(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Tesla set to add $40 bln to market cap
* Walmart rises as profit beats on online boost
* Walgreen, CVS hammered by Amazon's online pharmacy foray
* Futures: Dow down 0.7%, S&P down 0.6%, Nasdaq up 0.3%
Nov 17 (Reuters) - The S&P 500 and the Dow were set to open
lower on Tuesday, retreating from record closing highs a day
earlier as more U.S. states took measures to contain the
The Nasdaq 100 futures rose 0.3% as Tesla Inc's
shares soared 12.6% premarket in anticipation of a $51
billion trade by index funds adjusting their holdings when the
company is added to the benchmark S&P 500 in December.
The Dow notched an all-time closing high on Monday,
finishing about 50 points shy of 30,000 points after Moderna
Inc's promising COVID-19 vaccine data boosted hopes of
an economic recovery, overshadowing spiking coronavirus cases
across the country.
"There is conflict for the market between the near-term
direction to the economy, which is troubled with the very high
COVID-19 rates and the future for the market, that's which
vaccines could provide an end to the restrictions," said Rick
Meckler, partner at Cherry Lane Investments in New Vernon, New
New Jersey, California and Iowa imposed fresh restrictions
as the pandemic reached its most perilous point yet in the
United States, threatening to worsen as the colder weather sets
At 08:22 a.m. ET, Dow E-minis were down 0.66% and
S&P 500 E-minis were down 0.58%.
The second positive update from a U.S. vaccine trial has
encouraged investors to diversify into value stocks, which
outperformed growth stocks over the past week as they poised to
benefit from a pickup in the economy.
Amazon.com Inc rose 2.1% after it launched an
online pharmacy for delivering prescription medications in the
United States. Drug retailers such as Walgreens Boots Alliance
Inc tumbled 9.1%, while CVS Health Corp fell
7.3% on the news.
Warren Buffett's Berkshire Hathaway Inc disclosed
new stakes worth $5.7 billion in drugmakers Abbvie Inc,
Bristol-Myers Squibb Co, Merck & Co and Pfizer
Inc, lifting their shares between 1.1% and 2.7%.
U.S. October retail sales missed estimates, increasing less
than expected, with retail earnings in focus this week as the
third-quarter earnings season enters its tail end.
Walmart Inc rose about 1% after posting a
bigger-than-expected increase in quarterly same-store sales.
Kohl's Corp was down 1.5% after the department store
reported a bigger-than-expected decline in quarterly same-store
sales as the virus outbreak hammered demand for its apparel and
(Reporting by Shivani Kumaresan and Shriya Ramakrishnan in
Bengaluru; Editing by Shounak Dasgupta)