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Stock market live updates: Dow up 700, Moderna positive vaccine data, Powell says 'no limit'

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A conversation about the latest market-moving news, including comments from the top-ranking Federal Reserve official.
This is a live blog. Check back for updates.
CNBC’s Covid-19 Testing & Treatment Index surged more than 4% on Monday as optimism around a potential coronavirus vaccine surged. The index was driven higher by a 4.6% jump in Novavax and a 20% rally in Moderna. Vir Biotechnology also traded more than 15% higher. —Imbert, Francolla
Piper Sandler raised its price target on Lululemon to $265 per share from $249 per share on Monday and said its bullish on the athletic apparel retailer as more consumers stay home. «We see LULU as a direct beneficiary of this work-from-home trend as they appeal to comfort and functional apparel. Our observations suggest their online business has been accelerating rapidly despite stores being closed,» the firm said. Shares of the company are up 2.8% in early trading. —Bloom
Shares of Disney gained more than 9% on Monday after the company said that it will partially reopen its Disney Springs resort in Florida on Wednesday. All visitors will be required to wear a face mask, and other safety precautions include contactless pay options. Separately, the latest round of filings on Friday showed that David Einhorn’s Greenlight Capital bought shares of Disney in the first quarter amid the market rout. Shares of the media giant have slipped nearly 18% this year. – Stevens
Around 19 stocks traded higher at the New York Stock Exchange for every decliner amid rising hope for a potential coronavirus vaccine. Overall,2,608 NYSE-listed stocks were up while 163 declined, according to FactSet data. —Imbert
Bank stocks rallied across the board on Monday as hope around a potential coronavirus vaccine raised expectations of a faster economic reopening and capped loan default risk. Bank of America and Citigroup both rose more than 4% while JPMorgan Chase advanced 3.6% Wells Fargo advanced 5.5%. —Imbert
Two of the most notable «stay-at-home» stocks — Netflix and Amazon –were in the red on Monday as investors rotated to stocks that benefit from the economy reopening. Streaming giant Netflix ticked 1.2% lower, after rallying nearly 40% in 2020. E-commerce juggernaut Amazon slipped 0.6% in early trading on Monday. Shares of Amazon have gained nearly 30% this year as millions of Americans stock up on food and household items, while avoiding physical stores. — Fitzgerald
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U. S. equities started Monday with steep gains, as a possible Covid-19 vaccine and economy reopenings kindled risk appetite among investors. The Dow Jones Industrial Average soared 680 points after the opening bell. The S&P 500 and Nasdaq Composite rose 2.46% and 1.8%, respectively. Monday’s gains wiped out all of the Dow’s losses for the month of May. — Fitzgerald
Shares of Dollar Tree and Dollar General gained roughly 2% during Monday’s premarket trading after Goldman Sachs initiated coverage on the stocks with a buy rating. «We see the dollar stores as well positioned in this uncertain macro economic backdrop,» the firm’s analysts led by Kate McShane said. «The dollar stores bring a powerful combination of value and convenience to the cash-strapped consumer. Add elements of unit growth, counter-cyclicality and supportive demographics to this mix, and you get attractive business models slated to perform well in the face of a recession.

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