Stocks jumped into Friday's shortened, post-Thanksgiving trading session. Online retailer rode a Black Friday boost to lead the S&P 500. Palantir rallied briskly and Etsy jumped toward a buy point. Vaccine maker Moderna soared, after AstraZeneca's lead Covid-19 candidate suffered a setback. Tesla scrambled to the head of the Nasdaq. Intel and Amgen took early leads on the Dow Jones today.
XThe Nasdaq led in early trade, opening 0.7% higher as chipmakers crowded in just behind Tesla at the top of the index. The S&P 500 added 0.3% on stock market today, while the Dow industrials swung 0.5% higher, pushing back above the 30,000 mark.
Monolithic Power (MPWR) headed the rally among chipmakers, rising 5% to lead the Philly Chip Index. The VanEck Vectors Semiconductor ETF (SMH) advanced 1.7%.
Small caps regained some strength, with the Russell 2000 rising 0.3% and the Vanguard Russell 2000 Index Fund ETF (VTWO) up 0.2%. Biotechs Rhythm Pharmaceuticals (RYTM) and Y-Mab Therapeutics (YMAB) scored big early gains.
Wayfair (W) staked out its early lead among S&P 500 stocks, up 5% early. REtail stocks rmained generally quiet in what is normally the high-energy Black Friday launch to the holiday shopping season. Retailers initiated holiday discounts in early October, in response to the negative impact on many retailers from the coronavirus pandemic — siphoning off much of the usual impact of the Black Friday season launch.
Friday's trading session will end at 1 p.m. ET due to the Thanksgiving holiday week. The short, post-holiday sessions tend to generate low volume and modest market moves. The S&P 500 has dipped in six of the past 10 Fridays after Turkey Day, with an average decline of 0.5%. Its best post-holiday performance in the past decade was a 1.3% jump on Nov. 23, 2012.
Leading stocks near buy points early Friday included Advanced Micro Devices (AMD), Twilio (TWLO) and PayPal.
Bitcoin has backed sharply off its high above $19,000 set on Tuesday. CoinDesk showed the leading cryptocurrency trading at $16,739 early Friday, about 12% off its peak, but still up 135% since Dec. 31.
Coronavirus Vaccine: Moderna, BioNTech Rally
Among vaccine makers, Moderna (MRNA) broke open an 11% gain, and AstraZeneca (AZN) slipped 0.7%, after AstraZeneca announced that its coronavirus vaccine candidate would likely require additional testing.
Moderna shares were up more than 27% after a breakout from what IBD MarketSmith chart analysis plots as a 95.31 buy point in a 17-week cup base on Nov. 16.
The news also boosted vaccine partners BioNTech (BNTX) and Pfizer (PFE). BioNTech shares gained 4.7% in early action. BioNTech was just out of buy range above a handle buy point at 97.39.
Dow Jones Today: Salesforce Rebounds Toward Buy Point
Among blue chips, chips and biotechsn were in control as IntelINTC powered up 1.5% and AmgenAGMN climbed 1.3% shortly after the open.
Salesforce.com (CRM) moved up 0.9% to trade high on the Dow Jones today. The Wall Street Journal reported on Wednesday that the cloud-based customer-relationship software leader was in advanced talks to buy Slack Technologies (WORK). Slack has been an innovator in the productivity software field, which has seen heavy demand since the coronavirus outbreak. The company is valued at near $17 billion. The Journal's report said a deal could be reached as early as next week. Slack shares were down 4.7% early Friday.
Salesforce Stock To Record Big Investment Gain From Snowflake IPO
Salesforce dropped 5.4%, while Slack shares jumped nearly 38% when the news landed during Wednesday's session. Salesforce is trading just below a 271.02 handle buy point.
IBD 50/Leaderboard: Futu, Etsy, Palantir
On the IBD 50 list, China-based Futu Holdings (FUTU) rattled off a 2% premarket advance. The stock ended Wednesday about 10% above a 41.09 buy point after a Nov. 13 breakout.
Online artist and craftsman marketplace Etsy (ETSY) climbed 2% ahead of the open. Shares were about 7% below a potential buy point at 154.98, as the stock moves to finish off the sixth week of a possible cup base.
Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live.
November wild-ride stock Palantir Technologies (PLTR) popped 7.1% early Friday. A four-week advance following the breakout from an IPO base left shares, at the end of trade on Wednesday, up more than 188% since the start of the month. The IBD Leaderboard stock is not yet flashing any topping signals, but investors may want to lock in at least some profit in case the volatile stock executes a quick turnabout.
Tesla (TSLA) rallied 3.7%, plowing to a new high and bucking for its seventh advance in eight sessions. The advance came despite a recall announced in China on Wednesday, and despite news that the U.S. National Highway Traffic Safety Administration had begun an investigation into 114,761 Tesla vehicles over front suspension safety issues. The NHTSA said the preliminary evaluation will cover 2015-2017 Model S and 2016-2017 Model X vehicles following complaints alleging failure of the front suspension fore links.
Coronavirus Update: A Harsh November
So far in the month of November, more than 15.9 million new cases of coronavirus have been reported worldwide, through Thursday, based on Worldometer data. The U.S. was the source of 25.4% of those cases. India reported 7.8% of the total, and Italy reported 5.6%. All other countries accounted for less than 5%. The 30 countries of the European Economic Area, the population of which are about 40% greater than the U.S., accounted for 25.1% of the total, according to data from the European Center for Disease Prevention and Control.
November has so far seen another 251,143 deaths, through Thursday. More than 35,000 of those fatalities, just over 14% of the total, have occurred in the U.S.
India accounted for 5.8% of November's virus-related deaths, while Italy and France each suffered about 6% of the total losses. The total number of deaths across the 30 EEA countries was more than 90,000 — 35.8% of the total worldwide death count.
Russell 2000, Dow Jones Today: Tracking Toward Records
The Dow Jones today jumps into the short post-Thanksgiving session with a November gain of 12.7%. That has pushed the Dow into record high territory above 30,000, and it far outpaces the index's big 11.1% rebound in April. it also puts the index on track for its best month since a 13.8% jump posted in January 1987.
The Nasdaq has a 10.8% gain so far in November, a big jump, but its best move of the year so far occurred in its 15.5% leap during the April rebound. The S&P 500 has an 11% gain, vs. a 12.7% bounce in April. Both indexes are trading tight against their own record highs.
Small caps have outpaced blue chips during the month. The Russell 2000 has rallied 19.9%. That easily stomps the index's prior monthly best — a 16.4% gain in February 2000 — and puts the index on track for the biggest monthly advance in its 36-year history.
For more detailed analysis of the current stock market and its status, study the Big Picture.
The SPDR Dow Jones Industrial Average ETF Trust (DIA), tracking the Dow industrials, traded up 0.2% early Friday. The ETF broke out past a double-bottom base buy point of 289.71 on Nov. 9. Shares were in a buy range, 3% over the entry, at the end of trade on Wednesday. Among leveraged ETFs, the ProShares UltraPro Dow30 (UDOW) traded 0.5% higher on Friday. It is extended above an 88.11 buy point, and has a 42.7% gain in November.
The Vanguard Russell 2000 Index Fund ETF Shares (VTWO) also broke out on Nov. 9, past a 136.90 buy point in a nine-month cup base. Shares were extended, up 8% above that buy point on Wednesday. The ProShares UltraPro Russell2000 (UTRY) leveraged ETF broke out from a seven-week cup base in October. The ETF has a 69.5% gain so far in November.
Find Alan R. Elliott on Twitter @IBD_Aelliott
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