Here’s what we are watching as markets kick into gear Tuesday.
—S&P 500 futures wobbled, on concern about elevated Covid-19 infection levels, muted stimulus expectations and caution about the timing of vaccines. That tempered the exuberance that left the benchmark hovering near a record high by the close on Monday. Read our full market wrap here.
—What’s coming up. Apple will host an event at 1 p.m. ET centered around its nearly 40-year-old Mac. That is because the Mac lineup is set to get its biggest jolt in years with the expected introduction of laptops with Apple’s own microchips.
Market Movers to Watch
The largest tech stocks—
—continued their slide lower. Those companies that had driven much of this year’s market rally, but have fallen out of favor this week as investors turned instead to banks, travel and energy companies on a bet that the economic recovery will accelerate.
continued its rally overnight, gaining almost 4% premarket. The stock gained over 7% Monday after the drugmaker said its Covid-19 vaccine candidate was proving to be more effective than people had expected.
Simon Property Group
slid 3% before the opening bell. The mall operator’s earnings were below Wall Street’s expectations for the latest quarter. The stock closed Monday up 28%, as investors revived bets on banking, finance and real-estate sectors.
advanced 4.9% offhours after the cloud-communications provider reported third-quarter earnings ahead of analysts’ expectations.
dropped 9% before the opening bell. The company’s third-quarter results disappointed investors.