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
) and Advanced Micro Devices
) 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
) and BioNTech
) sold off hard. Supplier Maravai LifeSciences
) erased a big post-earnings gain. Other Covid plays, such as Zoom Video
) and DocuSign
), 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
) and Unity Software
But for the most part, growth took a back seat while recovery plays drove the advance.
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