Traders work on the floor of the New York Stock Exchange.
Source: NYSE
U.S. on Sunday night. Stock futures rose as traders assessed sharp market circulation which led to mixed weekly performance last week.
Dow Jones Industrial Average futures were up 101 points, or 0.3%. S&P 500 futures are up 0.5% and Nasdaq 100 futures are up 0.6%.
The S&P 500 posted a record high on Friday and rose 2.2% in one week. The Dow rallied more than 4% last week and briefly set an intraday record last week. The Nasdaq Composite fell behind, however, slipped 0.6%.
Amid positive vaccine news, traders’ flying growth has come as a result of the move, which has led to a run-down value at the expense of stocks. The Eicher’s Russell 1000 Value Exchange-Traded Fund (IWD) rallied 7.7% last week, while its growth equivalent, the Eicher’s Russell 1000 Growth ETF (IWF), fell 1.5%.
Pfizer and Bioentech said last week that their coronavirus vaccine candidates are more than 90% effective in preventing Covid-19 participants in late-stage trials. The news boosted hopes of economic recovery, making valued stocks such as United Airlines and Carnival Corp more attractive. United and Carnival rallied 12.4% and 15.9%, respectively, last week.
T.S. Lombard analysts Steven Blitz and Andrea Andrea Cecion wrote in a note that the announcement last week by Pfizer / Bioentech of the effective Covid-19 vaccine was so important that we almost forget that the US presidential election has come.
“The vaccine turns out to be a long-term crisis in the wake of a natural disaster (major shock, rapid recovery),” he said. “Without an effective vaccine, the current EPS consensus expectations (a sign of a reversal of the trend by the end of next year) will be optimistic. But, together, it can really pass.”
To be sure, the number of cases of coronavirus is still increasing, thus threatening the prospects of rapid economic recovery.
More than 11 million Kovid-19 infections have been confirmed in the U.S., according to data from Johns Hopkins University. Data from the Covid Trekking Project also showed that U.S. More than 68,500 people have been hospitalized with coronavirus in the record.
Dan Russo, chief market strategist at Chakin Analytics, thinks, however, that in cases of coronavirus, the market could weather this latest spike.
“It looks like investors are focusing more on vaccine news and are ready to see a near-term spike in cases,” he said in a post. “If this causes concern for investors, it will become clear on the charts and take risk management.”
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