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Dow Ends Flat as Slip in Value Stocks Offsets Tech Strength  

Stock Markets Nov 11, 2020 04:07PM ET
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By Yasin Ebrahim

Investing.com – The Dow ended lower Wednesday, as weakness in value stocks offset strength in technology amid signs of further restrictions in parts of the U.S. to curb the spread of Covid-19.

The Dow Jones Industrial Average fell 0.08%, or 23 points. The S&P 500 was up 0.78%, while the Nasdaq Composite added 2.01%.

Weakness in value stocks weighed on the broader market as the recent wave of positive vaccine news faded on further signs of coronavirus-led restrictions in the U.S. Gov. Andrew Cuomo in New York ordered bars and restaurants licensed by the State Liquor Authority to close their indoor areas at 10 PM, while gyms must also shut at 10 PM.

Industrials, materials, and financials were in the red as U.S. coronavirus hospitalizations surpassed 60,000 for the first time Tuesday, the COVID Tracking Project reported Wednesday.

But tech staged a rebound following a rout a day earlier as bargain-seeking investors swooped in to scoop up the Fab 5.

Amazon.com (NASDAQ:AMZN), Google (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Facebook (NASDAQ:FB), and Apple (NASDAQ:AAPL) rose, with the latter ending up 3%.

Apple announced three new Mac computers late-Tuesday, powered by its M1 chip instead of Intel (NASDAQ:INTC) processors, marking the end of its 15-year relationship with the chipmaker.

In other news, Chinese tech stocks including Alibaba (NYSE:BABA), JD.com (NASDAQ:JD) and Tencent (OTC:TCEHY) face scrutiny as the Chinese government looks to clampdown on the monopoly power of big tech.

Alibaba (NYSE:BABA), which ended 10% lower overnight Asia, pared gains after a positive start to the U.S. session on news that its sales event, known as Singles' Day, generated record sales of more than $74 billion.

Still, Wall Street continues to tout further gains for the broader market on hopes a rollout of a Covid-19 vaccine will likely add steel to the global economy, while a divided Congress would dim the odds of President-elect Joe Biden's unfriendly market policies such as tax hikes winning the backing of lawmakers.

Goldman Sachs raised its 2020 outlook for the S&P 500 index to 3,700 from a previous estimate of 3,600. Assuming a Republican-controlled Senate, there would be "little scope for major legislative changes," and the recent vaccine news is a "positive event that will allow society to gradually normalize during 2021," the bank said.

The prospect of a dividend Congress was boosted after Republican Senator Dan Sullivan won re-election in Alaska, extending the GOP lead to 50-48.

In other news, Insurance company Lemonade (NYSE:LMND) slumped 12% despite reporting third-quarter results that topped analysts' estimates. The move lower as the company's lock-up period - the amount of time insiders agree to hold their shares after a company goes public - is set to expire on Thursday.

Dow Ends Flat as Slip in Value Stocks Offsets Tech Strength  
 

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Comments (9)
New Jazenevd
New Jazenevd Nov 11, 2020 7:16PM ET
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Goldman Sachs forecast mentioned in the article is the most reasonable. Steadily increasing market in 2020 and continuation of the same in 2021 if Reps keep Senate. Stay invested and don’t bet on big market crashes soon.
Thom Miller
Thom Miller Nov 11, 2020 7:16PM ET
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Disagree. If Reps hold Senate, Mitch McConnell will sit on his aging b..u..t..t.. the entire time and not agree to anything that will get the economy started again after Trump crashed it. Infrastructure legislation in this country is long overdo as Mitch has sat on his thumbs. Just look at Mitch’s home state, cash-poor Kentucky. The place is falling apart because Mitch apparently enjoys spending his time away from DC in that sort of environment.
New Jazenevd
New Jazenevd Nov 11, 2020 7:16PM ET
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Thom Miller  If Reps keep Senate then it will protect America, including US economy, from runaway socialist agenda promoted by biden. Also, Kentucky is in much better shape than mismanaged blue states.
Indian trader
Indian trader Nov 11, 2020 6:20PM ET
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Mark Mobius was right. new president is not good for us equities. i was expecting american would elect 2016 president once again becoz he was creating local jobs. but us voters were fool. they elected 77 years old president who wont able to control govt. us govt will be controlled by vice president.
Indian trader
Indian trader Nov 11, 2020 6:16PM ET
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In India , Media already started saying and showing Kamala harris as 2024 US president. A hindu will control US. Looking at this factor indian stock market is rallying. Look at US tech stocks, trump made tech companies to hire US talent which is costly, now tech companies will hire more indian talent which is low cost instead of US talent. thats why bullish on tech stocks.
Jesse Mulliniks
Jesse Mulliniks Nov 11, 2020 6:09PM ET
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Massive crash coming end of December. We are going back down to March lows. I can’t tell you what it is but it will be insane.
Show previous replies (3)
Xavier Mendez
Xavier Mendez Nov 11, 2020 6:09PM ET
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Order out of chaos
Dave Coon
Dave Coon Nov 11, 2020 6:09PM ET
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lol
Ronald Warren
Ronald Warren Nov 11, 2020 6:09PM ET
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If you really think so, but QID calls out of the money for .03. They'll pay large, but only in a crash. I'm maintaining a big chunk just in case.
Ronald Warren
Ronald Warren Nov 11, 2020 6:09PM ET
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buy not but.
Luis Bustamante
Luis Bustamante Nov 11, 2020 6:09PM ET
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How about a proven fraudulent election
Nov 11, 2020 6:02PM ET
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Ominous image placement
Napat Limboot
Napat Limboot Nov 11, 2020 5:52PM ET
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morning.
Jamie Lima
Jamie Lima Nov 11, 2020 5:18PM ET
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I like the prospects of a dividend Congress.
New Jazenevd
New Jazenevd Nov 11, 2020 5:18PM ET
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It would be the best scenario, especially taking into account possible alternative.
Mike Brarey
Mike Brarey Nov 11, 2020 4:41PM ET
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I love that you show an ugly fat guy blowing a bubble gum whenever tech goes up just out of boring retail traders buying the blessed dip
New Jazenevd
New Jazenevd Nov 11, 2020 4:31PM ET
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Good commentary. It happens on this site too, esp. when elections are already over.
Randy Kennedy
Randy Kennedy Nov 11, 2020 4:31PM ET
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Election is far from over media doesn't decide the outcome atleast 12 states have vote fraud.
Randy Kennedy
Randy Kennedy Nov 11, 2020 4:31PM ET
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Election is far from over media doesn't decide the outcome atleast 12 states have vote fraud.
New Jazenevd
New Jazenevd Nov 11, 2020 4:31PM ET
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Randy Kennedy  I commented on the commentary, not on elections.
 
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