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.
Scott Lehtonen for Investor’s Business Daily:
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.