Dow futures rallied more than 150 points late Sunday before turning flat early Monday, while S&P 500 futures and Nasdaq 100 futures were also mostly unchanged, on COVID-19 vaccine news. Apple’s 4-for-1 stock split goes into effect Monday, sparking advances.
On Sunday, U.S. Food and Drug Administration Commissioner Stephen Hahn said in an interview with the Financial Times that the FDA would be willing to bypass the normal approval process to authorize a coronavirus vaccine before Phase 3 trials are completed, provided the benefits outweighed the risks.
Amid the coronavirus stock market rally, the tech-heavy Nasdaq is up 30.3% for the year through Friday’s close. Meanwhile, the S&P 500 is up 8.6%, while the DJIA is up 0.4% year to date, through the Aug. 28 close.
Apple stock rallied less than 1% ahead of the stock’s first trading session after a four-for-one stock split. Shares are trading 3% off their all-time split-adjusted high of 128.79 — set on Aug. 25.
Apple shares are about 73% above a cup-with-handle’s 72.15 buy point. The blue-chip giant is the No. 1-performing Dow Jones stock in 2020, with a 70.0% advance through Friday’s close.
MacDailyNews Note: Apple is currently up $0.89 (+0.72%) to $125.70 per share in pre-market trading.