U.S. stocks fell for a second straight day on Wednesday as the market’s recent rally to new records took a pause.

The Dow Jones Industrial Average dropped 344.93 points, or 1.2%, to 29,438.42 in a volatile session, after rising as much as 147 points at its session high. The S&P 500 slid 1.2%, or 41.74 points, to 3,567.79, while the tech-heavy Nasdaq Composite fell 0.8%, or 97.74 points, to 11,801.60. The major averages finished the day near their session lows.

The worsening pandemic that brought on new restrictions overshadowed positive developments on the coronavirus vaccine front.

Stocks turned sharply lower after Mayor Bill de Blasio announced New York City’s public schools will move to remote learning only as the city tries to tamp down a growing number of coronavirus cases.

Despite Wednesday’s struggle, Wall Street has still seen a strong November. The S&P 500 has gained 9.1% month to date.

Thursday morning will also bring another look at how the labor market recovery is faring amid rising cases of Covid-19. Economists surveyed by Dow Jones expect the reading for initial jobless claims to come in at 710,000, roughly flat compared with the prior week.
 

Plan A : Short if market failed to support above 3561. Targets are 3535, 3508 and 3486.

Plan B : Long if market doesn't retrace much and supported firm above 3561. Targets are 3577, 3590 and 3612.

 

U.S. stock futures were little changed on Wednesday evening on the heels of a market slide.

The calm night for futures follows a Wednesday session that finished on a sour note. The slide for stocks accompanied mixed news about the coronavirus crisis. On Wednesday morning, Pfizer announced that a final analysis showed that its vaccine candidate was 95% effective against Covid-19. However, New York City announced during the afternoon that it was closing schools due to a rising positivity rate.

Some stay-at-home stocks jumped after the announcement of the shuttering of the nation’s largest school system. Video conferencing company Zoom Video rallied more than 3%, while Peloton gained nearly 2%.

The major benchmarks’ back-to-back pullback pared their strong gains for this month. The Nasdaq Composite is up more than 8%, lagging as investors ditch technology shares for cyclical plays.
 

Plan A : Short if market failed to support above 11804. Targets are 11765, 11720 and 11676.

Plan B : Long if market doesn't retrace much and supported firm above 11804. Targets are 11835, 11866 and 11901.