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6th August 2021 Morning Report

Friday 6th August 2021

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U.S. stocks rose to record highs Thursday, with the Dow Jones Industrial Average, the S&P 500 index and the Nasdaq Composite index up 0.78%, 0.6% and 0.78%, respectively. Both the S&P 500 and the Nasdaq closed at all-time highs, while the Dow finished 80 points below its peak. The initial jobless claims fell to 385,000 in last week of July in line with analyst expectations. 

Automaker stocks rose on the back of President Biden’s plan to make half of all U.S. passenger vehicles sold by 2030 to be electric. Robinhood Markets Inc. fell over 27% after stating in a filing that existing stockholders will sell up to 97.9 million shares over time.  Moderna Inc. reported earnings and revenue that exceeded Wall Street estimates and said its COVID-19 vaccine was 93% effective through the six months following the administration of a second dose. They are expecting to have a booster shot by September.

Other overseas markets were mixed, with Britain’s FTSE 100 down 0.05% after the Bank of England kept policy unchanged and warned the U.K.’s economy would face above-target inflation in the near term. Germany’s DAX 30 closed 0.33% higher and France’s CAC 40 increased 0.52%. In Asia, Japan’s Nikkei 225 rose 0.52% while Hong Kong’s Hang Seng index and China’s Shanghai Composite declined 0.31% and 0.84%, respectively. 

Morning Report 06 August 2021

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