In the context of the new crown vaccine presents good news, the market risk appetite is clearly elevated. Following the trend of overnight rally in European and Asian stock indexes, the three major U.S. stock indexes opened sharply higher on Monday, November 9, the Dow opened at a new intraday high.
The S&P 500 index opened 129.13 points higher, or 3.68%, at 3638.57 points, a new all-time intraday high. The Dow Jones Industrial Average opened 1,601.50 points, or 5.65%, at 2,924.90 points, a new all-time intraday high. The Nasdaq Composite opened 153.38 points higher, or 1.29 percent, at 12,048.61. The Russell 2000 was up 4.5% at the start of the session, setting a new all-time intraday high.
Previously hit by the new crown epidemic stocks rose collectively, thanks to the “home economy” of the technology stocks fell.
Vaccine stock Pfizer US was up more than 14.6% early in the session, BioNTech was up 25%, Novavax was up 7.7%, and Moderna was up 6.6%.
In tech stocks, ride-sharing Lyft rose 19.7%, Uber rose 9.5%, and teleconferencing Zoom fell more than 16.6%. Nafta was down more than 5%, Nafta was down more than 8%, Snap was down more than 7%, Amazon was down more than 4%, and Facebook was down nearly 2%.
Among bank stocks, American Express is up more than 16%, JPMorgan Chase and Wells Fargo are up more than 11%, Citi and Bank of America are up more than 10%, and Berkshire Class B is up more than 6%
Airline, cruise and travel stocks rose collectively, with Carnival Cruise Lines up 30 percent and United and American Airlines up more than 20 percent.
Marijuana stocks also rose collectively, with Tilray up more than 20%.
European stocks surged on the back of progress in vaccine development. European Stoxx 50 index rose more than 7%, Germany’s DAX index rose more than 6%, France’s CAC 40 index rose 7.8%, Spain’s IBEX 35 index rose more than 9.4%, Italy’s FTSE MIB index rose more than 6.1%. European corporate debt risk fell to a new low since February.
Meanwhile, spot gold fell below the $1,870 per ounce mark, down more than 4% on the day. Spot silver plunged 6% to close to $24/oz. The U.S. dollar index fell to a more than two-year low since June 2018. U.S. oil WTI is pushing $41, up more than 10%, and international Brent oil prices are above $43, up more than 9%.
The 30-year German government bond yield rose 10 basis points to -0.097% tentatively.The 10-year British bond yield rose 10 basis points to 0.38% tentatively.The 10-year U.S. bond yield maintained gains of more than 10 basis points to 0.9252% tentatively, after rising as high as 0.9338% at one point.
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