Pfizer's pre-market announcement Nov. 10 that its COVID-19 vaccine was 90% effective sent shockwaves through the market.
Stocks were pushed back to all-time highs. Oil rallied.
Tech tanked, as did COVID-related work-from-home stocks, gold and the U.S. dollar.
Most of this makes sense. If an effective vaccine were imminently available to the market, then it would be possible for people to resume "normal" activity.
Activity like flying, for instance, which constitutes about 5% of global oil demand. In the U.S., air travel remains down 65% from March levels, according to TSA traveler throughput data.
Or returning to work in an office, which remains around 30% below pre-COVID levels.
And if we're going into the office, we'd be relying less on technology to connect with co-workers. That means far fewer Zoom calls – something to which all of us are surely looking forward to. Apparently, so much so that the stock is down more than $200 over the past month. |
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