Boeing, Pfizer give Dow boost, oil ticks higher

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The broad stock rally Wednesday lost some momentum early afternoon as the Dow Jones Industrial Average and the S&P 500 were little changed, while the Nasdaq Composite was modestly higher.

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Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 29817.3 +33.95 +0.11%
SP500 S&P 500 3612.6 +3.07 +0.09%

Still, Tesla’s climb continued, helping the Nasdaq Composite. Morgan Stanley upgraded the stock today citing growth potential beyond autos.

Ticker Security Last Change Change %
I:COMP NASDAQ COMPOSITE INDEX 11928.832324 +29.49 +0.25%
TSLA TESLA INC. 483.80 +42.19 +9.55%

Dow member Boeing remained higher after the Federal Aviation Administration approved the planemaker’s 737 Max jet to fly again pushing the stock higher. GE rose in tandem.

FAA CLEARS BOEING’S MAX JET TO FLY AGAIN

Ticker Security Last Change Change %
BA BOEING COMPANY 212.00 +1.98 +0.94%
GE GENERAL ELECTRIC COMPANY 9.89 +0.20 +2.12%

COVID-19 VACCINE LATEST

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. 36.63 +0.59 +1.63%
BNTX BIONTECH SE 90.30 +3.37 +3.87%

RETAIL ON TAP

Target shares rose more than 4% 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. 149.74 -10.11 -6.32%
TGT TARGET CORP. 171.15 +7.84 +4.80%
TJX TJX 63.65 +2.53 +4.14%

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 540.58 +3.69 +0.69%
L LOEWS CORP 43.69 +0.03 +0.07%

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.

Ticker Security Last Change Change %
TOL TOLL BROTHERS 47.06 +0.49 +1.05%
DHI D.R. HORTON INC. 74.64 +1.19 +1.61%
MTG MGIC INVESTMENT CORP. 11.90 +0.09 +0.72%
LEN LENNAR 76.73 +1.04 +1.37%

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.

The Energy Information Administration said crude oil stocks rose 768,000 barrels, well below the estimate of a jump of 1.65 billion barrels. After the weekly inventory report, crude oil rose on Wednesday to $42.16 a barrel, a gain of 1.7%.

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GOLD DIPS

In other commodities, cold declined to $1,872.90 an ounce, a decline of 0.6%.

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