May 5, 2020
Happy Cinco de Mayo,
The Dow and S&P 500 tracked in the red most of the day yesterday, but staged a late-day rally to end in positive territory. The Dow gained 26.07 points, or 0.11%, and the S&P 500 was up 12.03 points, or 0.42%. The tech-heavy NASDAQ remained in the green most of day, posting a gain of 105.77 points, or 1.23%.
Today, the U.S. equity market appears to be extending gains from yesterday’s late-day turn around. At 6am PDT, the Dow futures were up nearly 300 points indicating a strong opening for stocks. One of the drivers of today’s markets is oil – after sinking into negative prices two weeks ago, oil is up for the fifth straight day. Market analysts see renewed demand for oil as states reopen their economies and Americans get back on the road.
The New York-based drug maker, Pfizer, is beginning experimental vaccine testing in the U.S. Alongside German company, BioNTech, the first human trials of the potential vaccine BNT162 will test adults between the ages of 18 and 55.
After issuing a shelter in place order until May 31, Gov. Newsome is now set to reopen some businesses beginning this Friday in what is being presented as a 4-stage plan to fully reopen California. To the delight of local golfers, Monterey County golf courses were allowed to open yesterday under strict guidelines for safety. It is said that the Pebble Beach Company worked with the County Health Administrator to develop the guidelines under which golf course could reopen.
Please stay safe and healthy.