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US stocks trade mixed as investors weigh reopening hopes against virus spread

US stocks trade mixed as investors weigh reopening hopes against virus spread

Reuters

  • US stocks traded mixed on Monday as investors continued to bet on economic reopenings despite soaring coronavirus case counts.
  • Global virus deaths topped 500,000 on Sunday while confirmed cases tore above 10 million.
  • Boeing led the Dow higher after US regulators approved test flights of its troubled 737 MAX jet.
  • Oil climbed, with West Texas Intermediate jumping as much as 1.6%, to $39.12 per barrel.
  • Watch major indexes update live here.

US equities traded mixed on Monday as investors continued to bet on economic reopenings despite soaring coronavirus case counts.

Global virus deaths passed 500,000 on Sunday while confirmed cases reached the 10 million mark. Fresh outbreaks in Florida, Texas, and California forced state governments to reverse some reopening measures in an attempt to curb further damage. The spike in cases has yet to fuel a similar uptick in coronavirus deaths, but experts caution the pandemic’s spread could revive strict lockdowns.

Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Monday:

Read more: Jefferies says buy these 14 cheap stocks that are financially strong and positioned for market-beating returns

Boeing led the Dow higher through the session. The plane manufacturer’s shares leaped roughly 7.5% in early trading after US regulators approved its beleaguered 737 MAX model for test flights.

Gilead stock also soared on Monday after the biotech company priced its remdesivir drug at $2,340 for a five-day course. The drug has been closely watched as a potential coronavirus treatment. The company also nixed country-by-country price negotiations to further expand remdesivir’s market.

“As the world continues to reel from the human, social and economic impact of this pandemic, we believe that pricing remdesivir well below value is the right and responsible thing to do,” Gilead CEO and Chairman Daniel O’Day said in a statement.

Read more: The stock market’s fear gauge is sending a persistent warning that has a 30-year track record of signaling meltdowns ahead

Facebook stock plummeted for a second straight session as more companies boycotted the social media giant. Several firms have turned away from social media advertising to push the platforms to take a stronger stance against hate speech.

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Oil climbed slightly higher through the session. West Texas Intermediate jumped as much as 1.6%, to $39.12 per barrel. Brent crude, oil’s international standard, gained 1.4% to $41.58 at intraday highs.

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