Dow Jones futures rose modestly late Monday, along with S&P 500 futures and Nasdaq futures. The stock market rally saw record highs on the major indexes led by megacaps Apple (AAPL), Microsoft (MSFT), Amazon.com (AMZN), Google parent Alphabet (GOOGL) and Facebook (FB), masking weakness in higher-octane growth names.
Apple stock, Microsoft, Amazon.com and Google all boast trillion-dollar valuations, while Facebook stock is the fifth-largest S&P 500 component at $789 billion. Apple has blown by several early entries and is nearly at the official buy point. Microsoft, Amazon and Google stock are all actionable.
In addition to the megacap techs of Apple, Amazon, Microsoft, Google and Facebook, several other big-cap names fared well, including JPMorgan Chase (JPM), Walt Disney (DIS), Visa (V) and Mastercard (MA). JPMorgan stock is in a buy zone, Disney is trying to clear a short consolidation while Visa and Mastercard are flashing early entries.
All of these stocks are in the S&P 500 index. Apple, Microsoft, Disney, JPMorgan and Visa stock are Dow Jones components as well.
Dow Jones Futures Today
Dow Jones futures rose 0.4% vs. fair value. S&P 500 futures climbed 0.3% and Nasdaq 100 futures were 0.2% above fair value.
The House OK’d a bill to increase the stimulus deal’s direct checks to adult Americans to $2,000 from $600. It’s unclear what the GOP-led Senate will do.
Coronavirus cases worldwide reached 81.66 million. Covid-19 deaths topped 1.78 million.
Coronavirus cases in the U.S. have hit 19.78 million, with deaths above 343,000.
The U.K. will likely approve the AstraZeneca coronavirus vaccine on Tuesday, helping to speed the immunization push. The U.K. has already been giving jabs of the Pfizer and BioNtech vaccine for several weeks.
AstraZeneca (AZN) CEO Pascal Soriot said Sunday that new data will show that the vaccine is as effective as the Pfizer and Moderna (MRNA) immunizations, protecting roughly 95% of patients. Further, the vaccine is 100% effective at preventing serious Covid cases, he added, something the Moderna vaccine also has shown.
Prior studies showed the AstraZeneca vaccine to be 70% effective, on average, but Soriot told the U.K.’s Sunday Times that “we have figured out the winning formula,” but didn’t give more details.
The AstraZeneca vaccine is far easier and cheaper to make the mRNA-based Pfizer and Moderna vaccines, especially key for developing nations.
AstraZeneca may not seek FDA approval for several weeks, until a U.S.-based late-stage trial is finished.
AstraZeneca stock rose 1.8% Monday. Pfizer dipped 1.2%, while BioNTech and Moderna both lost more than 9%.
Stock Market Rally
The stock market rally had a solid day, with all the major indexes hitting record highs, after President Trump signed the stimulus bill into law after threatening to veto it.
The Dow Jones Industrial Average rose 0.7% in Monday’s stock market trading. The S&P 500 index advanced 0.9%. The Nasdaq composite climbed 0.7%.
Meanwhile, many top growth stocks had a tough session.
Carvana (CVNA) tumbled 8.5%, nearly round-tripping a breakout at Monday’s low. Trade Desk (TTD) tumbled nearly 11%, breaking through its 21-day line. China EV stock Xpeng (XPEV) fell 9.2%, below its 50-day line for the first time ever. Shopify (SHOP) 6.4%.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) retreated 1.75%, while the Innovator IBD Breakout Opportunities ETF (BOUT) lost 2. The iShares Expanded Tech-Software Sector ETF (IGV) slid 1.4%, even with…