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The Dow is up over 130 points midday

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Schaeffer's Midday Market Check
3/03/2021
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Dow Extends Gains While Nasdaq Pulls Back


By: Laura McCandless

The Dow Jones Industrial Average (DJI) is up over 130 points at midday, extending this morning's cautious gains, after President Joe Biden announced late Tuesday that there will be enough Covid-19 vaccines for every adult by the end of May -- boosting sentiment and lifting airline and cruise stocks. In further news, Biden agreed to stricter income limits for the $1,400 stimulus checks.

Meanwhile, the S&P 500 Index (SPX) is modestly in the red, while the Nasdaq Composite (IXIC) is down in the triple-digits, as the rising 10-year Treasury yield weighs on tech stocks. Investor's are also unpacking plenty of economic data. Private payrolls data came in below expectations, while the ISM Nonmanufacturing index showed a reading of 55.3 for February, below estimates of 58.7.

Continue reading for more on today's market, including:

  • Las Vegas Sands shifts attention toward Asia.
  • HPE receives bull notes after stellar earnings report
  • Plus, options traders rush to MIK; KMPH leaps higher on FDA approval; and analysts chime in on Fubo stock after earnings.
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