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Stock Market Live Updates: Amazon Leads Nasdaq Higher, Positive Vaccine News Doesn’t Help, Dow In Red Staff
This is CNBC’s live blog covering the latest market news.

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20 minutes ago
These are some of the main engines of Monday noon.
Moderna – Moderna was under pressure after an JPMorgan analyst downgraded the stock, citing a very high valuation.

Amazon: Goldman Sachs raised its 12-month price target on Amazon to as high as $ 3,800 per Wall Street share, speeding up stocks to break a five-day losing streak.

Nikola – The electric truck maker has requested a new share offer related to the arrest warrants, sending stock declines.

Peloton – Peloton jumped after Goldman Sachs raised its share price target to $ 84 a share, noting that the company is growing its “addressable market, amplifying network effects and increasing the consumer value proposition.” —Fred Imbert

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46 minutes ago
More than 16,000 Southwest employees reportedly volunteer for early retirement or long-term separation
A Reuters report said more than 16,000 Southwest employees have agreed to early retirement or long-term separation agreements as the travel industry faces tough times in the midst of the pandemic. Southwest shares fell more than 3% on Monday. —Fred Imbert

Markets at noon: Nasdaq recovers as Amazon leads the technology
Around noon, the Nasdaq Composite was the best performing index on Wall Street as Amazon stocks led the big gains among the top tech names. The Nasdaq traded more than 1% higher as Amazon jumped 5.4%. Facebook, Apple, Microsoft, Netflix and Alphabet also rose. The S&P 500 gained 0.4% and was trading higher for 2020. The Dow was delayed, falling 47 points, or 0.2%. —Fred Imbert

Nikola shares tank and Deutsche Bank sees more sales ahead
Shares of electric vehicle maker Nikola fell more than 18% on Monday after the company requested a new share offering of up to 53.4 million warrant-related shares. With the first investors now able to trade their shares, Deutsche Bank said there could be “great technical selling pressure on NKLA shares” later. The company has a retention rating and a target of $ 54 in the stock.

CNBC PRO subscribers can read more here. – Pippa Stevens

Goldman raises target price in Peloton to high on street, shares up 10%
Goldman Sachs raised its price target at fitness equipment media company Peloton on Monday morning and said the company continues to increase its “addressable market, amplifying network effects and increasing the consumer value proposition,” analyst Heath Terry said. “With sustained demand indications and above-average delivery lead times continuing in July despite the company’s efforts to expand bicycle capacity and resume Tread deliveries on a limited basis, we expect subscribers of Connected fitness exceed our previous consensus / guide estimates, “she said. . The firm also reiterated its purchase rating. The company’s shares rose nearly 10% in early operations. – Michael Bloom

‘FANMAG’ looks more and more like a bubble, says Ned Davis
“FANMAG,” an acronym that refers to Facebook, Amazon, Netflix, Microsoft, Apple and Google-parent Alphabet, looks like a bubble after the big crisis it had this year, said Ned Davis, founder of Ned Davis Research. “These key stocks are selling for 36 times profit and a sales record six times. The law of diminishing returns suggests that the bigger a company is, the harder it is to keep accumulating high growth rates to justify these valuations,” he said. Davis in a statement. Note that adding the broader S&P 500 has not yet confirmed the rise in Big Tech. “Previous spikes in FANMAG stocks were accompanied by spikes in the S&P 500 and S&P 494 as well. Currently, they have not confirmed.” All of these stocks are up more than 18% to date, while the S&P 500 held steady over that time period. —Fred Imbert

Nasdaq Up 1% As Big Tech Gatherings, Amazon Gains 4%
Nasdaq Composite’s 1% gain outperformed the S&P 500 and Dow Jones Industrial Average an hour later

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