Wall street anticipates a 2% rebound after the holiday on Monday and 3% profit from last week. The umpteenth candidate to have a coronavirus vaccine, Novavax, shoots 24% after announcing that it has started its clinical trial in humans. Last week, it was biotech Modern the one that breathed hope into the market. Weeks before, Gilead did the same. Very important for technical analysis, the S&P 500 tries to overcome the important resistance of the 2,950- 3,000 points.
Meanwhile, the US remains immersed in its reopening. The country's economic activity continues to recover as more and more states reopen their doors. Airlines stand out with an advance of 7%, the same as hotel companies (+ 9%) and other values that come out winning with the return to the new normality.
"Next month we will know the results of the stress tests for banks, if the oil rebound is sustainable and if we can avoid a re-emergence of the virus," analysts from Wells Fargo. "If things go well, we expect a reordering towards sectors such as small caps, cyclical stocks and value investments," they add.
"The recovery will not have a V shape, but a very large U. That is, we go down very, very sharply, and then, as the impact of the virus begins to pass and the activity gradually returns, we begin recovery. There is no immediate rebound, but a gradual upward trend in the economy, "he says. Dan Fuss, Loomis Sayles fund manager.
The number of coronavirus cases in the US now exceeds 1.6 million infections and the deaths amount to 97,000. Precisely, on Tuesday the parquet of the New York stock exchange will reopen after being closed for two months. Another major focus for investors is being the return of the trade war, as The US has threatened Beijing with sanctions for its management in Hong Kong.
In other markets, the West Texas oil It rises 4%, to $ 34.58, due to the forecast of a rebound in demand globally. Besides, the ounce of gold falls 0.6% to $ 1,724, while the euro It appreciated 0.6% and was changed to $ 1.0965. Finally, the profitability of 10-year American bond It rebounds slightly to 0.70%.
On a technical level, the S&P 500 has significant resistance in the "weekly bearish gap of 2,972 points", an area that is acting as resistance since the April highs. The main world indicator is quoted at 3,000 points. Clearly overcoming this resistance would open the way for it to seek its historical maximum again in February, in 3,393.50 pointsBut not doing so may mean a new downward stretch in the short term.
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