Market turns positive on positive drug development by Pfizer and BioNtech

U.S stock market traded higher yesterday except for the DJIA index which moves lower by 77.91 points. Traders and investors are optimistic about the Covid-19 vaccine trial by Pfizer and BioNtech. The experimental drug spurred immune response in healthy patients though also cause fever and other side effects which is not serious. More testing will start this summer.

Today, the market is pack with job data releases before the fourth of July holiday. Non-farm employment expected to record an increase of 3037k under 12.4% unemployment rate.

Asian & European Stock market

The Asian stock market mostly higher today. Japan stock market up 24.23 points (+0.11%) to 22,145.96, China stock market up 64.59 points (+2.13%) to 3,090.57 and Australia ASX 200 up 98.30 points (+1.66%) to 6,032.70. The European stock market also gaining. DAX Germany up 1.94%, FTSE UK up 0.88%, Euro STOXX 600 up 1.18%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index closed lower yesterday but no significant bearish momentum yet. The index might continue moving higher today as DJIA futures up 268 points at the current time. The index range currently spans between daily SMA 100 & 200. No change to the ranging outlook until the index moves away from both averages.

Walmart Inc (WMT)

WMT share prices holding out near the daily SMA 100 & 200. If we look at the overall trend of the share prices we could see the trend continues bullish. As long as the share prices could continue to maintain the level above both averages, it will continue the bullish trend.