Dow Rises as Tech Loses Luster Amid Get Away from Home Hopes
Investing.com
Published Nov 10, 2020 01:12PM ET
By Christiana Sciaudone
Investing.com -- The Dow was slightly higher while the S&P 500 and Nasdaq slipped as tech companies lost some luster.
Netflix (NASDAQ:NFLX), Amazon (NASDAQ:AMZN), Facebook (NASDAQ:FB) and Microsoft (NASDAQ:MSFT) extended losses from Monday, dragging down the Nasdaq as investors turned to reopening stocks after Pfizer (NYSE:PFE) announced a promising vaccine candidate against the coronavirus.
At 1:12 PM ET, the Dow Jones Industrial Average was up 190 points, or 0.65%. The S&P 500 was down 0.11%, and the Nasdaq Composite fell 0.9%.
In other news that there may be a light at the end of this seemingly never-ending Covid-19 tunnel, U.S. regulators have also authorized emergency use of the first experimental antibody Covid-19 drug developed by Eli Lilly (NYSE:LLY).
Apple (NASDAQ:AAPL) announced its first chip, the M1, at an event that kicked off at 10:00 a.m. PT. The stock was trading slightly higher.
Some travel stocks are rallying on the possibility that we will be doing exactly that in 2021, with TripAdvisor (NASDAQ:TRIP) up 9%. Boeing (NYSE:BA) rose 7% on hopes that its 737 Max airplane will return to the skies before 2021.
Cruise lines, on the other hand, were among the biggest losers of the day after Norwegian Cruise Line (NYSE:NCLH) reported a worse-than-expected loss and sales that fell far short of estimates. Carnival (NYSE:CUK) fell 14% after announcing a share sale under its previous $1 billion “at-the-market” equity offering program.
Peloton (NASDAQ:PTON), which plummeted 20% Monday on the stay-at-home sell off, jumped 7% after announcing a deal with Beyonce.
Ulta Beauty (NASDAQ:ULTA) gained after announcing a deal to create a shop within a shop at select Target (NYSE:TGT) locations in the U.S.
Beyond Meat (NASDAQ:BYND) plummeted 20% after reporting miserable third quarter earnings and being unable to fully clear up whether or not it is a partner or rival to McDonald's (NYSE:MCD) new McPlant plant-based non-meat product under development. That said, Pizza Hut will sell Beyond Meat-topped pizzas.
U.S. job openings rose 84,000 to 6.4 million in September, the Labor Department said on Tuesday in its monthly Job Openings and Labor Turnover Survey, or JOLTS. The job openings rate was unchanged at 4.3%. Layoffs dropped 200,000 to 1.3 million.
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