Wall Street opens again higher as investors search for tech bargains by Investing.com

By Geoffrey Smith

Investing.com – U.S. stock markets reopened on Wednesday, still buoyed by hopes of an early distribution of a Covid-19 vaccine next year and not deterred by a record number of infections across the country in over the past week.

However, tech stocks, which have benefited from some bargain hunting, have significantly underperformed over the past two days as investors reverted to cyclicals and financials.

At 9:35 a.m.ET (2:35 p.m. GMT), the score was 134 points, or 0.5%, at 29,555 points. The was up just over 0.5% and the was up 0.8%.

After two days of high volatility, it was a morning of relatively modest moves for top stocks, with Veterans Day and the relative lack of corporate earnings and economic data also helping to calm things down. Amazon (NASDAQ 🙂 stock rose 1.8%, recovering from its upheaval earlier in the week, while Apple (NASDAQ 🙂 stock rose 1.5% on the day. where it launched its new generation of Mac books, with chips developed in-house for the first time in years.

Zoom Video (NASDAQ 🙂 also rebounded moderately, up 3.5% after losing more than 20% since Pfizer (NYSE 🙂 inspired hope for an end to forced home labor on Monday.

Elevator (NASDAQ 🙂 rose 6.1% to a five-month high after the rideshare company reported a third-quarter revenue increase, helped by easing coronavirus shutdowns in some cities. He also said he was working on developing a new food delivery service. This may be of concern to investors pushing the company to make a profit, as Uber’s much larger food delivery service (NYSE 🙂 was unable to make money even when the Most restaurants in New York and California have been closed.

Coty (NYSE 🙂 stock also extended its recent gains thanks to strong quarterly earnings on Monday, which resulted in a series of broker upgrades. RBC analysts have set a target price of $ 7 on the stock, which still means more than 55% above current levels.

Shares of Tesla (NASDAQ :), meanwhile, rose 1.5%, despite evidence of increased competition on the road as BMW unveiled its all-electric iNext SUV, slated for launch next year. . Electric vehicles of all stripes are widely expected to benefit from the new environmental regulations when President-elect Joe Biden is confirmed in office in January.