July 22, 2020

Good morning,

A mixed day on Wall Street yesterday saw the Dow and S&P 500 gain primarily in defensive sectors, 159.53 and 5.46 points, or 0.6% and 0.17%, respectively. The NASDAQ, which has seen volatility in recent weeks, sagged at the end of trading yesterday to close down 86.73 points, or -0.81%.

Dow futures extended their losses this morning after the U.S. State Department abruptly ordered China to close their consulate in Houston, citing protection of “intellectual property and private information.”  Stocks in Europe also fell amidst the rising tension between the two super-economic powers.

The Department of Health and Human Services announced a $1.95 billion deal with Pfizer to produce 100 million doses of their COVID-19 vaccine if it proves effective.  Shares of Pfizer rallied 4% in premarket on the news.

Futures this morning in the premarket are mixed, with the Dow and S&P 500 are indicating opening to the downside, while the NASDAQ looks to open slightly to the upside.