Dow shot up 139, advancers over decliners better than 2-1 & NAZ soared 180. The MLP index was fractionally higher to the 112s & the REIT index rose 5 to the 338s. Junk bond funds crawled higher & Treasuries were sold while stocks rallied. Oil was off 1+ to the 36s & gold dropped 9 to 1869 (more on both below).
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2180338269244485)
Moderna (MRNA) received $1.1B in customer deposits for it COVID-19 vaccine,
expected to be available next year, as demand surges for a safeguard
against the deadly airborne disease that would enable nations around the
world to resume more normal lifestyles. The biotechnology company said its vaccine, developed with the use of messenger RNA science &
dubbed mRNA-1273, is now in Phase 3 trials with 30K participants in
partnership with the National Institutes of Health & the Biomedical
Advanced Research & Development Authority. Advances with the
product, expected to be available next spring, come as the death toll
from COVID-19 tops 227K in the US, higher. The pandemic has become a pivotal issue in the presidential campaign, with Joe Biden berating
Pres Trump's handling of it even as Trump
maintains the nation is "turning the corner" & that a once-vibrant
economy damaged by the virus & related lockdowns is bouncing back. About 37% of the participants in MRNA's Phase 3 trials are from
minority groups, & 42% are considered high-risk. A Phase 1 analysis of
the product showed it was "generally well-tolerated across all age
groups" & "induced rapid and strong immune responses" against the
novel coronavirus," the company said. "We are actively preparing for the launch of mRNA-1273 and we have
signed a number of supply agreements with governments around the world,"
CEO Stéphane Bancel added.
"Moderna is committed to the highest data quality standards and rigorous
scientific research as we continue to work with regulators to advance
mRNA-1273." Bancel concluded that, if the COVID-19 vaccine
is launched, "2021 could be the most important inflection year in the
company's history." "We will have the resources to
scale Moderna to maximize the impact we can have on patients in the next
10 years through numerous new medicines," he noted. In Aug, MRNA announced a supply agreement with the US gov for an initial 100M doses of mRNA-1273. In Sep, Canada exercised an increased option for 20M doses of mRNA-1273, & MRNAa announced the start of a rolling submission to Health Canada for mRNA-1273. The stock shot up 5.54 (8%).
If you would like to learn more about MRNA, click on this link:
club.ino.com/trend/analysis/stock/MRNA?a_aid=CD3289&a_bid=6ae5b6f7
Moderna rakes in $1.1B on coronavirus vaccine orders
Gold futures ended lower for 2nd session, pressured by the $ adding to its gains for the week while data revealed that the
US economy expanded at a record pace in Q3. The
World Gold Council, meanwhile, reported a decline in total demand for
gold in Q3 to the lowest quarterly total in 11 years. Dec gold fell $11 (0.6%) to settle at $1868 an ounce, following a
1.7% plunge for the commodity yesterday. Prices marked another finish
at the lowest since Sep 25. Overall global demand for gold dropped in Q3 from a
year earlier, but investment demand soared, according to data from the
World Gold Council. Total gold demand fell by 19% in Q3 year on year to 892 metric tons, the lowest quarterly
total since 2009. Global gold investment for the qtr, which includes
coins & bars & inflows into gold-backed exchange-traded funds,
totaled 494 metric tons, up 21% from a year ago, the World Gold
Council said. Gold prices also extended their declines after a report showed that US GDP expanded
at a record 33.1% annual pace in Q3. The forecast called for a 33% spurt in annualized growth. Weekly jobless claims revealed a fall of 40K to 751K, marking the 4th decline in the past 5 months.
Gold settles lower as U.S. GDP expands at a record pace and investors favor the dollar
ExxonMobil (XOM), a Dow stock & Dividend Aristocrat, said that it intends to reduce its US staff by1900 employees as the energy giant continues to see its operations
pressured by the coronavirus pandemic . The layoffs will occur thru a
mix of voluntary & involuntary programs. The reduction is part of ongoing reorganization efforts aimed at improving efficiency & reducing costs. “These
actions will improve the company’s long-term cost competitiveness and
ensure the company manages through the current unprecedented market
conditions,” the company said. “The impact of COVID-19
on the demand for ExxonMobil’s products has increased the urgency of the
ongoing efficiency work.” Earlier in Oct XOM said it was
cutting its European operations by 1600 positions thru the end of
2021. The stock rose 1.40 (4%).
If you would like to learn more about XOM, click on this link:
club.ino.com/trend/analysis/stock/XOM?a_aid=CD3289&a_bid=6ae5b6f7
Exxon announces additional job cuts amid ongoing Covid-19 hit to oil demand
Oil futures extended their losses for the week, heading for their lowest settlement in roughly 5 months, as rising COVID-19 cases sparked tighter restrictions on activity in Europe ^ underlined worries about the outlook for the US & global economic recovery. West Texas Intermediate crude for Dec fell $1.25 (3.3%) to $36.14 a barrel. A settlement around this level would be the lowest for a front-month contract since early Jun. Dec Brent, the global benchmark, was off $1.31 (3.4%) at $37.81 a barrel, with prices for the front-month contract poised to finish at their lowest since late May. Oil fell sharply as France & Germany imposed tighter restrictions in response to the rising number of COVID-19 cases. The US. reported 79K new cases yesterday, the 2nd day in a row that the figure topped 70K, as several states reported a jump in infections. Oil traders looked past the production disruptions caused by Hurricane Zeta, which made landfall in Louisiana yesterday as a Category 2 storm. The Bureau of Safety & Environmental Enforcement estimated that 2/3 of oil production in the Gulf of Mexico had been shut-in by the storm, along with around 44.5% of natural gas production.
Oil prices post lowest finish in about 5 months as rising coronavirus cases underline demand fears
Investors bought stocks on the encouraging news from the GDP report & weekly jobless claims. However selling in the closing minutes of trading pared the Dow's advance by 150. More earnings are coming tomorrow which could excite traders.
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