Stay-at-home stocks are falling, while those tied to economic recovery are rising
The blue-chip index popped again today, as stay-at-home stocks that thrived in the throes of the pandemic, were rotated out in favor of those linked to economic recovery. Specifically, names like Amazon.com (AMZN) and Zoom Video (ZM) fell considerably, while stocks like Chevron (CVX) and Boeing (BA) each rose over 3%. The Dow rose 263 points today, still benefiting from yesterday's vaccine news. Elsewhere, the S&P 500 and Nasdaq Composite both fell, as the latter reeled from the decline of the aforementioned tech names.
Continue reading for more on today's market, including:
- Why options bulls are charging Nextera Energy stock.
- Earnings miss has did little to slow Simon Property stock.
- Plus, Lowe's shuts down buyout rumors; AMAT is worth keeping an eye on; and why Revolve stock is poised for short-term growth.
The Dow Jones Industrial Average (DJI - 29,420.92) rose 263 points, or 0.9%, for the day. Walgreens Boots Alliance (WBA) added 6.5% to lead the list of Dow winners today. Meanwhile, Salesforce.com (CRM) paced the list of losers with a 4.5% drop
Meanwhile, the S&P 500 Index (SPX - 3,545.53) shed 5 points, or 0.1%, for the day. The Nasdaq Composite (IXIC - 11,553.86) fell 159.9 points, or 1.4% for the day.
Lastly, the Cboe Volatility Index (VIX - 24.80) lost 1 point, or 3.7% for the day.
- The Supreme Court has now seen three challenges of the the Affordable Care Act; and it now looks like the landmark legislation will survive this time around, as well. (CNBC)
- Despite a number of republican U.S. lawmakers defending President Donald Trump's legal challenges against his election loss, former Vice President and now President Elect Joe Biden, said it's an "embarrassment" Trump has yet to concede and his administration will continue the process of transition of power for January 20, 2021. (Reuters)
- Lowe's stock moves higher despite false buyout rumors.
- Apple supplier worth watching this week.
- Why short-term growth is likely for online retailer Revolve Group.
Oil, Gold Lock in Wins Amid Vaccine, Stimulus Hopes
New lockdowns in response to rising coronavirus cases weren't enough to drag down oil prices today, as black gold notched a win on hopes that vaccine distribution is on the horizon. Additionally, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced a possible tweak to their supply cut pact, should demand slump before the vaccine is available. As a result, December-dated crude rose $1.07, or 2.7%, to $41.36 a barrel.
Gold also locked in a win, after yesterday's slide, as investors look toward the likelihood of more monetary stimulus. December gold tacked on $22, or 1.2%, to settle at $1,876.40 an ounce for the day.