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Stock futures were mixed Tuesday as the rally driven by positive coronavirus vaccine progress took a breather.
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STOCK FUTURES MIXED
Dow futures were up 97 points, a gain of 0.3%, while the S&P 500 was off 0.6%. The tech-heavy Nasdaq Composite, which did not participate in Monday's rally, continued its slide, falling more than 2%.
The rally that began the week lifted the Dow and S&P to record levels before pulling back.
|I:DJI||DOW JONES AVERAGES||29157.97||+834.57||+2.95%|
|I:COMP||NASDAQ COMPOSITE INDEX||11713.782528||-181.45||-1.53%|
DOW ADDS 834 POINTS ON PFIZER'S COVID-19 VACCINE BREAKTHROUGH AS NASDAQ SLIPS
EU TARGETS AMAZON
The Nasdaq may see more pressure with Amazon falling in early trading after the European Union alleged the e-commerce giant violated antitrust rules.
European indices were also mixed, with the German DAX down 0.3%, while the STOXX 600 index rose by a similar amount. The French CAC 40 and U.K. FTSE 100 were both higher by around 1%.
PFIZER’S COVID-19 VACCINE PROVES 90% EFFECTIVE IN LATEST TRIALS
In vaccine news, late Monday, Eli Lilly & Co. received emergency use approval from the FDA for its COVID-19 antibody treatment.
|LLY||ELI LILLY & COMPANY||142.33||-0.41||-0.29%|
This followed confirmation that Pfizer and BioNTech's COVID-19 vaccine proved to be 90% effective in the first 94 patients it was tested on.
The news comes as the U.S. surpassed 10 million coronavirus cases Monday, becoming the first country to hit the milestone, according to data from Johns Hopkins University.
Globally, there are more than 50.9 million cases, resulting in 1.26 million deaths.
|DHI||D.R. HORTON INC.||64.95||-5.66||-8.02%|
|RKT||ROCKET COMPANIES INC.||21.45||+0.14||+0.66%|
Ride-hailing firm Lyft, homebuilder D.R. Horton and mortgage originator Rocket Companies will be among the companies to report quarterly results Tuesday.
|BYND||BEYOND MEAT INC.||150.50||-6.36||-4.05%|
Plant-based meat company Beyond Meat saw its shares drop nearly 18% on Tuesday pre-market after a whipsaw session on Monday after McDonald's announced plans for a new plant-based burger.
SMALL BUSINESS, JOLTS IN FOCUS
Tuesday will see the release of two economic reports, NFIB's Small Business Optimism Index for October and the September JOLTS report.
Economists are expecting a reading of 6.5 million job openings for September, roughly in line with the previous month's data.
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OIL, GOLD MOVE HIGHER
West Texas Intermediate crude oil, which moved sharply higher on Monday in the wake of the vaccine news, continued its rally, moving past the $40 barrel level.
In other commodities, gold rose 0.8% to $1,869.70.
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