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Dow futures prolong losses after J&J says vaccine much less efficient in opposition to some Covid variants

Dow futures extend losses after J&J says vaccine less effective against some Covid variants

U.S. stock futures were significantly lower in early Friday trading after Johnson & Johnson said its one-off coronavirus vaccine showed less effectiveness in some regions.

The average Dow Jones Industrial futures lost 160 points, or 0.5%. S&P 500 futures lost 0.3%. Nasdaq 100 futures were down 1.5%.

Futures accelerated losses after JNJ said its single-dose vaccine had shown an overall 66% effectiveness in protecting against Covid-19. The vaccine was 72% effective in the US, 66% in Latin America, and 57% in South Africa at four weeks. The vaccine provided full protection against hospital stays related to Covid. JNJ’s shares fell 3.7% in the pre-market.

Stocks had rebounded to hit record highs in hopes that vaccines against Covid would be effective to allow for a smooth economic reopening before the end of the year. New mutations that are more resistant to vaccines could improve the bright outlook for investors.

Increased speculative trading by private investors also continued to worry the market. GameStop’s shares doubled in premarket trading after Robinhood announced it would restrict purchases of the stock and other heavily shortened names after restricting access the previous day. Robinhood raised more than $ 1 billion overnight from its existing investors and also used the banks’ credit lines to ensure that the capital was in place to start trading the volatile stocks again.

Investors are concerned that if GameStop continues to rise in such volatility, it could penetrate financial markets and cause losses at brokers like Robinhood and force hedge funds that bet against the stock to sell other stocks to raise cash.

There are also fears that the GameStop mania is a sign of a bigger bubble in the market, and that its dissolution could also create turmoil and hit retail investors hard. Several e-brokers took steps Thursday to curb intentional buying of highly speculative names. A number of lawmakers also called for an investigation into the chaotic trade.

“Between calling for hearings and reports in Washington, Robinhood was forced to not only draw on its credit lines but also raise $ 1 billion from existing investors. The whole situation continues to undermine market confidence,” said Adam Crisafulli, founder of Vital Knowledge, note in a Friday.

It’s been a volatile week on Wall Street. The Dow lost more than 600 points on Wednesday and suffered its worst sell-off in three months. Then the blue chip benchmark rallied 300 points on Thursday amid a broad market rally. All three major averages have lost at least 1% this week.

The market also saw its highest trading volume in years as the mania heated up. On Wednesday, the total market volume reached more than 23.7 billion shares, surpassing the level at the height of the financial crisis in 2008. On Thursday, there was also extremely strong trading with more than 19 billion shares that changed hands.

A wave of retailers motivated each other on the red-hot WallStreetBets Reddit forum to pile into the most hated names of hedge funds, resulting in massive short-bruising of stocks. GameStop is up more than 900% in January, while AMC Entertainment is up over 300% this month.

“This smaller capitalization rally would likely destabilize and lead to inefficiencies,” Christopher Harvey, senior equity analyst at Wells Fargo, said in a note. “Stocks are ultimately fundamentals – and reversals can be very painful, both up and down.”

However, some believe that the impact on the overall market should be limited as the retail crowd is focused on only a handful of names.

“While we believe there will be more pain, we remain optimistic that it will likely stay local,” said Maneesh Deshpande, head of equity derivatives strategy at Barclays. “Long-short hedge funds have relatively little market exposure, which indicates little impact on the overall market due to deleveraging.”

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Inventory futures fall after a steep sell-off on Wall Avenue, Apple and Tesla drop after earnings

Stock futures fall after a steep sell-off on Wall Street, Apple and Tesla drop after earnings

Stock futures, pegged to major US stock indices, fell early Thursday as the market appeared poised to extend a sharp sell-off amid concerns over increased speculative trading.

Futures on the Dow Jones Industrial Average indicated an opening decline of more than 100 points. S&P 500 and Nasdaq 100 futures also traded in negative territory.

In its earnings report for the first quarter of fiscal 2021, Apple achieved its highest revenue in its history of $ 111.4 billion. Sales for each product category increased by double-digit percentage points. However, the tech giant’s shares were down 3.26% in expanded trading.

Tesla fell 5.07% in expanded retail after the electric automaker posted worse-than-expected earnings last quarter. The company expects average annual delivery growth of 50% in the future.

