The market rebounded yesterday after several days of declines. Tech stocks drove the rebound rally with the Nasdaq advancing 2.7%, while the S&P 500 and DJIA posted gains of 2.0% and 1.6%, respectively.
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The ‘Tech Wreck’ took a pause yesterday, but the relief doesn’t look like it will last long. Futures are pointing to a lower open this morning, so there’s a good chance the market will slide again in today’s session.
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Volatility could become more prevalent in the stock market over the next couple of months because there are so many uncertainties ahead for investors. Investors are trying to factor in COVID-19, a presidential election, vaccine hopes, and more, and it could cause the market to make sharp moves as the situations develop. The CBOE Volatility Index (VIX) is up 1.7% to 29.26 as of today.
Asian stocks were mixed overnight. Japan’s Nikkei 225 gained 0.9%, but China’s Shanghai Composite declined 0.6%. In Europe, stocks are mostly down with the Eurozone Stoxx 600 posting losses of 0.4%. The European Central Bank is scheduled to make a major announcement regarding fiscal policy today, and the decision could impact the strength of the Euro and, subsequently, exchange rates.
Today’s featured earnings schedule includes a pre-market release from American Eagle Outfitters [AEO]. After the closing bell, look out for GameStop [GME], and Zscaler [ZS].
Here’s what’s moving the market this morning:
AstraZeneca is trading actively this morning as investors continue to make sense of the firm’s recent decision to cease trails for its COVID-19 vaccine. The company announced earlier in the week that it was pausing trials after a trial participant in Britain became seriously ill. However, the company says there’s still hope for the vaccine.
This morning, AstraZeneca’s CEO said the firm could still know if the vaccine works by the end of the year, but it will have to revive the clinical trials soon in order to make it happen. The firm is waiting on an independent safety committee to tell it whether it can resume trials.
The CEO’s comments provide a ray of hope for AZN investors. This morning, the stock is trading actively and it’s up 1.2% this morning.
Nokia will team up with long-standing partner Telefonica (TEF) to roll out 5G services to customers in Spain by the end of the year. The Finnish telecom firm will continue to supply Telefonica with equipment for its 5G network, including its AirScale Radio Access portfolio of products. Nokia will also support Telefonica in the development of its IP network, optical network, and fiber capabilities.
NOK is trading actively and share prices jumped 2.4% in the pre-market on the news.
RH, formerly known as Restoration Hardware, is making a sharp move in the extended hours trading session after releasing a blowout Q2 earnings report. The company’s Q2 results came in well above consensus forecasts, and management says it sees business trends improving month by month.
The blowout quarter drove sharp extended-hours gains in RH, and the stock is currently up 17.7% from yesterday’s close.
Jaguar Health (JAGX)
Jaguar Health is on the rise this morning after the company announced the closing of a new supply agreement with Glenmark. Under the terms of the deal, Glenmark will manufacture and supply crofelemer for use in mytesi to Jaguar’s Napo unit and its subsidiaries. The contract has a 2.5 year term and the companies can opt for successive 2-year renewals after the initial term expires.
JAGX shares are trading actively today on this news, and shares are up 43.4% in the pre-market, making the stock one of this morning’s top gainers.
Rockwell Medical Inc. (RMTI)
Rockwell Medical has entered into an exclusive licensing agreement with South Korean drug firm Jeil Pharmaceutical to commercialize its renal drug Triferic in South Korea. Under the terms of the deal, Jeil receives exclusive rights to develop and commercialize the drug in the up-and-coming Asian country. Rockwell will receive an upfront fee, potential milestone payments, and royalties for drug sales.
The South Korean market can be lucrative, and Rockwell’s new relationship with Jeil could play a major role in cornering the market. RMTI is currently up 14.6% in the pre-market.