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Shares surged on Wednesday as large-cap tech stocks recovered from a two-day sell-off.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| I: COMP | NASDAQ COMPOSITE INDEX | 11715.505932 | +161.65 | + 1.40% |
| I: DJI | MEDIUM DOW JONES | 29375.28 | -45.64 | -0.16% |
| SP500 | S&P 500 | 3561.45 | +15.92 | + 0.45% |
The Nasdaq Composite rose nearly 1%, while the Dow Jones Industrial Average gained more than 100 points or 0.3%. The S&P 500 also rose 0.5%.
It comes as investors turned to cyclical names on Tuesday, giving the Dow a rebound.
OIL WALKS UP
Oil hit the $ 42 a barrel level ahead of the EIA’s weekly oil data at 10:30 a.m. ET. Chevron rose as the leader of the Dow.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 82.77 | -0.32 | -0.38% |
| USE | UNITED STATES OIL FUND LP | 29.60 | +0.70 | + 2.42% |
AIR LINES IN FOCUS
Major airlines continue to see trade action as investors weigh up rising crude prices against a recovery in travel.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP INC. | 12.13 | -0.24 | -1.98% |
| OF | DELTA AIR LINES INC. | 35.99 | -1.03 | -2.79% |
| JBLU | JETBLUE AIRWAYS | 14.46 | -0.48 | -3.22% |
| LUV | SOUTHWEST AIRLINES CO. | 44.18 | -0.65 | -1.44% |
| UAL | UNITED AIRLINES HLDG. | 39.14 | -0.91 | -2.27% |
DOW JUMPS 263 POINTS LED BY BOEING, CHEVRON AS OIL HIT $ 41 LEVEL
CHINA ESCAPES FROM TECHNOLOGY
Chinese tech names have fallen sharply after the Chinese government issued new regulations intended to limit their influence.
ALIBABA IN FOCUS AFTER CHINESE REGULATORS EYE MOVE
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| BABA | ALIBABA HOLDING LTD GROUP | 271.10 | +4.55 | + 1.71% |
| START | BAIDU INC. | 142.61 | -0.64 | -0.45% |
| JD | JD.COM INC | 82.03 | +1.95 | + 2.43% |
Ecommerce giant Alibaba fell 9% on Tuesday despite starting its annual shopping vacation known as Singles Day. Shares fell another 2% on Wednesday with similar declines for Baidu and JD.com.
COVID-19 UPDATE
Vaccine makers remain focused after Pfizer announced that its vaccine was 90% effective in late-stage clinical data.
Nonetheless, coronavirus cases continue to rise across the country and around the world, with the United States surpassing 130,000 cases on Tuesday. More than 10.2 million Americans have been infected with the virus and more than 239,000 have died from it, according to data from Johns Hopkins University.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| PFE | PFIZER INC. | 38.06 | -0.59 | -1.52% |
| RNAm | MODERNA INC. | 78.91 | +2.86 | + 3.76% |
| RAIN | REGENERON PHARMACEUTICALS INC. | 563.25 | +4.03 | + 0.72% |
Pfizer CEO Albert Bourla is under scrutiny after the chief pharmaceutical officer sold more than 130,000 shares of stock on November 9, the same day the company announced positive results from its COVID-19 vaccine.
Separately, Moderna CEO Stéphane Bancel told Reuters that the first interim analysis of their coronavirus vaccine is expected later this month. Regeneron has also increased.
10-YEAR CASH RETURN 0.97%
U.S. bond markets are closed for Veterans Day. The 10-year US Treasury yield stands at 0.97%, its highest level since March.
WEEKLY WATCH ON HOUSING
Wednesday will see the release of two weekly economic reports, the MBA Mortgage Applications Index and the EIA Crude Oil Inventory Report.
Economists will have the latest snapshot of the US housing market, for the week ending Nov. 7, after the previous week showed a 3.8% increase.
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GOLD SHINES
In other commodities, gold fell 0.4% to $ 1,868.80 an ounce.
In overseas markets, European indices were also higher on Wednesday, with the STOXX Europe 60, German DAX, French CAC 40 and UK FTSE 100 all advancing around 0.6%.
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