• U.S. stock markets opened the week higher
• President trump changes his rhetoric regarding lifting restrictions in April
• Johnson & Johnson (JNJ.US) will soon start testing for a coronavirus vaccine
US indices opened higher today in attempt to extend gains from last week after several companies announced progress in developing drug and vaccine for coronavirus. During the weekend President Trump dispelled all hopes for an early release from the lockdown policies on the U.S. economy by Easter. The current guidance on social distancing has been extended to the end of April.
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Open account Try demo Download mobile app Download mobile appIn the opinion of Dr. Anthony Fauci, which is the White House medical adviser, the virus could kill up to 200,000 US citizens. At the moment US is the most affected country in the world with over 142.000 confirmed cases and almost 2500 deaths. Therefore further news regarding the spread of the pandemic will have the biggest impact on the markets, as investors try to assess whether announced fiscal and monetary stimulus will be enough to offset the economic impact of coronavirus outbreak.
S&P 500 (US500) – managed to defend key support level at 2505pts and is trying to recover Friday’s losses. However, market sentiment remains negative as investors seem to be concerned about the spread of the epidemic and the growing number of new cases. Therefore it should be assumed that unless positive news hits the markets, then the above mentioned resistance may be tested again. Source:xStation5
Johnson & Johnson (JNJ.US) is trading higher today after company announced that it has a leading candidate for a coronavirus vaccine in collaboration with the US Department of Health and Welfare. Clinical tests are likely to begin in September 2020 and the first batches of vaccine may be available early next year. The company has committed to providing a billion vaccines worldwide in response to an outbreak of coronavirus.
Johnson & Johnson (JNJ.US) is trading in upward correction move, based on positive news regarding potential coronavirus vaccine. Price broke above major resistance at $125.61. In case the current sentiment prevails J&J stock prices many move towards next resistance level at $136.35. Support can be found at $118.18. Source: xStation5
Papa John’s (PZZA.US) – investor advisory firm ISS advised that retired basketball superstar Shaquille O’Neal should not be re-elected to the board of the pizza chain, as he skipped too many board meetings. ISS believes that shareholders should vote against his re-election at the next annual meeting, according to a Bloomberg.
Papa John’s (PZZA.US) – share price bounced off the major resistance level at $54.95 which is additionally strengthen by 200 MA (marked in red) and may continue its downward movment towards support located at $38.00. Source:xStation5
Novartis (NVS) – advised that its malaria drug hydroxychloroquine is the drugmaker’s biggest hope against COVID-19.
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