Par yasin ebrahim
Investing.com – The Dow Jones finished lower after the end-of-day sell-off on Wednesday on signs of further Covid-19 restrictions in the United States threatening the pace of the recovery, and an intraday reversal at Boeing.
The drop of 1.16%, or 345 points. The decline of 1.17%, while the decline of 0.82%.
Boeing (NYSE 🙂 slashed gains after Morgan Stanley warned bullish sentiment on the stock was ahead of fundamentals. The plane was up more than 6% during the day after the Federal Aviation Authority ordered the Boeing 737 Max grounded, involved in two fatal crashes.
The positive news on vaccines and the removal of the 737 Max “does not affect our financial estimates for Boeing”, Morgan Stanley (NYSE 🙂 said in a note, Bloomberg reported. Becoming more positive about Boeing would require an increase in orders for the plane.
Following the news, several airlines that carry the 737 Max in their fleets have confirmed that they will start flying the jets within weeks.
United Airlines (NASDAQ 🙂 has announced plans to fly its Boeing 737 Max aircraft in the first quarter of next year, while American Airlines (NASDAQ 🙂 has announced it will fly at the end of the year. Southwest Airlines ( NYSE 🙂 will fly the jets in the second quarter.
Sentiment over stocks has been dealt a further blow to signs of further restrictions to curb the spread of the coronavirus, with deaths nearing 250,000. New York City closed schools starting Thursday and has moved on to it. fully distance learning.
The upward movement of value stocks on positive vaccines has faded, adding downward momentum in the broader market.
Pfizer (NYSE 🙂 and BioNTech reported final analysis of data showing their coronavirus vaccine was 95% effective in preventing Covid-19, and also said they had exceeded the safety levels needed to seek authorization from the vaccine within days.
Energy stocks also gave up on gains even as oil prices were pushed higher following a smaller than expected increase in weekly stocks.
Weekly stocks of crude in the United States rose 0.78 million barrels, according to the Energy Information Administration, well below forecast of 1.65 million.
On the earnings front, investors digested earnings Target et Lowe’s.
Target (NYSE 🙂 reported better-than-expected earnings of $ 2.79 per share and the same same-store sales of 20.7% that beat estimates, sending its shares about 3% higher.
Lowe’s Companies (NYSE :), meanwhile, reported third-quarter earnings of $ 1.98 per share, but same-store sales jumped 30.1%, above expectations of an increase of 22.8%. Its shares fell 8%.
Tech struggled to participate in the larger upward movement. Amazon.com (NASDAQ :), Alphabet (NASDAQ :), Microsoft (NASDAQ :), Facebook (NASDAQ 🙂 and Apple (NASDAQ 🙂) finished lower.
In other news, General Motors (NYSE 🙂 climbed 2% on reports that the automaker is about to unveil a plan to increase spending on the expansion of electric vehicles.
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