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Dow Jones Futures: Market Rally Mixed As White House Sees Covid Cases 'Leveling Off'; Tesla Rival Nio Beats Views

Posted Date: August 12 2021 | Reading Time: 2 Minutes
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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