Pfizer vaccine supply cut wipes out S&P 500 gains, stimulus optimism
- The S&P (SP500) -0.1% went from highs to lows of the day, losing about
50 basis points, after the report that Pfizer would only be able to ship
the COVID vaccines originally planned due to supply chain constraints.
- The Nasdaq (COMP) +0.2%, helped by software, and Dow (DJI) +0.3%,
boosted by Boeing, fared better.
- The S&P had been rallying towards the close before the Pfizer news hit
as the noises out of Washington indicated that a bipartisan $908B COVID
relief bill might have a shot if it made it to the president's desk.
- Sen. Lindsey Graham said he supported the bill and had talked to
President Trump "extensively" about it. But Sen. Mitch McConnell is still
leading to a smaller targeted bill.
- The S&P sectors ended split, with six gaining and five declining.
- Energy (NYSEARCA:XLE) was the leader, with crude futures +0.8% edging
up after OPEC+ agreed on a small production hike starting in January.
Utilities (NYSEARCA:XLU) was the worst performer.
- Tesla was the lone megacap in the green.
- Rates also dropped on vaccine supply concerns. The 10-year Treasury
yield was down four basis points to 0.91%.
|Yesterday, 4:02 PM|44 Comments
- The S&P (SP500) -0.1% went from highs to lows of the day, losing about
50 basis points, after the report that Pfizer would only be able to ship
the COVID vaccines originally planned due to supply chain constraints.
- The Nasdaq (COMP) +0.2%, helped by software, and Dow (DJI) +0.3%,
boosted by Boeing, fared better.
- The S&P had been rallying towards the close before the Pfizer news hit
as the noises out of Washington indicated that a bipartisan $908B COVID
relief bill might have a shot if it made it to the president's desk.
- Sen. Lindsey Graham said he supported the bill and had talked to
President Trump "extensively" about it. But Sen. Mitch McConnell is still
leading to a smaller targeted bill.
- The S&P sectors ended split, with six gaining and five declining.
- Energy (NYSEARCA:XLE) was the leader, with crude futures +0.8% edging
up after OPEC+ agreed on a small production hike starting in January.
Utilities (NYSEARCA:XLU) was the worst performer.
- Tesla was the lone megacap in the green.
- Rates also dropped on vaccine supply concerns. The 10-year Treasury
yield was down four basis points to 0.91%.
|Yesterday, 4:02 PM|44 Comments
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