Premarket: Apple is red

From Business Insider’s “Global stocks rise but caution over Pfizer’s COVID-19 vaccine and US political uncertainty limit gains” posted early Tuesday:

The rally in global equities extended on Tuesday, after Pfizer said the day before its trial of its COVID-19 vaccine had shown promising results, but caution over the depth of the pandemic and an uncertain US political climate limited gains.

Futures tied to the Dow Jones, S&P 500, and Nasdaq rose 0.5%, indicating that blue-chip shares may prolong Monday’s rally that lifted the benchmark indices towards record highs.

There is still a long way to go until a vaccine might be rolled out. But Pfizer’s announcement “gives investors some hope that a vaccine could arrive sooner than anticipated, and pave the way to some kind of normality,” Milan Cutkovic, market analyst at Axi, said.

The market’s reaction highlights the need for investors to diversify for the next leg, toward more cyclical parts of the market that have lagged in 2020, and away from big tech and the primary stay-at-home beneficiaries, according to Mark Haefele, chief investment officer at UBS Global Wealth Management. He said the next leg up in stocks would be driven by an end to US political uncertainty and the sustainable increase in global mobility that a vaccine could bring.

My take: Does Mr. Market really think work-from-home is over?

Remember: Apple event today at 1 pm Eastern, 10 am Pacific. Click here.

One Comment

  1. Gregg Thurman said:
    Just when it might be safe to go outside, it has started snowing. Ugh (but really pretty).

    November 10, 2020

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