-19 deaths now exceed 545,000.

The US has not yet managed to flatten the curve, with the total coronavirus cases amounting to 3.08 million and deaths clearing 133,000. 

Regeneron Pharmaceuticals signed a $450 million government contract to increase production of its experimental antibody cocktail. The therapy is already in its late-stage trials, potentially to be effective as a treatment and preventive for the COVID-19. REGN stock climbed 2.2%.

Novavax will get $1.6 billion to support large-scale manufacturing of its coronavirus vaccine, which is also in trials at the moment. Novavax skyrocketed 32% to its highest level in nearly four years. 

Vertex was one of the first breakouts in the coronavirus market rally. This week, VRTX stock jumped to its all-time closing high of 306.08. Vertex earnings and sales growth are roaring, and expected to be strong through 2021.

Gravity pulled the current stock market rally down, with the Dow Jones and other major indexes closing near session lows: 

  • the Dow Jones Industrial Average down 1.5% 
  • the S&P 500 index fell 1.1% 
  • the Nasdaq composite sank 0.9%

Growth stocks withstood the pressure reasonably well. Among the best ETFs, the Innovator IBD 50 ETF (FFTY) dove 0.2%. The iShares Expanded Tech-Software Sector ETF (IGV) dipped 0.6% and the VanEck Vectors Semiconductor ETF (SMH) 1.2%.

Earlier this week, Secretary of State Mike Pompeo announced that the U.S. was considering to ban TikTok and other Chinese apps. 

Snapchat could benefit a lot from a TikTok ban. Both apps are similar in style and users. 

Following the news, Snap stock jumped 5.9% to 24.81, nearing its March 2017 all-time high.

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