U. s. Stock futures rose on Sunday night as traders assessed a sharp turnover in the market that led to mixed weekly performance last week..
Dow Jones Industrial Average futures rose more than 200 points. S&P 500 and Nasdaq 100 futures also rose.
S&P 500 hit a record high on Friday and took a 1-week gain of 2. 2%. The Dow rose more than 4% last week and briefly set an intraday record last week. The Nasdaq Composite is delayed, however, sliding by 0. 6%.
These moves came as traders piled up in exorbitant names at the expense of high-growth stocks amid positive vaccine news.. The iShares Russell 1000 Value Exchange Traded Fund (IWD) rose 5. 7% last week while its iShares Russell 1000 Growth ETF (IWF) 1 declined. 2%.
Pfizer and BioNTech said last week that their candidate coronavirus vaccine is more than 90% effective in preventing Covid-19 participants in late-stage trials.. The news raised hope for an economic recovery, making value stocks such as United Airlines and Carnival Corp even more attractive. United and Carnival rallied 12. 4% and 15. 9% in a row last week.
“The announcement by Pfizer / BioNTech of an effective Covid-19 vaccine last week was so significant that we almost forgot that there had just been a US presidential election,” analysts TS Lombard Steven Blitz and Andrea Andrea Cicione wrote in a note.
« The vaccine turns what would have been a long-term crisis into something akin to a natural disaster (big shock, quick recovery), ». Without an effective vaccine, the current EPS consensus projections (indicating a return to trend by the end of next year) will be on the optimistic side.. But with one, that might actually happen.
To be sure, the number of coronavirus cases continues to rise, threatening prospects for a rapid economic recovery.
More than 11 million cases of Covid-19 have been confirmed in the United States. s. According to data from Johns Hopkins University. Data from the COVID Tracking Project also showed a record high of 68,500 people in the United States. s. They are hospitalized due to the Coronavirus.
Dan Russo, chief market strategist at Chaikin Analytics, thinks the market can weather this recent spike in coronavirus cases.. .
“Investors seem to be focusing more on vaccine news and are ready to outpace the near-term rise in cases,” he said in a post. “If this becomes a cause for investor concern, it will be shown on the charts and risk management will take charge.
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World News – AU – Dow Jones futures rose more than 200 points after Last week’s great market rotation
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