After more concerns about the rise in COVID-19 cases, the markets had their worst day in two months. — More on that in the “Overall Market” section.
Beyond the overall market, a biotech company is confident its vaccine would receive the FDA’s full approval soon. Meanwhile, a tech giant’s investors are not so confident about the analysts’ expectations. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, Tokyo doesn’t seem so happy about the Olympics. — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
- U.S. markets: The stock market ended in the red zone on Monday. Scroll down to the “Overall Market” section to read more.
Cryptocurrency: Bitcoin’s price decreased to $30K per coin.
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COVID Is Not Going Anywhere
The stock market ended in the red zone on Monday.
After growing concerns about inflation and the resurgence of COVID-19 cases, all the three indexes tumbled. The Nasdaq index and the S&P 500 index had their biggest drop in nearly two months. Although the markets had reasonable expectations for earnings reports, jitters over the new COVID-19 variant outweighed everything else.
For Full Approval
So, what happened?
Shares of Ocugen (Ticker: OCGN) were up by more than 12% on Monday. Although the broad market suffered from the infection increase, the significant rise in cases shows the U.S lacks in vaccines. The biotech company is responsible for Covaxin, which is the first COVID vaccine developed in India. And now, Ocugen announced it would target FDA’s full approval for the drug in the U.S. and investors felt excited about the news.
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So what happened?
Shares of Apple (Ticker: AAPL) were down by more than 2% on Monday. Although many analysts estimate a better-than-expected earnings report from the tech giant, investors raised concerns that the better results might be modest. From the analysts’ perspective, Apple would likely give vague guidelines rather than numerical guidance for the period. Although analysts anticipate great earnings, investors don’t seem to feel so confident about the idea.
So what happened?
After more than a year of postponement, the 2020 Olympics start on Friday in Tokyo. Although long waited, the Olympic games display a reality far from over. The increase in COVID 19 cases led Japan to declare a state of emergency. All spectators were banned, meaning a total of 0 fans attending the event. The pandemic also brought more than $3.3 billion in extra costs for the Tokyo Olympics, a 22% higher-than-expected price to host the games. Although the IOC claims the Olympics are an engine of economic growth and urban revitalization, it seems that Tokyo is far from seeing any economic benefits during the games.
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