Despite unenthusiastic results from tech behemoth and cloud bellwether Microsoft, Tesla’s headline numbers are keeping the risk-environment buoyant.
U.S. benchmarks surged from Monday’s opening bell into the second half of yesterday. The S&P 500 achieved the highest level since February 24 and the Nasdaq-100 again notched 11,000 but failed to set a new high by half a point.
U.S. benchmarks are set to continue their push higher led by tailwinds from recovery fund stimulus and strong earnings from IBM.
Stimulus is in the air and buoying U.S. benchmarks from their overnight lows. With a light economic calendar this week, the focus will be earnings.
U.S. benchmarks settled-in after surging overnight upon positive Covid-19 vaccine news. The market often finds a silver lining to perform given this ultra-liquid zero interest rate policy world.
Moderna published the results of their Phase 1 trial late yesterday, it showed an immune response in all 45 patients with only minor side effects. Amid these bullish tailwinds, there are now expectations of good news to be announced surrounding Oxford University’s Covid-19 vaccine candidate backed by AstraZeneca.
U.S. benchmarks held ground overnight after reversing sharply on news California rolled back its reopening. both JPMorgan and Citigroup are trading higher after beats.
The FDA granted Pfizer and BionTech fast-track designation for their Covid-19 vaccine candidates. The news helped push the indices broadly out above their overnight ranges.
A record rise in Covid-19 cases domestically and underlying U.S.-China tensions certainly weighed on the risk-appetite. 
After a boisterous start to the week, fresh warnings of a slower global economy have pushed U.S. benchmarks on their backfoot. Even the great stocks are surpassing levels of near-term sensibility.