Stocks rallied early Monday on bullish coronavirus vaccine news but eased midday, as the Dow Jones Industrial Average pared its 314-point gain.
XThe Dow Jones industrials rose 0.5%, the S&P 500 was nearly flat and the Nasdaq edged 0.3% lower in the stock market today. Small caps tracked by the Russell 2000 outperformed, up 1.4%. Volume was mixed, higher on the NYSE but lower on the Nasdaq, vs. the same time Friday.
The Nasdaq has rallied 32% this year, while the S&P 500 is up 10% through Friday's close. The Dow is up 3% and the small-cap Russell 2000 has gained 7%. All four are back above their 10-week moving averages. Read The Big Picture for detailed daily market analysis.
It's been a volatile few weeks. On Sept. 30, the IBD stock market outlook was upgraded to "confirmed uptrend" from "market in correction." But on Oct. 23, the outlook was downgraded to "uptrend under pressure" as stocks sold off.
On Nov. 4, after Election Day, the market outlook returned to "confirmed uptrend" as the major indexes staged big rallies. That gives the green light to buy leading stocks that are breaking out of solid bases.
Covid-19 Update
Meantime, Covid-19 cases continue to rise globally. Worldwide coronavirus cases are approaching 59.2 million, with nearly 1.4 million deaths, according to Worldometer. In the U.S., confirmed cases since the beginning of the pandemic are now close to 12.6 million, with a death toll of almost 263,000.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 29400.86 | +137.38 | +0.47 |
| S&P 500 | (0S&P5) | 3558.72 | +1.18 | +0.03 |
| Nasdaq | (0NDQC ) | 11825.12 | -29.85 | -0.25 |
| Russell 2000 | (IWM) | 180.35 | +2.85 | +1.61 |
| IBD 50 | (FFTY) | 38.48 | +0.14 | +0.37 |
Last Update: 11:58 AM ET 11/23/2020 |
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As cases and deaths surge across the U.S., California and Ohio have ordered nightly curfews from 10 p.m. to 5 a.m. to curb social gatherings.
In the race toward a coronavirus vaccine or treatment, AstraZeneca (AZN) said early Monday its coronavirus vaccine was 62% or 90% effective, depending on the dosage. "We regard the data disclosure as premature and insufficient, and is likely to attract a raft of criticism," SVB Leerink analyst Geoffrey Porges said in a report to clients.
The U.K.-based drugmaker's vaccine, developed with Oxford, is cheaper than those from Pfizer (PFE) or Moderna (MRNA), which have reported their vaccines are about 95% effective.
AstraZeneca shares gapped down and fell 3% in heavy trade to breach its 50-day moving average line. Pfizer reversed from an early gain to a 1% loss, while partner BioNTech (BNTX) advanced 2% before the gain receded some. Moderna rose nearly 3% in triple normal volume, on track for a new closing high.
Dow Winners And Losers
Boeing (BA), up 4%, was the Dow's top gainer. Delta Air Lines (DAL), the only major U.S. carrier without the 737 Max, is considering buying the Boeing jet for its fleet. The 737 Max received Federal Aviation Administration approval on Nov. 18 to reenter service, after being grounded in March 2019.
Separately, the European Union Aviation Safety Agency is ready to lift the grounding on the Boeing 737 Max in January. Boeing stock, which has risen the past three weeks, remains more than 40% off its 52-week highs.
Financial blue chips also scored gains as American Express (AXP), Goldman Sachs (GS) and JPMorgan (JPM) rose more than 2% each. Goldman shares are in potential buy range from a 225.34 buy point of a shallow base, according to MarketSmith chart analysis.
Chevron (CVX) and Dow Inc. (DOW) also added over 2% apiece.
But Apple (AAPL) fell nearly 2% to test its 50-day line. The iPhone maker's stock is working on a new base with a 138.08 buy point, with an early entry of 125.49. Apple is an IBD Leaderboard stock.
Electric-Car Makers Move
Automakers, department store retailers, and oil and gas stocks led the upside among IBD's 197 industry groups. But gold miners, software and telecom stocks lagged.
Tesla (TSLA) advanced nearly 6% in fast turnover to a new high. Wedbush boosted its price target on the electric-car maker to 560 from 500 and maintained a neutral rating. Tesla stock is extended from a 466 buy point of a cup with handle cleared on Wednesday. The buy zone topped out at 489.30. Tesla is a Leaderboard stock.
China rivals also rallied. Xpeng (XPEV) surged 14%, Li Auto (LI) soared 12% and Nio (NIO) rose 6% in heavy trade. All three stocks are at record or on track for new closing highs.
Over in the IBD 50, Big Lots (BIG), Floor & Decor (FND), Innovative Industrial Properties (IIPR) and Taiwan Semiconductor (TSM) rose more than 3% each. The Innovator IBD 50 ETF (FFTY) climbed just 0.1% as Cerence (CRNC), West Pharmaceuticals (WST) and Cadence (CDNS) weighed.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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