Stocks bolstered by positive vaccine updateDow +911.95 at 24597.37, Nasdaq +220.27 at 9234.85, S&P +90.21 at 2953.78 [BRIEFING.COM] The S&P 500 rallied 3.2% on Monday, as reopening hopes were fueled by a positive vaccine update from Moderna ($MRNA 80.00, +13.31, +20.0%). The small-cap Russell 2000 outperformed with a 6.1% gain, followed by the Dow Jones Industrial Average (+3.9%) and Nasdaq Composite (+2.4%). Prior to the open, Moderna announced that a Phase 1 study for its COVID-19 vaccine candidate yielded positive interim clinical results. The company was hopeful that a Phase 3 trial could begin earlier than expected in July, and it started scaling up its manufacturing capacity so it can produce as much vaccine as possible if approved. The news provided an added boost to the market, which was already trading higher following Fed Chair Powell's "60 Minutes" interview with CBS. Mr. Powell assured the market that the Fed is still not out of ammunition and suggested Congress should do more. Mr. Powell also said that a full economic recovery could take more than a year and will likely require a vaccine. The timely vaccine update, then, coupled with the Fed's support and an increase in nationwide reopening efforts, helped ignite a cyclically-charged rally. All 11 S&P 500 sectors finished higher, including leadership from the energy (+7.6%), industrials (+6.6%), and financials (+5.3%) sectors. Oil prices climbed 8.3%, or $2.44, to $31.82/BBL. Treasuries sold off, driving yields higher in a curve-steepening trade. The CBOE Volatility Index declined 8.0% to 29.33. Apple ($AAPL 314.96, +7.25, +2.4%), Walt Disney ($DIS 116.85, +7.80, +7.2%), and Delta Air Lines ($DAL 21.86, +2.67, +13.9%) were among the latest companies announcing plans to ramp up their reopening efforts. Uber ($UBER 33.62, +1.15, +3.5%), on the other hand, said it plans to reduce its workforce by an additional 3,000 employees and scale back its non-core businesses due to economic challenges caused by COVID-19. Shares were up nearly 11% following the news but retraced gains to close higher by 3.5%. As mentioned, Treasury yields increased as safe-haven demand waned amid today's bullish mindset. The 2-yr yield increased four basis points to 0.19%, and the 10-yr yield increased ten basis points to 0.74%. The U.S. Dollar Index declined 0.8% to 99.60. Monday's economic data was limited to the NAHB Housing Market Index for May, which increased to 37 (Briefing.com consensus 34) from 30 in April. Looking ahead, investors will receive Housing Starts and Building Permits for April on Tuesday. Nasdaq Composite +2.9% YTDS&P 500 -8.6% YTDDow Jones Industrial Average -13.8% YTDRussell 2000 -20.1% YTD Market Snapshot Dow24597.37+911.95(3.85%)Nasdaq9234.85+220.27(2.44%)SP 5002953.78+90.21(3.15%)10-yr Note -8/320.726NYSEAdv 2601 Dec 313 Vol 1.2 blnNasdaqAdv 2674 Dec 593 Vol 4.3 bln Industry Watch Strong: Energy, Industrials, Financials, Real EstateWeak: Health Care, Consumer Staples Moving the Market -- Stocks rallied following positive vaccine update from Moderna ($MRNA), fueled reopening enthusiasm -- Fed Chair Powell said central bank is not out of ammunition, suggests Congress should do more-- Broad-based equity gains; oil prices climbed 8%, Treasuries declined in curve-steepening tradeECONOMIC EVENTS: In U.S. data, the NAHB housing market index bounced 7 points to 37 in May after the record 42 point plunge to 30 in April. The latest data from the Johns Hopkins Whiting School of Engineering shows there are now 4.75M confirmed cases of COVID-19, including 1.5M in the U.S., and 315,822 deaths worldwide due to the disease. In New York, Governor Andrew Cuomo reported 106 virus deaths in the state yesterday versus 139 deaths the previous day. TOP NEWS: Shares of Moderna ($MRNA) surged almost 20% after the company reported interim clinical data of mRNA-1273, its vaccine candidate against novel coronavirus, from a Phase 1 study led by the National Institute of Allergy and Infectious Diseases. "These interim Phase 1 data, while early, demonstrate that vaccination with mRNA-1273 elicits an immune response of the magnitude caused by natural infection starting with a dose as low as 25 microgram," said Tal Zaks, Chief Medical Officer at Moderna. Shares of GSX Techedu ($GSX) fell 7.4% after Muddy Waters said it was short the shares of what it calls a "near-total fraud." The firm, which claims that at least 70% of GSX Techedu's users "are fake, and we think it's quite likely that at least ~80% of its users are fake," joins promiment short-selling peer Citron Research in making claims of fraud at the Chinese company. Uber Technologies ($UBER) advanced 3.5% after the ride-sharing giant announced plans to further reduce its operating expenses "in response to the economic challenges and uncertainty resulting from the COVID-19 pandemic and its impact on the company's business." The company noted that, as a result, it is stopping some of its non-core investments and reducing the size of its workforce by around 3,000 people. Meanwhile, J.C. Penney ($JCP) shares dropped 22.7% after the company filed for Chapter 11 Bankruptcy on Friday. In addition, the company said in a regulatory filing today that it has received approvals from the U.S. Bankruptcy Court for the Southern District of Texas for the "First Day" motions related to the company's voluntary Chapter 11 petitions, including approval for the company to access and use its approximately $500M in cash collateral. MAJOR MOVERS: Among the noteworthy gainers was Spirit Airlines ($SAVE), which rose 24.7% after Evercore ISI analyst Duane Pfennigwerth upgraded the stock to Outperform from In Line. Also higher was PBF Energy ($PBF), which gained 20.1% after reporting quarterly results. Among the notable losers was ForeScout ($FSCT), which fell 23.5% after Advent provided notice that it would not be proceeding to consummate the acquisition of the company as scheduled. Also lower was Chegg ($CHGG), which slid 6.7% after BMO Capital analyst Jeffrey Silber downgraded the stock to Market Perform from Outperform.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. . Want to trade some of these stocks?Are you interested in trading stocks to supplement your income or make a living? Maybe become a professional trader? 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