Wall Street suffered heavy losses on Wednesday, with the S&P 500 and Dow recording their worst day since October as the speculative spending spree on sharply shortened stocks kept investors on their toes. Some fear that hedge funds could be forced to reduce their holdings in order to raise cash.

“Brief bottlenecks that lead to implosions in some hedge funds join SPACs, IPOs and Bitcoin as data points supporting a bubble thesis,” said Scott Knapp, chief market strategist at CUNA Mutual Group, in an email . “This is a time of caution for investors.”

The trading volume exploded in the previous session with 23.7 billion shares changing hands. This was the heaviest trading day since at least 2007.

Brick and mortar video game retailer GameStop, a target on the Reddit wallstreetbets chat room, rose another 134% on Wednesday and boosted its profits to a whopping 1,744% in January. AMC Entertainment was up over 300% on Wednesday alone, posting the highest volume ever.

GameStop fell 23% in expanded trading while AMC Entertainment fell 38%. Other heavily shortened names that had bounced back this week, including Bed Bath & Beyond and National Beverage, also fell after hours.

Facebook stock remained relatively unchanged in over-the-counter trading after the company warned that a reversal in pandemic trends could hurt its advertising business. The social media company prevailed in the upper and lower ranges in the fourth quarter.

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Inventory futures down barely forward of busy day of company earnings

Stock futures down slightly ahead of busy day of corporate earnings

Traders on the floor of the New York Stock Exchange

Source: The New York Stock Exchange

US stock futures fell slightly on Monday night as Wall Street prepared for the heart of corporate earnings season.

Futures contracts linked to the Dow Jones Industrial Average fell more than 90 points, or around 0.3%. Those for the S&P 500 and Nasdaq 100 also fell 0.3%.

The futures move follows a volatile day on Wall Street as the S&P 500 rose 0.4% to a new record high after falling more than 1% at the start of the session. The Nasdaq Composite also set a new record at 0.7%, while the Dow Jones Industrial Average fell 37 points, or 0.1%.

Monday’s session saw wild swings in sharply shortened stocks, including GameStop and AMC Entertainment, as retail investors bet against short-selling hedge funds, and woU.S. Stock futures tktk on Monday night as Wall Street prepared for the heart of corporate earnings season. Remember that stocks are breaking away from their fundamentals.

Tuesday brings corporate earnings from larger companies with greater impact on market indices. General Electric, Verizon, and Johnson & Johnson are expected to release results before the bell, while tech giant Microsoft is expected to release its second quarter results after the bell.

BTIG chief equity and derivatives strategist Julian Emanuel told CNBC’s Fast Money that the surge in the market over the past few weeks and high levels of bullish option buying could make it difficult for earnings reports to take another leg higher.

“This is the kind of setup that is ready for disappointment,” Emanuel said, referring to the struggles for some other stocks, although profits were beaten earlier in the season.

However, the strategist also said the recent frothy trade may not have peaked and could propel broad market indices even higher.

On the Covid-19 front, health officials and policymakers continued to warn the public about new strains of the virus. Moderna said Monday that its vaccine offers some protection against a variant found in South Africa, while officials in Minnesota reported the first US-confirmed case of a strain found in Brazil.

Investors are also waiting for results from other big tech companies and a new Federal Reserve policy statement later this week. Tuesday’s economic data includes data on consumer confidence and house prices.

Tuesday will also be the first trading session after Janet Yellen is confirmed as Treasury Secretary. The former Fed chairwoman is the first woman to hold this position.

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U.S. inventory futures rise forward of busy week for earnings, Apple shares acquire

U.S. stock futures rise ahead of busy week for earnings, Apple shares gain

US stock futures rose early Monday as Wall Street prepared for the busiest week of earnings that will feature reports from some of the biggest tech companies.

Futures contracts linked to the Dow Jones Industrial Average implied an opening gain of around 28 points. S&P 500 futures gained 0.3%. Nasdaq 100 futures were up 0.9%.

In the coming week, 13 Dow Components and 111 S&P 500 companies will be showing profits. Quarterly reports on deck include reports from Apple, Microsoft, Netflix, Tesla, McDonald’s, Honeywell, Caterpillar and Boeing.

Before the quarterly report on Wednesday after the bell in premarket trading, Apple shares rose by 2%. Tesla, which also reported on Wednesday, gained 1.5%

According to Bank of America, 73% of the S&P 500 components that have already reported profits have outperformed both sales and EPS. The company said it was similar to last quarter when the number of companies that beat hit a record.

