Dow Jones futures were little changed Tuesday, along with S&P 500 futures and Nasdaq futures. The Nasdaq hit a new high in Monday’s stock market rally, fueled by Facebook (FB) and coronavirus plays. But the Dow Jones lagged as energy, mining, financial and travel stocks slumped as Delta coronavirus cases increase.
Meanwhile, Morgan Stanley (MS), Goldman Sachs (GS) and Jefferies (JEF) headlined key bank movers on news overnight.
Key Market Rally Movers
In Monday’s session, Zebra Technologies (ZBRA) broke out of a base, while Etsy (ETSY), Applied Materials (AMAT) and Progyny (PGNY) cleared early buy points. Nio (NIO) moved above a very aggressive entry.
The stock market rally was split Monday. The Nasdaq rallied on a Facebook antitrust win, positive chip industry news, surging gene-editing stocks such as Intellia Therapeutics (NTLA) as well as a sharp drop in the 10-year Treasury yield. Covid fears and restrictions may have boost coronavirus stocks such as Zoom Video (ZM), Peloton (PTON) and Etsy stock.
EV makers such as Nio stock and China peers Xpeng (XPEV) and Li Auto (LI) were big winners, while startups such as Fisker (FSR) and Workhorse Group (WKHS) also popped. Tesla (TSLA) also rose, but TSLA stock lagged its smaller rivals.
Meanwhile, the Dow Jones retreated. Travel and vacation stocks, including airline, cruise lines, hotels and casinos such United Airlines (UAL), Norwegian Cruise Line (NCLH) and Marriott (MAR), sold off hard as nations ramped up Covid restrictions amid a rise in Delta variant cases. That also likely put a damper on crude oil and other commodity prices, while casting a chill on Treasury yields.
Energy stocks fell harder than crude oil prices — Chevron (CVX) fell 3% and red-hot Denbury (DEN) 6.5% — perhaps reflecting profit taking ahead of an OPEC+ meeting this week. Banks retreated with Treasury yields, while Mastercard (MA) slumped 3.2% as Covid …….