Mixed US Futures; Nasdaq falls 169 points with technology out of play by Investing.com

By Peter Nurse

Investing.com – US stocks are expected to open mixed Tuesday, continuing Monday’s divergence in sector performance as markets shift prices following positive news from Pfizer about its Covid-19 vaccine. .

As of 7 am ET (1200 GMT), the contract was up 231 points, or 0.8%, while it was trading largely unchanged and down 169 points, or 1.4%.

On Monday, it closed 834 points, or 3%, more, gained 1.2%, but fell 1.5%. This was the first time in 30 years that the Dow Jones rose 3% but the Nasdaq fell.

Cyclical stocks led the market advance on Monday after the pharmaceutical giant Pfizer (NYSE 🙂 announced that its experimental vaccine, made in conjunction with German partner Biontech (NASDAQ :), was more than 90% effective in preventing Covid-19. These gains will continue on Tuesday.

Also helping was the news that the US Food and Drug Administration has authorized the emergency use of Eli Lilly’s (NYSE 🙂 experimental Covid-19 antibody treatment.

Investors also appear keen to continue dumping stocks that had previously benefited heavily during the coronavirus pandemic, such as tech giants and plays Zoom Video (NASDAQ 🙂 and Netflix (NASDAQ :).

The United States just surpassed 10 million Covid-19 cases, just 10 days after hitting the 9 million mark amid a record rise in infections and daily hospitalizations.

“We are still facing restrictions during the winter and infection rates may still increase, but the market can now see the end of the crisis and there should be a lot of stimulus in 2021,” analysts at Danske Bank said in a research note. “In general, it seems that ‘normality’ may regress earlier than expected.”

Tuesday’s main economic release is the Federal Reserve’s favorite gauge of the labor market, with hiring data (job openings and job turnover) at 10 AM ET (1400 GMT).

Job growth was stronger than expected in October, with the unemployment rate falling to 6.9%, but some industries are still struggling to get employees back to work after business closes.

Oil prices continued to climb on Tuesday, with traders looking at weekly oil from the American Petroleum Institute, around 4:30 p.m. ET, after last week’s report indicated an extraction of more than 8 million barrels. The last week.

futures were trading 1.1% higher at $ 40.72 a barrel, after jumping 8.5% the previous session, while the international benchmark contract rose 1.2% to $ 42.93, after rising 7.5%.

Elsewhere, it rose 1.2% to $ 1,876.05 / oz, after falling more than 5% on Monday as investors scrambled toward riskier instruments such as stocks, while trading 0.1% at it drops to 1.1801.