Stocks ended mixed Friday – the S&P 500 and Dow closed in the red while the Nasdaq Composite closed at a record high – although all three posted gains for the week. The Dow recorded its fifth positive week in six while the S&P recorded its third positive week in four. The Nasdaq rose 4.19% last week for its best week since November and the fifth positive week in six when stocks of big tech names drove the index to new all-time highs.

The surge came as President Joe Biden tried to push through a $ 1.9 trillion stimulus package that many Republicans in Congress are opposed to. The tax subsidy includes, among other things, direct controls for millions of Americans, aid to state and local governments, funding for Covid vaccines and tests, increasing the minimum wage, and improving unemployment benefits.

Lindsey Bell, chief investment strategist at Ally Invest, noted that additional stimulus could lead to a spike in inflation.

“Right now, watch out for signs of inflation as a temporary or longer-term trend. If it’s just a quick shock, we can see some market weakness without major action by the Fed,” she noted. “On the other hand, persistently high inflation could force the Fed to consider a rate hike and withdraw its market support.”

In an inflationary environment, investors should prefer the consumer staples, energy and financial sectors. She added that real estate and gold are among the other assets that can help hedge against inflation.

The number of coronavirus cases in the US and abroad continues to rise, but many economists are forecasting a return to growth this year.

“We continue to believe that a reduction in virus risk from mass vaccination coupled with fiscal support for consumer spending will result in a mid-year consumption boom and very strong growth in 2021,” Jan Hatzius, chief economist at Goldman Sachs, told a note to customers over the weekend. “We currently forecast GDP growth of + 6.6% for the full year, 2½ percentage points above consensus,” he added.

However, the company found that while risks like insufficient tax subsidies are less likely, other risks remain. Hatzius cited consumers who remained more cautious than expected, as well as the development of a vaccine-resistant virus strain, as possible future headwinds for the market.

Biden’s surgeon general said Sunday the U.S. is trying to keep up as the coronavirus mutates.

“The virus is basically telling us that it will keep changing and we need to be prepared for it,” said Dr. Vivek Murthy told ABC News “This Week”.

“We need to be number one and do much better genome monitoring so we can identify variants when they arise, and that means we need to double up on public health measures like masking and avoiding indoor gatherings,” he added.

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Shares are set to retreat from data to finish the week, Dow futures drop 280 factors

Stocks are set to retreat from records to end the week, Dow futures drop 280 points

Stock futures fell early Friday morning as the S&P 500 and Nasdaq Composite pulled back from the records as investors reassessed the outlook for President Joe Biden’s ambitious Covid stimulus plan.

The average Dow Jones Industrial futures fell 283 points, or 0.9%, while the S&P 500 futures fell 0.8%. Nasdaq 100 futures lost 0.6%. The Nasdaq Composite and the S&P 500 each hit record highs on Thursday. The Dow set a record earlier this week.

IBM shares fell more than 7% in premarket trading after the company reported fourth-quarter revenue that was below analysts’ expectations. Revenue declined 6% on a year-on-year basis for the fourth straight quarter of declines.

Intel stocks were down 4% after falling 6% on Thursday after posting better-than-expected gains just before the closing bell.

A growing number of Republicans have expressed doubts about the need for another stimulus package, particularly one with a price proposed by Biden of $ 1.9 trillion. Meanwhile, Democratic Senator Joe Manchin has criticized the scope of the last round of proposed stimulus checks. The contradiction of both parties carries weight for Biden, who took office with a narrow majority in Congress.

“Washington’s political reality is starting to affect markets and it is becoming increasingly unclear when the Democrats’ ambitious economic targets will become law,” said Tom Essaye, founder of Sevens Report.

Cyclical sectors, which would benefit most from additional stimulus, lagged the broader market this week. Energy and finance have both lost more than 1% in weeks, while materials have also declined.

Tech, whose growth does not depend on reflation, led the indictment. Hopes for a robust earnings season from the country’s biggest communications and technology stocks have kept mega-cap stocks on the uptrend this week, with major indices nearing records during the week of shortened holidays.

Apple and Facebook were up 7.7% and 8.6%, respectively, this week ahead of their quarterly results, while Microsoft was up 5.8%.

With the S&P 500 up another 2% this year and up 16% over the past 12 months, some investors believe the market could outperform itself as problems with the vaccine rollout and economic reopening likely will continue to exist in the future.

