Morgans AM: Monday, 8 November 2021

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Manage episode 306568085 series 1086780
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Fresh record highs for the benchmark US equity indices to cap a solid week, buoyed by the latest October jobs figures and encouraging results from Pfizer for its antiviral COVID-19 pill - Dow up +204-points or +0.56% to close at a new peak of 36,327.95. The broader S&P500 added +0.37% to log its seventh consecutive gain and settle at a record high of 4,697.53. Energy (up +1.42%) led ten of the elven primary sectors higher on Friday night AEST (5 November), with Health Care (down -1.03%) the only primary sector to close in the red. Pfizer Inc jumped +10.86% after the pharmaceutical company said its COVID antiviral reduced the risk of hospitalizations or death by 89% in a Phase 2/3 study. Pfizer board member Dr. Scott Gottlieb said that the pandemic could be over in the U.S. by the time President Biden’s workplace vaccine mandates take effect in early January. Pharmaceutical peer Merck & Co closed -9.86% lower as investors appeared to shun Pfizer rivals. However, the news boosted classic reopening plays, with United Airlines Holdings Inc rallying +7.26% and American Airlines Group Inc +5.77%. Expedia Group Inc jumped +15.63% a day after the company said renewed travel demand boosted its top and bottom lines higher than analysts had expected. Chief Executive Officer (CEO) Elon Musk n Saturday (6 November) asked his 62.5M Twitter followers to determine the future of a chunk of his Tesla Inc (down -0.64%) holdings. Mr Musk previously said he was likely to sell “a huge block” of his options in the fourth quarter. The Nasdaq +0.020% to an all-time closing high of 15,971.59. The small capitalisation Russell 2000 +1.44%. For the week, the Dow rose 1.42%, the S&P 500 gained +2.00% and the Nasdaq advanced +3.05%.

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