Market Update: Wed, Jul 22, 2020 | LPL Financial Research


Mixed markets. US stocks opened mixed, as Tuesday the S&P 500 Index moved to its highest level since February. Caution is in the air as the United States ordered China to close its consulate in Houston, fueling potential retaliation. Europe is firmly in the red the day after passing the 750 billion euro COVID-19 recovery plan on Tuesday. Earnings season is in full swing, with many big names set to report over the coming days.

More good news on the vaccine front. The US government will pay nearly $2 billion for Pfizer and BioNTech to produce and deliver 100 million doses of their COVID-19 vaccine, with the option to buy another 500 million doses. This comes on the heels of the UK buying 30 million doses a few days ago. Earlier this week, the vaccine received a fast-track designation from the FDA and released positive results regarding antibody and T-cell responses. Multiple vaccines have had positive trial results over the past week, and the rush to have a viable vaccine by the end of this year is on between large drug companies.

COVID-19 news. Johns Hopkins reported 64,500 new cases in the United States on Tuesday, down 4.3% from a week ago on 0.7% fewer tests, which suggests the latest wave has likely peaked. Arizona’s seven-day average of new cases has fallen 23% from its early July peak, while cases seem to have peaked in Florida. Australia reported a record in daily cases.



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