Dow Jones and Nasdaq futures pointed to gains at today’s open, and tech stocks bounced after two rough days. The Nasdaq closed in the red again Tuesday, down nearly 3% this week, in a rotation out of stay-at-home stocks after Pfizer’s positive coronavirus vaccine data Monday raised hopes that life may soon be able to return to some semblance of normal.
The U.S. bond market is closed Wednesday for Veterans Day. The Dow Jones Industrial Average has been a beneficiary of renewed interest in value stocks in the past two sessions, with a 262 point gain Tuesday and an 834 point rise Monday, equal to an almost 4% advance this week on top of last week’s rally. As of Tuesday’s close, the Dow was only 131 points from its February record high close.
Another record low rate on 30-year fixed mortgages last week did not help bring out home buyers. Mortgage application volume fell 0.5% compared with the previous week. Loan amounts have been reaching new highs in the last several weeks due to skyrocketing home prices and comparatively stronger activity on the upper end of the market.
As he continues to defiantly reject his election defeat, President Donald Trump is expected to visit Arlington National Cemetery for Veterans Day for his first public appearance since Democrat Joe Biden was declared the winner Saturday. As the president pursues legal challenges and continues to tweet unsubstantiated allegations of voter fraud, the White House has stymied Biden’s access to security briefings and transition funding.
While calling Trump’s refusal to concede “an embarrassment,” President-elect Biden said Tuesday his transition is “well under way.” Biden also said “nothing’s going to stop” his work on putting together his administration and reviewing candidates for Cabinet positions. He said he’s not reliant on the federal government authorizing funding for the transition or on having access to federal agencies.
In the balance of power race in the Senate, Democrat Cal Cunningham conceded Tuesday to Sen. Thom Tillis, R-N.C., one of the last undecided contests. Keeping that seat put the Senate count at 49 Republicans and 48 Democrats, according to NBC News. Three races are not settled, including two in Georgia that are headed for Jan. 5 run-offs.
Russia’s RDIF sovereign wealth fund said Wednesday that early results from its phase three clinical trial of the “Sputnik V” vaccine showed 92% efficacy. RDIF said it will publish the interim trial data in a peer-reviewed medical journal but has yet to reveal when. Russia, with 1.8 million confirmed Covid-19 cases, has seen a spike in new infections