Wall Street Opens Mostly Lower, Tech Outperforms; Nasdaq Up 0.2%

This post was originally published on this site

Investing.com — U.S. stock markets opened mostly lower on Thursday, unwinding a move earlier in the week out of tech and growth stocks and into cyclicals as the market took a more sober view of the obstacles to a Covid-19 vaccine becoming widely available.

The likely difficulties in manufacturing, storing and transporting hundreds of millions of vaccine doses point to significant capacity bottlenecks if and when the Pfizer/Biontech vaccine – or others –  are approved for use by the Food and Drug Administration over the coming weeks and months.

That leaves the economy still exposed in the short run to setbacks from the coronavirus, a point illustrated again on Thursday by another week of over 700,000 initial claims for jobless benefits. That came after the U.S. posted a record high for new infections on Wednesday at over 144,000, while also breaking the previous record for hospital admissions. 

By 9:40 AM ET (1440 GMT), the Dow Jones Industrial Average was down 173 points, or 0.6%, at 29,224 points. The S&P 500 was down 0.5% while the Nasdaq Composite was up 0.2%, as money flowed back into stocks that have done well from the many disruptions caused by the pandemic.

Add Comment