After a few hours of trading on the stock exchanges, the indices look like this:
- The broad S&P 500 index is up 1.3 percent.
- Technology-heavy Nasdaq Composite is up 1.55 percent.
- Industrial heavy Dow Jones rises by 1.75 percent.
On Monday, the global stock market is optimistic, driven by an expectation of improved corporate earnings, in addition to a European funding agreement to give the hardest hit economies a € 750 billion fund, writes Financial Times.
In the US, the results season is kicking off today, and first off is the banks this week reporting how hard the corona hit in the second quarter. On Monday night, both Amazon and Apple are up 2.5 percent.
Tesla jumps 12 percent
Electric car manufacturer Tesla is up about 12 percent and is at a price of $ 1723 per share. The company is now worth $ 317 billion.
That makes them the tenth largest listed company in the US in terms of market value, the newspaper writes CNBC. Several people speculate that the company will soon become part of the S&P 500 index, which includes the 500 largest companies listed on US stock exchanges.
The stock is now up more than 55 percent in just July, and this year it has risen by 300 percent, according to CNBC. The company has also passed Toyota as the world’s largest car manufacturer in terms of market value. Previously, some of the upturn was due to the fact that the company managed to deliver over 90,000 cars in the second quarter.
According to Bloomberg Billionaire Index Tesla founder Elon Musk is now the seventh richest man in the world.
Higher turnover than expected for the soft drink giant Pepsi
According to CNBC the Brussels company Pepsi has reported sales of the expected estimate of $ 15.38 billion. Actual sales for Pepsi were $ 15.95 billion in the second quarter, equivalent to around NOK 150 billion.
Nevertheless, turnover for Pepsi has fallen by three per cent compared to last year. The company says the reason for the fall is that fewer consumers bought drinks at restaurants and kiosks in the past quarter, as a consequence of the corona pandemic.
The company reported growth for the Cheetos and oatmeal foods, but says there is still great volatility and uncertainty surrounding the pandemic.
On Monday afternoon the share rose by around two per cent.
Pharmaceutical companies Pfizer and BioNTech rise by 5.3 and 15.2 percent respectively on Monday night, writes CNBC.
This is after positive news emerged about a possible vaccine against Covid-19, when the companies approved the start of a new phase of vaccine trials by US authorities. The trials will be expanded by 30,000 people and will continue later in July. The companies state that they expect to have 100 million doses of a vaccine by the end of 2020.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which links directly to our pages. Copying or any other use of all or part of the Content may only be done by written permission or as permitted by law. For further terms look here.