Two hours before closing time, the indices look like this:
- The broad S&P 500 index is rising by one percent.
- Technology-heavy Nasdaq Composite is up 0.7 percent.
- Industrial-heavy Dow Jones is up 1.78 percent.
On Monday, the global stock market is optimistic, driven by an expectation of improved corporate income, in addition to a European support agreement to give the hardest-hit economies a fund of 750 billion euros, 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 climbed 12 percent – fell back and is now lower than at opening
The electric car manufacturer Tesla rose by around 12 percent on Monday afternoon and was at a price of 1723 dollars per share.
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This made them the tenth largest listed company in the United States measured in 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 company has overtaken Toyota as the world’s largest car manufacturer measured in 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.
Tesla shares are up 12 percent Monday afternoon. (Photo: STEVE NESIUS / Reuters / NTB Scanpix)
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.
vaccine Optimism
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.
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