“The Covid pendulum, which usually emphasizes the vaccine’s optimism about the harsh short-term reality, is swinging back towards the latter (for now) as epicenter stocks are hit hard in Europe,” Adam Crisafulli, founder of Vital Knowledge, said in a note Friday.

The S&P 500 is up 2.3% in the week so far. The Dow is up 1.2% and the Nasdaq Composite is up 4%.

Meanwhile, the Senate is expected to approve former Fed chair Janet Yellen as Biden’s Treasury Secretary by an overwhelming majority on Friday. If this were confirmed, she would be the first woman to head the department.

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Dow futures soar 200 factors on better-than-expected Goldman earnings, stimulus hopes

Dow futures jump 200 points on better-than-expected Goldman earnings, stimulus hopes

Stock futures rose Tuesday, pointing to a rebound from a troubled week as investors hailed Goldman Sachs with excellent earnings and gave signals of another big stimulus and a faster pace of vaccine distribution.

Futures contracts linked to the Dow Jones Industrial Average rose 200 points, or 0.7%. S&P 500 futures were up 0.8%. Nasdaq 100 futures were up 1%.

Goldman’s shares rose 2.7% in premarket trading after the bank beat expectations for fourth-quarter earnings and sales. The blowout results were based on the strong performance of stock traders and investment bankers.

Bank of America was down more than 1% in the premarket after the bank posted quarterly sales that fell short of expectations. The result, however, was slightly above the estimate.

“We expect investors to review the fourth quarter results and focus on company comments on how the rebound is progressing in 2021,” said David Kostin, head of US equity strategy at Goldman, in a note. “With investors in mind through 2021, politics remains a major driver of corporate earnings.”

Janet Yellen, Joe Biden’s nominee for Treasury Secretary and former Federal Reserve chairman, will appear before the Senate Finance Committee Tuesday. Yellen’s prepared remarks call on the federal government to put in a big incentive to support business.

“Neither the president-elect, nor I are proposing this bailout without appreciating the country’s debt burden. But with interest rates at historic lows, it is smartest to act big right now,” Yellen said in prepared remarks. “I believe the benefits will far outweigh the costs, especially when it comes to helping people who have had problems for a long time.”

Stocks that would benefit most from further stimulus and a faster vaccine roll-out resulted in profits in premarket trading. Norwegian Cruise Line Holdings shares were up 3%. Boeing gained 2.8% in premarket trading. American Airlines gained 2.5% in early trading.

Some tech stocks also rebounded from their losses over the past week.

Stocks are “likely to trend higher again after a healthy consolidation ends,” Fundstrat’s Tom Lee wrote in a note citing an increase in vaccination rates and an eventual rollover in coronavirus cases.

Dr. Rochelle Walensky, Joe Biden’s election to head the Centers for Disease Control and Prevention, said Sunday she was confident the U.S. will have enough vaccine doses to meet the new administration’s goal of 100 million people in 100 days to vaccinate.

The movement in futures comes after stocks fell last week. The S&P 500 lost 1.5% for its first weekly loss in three years, while the Dow and Nasdaq Composite lost 0.9% and 1.5%, respectively, and both had their first negative week in five years.

The market fell slightly last week, despite Biden unveiling its $ 1.9 trillion plan for economic relief as the country tries to deal with the Covid-19 pandemic. Biden is slated to be inaugurated with the National Guard in Washington on Wednesday after security concerns rose following a January 6 riot in the U.S. Capitol.

“We’ll have plenty of global economic data and US earnings reports in the coming week. What matters is whether President Elect Biden’s inauguration on January 20 will be peaceful and whether the Senate Republicans are sending signals of constructive cooperation or a repeat of 2020. ” Julian Emanuel, chief strategist for stocks and derivatives at BTIG, said in a statement to clients on Sunday.

The US stock market closed on Monday in honor of Martin Luther King Jr. Day.

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Inventory futures fall after Wall Avenue closed at file highs to finish final week

Stock futures fall after Wall Street closed at record highs to end last week

Traders work on the trading floor of the New York Stock Exchange.

NYSE

Stock futures fell overnight on Sunday as investors assessed the prospect for further Covid-19 relief.

The futures on the Dow Jones Industrial Average fell 130 points. S&P 500 futures traded 0.5% lower and Nasdaq 100 traded 0.3%.

