Stocks rise to start the weekDow +529.95 at 24995.11, Nasdaq +15.63 at 9340.24, S&P +36.32 at 2991.64 [BRIEFING.COM] The S&P 500 rallied as much as 2.2% on Tuesday on a familiar reopening trade, but some weakness into the close left the benchmark index up 1.2% for the session. The Dow Jones Industrial Average (+2.2%), Russell 2000 (+2.8%), and S&P MidCap 400 (+3.4%) outperformed, while the Nasdaq Composite increased just 0.2%. Some attributed today's late selling to a Bloomberg report that indicated the Trump administration was considering sanctions on Chinese officials, businesses, and financial institutions in response to Beijing's plans to tighten control over Hong Kong. The news wasn't exactly "new," but the negative-sounding headline helped take the S&P 500 below its 200-day moving average (3000) on a closing basis. Nevertheless, stocks remained supported by a multitude of factors, namely favorable monetary and fiscal policy; reopening efforts; vaccine progress; and a bullish trend that has pulled in reluctant investors fearful of missing out on further gains. Over the extended weekend, many more businesses continued to reopen as the rate of new coronavirus cases and deaths continued to flatten or decline. The reopening trade was still manifested in the leadership from the financials (+5.0%) and industrials (+4.2%) sectors, and in the higher oil prices ($34.36/BBL, +$1.11, +3.3%). The heavily-weighted information technology (-0.1%) and health care (-0.2%) sectors, however, slipped into negative territory. Deemed as an early catalyst today, Merck ($MRK 77.26, +0.89, +1.2%) and Novavax ($NVAX 48.17, +2.06, +4.5%) joined the race for a COVID-19 vaccine. Separately, JPMorgan Chase ($JPM 95.82, +6.35, +7.1%) CEO Jamie Dimon expressed confidence in his company as well as hope in an economic recovery. Elsewhere, airline stocks were among today's biggest gainers, evident by the 11.8% gain in the U.S. Global Jets ETF ($JETS 15.31, +1.61, +11.8%). The U.S. Treasury curve continued to experience curve-steepening activity amid the market's upbeat economic outlook. The 2-yr yield was unchanged at 0.17%, while the 10-yr yield increased four basis points to 0.70%. The U.S. Dollar Index declined 0.9% to 98.97. Reviewing Tuesday's economic data, which was mostly better-than expected: New home sales increased 0.6% m/m to a seasonally adjusted annual rate of 623,000 (Briefing.com consensus 485,000) from a downwardly revised 619,000 (from 627,000). On a yr/yr basis, new home sales were down 6.2%.The key takeaway from the report is that the strength in sales was fortified by lower selling prices.The Conference Board's Consumer Confidence Index checked in at 86.6 for May (Briefing.com consensus 88.5) versus a downwardly revised 85.7 (from 86.9) for April.The key takeaway from the report is that attitudes about the short-term outlook increased some, reflecting some budding optimism about reopening efforts.The FHFA Housing Price Index for May increased 0.1% following an upwardly revised 0.8% in April (from +0.7%).The S&P Case-Shiller Home Price Index increased 3.9% yr/yr in March (Briefing.com consensus 3.8%) following a 3.5% increase in February. Looking ahead, investors will receive the Fed's Beige Book and the weekly MBA Mortgage Applications Index on Wednesday. Nasdaq Composite +4.1% YTDS&P 500 -7.4% YTDDow Jones Industrial Average -12.4% YTDRussell 2000 -16.5% YTD Market Snapshot Dow24995.11+529.95(2.17%)Nasdaq9340.24+15.63(0.17%)SP 5002991.64+36.32(1.23%)10-yr Note -3/320.695NYSEAdv 2455 Dec 461 Vol 1.1 blnNasdaqAdv 2299 Dec 970 Vol 4.4 bln Industry Watch Strong: Financials, Industrials, Energy, Real EstateWeak: Health Care, Information Technology Moving the Market -- Stocks extend bullish trend, but lose steam into close and take S&P 500 below its 200-day moving average (3000)-- Reopening optimism, vaccine progress, favorable monetary and fiscal policy-- U.S. considering sanctions on China over its plans to tighten control of Hong KongStocks rise as consumer confidence index stabilizes, Trump says