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Novavax ( NVAX ) drops after cutting annual revenue forecast
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Shopify's US-listed shares climb after quarterly revenue
beat
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Indexes up: Dow 0.24%, S&P 500 0.10%, Nasdaq 0.05%
(Updated at 09:44 a.m. ET/ 1444 GMT)
By Lisa Pauline Mattackal and Purvi Agarwal
Nov 12 (Reuters) - Wall Street's main indexes were
little changed on Tuesday following post-election gains over the
past few days as focus moved to key U.S. inflation data later in
the week for more signals on the country's economic and monetary
policy outlook.
Some of the stocks expected to perform well under
President-elect Donald Trump's presidency gave back gains. Tesla
, which has soared nearly 40% since Nov. 5, fell 2.5%.
The EV maker weighed on the consumer discretionary
sector that lost 0.3%.
The small-cap Russell 2000 fell 0.2% after the index
closed at a three-year high on Monday. Trump Media & Technology
Group's ( DJT ) shares were down 7.7%.
The Dow Jones Industrial Average rose 107.69 points,
or 0.24%, to 44,400.82, the S&P 500 gained 6.11 points,
or 0.10%, to 6,007.46, and the Nasdaq Composite gained
9.09 points, or 0.05%, to 19,307.85.
The blue-chip Dow was boosted by a 5.2% gain in Honeywell ( HON )
, that hit a record high, after activist investor Elliott
Investment said it has built a stake worth more than $5 billion
in the industrial conglomerate.
Some crypto stocks eased after soaring in the past few
sessions as bitcoin pulled back after nearing the $90,000
mark. Bitcoin miners MARA Holdings ( MARA ) and Riot Platforms ( RIOT )
fell 3.5% and 8.4%, respectively.
"I don't attribute it to much more than a little bit of
profit taking after a fabulous week," said Paul Nolte, senior
wealth adviser and market strategist, Murphy & Sylvest.
The three major indexes closed at record highs on Monday as
investors broadly expected Trump's proposed tax cuts and
expectations of easier regulatory policies to help equities.
Focus will now be on Wednesday's consumer price inflation
data, followed by producer prices inflation and retail sales
data through this week, that will provide direction to the U.S.
Federal Reserve's policy path.
Nolte said a lot of the sentiment readings have been
generally pretty good, but the retail sales numbers will be
important as they show "what consumers do than what they say".
Markets have already dialed back expectations for interest
rate reductions over the next year, given strong economic data
and the possible inflationary impact of some of Trump's
policies.
Traders are still pricing in a strong chance - 65% - of a 25
basis point interest rate cut at the Fed's December meeting,
according to CME FedWatch.
Fed officials Thomas Barkin, Neel Kashkari and Patrick
Harker are expected to speak later in the day, while Chair
Jerome Powell is scheduled to speak on Thursday at an event in
Dallas.
Biotech firm Novavax ( NVAX ) dropped 9.1% after cutting its
annual revenue forecast due to lower-than-expected sales of its
COVID-19 vaccine.
Shopify's U.S.-listed shares climbed 20% after the
Canadian tech firm beat analysts' estimates for third-quarter
revenue.
Declining issues outnumbered advancers for a 1.48-to-1 ratio
on the NYSE and a 1.38-to-1 ratio on the Nasdaq.
The S&P 500 posted 31 new 52-week highs and nine new lows,
while the Nasdaq Composite recorded 88 new highs and 52 new
lows.