Dow rose 186, advancers over decliners better than 2-1 & NAZ gained 83. The MLP index added 1+ to the 177s & the REIT index went up 3+ to the 464s. Junk bond funds inched higher & Treasuries were sold while stocks rallied. Oil crawled higher in the 68s after recent selling & gold fell 9 to 1804.
AMJ (Alerian MLP index tracking fund)
|
|
The number of Americans filing for unemployment benefits fell last week as the expiration of supplemental benefits drew nearer. The
Labor Dept said that 385K Americans filed for initial
jobless benefits, below the prior week's
downwardly revised 399K. Analysts expected 384K filings. Continuing claims, meanwhile, fell to 2.93M filings, a
pandemic-era low, down from the prior week's
upwardly revised 3.3M. Analysts had anticipated 3.26M
filings. A historically elevated 12.9M Americans are still receiving some form of jobless assistance. The
$300 per week in supplemental unemployment benefits are set to expire
in Sep. About ½ of the states ended or announced plans to
end the benefits ahead of their expiration. Concerns over the health of the jobs market surfaced yesterday after the ADP report showed private-sector payrolls slowed sharply in Jul. The private sector added 330K jobs last month, down from the
680K jobs gained in Jun. Analysts were expecting the addition of
695K jobs. Investors will get a deeper look into the health of the labor market when the Jul jobs report is released tomorrow.
Jobless claims dip ahead of benefit expiration
Moderna (MRNA) said its Covid-19 vaccine booster shot produced a “robust” antibody
response against the highly contagious delta variant, according to
details of a study released with the company’s Q2
earnings report. In a phase 2 trial, MRNA is testing a
50-microgram dose of t3 vaccine booster candidates in previously
vaccinated individuals. The booster shots produced a promising immune
response against 3 variants, including delta, with antibody levels
approaching those seen in previously unvaccinated people who received 2 100-microgram doses. The data has been submitted to a peer-reviewed journal for publication. Q2 financial results beat expectations on
earnings & revenue. EPS was $6.46 versus $5.96 expected & revenue of $4.35B beat $4.2B expected. The
new data on boosters comes as the delta variant spreads across several
countries, including the US. MRNA
expects the variant will lead to an increase in breakthrough infections,
which occur in vaccinated individuals. “While we see durable
Phase 3 efficacy through 6 months, we expect neutralizing titers will
continue to wane and eventually impact vaccine efficacy,” the company
said. “Given this intersection, we believe dose 3 booster will likely be
necessary prior to the winter season.” The company aims to produce 800M to 1B Covid
vaccine doses this year. It has signed vaccine contracts worth $20B in sales this year & has agreements worth $12M in 2022. The stock rose 2.32.
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 says Covid booster shot produced ‘robust’ immune response against delta
Roughly 7.5M workers
who've relied on pandemic-era unemployment benefits will be cut off
from jobless aid altogether when they are set to expire on Sep 6,
according to estimates from he Century Foundation, a left-leaning think tank. As of mid-Jul, roughly 9.4M people
were drawing benefits from Pandemic Unemployment Assistance (PUA),
which covers those not traditionally eligible for aid, including
freelancers & gig workers, & Pandemic Unemployment Emergency
Compensation (PEUC), which extends aid to those who've exhausted their
state's benefits period. Workers drawing from either of these programs
make up more than 72% of Americans collecting unemployment insurance,
according to the Dept of Labor. The programs, which support people who’d normally fall through the cracks of the unemployment system, were established in the Mar 2020 CARES Act & extended until Labor Day 2021 thru the American Rescue Plan. When pandemic unemployment was last extended in Mar 2021, it kept an estimated 11.4M people from falling off the “benefits cliff.”
Millions will lose pandemic unemployment in September, if they haven’t already
Dow Jones Industrials
No comments:
Post a Comment