S&P 500 and Nasdaq rise | Big market rotation pauses | Tech shares jump

WED, NOV 11, 2020

EVENING BRIEF

AS OF WED, NOV 11, 2020 • 04:20 ET

DJIA		29397.63
		-0.08%	-23.29

S&P 500		3572.66
		+0.77%	+27.13

NASDAQ		11786.43
		+2.01%	+232.57

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	119.49	+3.52	+3.04%
INTC	46.35	+0.91	+2.00%
BA	182.15	-6.54	-3.47%

S&P 500
NAME	LAST	CHG	%CHG
AAPL	119.49	+3.52	+3.04%
GE	8.89	-0.09	-1.00%
AAL	12.04	-0.34	-2.75%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	119.49	+3.52	+3.04%
AAL	12.04	-0.34	-2.75%
AMD	81.28	+3.29	+4.22%

EDITOR'S NOTE

This week's rotation was put on hold as tech shares clawed back some of their recent losses.

The S&P 500 and Nasdaq Composite popped 0.8% and 2%, respectively. Apple gained 3%. Netflix climbed 2.2%. Facebook and Amazon rose 1.5% and 3.4%, respectively. Alphabet closed 0.6% higher, and Microsoft was up by 2.6%.

The Dow Jones Industrial Average struggled, falling 23.29 points, or 0.1%, and posted its first decline in three sessions.

Tech stocks have been lagging the broader market this week following Pfizer and BioNTech announced on Monday that their coronavirus vaccine candidate was more than 90% effective. The news sparked a big rotation out of major tech names that performed well during the throes of the pandemic and into stocks that would benefit the most from an economic recovery.

"An abrupt macro positive shock such as we saw this week can lift all value stocks for a time," Inigo Fraser-Jenkins, co-head of the portfolio strategy team at Bernstein, wrote in a note. "However, we think that the outlook for the next year has to be more nuanced." Fraser-Jenkins noted there is "still a greater longevity of growth" for major technology companies.

However, Adam Crisafulli, founder of Vital Knowledge, thinks this tech comeback "is simply a temporary pause and that cyclicals will soon reassert its leadership position."

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