US equity performance this week was dominated by vaccine news. Good data from Pfizer early in the week sparked all-time highs for small caps and robust equity rallies around the world. Technical backdrops have improved dramatically both in the US and Europe versus where they sat just before the US election. The relief rallies in stocks around the world are indicative of just what can happen when risk events are taken off the table. Unfortunately for investors, the risk events moving off the table have been replaced by others: government funding deadlines in mid and late December, as well as more Phase 3 trial data from vaccine companies. In the background, the US economy is starting to slow as COVID prevalence explodes across the country. We discuss all the latest US data, earnings results, and more in this week’s Bespoke Report.

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