Stocks wrapped a choppy session as investors reacted to New York Governor Andrew Cuomo's new COVID-19 restrictions, impacting restaurants, bars and gyms. Still, the broader markets held up despite the developments.
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The Nasdaq Composite rose 2% as investors scooped up big tech names that had taken a beating in recent days. The S&P 500 also gained 0.7% led by tech and consumer discretionary names.
|I:COMP||NASDAQ COMPOSITE INDEX||13545.405975||+14.49||+0.11%|
|VGT||VANGUARD WORLD FDS VANGUARD INFO TECH ETF||364.30||-0.26||-0.07%|
|XLY||CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF||170.13||-0.54||-0.31%|
The Dow Jones Industrial Average was little changed as American Express fell sharply. Visa and Mastercard also declined.
|I:DJI||DOW JONES AVERAGES||31052.18||-123.83||-0.40%|
|AXP||AMERICAN EXPRESS COMPANY||126.06||-1.36||-1.07%|
OIL MARCHES UPWARD
Oil hovered around the $41-per-barrel level after the EIA's weekly oil data. Dow component Chevron also dipped.
|USO||UNITED STATES OIL FUND L.P.||35.20||-0.57||-1.59%|
AIRLINES IN FOCUS
Major airlines continue to see trading action as investors weigh higher crude prices against a recovery in travel.
|AAL||AMERICAN AIRLINES GROUP INC.||15.70||-0.14||-0.85%|
|DAL||DELTA AIR LINES INC.||39.95||-0.72||-1.78%|
|LUV||SOUTHWEST AIRLINES CO.||47.26||-0.53||-1.10%|
|UAL||UNITED AIRLINES HLDG.||42.02||-0.57||-1.34%|
CHINA CRACKS DOWN ON TECH
Chinese technology names fell sharply after the Chinese government issued new regulations designed to curb their influence.
|BABA||ALIBABA GROUP HOLDING LTD||258.85||-1.00||-0.38%|
E-commerce giant Alibaba fell 9% on Tuesday despite the start of its annual shopping holiday known as Singles Day. Shares were down another 2% on Wednesday with similar declines for Baidu and JD.com.
Governor Cuomo ordered restaurants, bars and gyms to close at 10 PM ET starting Friday while also imposing new restrictions on gatherings in an effort to slow the pandemic's spread.
Vaccine makers remain in focus after Pfizer announced that its vaccine proved to be 90% effective in late-stage clinical data.
Nonetheless, coronavirus cases are still rising across the country and the globe, with the U.S. topping 130,000 cases on Tuesday. More than 10.2 million Americans have been infected by the virus and more than 239,000 have died from it, according to data from Johns Hopkins University.
|REGN||REGENERON PHARMACEUTICALS INC.||542.11||+6.63||+1.24%|
Pfizer CEO Albert Bourla is being scrutinized after the pharmaceutical executive sold over 130,000 shares of stock on Nov. 9, the same day the company announced positive results about its COVID-19 vaccine.
Separately, Moderna's CEO, Stéphane Bancel, told Reuters the first interim analysis of their coronavirus vaccine is expected later this month. Regeneron also rose.
10-YEAR TREASURY YIELD 0.97%
U.S. bond markets were closed for Veterans Day. The 10-year U.S. Treasury yield sits at 0.97%, its highest level since March.
WEEKLY LOOK AT HOUSING
Mortgages fell 0.5% for the week ending Nov. 7, according to the weekly MBA mortgage application index report. The prior week showed a rise of 3.8%.
In other commodities, gold fell slightly to $1,860.70 an ounce.