The S&P 500 and Nasdaq Composite rose on Wednesday as tech shares recovered some of their losses from earlier in the week at the expense of names who would benefit from an economic recovery.

The broader-market index closed 0.8% higher at 3,572.66 and the Nasdaq jumped 2% to 11,786.43. 

Wednesday’s moves came after strong back-to-back strong sessions for the Dow that were sparked by Pfizer and BioNTech’s announcement about their more than 90% effective Covid-19 vaccine.

The news caused investors to move out of technology names and stay-at-home stocks and into cyclical stocks that hinge on a recovering economy.

Tech and consumer discretionary, the worst-performing sectors this week, outperformed on Wednesday. Tech was up by more than 2%, and consumer discretionary gained 1.5%.

Plan A : Long if market doesn't retrace much and supported firm above 3524. Targets are 3540, 3554 and 3575.

Plan B : Short if market failed to support above 3524. Targets are 3498, 3471 and 3450. 
 

U.S. stock futures were lower early Thursday morning following a strong session for tech stocks.

The move in futures after the market bucked its recent trend on Wednesday, with the tech-heavy Nasdaq Composite leading while cyclicals and small caps lagged. The Dow slipped 23 points after adding nearly 1,100 in the two previous sessions.

Apple gained 3%. Netflix climbed 2.2%. Facebook and Amazon rose 1.5% and 3.4%, respectively. Alphabet closed 0.6% higher, and Microsoft was up by 2.6%.

More positive news on the vaccine front could come soon, as Moderna announced on Wednesday evening that its phase-three trial had accrued enough cases of the coronavirus to submit the preliminary results to an independent safety monitoring board.

Investors will also be looking at new data on the economic recovery on Thursday morning. The Labor Department is slated to release jobless claims data for last week before the opening bell, and economists surveyed by Dow Jones expect 740,000 claims. New inflation data will also be released before the markets open in New York.

Plan A : Long if market doesn't retrace much and supported firm above 11919. Targets are 11948, 11977 and 12010.

Plan B : Short if market failed to support above 11919. Targets are 11880, 11838 and 11797.