Dow Jones surged forward by 0.8%. What about Nasdaq?

Stock market, Dow jones

Dow Jones surged forward by 0.8%. What about Nasdaq?

The Dow Jones Industrial Average soared by a 0.8% during the afternoon trading on Tuesday, after skyrocketing to an all-time high on Monday. Boeing (BA) and Walgreens (WBA) gained the most in the Dow Jones on Tuesday though. Dow Jones futures American Express (AXP), JPMorgan (JPM), and Goldman Sachs (GS) traded in the green after bullish rises in price on Monday.

However, the Nasdaq composite plummeted down by another 1.3% after reversing sharply lower in heavy volume on Monday as money moved out of growth stocks. Overall, the Nasdaq 100 plunged by 1.6%, pressured by weakness in FAANG stocks like and Facebook. Other Nasdaq 100 giants like China-based (JD), Nvidia (NVDA), and Advanced Micro Devices (AMD) took big hits as well.

How did Dow Jones futures fare?

Chevron (CVX), 3M (MMM) and Amgen (AMGN) surged forward by approximately 3% each in the Dow Jones on Tuesday. On the other hand, Dow Jones leaders like Microsoft (MSFT) and (CRM) got caught in the tech sell-off and tumbled down by 5% and 4%, respectively.

The Russell 2000 small-cap index jumped by another 1.9% after rallying by 3.7% on Monday. The S&P 500 lowered by 0.1%, though. Volume on the Nasdaq and NYSE dropped sharply compared to the same time on Monday.

Meanwhile, the Innovator IBD 50 ETF plummeted down by 1.1%, remaining mostly in line with the Nasdaq. Technology stocks like Adobe (ADBE), Nvidia, ServiceNow (NOW), and Workday (WDAY) also experienced losses of 4% to 6%. On the other hand, Innovative Industrial Properties (IIPR) and Berry Global (BERY) outperformed.

According to The Big Picture column, on Monday the Nasdaq composite suffered a distribution day. As the big percentage drop in higher volume showed, institutional investors fueled the selling. On Thursday, the Nasdaq confirmed a new uptrend with a follow-through day and the distribution day occurred two sessions after that.

Meanwhile, China Internet stocks remained weak across the board. Chinese regulators released drafts of antimonopoly rules aimed at online platforms like Alibaba (BABA), Pinduoduo(PDD), and among others.

Analysts expect Alibaba to deliver huge sales at its 24-hour Singles Day shopping event. Furthermore, the earnings report from Pinduoduo is due on Thursday, while reports on Monday.

Eli Lilly shares surged forward by 3.5% in late trading. Pfizer (PFE) announced that its Covid-19 vaccine candidate was more than 90% effective. However, the Pfizer coronavirus vaccine now must reach certain safety milestones. Investors expect Pfizer to file with the FDA for emergency approval after the 23rd of November.

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