Nov. 23, 2020
Good evening everyone! Welcome to a new episode of “Stocks Today”, explaining what forces moved the stocks in the U.S. equity market today (Monday, 23 November 2020).
All the main indexes closed positive today, following good news on the vaccine side.
The S&P 500 closed up 0,56%, reaching 3.577,59. The Nasdaq also closed slightly positive, up 0,22%.
But today’s best performing indexes where surely the Dow Jones, up 1,12%, and the Russell 2000, up 1,85% and reaching its record high once again.
Why did the stock market move today?
Pharmaceutical company AstraZeneca, which is developing its vaccine together with Oxford University, announced that their vaccine is 70% (in average) and up to 90% effective in preventing infections, causing no serious side effect.
What sets AstraZeneca’s vaccine apart from those previously announced (Pfizer and Moderna) is the possibility to be stored at higher temperatures, not requiring costly refrigerating procedures.
This is already the third Monday in which we have seen the stocks jump after a vaccine announcement. A pattern can be found in that such announcements mostly favour small-cap, perfectly represented by the higher jump of the Russell 2000 index. So called “recovery stocks” are the one that have more room to improve their revenues from going back to normality.
Stocks of the day
On the negative side, AstraZeneca had to pay for the fact that their average 70% efficiency is a less catchy title as the 90%s of Pfizer and Moderna. The stock (NADAQ: AZN) was therefore down 1%.
On the positive side, it would be easy to speak about Xpeng (NYSE: XPEV) up a whopping 34% (did I really read 34?), NIO (NYSE: NIO) up 12 % or Tesla (NASDAQ: TSLA) up more than 6%.
Instead, we will shine a light on a typical “recovery stock” company, the cruise operator Carnival Corporation & plc.
The stock (NYSE: CCL) was up 4,66% today, reaching $18,18.
That’s all for this Monday’s stock market update. Stay tuned to receive your daily update!