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Smead Capital Management CEO and Chief Investment Officer Bill Smead, John Cornpina of Meridian Equity Partners and Scott Bauer of Prosper Trading Academy discuss the US stock market landscape with a probable Biden administration and a coronavirus vaccine.
Stock futures were mixed on Tuesday as the rally driven by the positive progress of the coronavirus vaccine came to a halt.
MIXED STOCK FUTURES
Dow futures rose 97 points, a gain of 0.3%, while the S&P 500 lost 0.6%. The highly technological Nasdaq Composite, which did not take part in Monday’s rally, continued its slide, falling more than 2%.
The rally that started the week took the Dow and S&P to record highs before falling.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| I: DJI | MEDIUM DOW JONES | 29157.97 | +834.57 | + 2.95% |
| SP500 | S&P 500 | 3550.5 | +41.06 | + 1.17% |
| I: COMP | NASDAQ COMPOSITE INDEX | 11713.782528 | -181.45 | -1.53% |
DOW ADDS 834 POINTS TO PFIZER’S COVID-19 VACCINE PERCEPTION AS NASDAQ SLIPS
THE EU TARGET AMAZON
The Nasdaq could see more pressure with Amazon drop early in negotiations after the European Union alleged that the e-commerce giant violated antitrust rules.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 3,143.74 | -167.63 | -5.06% |
European indices were also mixed, with the German DAX down 0.3%, while the STOXX 600 index rose by a similar amount. The French CAC 40 and the UK FTSE 100 were both around 1% higher.
COVID-19 UPDATE
PFIZER COVID-19 VACCINE IS 90% EFFECTIVE IN LATEST TRIALS
In vaccine news Monday night, Eli Lilly & Co. received emergency use approval from the FDA for its COVID-19 antibody treatment.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| THERE IS | ELI LILLY & COMPANY | 142.33 | -0.41 | -0.29% |
This followed confirmation that Pfizer and BioNTech’s COVID-19 vaccine was 90% effective in the first 94 patients it was tested on.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| PFE | PFIZER INC. | 39.20 | +2.80 | + 7.69% |
| BNTX | BIONTECH | 104.80 | +12.80 | + 13.91% |
The news comes as the United States surpassed 10 million coronavirus cases on Monday, becoming the first country to cross the threshold, according to data from Johns Hopkins University.
Globally, there are more than 50.9 million cases, resulting in 1.26 million deaths.
Spotlight on results
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| ELEVATOR | LYFT INC. | 37.69 | +7.85 | + 26.31% |
| DHI | DR HORTON INC. | 64.95 | -5.66 | -8.02% |
| RKT | ROCKET COMPANIES INC. | 21.45 | +0.14 | + 0.66% |
Lyft, home builder DR Horton and mortgage originator Rocket Companies will be among the companies to release their quarterly results on Tuesday.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| BYND | BEYOND MEAT INC. | 150.50 | -6.36 | -4.05% |
| MCD | MCDONALD’S CORP. | 213.22 | -3.34 | -1.54% |
Plant-based meat company Beyond Meat saw its shares drop nearly 18% on Tuesday before market launch after a whipsaw session on Monday after McDonald’s announced plans to create a new plant-based burger.
SMALL BUSINESS, JOLTS IN FOCUS
Tuesday will see the release of two economic reports, the NFIB Small Business Optimism Index for October and the JOLTS report for September.
Economists expect a reading of 6.5 million job postings for September, roughly in line with data from the previous month.
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OIL, GOLD RISE
West Texas Intermediate crude oil, which rose sharply on Monday following vaccine news, continued its rally, breaking above the 40-barrel level.
In other commodities, gold rose 0.8% to $ 1,869.70.
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