states should open 'ASAP' Stocks rallied amid a surge in risk-on sentiment following the holiday weekend, which saw the easing of lockdowns in many areas of the U.S. President Trump tweeted that the stock market is "up BIG" and "states should open up ASAP," adding that "next year will be one of the best ever!" In addition to enthusiasm about reopenings, hopes for rapid development of a vaccine were underpinned by news from several drugmakers. ECONOMIC EVENTS: In U.S. data, the Chicago Fed national activity index dropped 11.77 points to -16.74 in April to hit a new record low. The Case Shiller 20-City home price index rose 1.1% to 222.2 in March to hit a record high. Meanwhile, the FHFA home price index increased 0.1% to 287.9 in March. New home sales sharply beat estimates with a 0.6% April rise to 623,000 homes. The Conference Board consumer confidence index rose to 86.6 in May from a 6-year low of 85.7 in April. Meanwhile, the latest data from the Johns Hopkins Whiting School of Engineering shows there are now over 5.5M confirmed cases of COVID-19, including nearly 1.7M in the U.S., and 347,085 deaths worldwide due to the disease. TOP NEWS: Shares of Merck ($MRK) rose 1.1% after the Dow member announced what it called "three significant scientific initiatives" to combat COVID-19. Among those, Merck agreed to acquire privately-held Themis, which is part of a consortium that is supported by funding from the Coalition for Epidemic Preparedness Innovations to develop a vaccine candidate targeting SARS-CoV-2 for the prevention of COVID-19. In addition, Merck said it will collaborate with IAVI to develop a vaccine against COVID-19 and that it will collaborate with Ridgeback Bio to advance development of an oral antiviral candidate for COVID-19, EIDD-2801. Novavax ($NVAX) shares gained 4.5% after the company announced the enrollment of the first patient in its anticipated Phase I/II clinical study of NVX-CoV2373, the nanoparticle vaccine candidate with Matrix-M adjuvant to protect against coronavirus. Novavax has rapidly advanced NVX-CoV2373 to become one of the leading vaccine candidates in clinical testing globally, B. Riley FBR analyst Mayank Mamtani said following the news. Regeneron ($REGN) and Sanofi ($SNY) announced a secondary offering of approximately $7B of Sanofi-owned Regeneron common stock and a further $5B stock repurchase of Sanofi-owned stock by Regeneron. Piper Sandler analyst Christopher Raymond said that Sanofi's investment exit has been well telegraphed since late last year, and Regeneron repurchasing $5B of common stock directly from Sanofi is a "pleasant offset." Meanwhile, BioMarin ($BMRN) shares closed 6.4% higher following the news as RBC Capital analyst Kennen Mackay argued in a note to investors that the company's rare-disease and gene therapy platform would be among the "most intriguing potential targets" for Sanofi after the deal to sell the majority of its Regeneron stake. MAJOR MOVERS: Among the noteworthy gainers was Argenx ($ARGX), which jumped 34.3% after the company announced topline data from the pivotal ADAPT trial of efgartigimod, which met its primary endpoint in a study of the drug's use to treat generalized myasthenia gravis patients. A number of the day's other top gainers came from groups that have been hardest among the pandemic - including airlines such as United ($UAL) and American ($AAL) and cruise line operators such as Royal Caribbean ($RCL) and Norwegian ($NCLH). Among the notable losers was Hertz Global ($HTZ), which fell 80.5% after the company announced late Friday that it and certain of its U.S. and Canadian subsidiaries have filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. Also lower were shares of Anaplan ($PLAN), which slid 7.6% after the company reported disruptions in the quarter from COVID-19 that weighed on new business, calculated billings and remaining performance obligations as customers delayed budgeting decisions.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. . 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