News
- Pfizer’s Covid-19 Vaccine proves 90% effective in trials: the positive, though incomplete, results bring the vaccine a big step closer to getting cleared for widespread use;
- China CPI tumbled to 11 Year low after first drop in Pork Prices since February 2019;
- U.S Elections: Xi, Putin, Bolsonaro and Erdogan haven't congratulated Biden yet. U.S Vice-President Mike Pence rallied his staff, saying the 2020 presidential race 'ain’t over'. Senate Majority Leader Mitch McConnell is backing Trump for recounts, saying he shouldn't accept Election results "from the media";
- Janet Yellen aid to be Biden's new favorite for Treasury Secretary.
- Chinese Electric vehicle company Nio announced on Monday that it is launching its 100kWh battery pack that is going to be able to provide its vehicles with 615km/~385 miles of range. The stock surged during 5.7% regular trading hours;
- Shares of Canopy Growth (CGC) surged 4.6% during the regular session on Monday as the world’s biggest pot producer posted a better-than-feared quarterly loss and announced cost cuts;
- Aurora Cannabis (ACB) shares gained nearly 15% on Monday as company posts Q1 loss but revenue that beats estimates;
Earnings Update
- Beyond Meat (NASDAQ:BYND) stumbled 25% in after-hours trading after reporting a big loss of 28 cents per share compared to the expected earnings per share of 5 cents on sales of $94.4 million, missing the estimated $132 million. Shares had already had a roller coaster of a day on news that McDonald's (MCD) was making a rival veggie burger, only for Beyond Meat to come out and say that it was a co-creator with the fast food chain on the McPlant patty;
- Nikola (NKLA) stock rose 2% in the extended session Monday after the electric-truck startup reported a narrower-than-expected third-quarter loss and said its talks with General Motors Co (NYSE:GM). continue;
- Simon Property Group (NYSE:SPG): shares of the mall owner tanked more than 7% in after-hours trading on Monday after reporting disappointing earnings. The stock surged 27.9% in regular trading Monday.
Day Ahead
- Earnings: Tencent (HK:0700) (TME), Lyft (NASDAQ:LYFT), DR Horton (DHI);
- Macro: U.K. Unemployment Rate, German ZEW, U.S JOLTS Job Openings
Wrap
Equity markets jumped on Monday as investors cheered trial data from Pfizer (NYSE:PFE) and BioNTech indicating their Covid-19 vaccine is more than 90% effective. The Dow closed 834 points higher, or 2.95%, for its biggest one-day gain since June 5. The index was up more than 1,600 points earlier in the session. The S&P 500 popped 1.2% while the small-cap Russell 2000 index gained 3.7%. However, the Nasdaq Composite closed lower by 1.5% as traders rotated out of high-flying technology and "stay-at-home" names into more beaten-down value stocks. Those losses in Big Tech also capped the gains for the broader market. European equities soared 4ç. Oil jumped 8% while Gold, Silver and U.S Treasuries crashed.
President-elect Joe Biden is starting the first week of his transition focused on the coronavirus pandemic. Meanwhile, U.S. coronavirus cases cross 10 million as outbreaks spike across the nation as New Jersey puts limits on restaurants and bars after rise in cases.