Stock futures sketched out tight gains Thursday ahead of weekly jobless claims and July producer price reports. A Senate infrastructure compromise and hints of slowed Covid-19 increases have led to a strong week so far for the Dow. The Nasdaq has lagged, hit by a
chip-industry warning and some investor rotation out of growth stocks. Boeing and Caterpillar were premarket leaders on the Dow Jones today.
Dow Jones futures edged up 0.1%, as the industrials eye a possible new high as well as a sixth gain in the past five sessions. S&P 500 futures inched a fraction above fair value. Nasdaq 100 futures also defended a slim gain, with
Moderna (
MRNA),
Nvidia (
NVDA) and
Advanced Micro Devices (
AMD) trading at the top of the index. Moderna and Nvidia are IBD 50 stocks.
Amid tentative signs of a peak in new Covid cases, coronavirus vaccine makers
Moderna (
MRNA) and
BioNTech (
BNTX) sold off hard. Supplier
Maravai LifeSciences (
MRVI) erased a big post-earnings gain. Other Covid plays, such as
Zoom Video (
ZM) and
DocuSign (
DOCU), also retreated, while better news on the virus may have weighed on highly valued software names generally.
On the plus side, a few recent IPOs surged Wednesday on earnings, including
Upstart Holdings (
UPST),
Doximity (
DOCS) and
Unity Software (
U).
But for the most part, growth took a back seat while recovery plays drove the advance.
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