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Yahoo BusinessAug 05, 2020
Goldman Warns Covid-19 Vaccine Approval Could Upend Markets
(Bloomberg) -- Investors should consider the risk of a successful coronavirus vaccine unsettling markets by sparking a sell-off in bonds and rotation out of technology into cyclical stocks, warned Goldman Sachs Group Inc.The increased probability of an approved vaccine by the end of November is underpriced by equity markets and by that time the result of the U.S. election will be known, wrote strategists including Kamakshya Trivedi in a note Wednesday. Investors will also know how the start of the school year will have impacted the spread of the coronavirus, they said.Approval of a vaccine could "challenge market assumptions both about cyclicality and about eternally negative real rates," the team wrote, adding such a scenario may support steeper yield curves, traditional cyclicals and banks, while challenging the leadership of technology stocks. If this happened along with a change in the U.S. administration, emerging market equities could benefit "if trade policy risks diminish while U.S. tax risks rise," according to the note.While the strategists suggested it may be too early for investors to position themselves aggressively for such a shift, they recommended options trades as a way to play the theme. For example, some call options on the S&P 500 still look attractive, and Goldman sees upside to around the 3,700 level should there be an early vaccine.That compares with a potential downside target of 2,200 should there be a significant reversal of activity from a second wave of the virus, the strategis

MarketWatch MarketPulseAug 05, 2020
Rackspace shares sink 22% on first day of trading
Shares of Rackspace Technology Inc. plunged 22% on their first day of trading Wednesday. Four years after it went private, Rackspace announced pricing of its initial public offering: 33.5 million shares of common stock at $21 per share. But investors turned up their noses, leaving the stock at $16.39 at the close of trading. "We're in the middle of a tectonic shift to multicloud technology," company Chief Executive Kevin Jones told MarketWatch in a Zoom interview early Wednesday. "It is the right place, right time for our transformation. We used to compete with hyper-scalers in cloud like Amazon , Google , and Microsoft . Now, we partner with them." Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., and J.P. Morgan Securities LLC are serving as joint lead book-running managers of the IPO. Rackspace was taken private by Apollo Global Management in a $4.3 billion acquisition in 2016. Last year, Rackspace reported revenue of $2.44 billion and a loss of $102.3 million, compared with $2.45 billion in revenue and a loss of $470.6 million in 2018.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Google Business NewsAug 05, 2020
U.S. stock futures flat after Nasdaq hits another record, jobless claims data ahead - CNBC
U.S. stock futures flat after Nasdaq hits another record, jobless claims data ahead  CNBCDow jumps 373 points as stimulus hopes blot out weak jobs data  Business Insider5 Large Biotech and Pharma Stocks Are Dirt Cheap, and Not Because of COVID-19  MSN Money5 things to know before the stock market opens on Wednesday  CNBC

MarketWatch MarketPulseAug 05, 2020
Dow books 373-point gain, Nasdaq marks 31st record and S&P 500 ends 1.7% from its all-time high as everything rallies
U.S. stocks ended at or near records Wednesday, with the S&P 500 finishing within a stone's throw of its February all-time high and the Nasdaq Composite notching its 31st record high of 2020. Hope of further stimulus from the U.S. government to help out-of-work Americans was attributed to some of the upbeat trade on Wall street, even as some of the data have come in weaker than expected, setting the stage for a jobs report on Friday that may underscore that a rise in infections of COVID-19 stalled out some of the recent resurgence in business activity created by social-distancing measures to contain the virus. Payroll provider Automatic Data Processing Inc. also said only 167,000 private-sector jobs were created in July, far short of the 1.88 million forecast by economists polled by Econoday. However, a reading of services from the Institute for Supply Management service sector index jumped to a reading of 58.1 in July, beating expectations and signalling stronger economic growth. Deal activity also sparked some optimism as Teladoc Health Inc. and Livongo Health Inc. said Wednesday they have agreed to merge in a deal valued at $18.5 billion to create a company that can serve a spectrum of health needs, using virtual care. A nearly 9% surge in shares of Walt Disney Co. following its quarterly results, also helped to lift the Dow and the broader market. The Dow Jones Industrial Average closed up about 373 points, or 1.4%, at 27,201, representing its highest closing level since June 8. The S&P 500 index finished 0.6% higher at around 3,328, putting the broad-market benchmark 1.71% off its Feb. 19 record high at 3,386.15, while the Nasdaq Composite Index closed up 0.5% to 10,992, briefly touching the psychologically round-number level at 11,000 intraday and marking another record finish. The tech-heavy index has closed higher six straight sessions. Gaines for equities also came as gold prices finished at a record near 2,050, based on futures for Decemb
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