Boeing, Caterpillar fuel cyclical stock rally as tech falls - Fox Business

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Smead Capital Management CEO and chief investment officer Bill Smead, Meridian Equity Partners' John Cornpina and Prosper Trading Academy's Scott Bauer discuss the landscape of the U.S. stock market moving forward with a likely Biden administration and a coronavirus vaccine.

Stocks pulled back on Tuesday as investors took a breather from the positive coronavirus vaccine progress.

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The Nasdaq Composite paced the declines falling 0.7%, while the S&P 500 was slightly higher, less than 0.1%. The Dow Jones Industrial Average bucked the early selling, rising 200 points, aided by Boeing.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	29229.96	+71.99	+0.25%
SP500	S&P 500	3529	-21.50	-0.61%
I:COMP	NASDAQ COMPOSITE INDEX	11513.479486	-200.30	-1.71%

Boeing shares gained more than 5% as investors anticipated the return of the Max 737 jet.

"We expect that this process will be finished in the coming days, once the agency is satisfied that Boeing has addressed the safety issues that played a role in the tragic loss of 346 lives aboard Lion Air Flight 610 and Ethiopian Airlines Flight 302," FAA Administrator Steve Dickson told FOX Business in a statement.

Fellow Dow member Caterpillar also rallied to a fresh record as cyclical stocks outperformed growth names for a second session.

FAA ENTERS 'FINAL STAGES' OF BOEING 737 MAX REVIEW

Ticker	Security	Last	Change	Change %
BA	BOEING COMPANY	187.93	+11.57	+6.56%
CAT	CATERPILLAR INC.	171.81	+1.11	+0.65%

EU TARGETS AMAZON 

Amazon fell 2.6% after the European Union alleged the e-commerce giant violated antitrust rules.

AMAZON TAKES HIT FROM EUROPEAN UNION

Ticker	Security	Last	Change	Change %
AMZN	AMAZON.COM INC.	3,033.10	-110.64	-3.52%

European indices were mixed, with the German DAX down 0.3%, while the STOXX 600 index rose by a similar amount. The French CAC 40 and U.K. FTSE 100 were both higher by around 1%.

COVID-19 UPDATE

PFIZER’S COVID-19 VACCINE PROVES 90% EFFECTIVE IN LATEST TRIALS

In vaccine news, late Monday, Eli Lilly & Co. received emergency use approval from the FDA for its COVID-19 antibody treatment. Shares of Lilly rose more than 4% on Tuesday.

Ticker	Security	Last	Change	Change %
LLY	ELI LILLY & COMPANY	146.73	+4.36	+3.06%

This followed confirmation that Pfizer and BioNTech's COVID-19 vaccine proved to be 90% effective in the first 94 patients it was tested on.

DOW ADDS 834 POINTS ON PFIZER'S COVID-19 VACCINE BREAKTHROUGH AS NASDAQ SLIPS

Ticker	Security	Last	Change	Change %
PFE	PFIZER INC.	38.77	-0.40	-1.03%
BNTX	BIONTECH	109.63	+4.83	+4.61%

The news comes as the U.S. surpassed 10 million coronavirus cases Monday, becoming the first country to hit the milestone, according to data from Johns Hopkins University.

Globally, there are more than 50.9 million cases, resulting in 1.26 million deaths.

Apple, which has been a beneficiary of employees working-from-home due to the pandemic, could  be a mover today.

Ticker	Security	Last	Change	Change %
AAPL	APPLE INC.	115.99	-0.33	-0.28%

The company is set to announce new Macs on Tuesday with Apple Silicon chips.

EARNINGS SPOTLIGHT

Homebuilder D.R. Horton posted a strong quarter posting better-than-expected profits due to ongoing demand for housing.

D.R. HORTON SEES 81% SALES SPIKE

Ticker	Security	Last	Change	Change %
DHI	D.R. HORTON INC.	69.59	+4.67	+7.20%

Ride-hailing firm Lyft and mortgage originator Rocket Companies will be among the other companies to report quarterly results Tuesday.

Ticker	Security	Last	Change	Change %
LYFT	LYFT INC.	36.84	-0.85	-2.26%
RKT	ROCKET COMPANIES INC.	21.48	+0.04	+0.21%

Plant-based meat company Beyond Meat saw its shares drop after posting a $19 million loss after McDonald's announced plans for a new plant-based burger.

Ticker	Security	Last	Change	Change %
BYND	BEYOND MEAT INC.	124.76	-25.74	-17.11%
MCD	MCDONALD'S CORP.	212.66	-0.52	-0.24%

SMALL BUSINESS, JOLTS IN FOCUS

NFIB's Small Business Optimism Index for October rose to 104, while the September JOLTS report showed companies are hiring at a quicker pace.

In September, there were 6.436 million job openings available, compared to economists' expectations of 6.5 million, roughly in line with the previous month's data.

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OIL, GOLD MOVE HIGHER

West Texas Intermediate crude oil, which moved sharply higher on Monday in the wake of the vaccine news, continued its rally, moving past the $40 barrel level.

In other commodities, gold rose 1.4% to $1,880.40.

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