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Markets Book Profits as Vaccine Rally Stalls; DASH Jumps 86% on IPO
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Markets had started Hump Day trading this morning mixed, looking for something to further the catalysts of the Vaccine Rally, even as details for the Pfizer (PFE - Free Report) -BioNTech (BNTX - Free Report) and Moderna (MRNA - Free Report) vaccines were becoming more articulated. They didn’t really get it. While companies like Johnson & Johnson (JNJ - Free Report) were up on the day, the rally was unable to pull post-pandemic industries along for the ride.
The tech-heavy Nasdaq fared worst, -1.94% on the day, or -244 points. This also snaps a 4-day winning streak for the Nasdaq. The small-cap Russell 2000 fell 0.82%, followed by the S&P 500 at 0.5%. The Dow performed best on the day, though still -105 points, -0.35%. Positive sentiment in looking forward to a post-Covid world is bumping up against other developments market participants may expect in 2021, like a potential higher tax rate under a Biden administration.
Speaking of Johnson & Johnson, its one-dose vaccine trial has announced it is cutting the size of its trial due to the extensive amount of positive cases in the U.S. currently. The company expects data on its phase-3 trial to be ready for release by February of next year, although Chief Adviser of Operation Warp Speed, Moncef Slaoui, had earlier suggested J&J’s data ought to be ready for dissemination by sometime next month.
The acquisition of ArcelorMittal USA by ClevelandCliffs (CLF - Free Report) was finalized today. The $1.4 billion deal, which had initially been announced back in September, creates the largest domestic supplier of flat-rolled steel. CLF purchased the segment from Luxembourg-based ArcelorMittal (MT - Free Report) . ClevelandCliffs carries a Zacks Rank #2 (Buy), while ArcelorMittal is a Zacks Rank #3 (Hold) stock.
The biggest story of the day was the extraordinarily successful IPO for food delivery service DoorDash DASH, which gained 86% on its initial public trading day. Its $102 IPO price was already scaled up from what had been expected earlier in the year, when DoorDash first announced it was going public. The stock closed its first day on the New York Stock Exchange at $189 per share.
Tomorrow morning brings us the latest weekly data on Initial and Continuing Jobless Claims. Last week was a welcome reverse-trend from recent increases in weekly new claims. Continuing Claims have been more steadily on the down-slope, although a good portion of that is seeing long-term unemployed finding themselves covered under Pandemic Unemployment Assistance (PUA), a program set to expire in 2 1/2 weeks. Congress still has no agreement for a new relief package to assist American families and small businesses negatively affected by the coronavirus pandemic.
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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Markets Book Profits as Vaccine Rally Stalls; DASH Jumps 86% on IPO
Markets had started Hump Day trading this morning mixed, looking for something to further the catalysts of the Vaccine Rally, even as details for the Pfizer (PFE - Free Report) -BioNTech (BNTX - Free Report) and Moderna (MRNA - Free Report) vaccines were becoming more articulated. They didn’t really get it. While companies like Johnson & Johnson (JNJ - Free Report) were up on the day, the rally was unable to pull post-pandemic industries along for the ride.
The tech-heavy Nasdaq fared worst, -1.94% on the day, or -244 points. This also snaps a 4-day winning streak for the Nasdaq. The small-cap Russell 2000 fell 0.82%, followed by the S&P 500 at 0.5%. The Dow performed best on the day, though still -105 points, -0.35%. Positive sentiment in looking forward to a post-Covid world is bumping up against other developments market participants may expect in 2021, like a potential higher tax rate under a Biden administration.
Speaking of Johnson & Johnson, its one-dose vaccine trial has announced it is cutting the size of its trial due to the extensive amount of positive cases in the U.S. currently. The company expects data on its phase-3 trial to be ready for release by February of next year, although Chief Adviser of Operation Warp Speed, Moncef Slaoui, had earlier suggested J&J’s data ought to be ready for dissemination by sometime next month.
The acquisition of ArcelorMittal USA by ClevelandCliffs (CLF - Free Report) was finalized today. The $1.4 billion deal, which had initially been announced back in September, creates the largest domestic supplier of flat-rolled steel. CLF purchased the segment from Luxembourg-based ArcelorMittal (MT - Free Report) . ClevelandCliffs carries a Zacks Rank #2 (Buy), while ArcelorMittal is a Zacks Rank #3 (Hold) stock.
The biggest story of the day was the extraordinarily successful IPO for food delivery service DoorDash DASH, which gained 86% on its initial public trading day. Its $102 IPO price was already scaled up from what had been expected earlier in the year, when DoorDash first announced it was going public. The stock closed its first day on the New York Stock Exchange at $189 per share.
Tomorrow morning brings us the latest weekly data on Initial and Continuing Jobless Claims. Last week was a welcome reverse-trend from recent increases in weekly new claims. Continuing Claims have been more steadily on the down-slope, although a good portion of that is seeing long-term unemployed finding themselves covered under Pandemic Unemployment Assistance (PUA), a program set to expire in 2 1/2 weeks. Congress still has no agreement for a new relief package to assist American families and small businesses negatively affected by the coronavirus pandemic.
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Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>