E-Mini S&P 500

The Dow climbed 8.92 points, or 0.03%, to 26,680.87. The S&P 500 gained 0.84% to 3,251.84. The Nasdaq Composite jumped 2.51% to 10,767.09. Amazon shares popped, lifting the rest of the Big Tech and the broader market.

Amazon rallied nearly 8% after a Goldman Sachs analyst hiked his price target on the stock to $3,800 per share, the highest on the Street. Shares of Microsoft gained 4.30%. Netflix, Alphabet and Facebook all closed more than 1.4% higher. Tech’s gains came after a downbeat week, which led to the Nasdaq’s first weekly decline in three weeks, while beaten-down value names outperformed in that time period. 

Dow member Pfizer and BioNTech reported early positive data on a joint coronavirus vaccine candidate. Another vaccine candidate from Oxford University and AstraZeneca showed a positive immune response in an early trial. Traders also turned their eyes to Washington as lawmakers begin negotiations on new stimulus measures.

With Monday’s gains on Wall Street, the S&P 500 turned green for 2020 with a 0.6% gain on the year, while the Nasdaq has risen 20% this year. The 30-stock Dow lagged, however, down 6.5% for 2020.

E-Mini Nasdaq

Stock futures were flat in overnight trading on Monday after a strong performance in technology shares pushed the S&P 500 in positive territory for the year. 

Futures on the Dow Jones Industrial Average dipped about 10 points, while the S&P 500 and the Nasdaq 100 futures were little changed.

The overnight action followed a strong performance in technology shares that pushed the Nasdaq up 2.5%. Amazon led the gains in popular tech names with a 7.9% jump on Monday, its best day since December 2018. The Nasdaq 100, which consists of the 100 biggest non-financial companies in the composite, popped 2.8% for its biggest one-day gain since April.

IBM gained 4.7% in extended trading after the company reported better-than-expected second quarter earnings. Notably, IBM improved gross margins in three of its five units in the past quarter.

Investors are also monitoring the talks in Washington on the next coronavirus relief bill. Lawmakers face pressure to pass legislation before the end of the month, when the $600 per week federal unemployment insurance benefit is set to expire. 

More companies will report quarterly earnings on Wednesday. Coca-cola and Philip Morris are set to drop results before the bell, while United Airlines will report after the close.

Plan A : Short if market failed to support above 10957.50. Targets are 10920.25, 10882.75 and 10820.25.

Plan B : Long if market retraced but supported firm above 10875.50. Targets are 10900.25, 10940.25 and 10980.50.

At the close of trade, the Hang Seng index was down 31.18 points, or 0.12%, at 25,057.99 after falling as much as 1.3%.

Plan D : Cut above 41.6

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Plan A : Remain buy as long as gold price stays firm above 1807.6

Plan B : Exit below 1804

Plan C : Consider selling if gold price surges but fails to breach above 1829

Plan D : Cut above 1838