The Leuthold Group chief investment strategist Jim Paulsen discusses consumer spending and the markets amid the coronavirus pandemic.
Stocks resumed their upward trend on Wednesday after Pfizer delivered more positive vaccine news, combined with more solid retail earnings and positive news for Dow member Boeing.
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The Federal Aviation Administration approved Boeing’s 737 Max jet to fly again pushing the stock higher. GE rose in tandem.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | BOEING COMPANY | 213.22 | +3.20 | +1.52% |
| GE | GENERAL ELECTRIC COMPANY | 9.97 | +0.28 | +2.87% |
BOEING LIFTING DOW
The Dow Jones Industrial Average rose over 40 points, while the S&P 500 and Nasdaq were little changed in early trading.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 29879.48 | +96.13 | +0.32% |
| SP500 | S&P 500 | 3614.8 | +5.27 | +0.15% |
| I:COMP | NASDAQ COMPOSITE INDEX | 11879.428973 | -19.91 | -0.17% |
Pfizer shares rose after it announced a 95% efficacy rate in its Phase 3 trial for its COVID-19 vaccine. Earlier this month, it said it had a 90% efficacy rate for the first 94 patients.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PFE | PFIZER INC. | 36.84 | +0.81 | +2.23% |
| BNTX | BIONTECH SE | 90.80 | +3.87 | +4.45% |
RETAIL ON TAP
Target shares rose after the Walmart competitor said it earned $2.79 a share on $22.34 billion in sales, compared to analysts’ expectations of $1.60 on $20.93 billion in sales in its most recent quarter.
Lowe’s, which competes with Home Depot in the home improvement space, fell after it reported $1.98 a share on $21.17 billion in sales. Traders were expecting earnings of $1.99 a share on $21.25 billion in revenue, up 22.2% year-over-year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LOW | LOWE’S COMPANIES INC. | 151.44 | -8.41 | -5.26% |
| TGT | TARGET CORP. | 170.37 | +7.07 | +4.33% |
| TJX | TJX | 64.44 | +3.33 | +5.44% |
TJX Co. also moved higher after the discount retailer earned 71 cents a share on $10.12 billion in revenue. Traders expected TJX to earn 40 cents a share on $9.36 billion in sales.
S&P TAKES BREATHER AS SMALL CAPS, TRANSPORTS HIT RECORDS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | 536.10 | -0.79 | -0.15% |
| L | LOEWS CORP | 43.78 | +0.12 | +0.27% |
After the market closes, semiconductor giant Nvidia and L Brands are among the companies reporting their latest results.
FRESH LOOKS AT HOUSING, CRUDE OIL
Several economic reports tied to the U.S. housing markets were released, showing the continued strength of the sector.
Mortgage applications for the week ending Nov. 14 fell 0.3%, while U.S. housing starts and building permits for October came in at 1.53 million and 1.54 million, respectively.
Ahead of the weekly inventory report, crude oil rose on Wednesday to $42.07 a barrel, a gain of 1.5%.
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GOLD DIPS
In other commodities, cold declined to $1,872.90 an ounce, a decline of 0.6%.