The stock market had a solid week ahead of the 2021 start as investors looked to a forcible siege of the Capitol and focused on the prospect of additional fiscal stimulus after a Democratic Congress. The S&P 500 climbed to a record 1.8% for four days last week. The Dow and the tech-heavy Nasdaq Composite gained 1.6% and 2.4%, respectively, and also hit all-time highs.

“Progress is based on three main pillars: strong corporate profits, massive momentum and vaccination optimism,” said Adam Crisafulli of Vital Knowledge in a note on Sunday. “Expectations for the incentives are rising – Biden’s plan may be worth several trillion dollars on paper, but what actually gets passed will likely be much smaller.”

President-elect Joe Biden on Friday promised a bold introduction of economic stimulus that will be in “trillions of dollars”. Further details will follow in an official announcement on Thursday, six days before he takes office.

The need for further incentives was underscored by an unexpected job loss in December. The Labor Department reported Friday that the number of non-farm workers fell by 140,000 as new lockdown restrictions hit virus-sensitive industries. This was the first monthly decline since April.

Political turmoil should continue this week and it remains to be seen when or if the markets will be affected. Democrats, backed by some Republicans, are starting impeachment proceedings against President Donald Trump in the House of Representatives to instigate the mob attack. The House Rules Committee is expected to expedite the impeachment process without hearing or voting by the committee.

For now, the market seems to be looking past that as Congress successfully confirmed Biden’s election victory and the Democrats, who are now in the Senate majority, are likely to pursue another major stimulus. If these events start to delay or derail these stimulus plans, traders may pay more attention.

Some on Wall Street are seeing a pullback for the market, especially after a surprisingly strong 2020. The S&P 500 rose 16.3% over the past year.

“After being bullish for a few months, we are definitely becoming more cautious in the stock markets at these levels,” said Matt Maley, chief market strategist at Miller Tabak, in a note on Sunday. “We believe the vast majority of the rally from the March lows is behind us … and that a correction is likely to begin sometime in the first quarter of this year.”

Last week, the benchmark yield on 10-year government bonds surpassed 1% for the first time since the March pandemic-sparked turmoil.

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Inventory futures flat after S&P 500 suffers first unfavorable begin to a 12 months since 2016

Stock futures flat after S&P 500 suffers first negative start to a year since 2016

Stock futures remained stable in overnight trading on Monday after the S&P 500 suffered its first decline since 2016.

The futures on the Dow Jones Industrial Average fell 10 points. S&P 500 futures were unchanged and Nasdaq 100 futures fell less than 0.1%.

Movements in futures came after a sharp sell-off on Wall Street at the start of 2021. The S&P 500 fell 1.5%, its worst daily performance since October 27th. Ten out of eleven S&P 500 sectors posted losses, led by real estate.

The blue chip Dow lost 382 points after losing 700 points from its daily low. The Nasdaq Composite was down 1.4% as the FAANG block collapsed early in the new year.

The market’s widespread sell-off came ahead of the Georgia runoff election on Tuesday, which will determine whether Republicans can retain control of the Senate. In the meantime, rising Covid-19 cases around the world and new lockdown restrictions kept investors informed.

“Investors are feeling nervous this week,” Lindsey Bell, chief investment strategist at Ally Invest, said in an email. “COVID cases continue to rise and a new variant of the virus is spreading around the world. Tomorrow’s run-off elections in Georgia could determine the composition of the Senate and the market has generally done better in a divided Congress.”

Many fear that higher tax rates and more progressive policies could become a reality once the Democrats take control of the Senate. However, such an outcome could create the opportunity for a larger and faster package of expenses that will help support the market.

“Even if the Democrats get control, the margin will be remarkably small and analysts are skeptical of the possibility of a significant change in tax or regulatory policy,” said Mark Hackett, chief of investment research at Nationwide, in a note. “However, democratic control could trigger another round of coronavirus stimuli and possibly an infrastructure package.”

England imposed a third coronavirus lockdown on Monday as the region grappled with a more transmissible variant of Covid-19. New York State has confirmed its first case of the new tribe, Governor Andrew Cuomo said Monday.

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Inventory futures rise as market tries to reclaim report highs in last days of 2020

Stock futures rise as market tries to reclaim record highs in final days of 2020

U.S. stock index futures were slightly higher early Wednesday morning as the market tried to regain record highs in the final days of 2020.

