Here’s what we are watching as markets kick into gear Tuesday.
—S&P 500 futures take a breather, down 0.2%. But trading also looked like more of the same from Monday, as investors use the vaccine news to shift from pandemic winners like tech to pandemic losers such as airlines and banks. Futures tied to the Dow Jones Industrial Average are up 0.75% while tech heavy Nasdaq 100 futures down 1.5% . Read our full market wrap here.
—What’s coming up. Apple will host an event at 1 p.m. ET centered around its nearly 40-year-old Mac. That is because the Mac lineup is set to get its biggest jolt in years with the expected introduction of laptops with Apple’s own microchips.
Market Movers to Watch
The largest tech stocks—
—continued their slide lower. Those companies that had driven much of this year’s market rally, but have fallen out of favor this week as investors turned instead to banks, travel and energy companies on a bet that the economic recovery will accelerate.
fell 2%. Alongside the premarket slide hitting other big tech names, the e-commerce giant also faces fresh legal battles with the European Union after the bloc charged it with violating competition law.
continued its rally overnight, gaining almost 4% premarket. The stock gained over 7% Monday after the drugmaker said its Covid-19 vaccine candidate was proving to be more effective than people had expected.
AstraZeneca‘s U.S. listed ADR advanced 4.6% and Amgen jumped 4.9% premarket, after the two drug makers announced positive results in their trial of tezepelumab, a potential treatment for severe asthma.
Simon Property Group
slid 3% before the opening bell. The mall operator’s earnings were below Wall Street’s expectations for the latest quarter. The stock closed Monday up 28%, as investors revived bets on banking, finance and real-estate sectors.
advanced 4.9% offhours after the cloud-communications provider reported third-quarter earnings ahead of analysts’ expectations.
dropped 9% before the opening bell. The company’s third-quarter results disappointed investors.
climbed 1.9% in out-of-hours trading after the electric-truck startup’s third-quarter loss per share was less gloomy than analysts expected.
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