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“The fear, not the disease, threatened to break the society apart.” – John M. Barry, The Great Influenza: The Story of the Deadliest Pandemic in History
Futures were already looking to continue their big rally from last week earlier this morning, but the news that Pfizer’s COVID vaccine showed 90%+ effectiveness against infection has the S&P 500 indicated to open up over 4%! Not everything is rallying on the news, though. While the Nasdaq is also indicated to open up on the day, the biggest beneficiaries of the COVID economy are being sold en masse as investors rotate into the re-opening trades. Just as fear of the pandemic sank markets back in March, hopes for a vaccine are having the reverse effect.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, discussion of vaccine news, trends related to the COVID-19 outbreak, and much more.
What a wild morning for the market. There’s still a lot of time left in the day, but the S&P 500 is up over 4% in the pre-market while the Nasdaq is barely higher. If this performance gap continues throughout the trading day, it will be the widest margin of outperformance for the S&P 500 relative to the Nasdaq in nearly 20 years (1/2/01). Going back to 1990, there have only been nine other days where the S&P 500 outperformed the Nasdaq in a single day, and they all occurred between March 2000 and January 2001.