New coronavirus vaccine data is out, and this time Pfizer (NYSE:PFE) has taken the lead in terms of efficacy rate. According to the recent results, Pfizer’s efficacy rate is 95%. However, traders aren’t enthusiastic about this today. For them, what matters is to curb the current coronavirus numbers in a way that it causes minimum damage to the global economy.
The Asian stock market has broken its winning streak and closed mostly mixed. The ASX 200 index closed higher with a gain of 0.25%. The HS index declined by 0.71%, while the Nikkei index fell by 0.36%.
Dow Jones and S&P 500: Market Breadth
The Dow Jones’ market breadth continued to lose steam yesterday. 80% of the Dow Jones stocks traded above their 200-day moving average. This is a change of -7% from a day earlier.
The S&P 500 stock breadth lost some momentum. 86% of the shares traded above their 200-day moving average. This is a change of 0% from a day earlier. This is a change of -2% from a day earlier.
Dow Jones Futures Today
The Dow Jones futures are trading lower by 28 points today. In terms of economic data, investors will be looking at the Philly Fed Manufacturing Index, which is due at 14:30 PM GMT. The forecast for the data is 22, while the previous reading was at 32.3.
The Dow Jones futures have formed a new lower low today. However, they have moved away from the low of the day. A retracement was long due for the Dow, and the bearish pattern, the double top, triggered the sell-off. If the Dow price fails to break above yesterday’s high, it is likely that the price will continue to move lower. However, the current retracement should be healthy for the Dow Jones as the price is still trading above the 50, 100, and 200-day SMA on the daily time frame. The near term resistance is at an all-time high while the support is at 28781
The S&P 500 futures, which represent the broader stock market, are still very much consolidating. The reason that I am saying this is that we are still trading between the highs and lows of the past two weeks, and as long as the price continues to trade within them, a new trend is unlikely to emerge. As for the RSI, it has started to retrace from its overbought zone. Overall, the S&P 500 is still trading above the 100 and 200-day SMA on the daily time frame.
Stock Market Rally
The S&P 500 stock index fell yesterday; the index dropped by 1.16%. The energy sector led the index lower. All 11 sectors closed lower.
The Dow index also recorded some loss yesterday; the Dow stocks moved the index lower by 1.16%. Three shares rose, 27 shares declined.
The NASDAQ, a tech-savvy index, closed with a loss of 0.82%.
S&P 500 Leaders and Laggards: Flowserve and Lowe
Flowserve (NYSE:FLS) stock contributed the largest gain, advancing 3.21%. Lowe’s (NYSE:LOW) was the largest drag; it dropped by 8.21%. The S&P 500 stock index is up 12% so far this year.
Dow Jones Leaders and Laggards: Salesforce and UnitedHealth
Salesforce (NYSE:CRM) contributed most of the gains for the index; it advanced 3.78%, while UnitedHealth (NYSE:UNH) was the largest drag, it declined 2.54%.