Trish’s Market Update: Investors Go Long With Big Recovery Bet

Markets were back in the green on Thursday as investors went long on stocks amid hopes for a significant economic recovery. Tech and financials led the way higher as investors cheered a potential $559 billion infrastructure plan, a decline in weekly jobless claims and a significant improvement in durable goods order which rose in May at the fastest pace since January.

Nike and FedEx are reporting earnings on Thursday afternoon.

Equities

U.S. stocks rallied as investors hope for a rapid recovery.

  • The S&P 500 gained 0.53% trading at 4,264
  • Nasdaq was up 0.88% at 14,397
  • DOW gained 0.69% to 34,108.00

U.S. Dollar and Treasuries

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10-year Treasury yields were down. And, the dollar was little changed compared to a basket of currencies.

  • U.S. Dollar Index (DXY): 91.85 +0.05
  • 10-year Treasury yield: 1.479%
  • 2-year Treasury yield: 0.269%

Stocks To Watch

Marin Software, an online ad-management platform, announced an integration of its service with Instacart ad management. Instacart is the largest online grocery delivery and pickup service in the U.S.

Portage Biotech, a company specializing in cancer treatment resistance, announced a public share offering of its ordinary shares. The company will use its proceeds to fund its PORT-2 and PORT-3 clinical programs.

Aravive, a company specializing in clinical-stage cancer treatment, announced positive results of Phase 1b portion of its Phase 1b/2 study on patients treated with its AVB-500 drug in combination with cabozantinib.

  • MRIN Marin Software Inc $2.6600, +55.56%, 3.22M (volume)
  • PRTG Portage Biotech Inc. $24.50, -29.60%, 33.58K (volume)
  • ARAV Aravive Inc $6.72, +26.32%, 1.01M (volume)

Commodities To Watch

  • WTI crude: $73.05
  • Brent crude: $74.55
  • Gold: $1,779

Crypto

The global crypto market cap decreased by 17.9% in the last 24 hours. Bitcoin stabilized below $34,000 as the markets are going back to normal.

 

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