The broad stock rally Wednesday lost momentum early afternoon as all three major indices were modestly lower.
Continue Reading Below
Still, Tesla's climb continued, as Morgan Stanley upgraded the stock today citing growth potential beyond autos. The broader Nasdaq was off 0.1%.
Dow member Boeing remained higher after the Federal Aviation Administration approved the planemaker's 737 Max jet to fly again pushing the stock higher. GE rose in tandem.
COVID-19 VACCINE LATEST
Pfizer shares rose after it announced a 95% efficacy rate in its Phase 3 trial for its COVID-19 vaccine. Earlier this month, it said it had a 90% efficacy rate for the first 94 patients.
RETAIL ON TAP
Target shares rose more than 4% after the Walmart competitor said it earned $2.79 a share on $22.34 billion in sales, compared to analysts' expectations of $1.60 on $20.93 billion in sales in its most recent quarter.
Lowe's, which competes with Home Depot in the home improvement space, fell after it reported $1.98 a share on $21.17 billion in sales. Traders were expecting earnings of $1.99 a share on $21.25 billion in revenue, up 22.2% year-over-year.
TJX Co. also moved higher after the discount retailer earned 71 cents a share on $10.12 billion in revenue. Traders expected TJX to earn 40 cents a share on $9.36 billion in sales.
After the market closes, semiconductor giant Nvidia and L Brands are among the companies reporting their latest results.
FRESH LOOKS AT HOUSING, CRUDE OIL
Several economic reports tied to the U.S. housing markets were released, showing the continued strength of the sector.
Mortgage applications for the week ending Nov. 14 fell 0.3%, while U.S. housing starts and building permits for October came in at 1.53 million and 1.54 million, respectively.
The Energy Information Administration said crude oil stocks rose 768,000 barrels, well below the estimate of a jump of 1.65 billion barrels. After the weekly inventory report, crude oil rose on Wednesday to $42.16 a barrel, a gain of 1.7%.
In other commodities, cold declined to $1,873.50 an ounce.