Pandemic Conditions Overshadow Positive Vaccine Developments

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as pandemic conditions overshadow positive vaccine developments. Stocks in heat map are based on the top 10 holdings of each sector ETF. Click on each picture to zoom in. Below is a summary of today’s action on Wall Street provided by CNBC:

Stock futures flat after pause in the record rally

U.S. stock futures were flat in overnight trading on Tuesday as investors digested the recent record rally in equities. Dow futures fell 21 points. Futures for the S&P 500 and Nasdaq-100 fell 0.04% and 0.03%, respectively. On Tuesday, the Dow Jones Industrial Average fell more than 167 points, dragged down by Walgreens, Home Depot and Walmart.

The S&P 500 (SPY) dropped -1.16% today. All 11 sectors finished in the red as shown below in the sector graph. Losses ranged from -2.91% to less than 1%.

The Dow Jones index gave up -344 points (-1.16%) to close at 29,438. The Nasdaq lost -97 points (-0.82%) to settle at 11,801.

Pandemic Conditions Overshadow Positive Vaccine Developments

Stocks took a break from the recent rally as the coronavirus conditions overshadowed positive vaccine news.

Equities turned sharply lower after Mayor Bill de Blasio announced New York City’s public schools will move to remote learning only as the city tries to tamp down a growing number of coronavirus cases.

The U.S. is grappling with rising Covid-19 infections ahead of a likely tough winter. The country is recording roughly 157,000 new coronavirus cases per day, on average, as of Tuesday, according to a CNBC analysis of Johns Hopkins data. That’s another new record and nearly 30% higher than infection levels a week ago.

Investors digested more positive developments on Wednesday. Pfizer released the final data on its vaccine candidate with BioNTech, which turned out even better than the initial data. The companies said the vaccine was 95% effective in preventing Covid-19 and fended off severe infection in the trial, adding that they plan to submit an application for emergency use authorization “within days.”

Dow-member Boeing jumped as much as 4% at one point as the Federal Aviation Administration lifted its ban on Boeing’s 737 Max after a 20-month grounding following two deadly crashes. The stock finished the day more than 3% lower, however.

Meanwhile, Target shares rose about 2% after the retailer’s third quarter earnings topped estimates because of booming digital sales.

Key Takeaway…

Target CEO Brian Cornell: Customers are shopping across multiple categories

Target CEO Brian Cornell told CNBC’s “Squawk Box” Wednesday that customers are shopping across categories when they come to the store, possibly because they consolidate trips during the pandemic or finding other items that catch their eye.

Notable S&P 500 Movers…

Below I’ve highlighted some notable S&P 500 movers (both winne

 

Credit: Sector Graph provided by Sector SPDR app. Sector breakdown provided by Charles Schwab. Sector heat map provided by finviz. Information Credit: News Headlines and quotes were taken from CNBC in the writing of this post.

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11/18/20

S&P 500 Sector Graph

Pandemic Conditions Overshadow Positive Vaccine Developments

S&P 500 (SPY)

Pandemic Conditions Overshadow Positive Vaccine Developments

Communication Services (XLC)

Pandemic Conditions Overshadow Positive Vaccine Developments

Consumer Discretionary (XLY)

Pandemic Conditions Overshadow Positive Vaccine Developments

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Consumer Staples (XLP)

Pandemic Conditions Overshadow Positive Vaccine Developments

Energy (XLE)

Pandemic Conditions Overshadow Positive Vaccine Developments

Financials (XLF)

Pandemic Conditions Overshadow Positive Vaccine Developments

Real Estate (XLRE)

Pandemic Conditions Overshadow Positive Vaccine Developments

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Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

Pandemic Conditions Overshadow Positive Vaccine Developments

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Utilities (XLU)

S&P 500 Sector Heat Map

 

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