US stock futures were unchanged on Monday evening after two of the top three market benchmarks closed at record levels.
Dow Jones Industrial Average futures fell 46 points, or 0.1%. The S&P 500 futures were also down 0.1%. Nasdaq 100 futures outperformed, rising 0.3%.
Tesla stock rose more than 10% after S&P Dow Jones Indices announced that the electric car maker would join the S&P 500 index effective December 21.
Before that, the Dow and S&P 500 had hit all-time highs. The Dow also hit an intraday record. Those gains came after Moderna released trial data showing the coronavirus vaccine was more than 94% effective, further increasing expectations of a strong economic recovery.
This was the second positive coronavirus vaccine announcement in a week. Pfizer and BioNTech announced on Nov. 9 that their Covid-19 vaccine candidate was more than 90% effective in late-stage study participants.
Value stocks led Monday's advance, building on their strong gains from last week. The iShares Russell 1000 Value ETF (IWD) gained 1.9% while its growth counterpart rose only 0.5%.
"Value and smaller businesses tend to have more of a leverage on economic recovery, so a vaccine that removes the weight of COVID-19 from the economy is clearly positive," wrote Bill Stone, chief investment officer at Stone Investment Partners. "Time will tell whether this trend reversal proves permanent or begins to" rain the tears like a monsoon "for value proponents like the many recent false starts."
The most recent outperformance in value stocks has been seen as the number of coronavirus cases continues to rise, dampening the country's near-term economic outlook.
According to data from Johns Hopkins University, more than 1 million cases have been confirmed in the US in less than a week, bringing the total to more than 11 million. Data from the Covid Tracking Project also showed that US coronavirus-related hospital stays rose to nearly 70,000.
"The short-term COVID backdrop remains grim, with cases skyrocketing, hospital stays increasing and additional mitigation measures," wrote Adam Crisafulli, founder of Vital Knowledge. "But the broader band is ready to overlook all of this for the time being."
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