Contracts tied to the Dow Jones Industrial Average scored 114 points. S&P 500 futures rose 15 points and Nasdaq 100 futures rose 48 points.

Key averages closed lower Tuesday, abandoning early gains that drove stocks to record highs on the opening bell. Both the Dow and S&P 500 snapped three-day winning streaks, each down 0.22%. Meanwhile, the Nasdaq Composite was down 0.38%.

The Russell 2000 closed 1.85% lower for the third straight year.

In Washington, lawmakers continued to disagree on direct payments to Americans. Senate Majority Leader Mitch McConnell blocked Chuck Schumer’s efforts to expedite the bill passed by Parliament late Monday that would increase checks from $ 600 to $ 2,000. The stimulus payments could run out on Tuesday evening, said Treasury Secretary Steven Mnuchin.

President Donald Trump backed higher payments and said in a tweet on Tuesday that the move should be approved “ASAP. $ 600 is not enough!”

With only two trading days a year left, the key averages are on the way to rising higher by 2020. The Dow was up 6.3% over the year, while the S&P 500 was up 15.36%. Despite recent selling pressures, the Russell 2000 is still up 17.4% over the year.

The clear winner since the beginning of the year remains the Nasdaq Composite, which is up 43%.

“We expect strong economic growth to recover in 2021 after headwinds from the pandemic in 2020 and the US-China trade war in 2019,” said Brian Demain, portfolio manager at Janus Henderson Investors. “While the leadership so far has been tight – mostly limited to the digital economy – we expect a deepening recovery as vaccines become widespread and consumers can re-enter the physical economy,” he added.

The number of Covid cases is still higher. The US is currently seeing at least 180,905 new cases and at least 2,210 virus-related deaths per day, based on a seven-day average calculated by CNBC using data from Johns Hopkins University. On Tuesday, the US confirmed its first case of the faster-spreading strain of coronavirus, originally discovered in the UK

Some investors say another potential headwind for stocks ahead is the surge in some of the hottest stocks of the year.

Interactive Brokers Chairman Thomas Peterffy said on Squawk Alley on Tuesday that a “fantastically unusual” thing had happened in the past few days: his customers are net below the market for the first time.

“Our customers are usually on the sell side of options, and there is such a demand for these out of the money options that our customers tend to become sellers,” he said. “So the Robinhood people have long options and Interactive Brokers clients have few options,” he added. In other words, while this is not necessarily a direct bet on the downtrend, customers on the other hand take advantage of such high demand.

Charles Bobrinskoy, vice chairman of Ariel Investments, echoed the dangers of a dynamic market.

“It cannot be that the way to win investing is just to buy what has increased in recent years,” he said Tuesday on CNBC’s Closing Bell. “That works in momentum markets. Momentum markets are wonderful until they turn. But when they turn, it’s ugly,” he said.

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U.S. inventory futures rise as Wall Avenue set to enter final week of 2020

U.S. stock futures rise as Wall Street set to enter last week of 2020

Traders work on the trading floor of the New York Stock Exchange.

NYSE

The stock futures rose slightly in night trading on the Sunday before the last trading week of 2020.

The futures on the Dow Jones Industrial Average rose 149 points. S&P 500 futures and Nasdaq 100 futures were also trading in slightly positive territory.

President Donald Trump signed a $ 900 billion law on Covid-19 that prevented the government from closing and expanded unemployment benefits to millions of Americans. The signing came days after Trump proposed vetoing the legislation and calling for $ 2,000 in direct payments to Americans instead of $ 600.

“I’m signing this bill to restore unemployment benefits, stop evictions, provide rental support, add money for PPP, get our airline employees back to work, add significantly more money to distribute vaccines, and much more,” Trump said in a statement on Sunday evening.

Wall Street has had a quiet week of holidays with major averages posting flat returns. The S&P 500 fell 0.2% last week as some investors took off year-end chips. The 30-share Dow gained 0.1% over the same period.

Profit taking could rise in the last week of the year, which has seen surprisingly high returns so far. The S&P 500 is up 14.6% year-to-date, while the Dow is up 5.8%. The Nasdaq is up 42.7% this year as investors preferred high-growth technology names amid the ongoing Covid-19 pandemic.

Dr. Anthony Fauci warned on Sunday that the country could see a surge in new Covid-19 infections after Christmas and New Years. Two vaccines from Pfizer and Moderna started the distribution process this month. To date, over a million people have been vaccinated in the United States.

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