5 Tuesday Morning Stock Movers: Apple Pops, Car-Max Drops as Stimulus Pushes Market Higher

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The

S&P 500

and

Nasdaq Composite

looked set for a higher open Tuesday after Congress passed the long-awaited fiscal stimulus bill, although the

Dow Jones Industrial Average

futures were pointing lower.

Futures on the Dow Jones Industrial Average were down 15 points, while S&P 500 futures were up 0.2%, and Nasdaq Composite futures had gained 0.5%.

Congress has officially passed a $900 billion fiscal stimulus package after weeks of negotiations between Republicans and Democrats. Investors increasingly had hung their hats on a deal getting done during the lame-duck presidential session. With the deal official, small businesses and households will have some added cash that will aid rehiring and consumer spend once Covid-19 vaccines allow for reopenings.

The market continues to wrestle with the impact of a new strain of the virus that has developed in the United Kingdom, prompting flight restrictions between the U.K. and Europe. The vaccines may very well work on the new strain. The combination of vaccines and fiscal stimulus has kept stocks afloat this week, as Monday’s losses moderated throughout the day.

Investors are also watching consumer confidence, which is released at 10 a.m. Tuesday.

Here were some notable stock movers Tuesday:

Apple

(AAPL) rose 2.9% on reports that it plans to produce electric cars by 2024.

T-Mobile US

(TMUS) rose 0.7% after Oppenheimer upgraded the stock to Outperform from Perform.

Hyatt Hotels

(H) fell 0.4% after Longbow downgraded the stock to Neutral from Buy.

Teladoc Health

(TDOC) rose 1% after Evercore initiated coverage of the stock with a $215 price target. The stock is pointing to a Tuesday open of $201.

CarMax

(KMX) shares fell 3.4% after the company posted a mixed quarter. Revenue was Earnings per share were $1.42, beating estimates of $1.13. Revenue was 5.2 billion against estimates of $4.8 billion.

Write to Jacob Sonenshine at [email protected]