Tuesday Morning Stock Market Movers:Peloton Gains, Wayfair Rises, BioNtech Climbs
Investors continued to dump dumping tech and switch to value stocks on Tuesday as optimism about the ongoing economic recovery remains high.
Dow Jones industry average
The futures are up 154 points, or 0.5%
Futures are down or 0.3% and the tech heavy
was off 1.6%. The price of oil rose more than 0.8% to nearly $ 41 a barrel. The yield on 10-year government bonds rose to 0.95%.
Gains appeared subdued on indices on Tuesday, but rotation into value stocks, a sign of economic optimism, continues on Tuesday. Bank stocks rose with it
Bank of America
(BAC) increased by a further 0.7%. Industrial values rose with it
(CAT) increased by 1.2%. The
Energy Select Sector SPDR ETF
(XLE) rose more than 2%. Since October 28th the
Vanguard S & P 500 Value ETF
(VOOV) is up 10.3% while the
Vanguard S&P 500 Growth ETF
(VOOG) is only up 7.9%.
Hopes for a widespread Covid-19 vaccine to hit the market soon, optimism about continued economic recovery and stability, a decisive presidential election and a likely split Congress keep stocks rising.
The biggest moving companies were here on Tuesday morning
(W) rose 2.3% to $ 240 apiece as DA Davidson analysts moved the stock to neutral and maintained their price target of $ 280, indicating an upward movement of 16%.
(RTX) stocks rose 2.40% to $ 66 after JPMorgan analysts upgraded the stock from neutral to overweight and maintained their price target of $ 79, an increase of nearly 20%.
Shares in the housing company
(DHI) rose 2% to $ 66 after the company beat sales and earnings expectations. Earnings per share were $ 2.24 versus expectations of $ 1.78. Revenue was $ 6.4 billion versus an estimate of $ 5.8 billion.
(BNTX) rose more than 6% to $ 111 per share after the company beat sales estimates and posted a lower-than-expected net loss. The loss per share was 51 cents compared to estimates of 88 cents. Revenue was $ 67 million, beating estimates of $ 50 million. If the stock opens at that price, it will be up 20% from the week as it received a boost not just from the apparent effectiveness of their co-manufactured Covid-19 vaccine
(PFE) is now presenting preliminary data on cancer drugs, according to the earnings announcement.
(PTON) rose 4% to 104 per share after announcing a partnership with Beyonce.
Write to Jacob Sonenshine at [email protected]