Monday Stock Market Update
The Dow Jones Industrial Average, S&P 500, and the Nasdaq Composite all gained on Monday, according to CNBC.
- The Dow Jones Industrial Average gained 236.08 points, or 0.89 percent, to close at 26,664.40.
- The S&P 500 gained 0.72 percent to close at 3,294.61.
- The Nasdaq Composite surged 1.47 percent to close at 10,902.80.
Microsoft closed up more than 5.62 percent after news broke about talks to buy TikTok's US operations. This was a surprising headline because President Donald Trump recently threatened to ban TikTok because of national security concerns. Apple gained as well.
Eli Lilly announced the start of a phase 3 trial of LY-CoV555, an experimental coronavirus antibody treatment. Shares of the company rose 1.70 percent on the news. Manufacturing data also boosted equities as the Institute for Supply Management's manufacturing PMI rose to 54.2 in July, beating expectations of 53.8.
Tomorrow, investors will be watching lawmakers debate over the new coronavirus stimulus package. Disney, Beyond Meat, and Nikola are set to report earnings tomorrow.