A slow-developing, yet constant flow of vaccine news continues to lift stocks just as a glimmer of exhaustion may look to set in. Today’s tailwinds have the S&P testing its record high.
U.S. benchmarks have battled through the ‘Covid-19 anti-gathering Thanksgiving narrative’ and are all generally holding within 1% of their respective all-time highs.
Call it a hangover from Friday’s late selling and an early struggle to chew through major three-star resistance, coupled with the U.S. Dollar reversing losses.
The S&P 500 index and Nasdaq-100 incurred a swift wave of selling in the final hour Friday. Pick your poison for the reasoning, but in the end, it was simply a de-risking ahead of the weekend as the Covid-19 pandemic rages on.
Today, Pfizer and BioNTech said their Covid-19 vaccine is 95% effective and plan to file for an Emergency Use Authorization. This sets it in line with Moderna’s results and the stocks have acted accordingly.
The S&P 500 index is holding ground in positive territory for the week. This is our key takeaway as we head into the back half and a busy economic calendar.
President Trump promised an October surprise, but the developments came just one week removed from one of the tightest elections in history. We have been calling for a bull-run post-election, no matter who wins and as long as the country avoided a ‘blue wave,’ as it removes uncertainties from the risk-landscape.
U.S. benchmarks continue their melt higher. Although the election has yet to bring a concrete conclusion, former Vice President Biden is on the cusp of victory, and markets find fewer uncertainties.
The S&P tested unchanged on the year overnight into Friday, and the bulls responded. Price action was choppy intraday but could not break the session low, and this set the table for a surge into the settlement.
