Newscasts - Trading at Noon: Wall Street recovers some of last week's losses

Relay Therapeutics

09/09/2024 16:39

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Source: 'Reuters - Business videos'

Description: U.S. stocks jumped on Monday as Wall Street recovered some of the
steep losses suffered last week. The dollar bounced against the yen and other
major currencies, as investors looked ahead to U.S. inflation data on
Wednesday.
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Video Transcript:

Wall Street advances, recovering from the worst week of the year. Welcome to
Trading at Noon. I am Peter Devlin. A move higher in the US stocks has
investors breathing a sigh of relief today after last week's brutal sell-off.
Major chip stocks, which saw heavy selling last week, regained some grounds
with the Philadelphia Semiconductor Index up 1.8%. That was after tumbling
more than 4% on Friday. Boeing shares led the Dow higher after the planemaker
reached a tentative labor deal that could avert a major strike. While shares
of Dell and Palantir jumped on a news that they will be joining the S&P 500.
Turning to FX and the Dollar saw broad-based strength at the start of the
week. The greenback rose for the first time in five sessions versus the Yen,
while rising for a second straight day against the Euro. One analyst we spoke
to earlier is looking ahead to November's presidential election and its
effects on the Dollar.

And certainly, if we were to see a Trump victory, given his threats of tariffs
and given that he would not need Congress to push through with those, that
would be more inflationary, that could mean that the Federal Reserve's
interest-rate-cutting cycle could be cut short next year, and that would be
Dollar supportive. Of course, a Harris victory could mean a softer Dollar. So,
again, we need to see what that election is going to come through with.

Meanwhile, in corporate news, and shares of Apple were lower today. That is
ahead of its unveiling of its new product line-up at an event. The tech giant
is expected to reveal its iPhone 16 line-up, focusing on upgrades to its AI
features. New versions of the Apple Watch and AirPods are also expected today.
Shares of Eli Lilly rose over 1%, as the drugmaker announced insider Lucas
Montarce as its chief financial officer. The executive appointment comes at a
crucial time as the firm is investing billions in diabetes and weight-loss
drugs. More pharmaceutical news and shares of Relay Therapeutics rose 36% at
the open. The drug developer said experimental breast cancer treatment
extended the time patients lived without their disease worsening. And shares
of Summit Therapeutics surged after its experimental therapy prompted better
results than Merck. Summit's therapy showed a higher number of months of
progression-free survival than Merck's Keytruda in its late-stage lung cancer
trial. Shares of Merck fell over 3%. And Tesla shares gained 3% at the open on
stronger demand from China. New energy vehicle sales in China jumped to a
record level while Tesla had its best month of the year. And finally, oil
prices rose from their lowest close since 2021, clawing back some of last
week's decline. Risk of production disruptions from a potential hurricane
approaching the US Gulf Coast held prices steady. Well, that is Trading at
Noon