Dow, S&P 500 touch record highs | Pfizer-BioNTech vaccine more than 90% effective | Zoom Video and Amazon fall

MON, NOV 09, 2020

EVENING BRIEF

AS OF MON, NOV 09, 2020 • 04:48 ET

DJIA		29157.97
		+2.95%	+834.57

S&P 500		3550.50
		+1.17%	+41.06

NASDAQ		11713.78
		-1.53%	-181.45

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	116.32	-2.37	-2.00%
BA	179.36	+21.62	+13.71%
INTC	45.60	+0.21	+0.46%

S&P 500
NAME	LAST	CHG	%CHG
AAL	13.20	+1.74	+15.18%
PFE	39.20	+2.80	+7.69%
GE	8.72	+0.63	+7.79%

NASDAQ
NAME	LAST	CHG	%CHG
AAL	13.20	+1.74	+15.18%
AAPL	116.32	-2.37	-2.00%
UAL	41.32	+6.64	+19.15%

EDITOR'S NOTE

It was a banner day on Wall Street as traders got some positive news on the coronavirus vaccine front.

The Dow Jones Industrial Average and S&P 500 both hit all-time intraday highs on Monday, rallying 2.95% and 1.2%, respectively. The Russell 2000, which tracks small-cap stocks, surged nearly 3.7%. However, declines in Big Tech stocks weighed on the broader markets as the day wore on, leading the three averages to close well below their session highs.

Those gains came after Pfizer and BioNTech said their coronavirus vaccine candidate was more than 90% effective in preventing Covid-19 infections among participants in a late-stage trial.

"I think we can see light at the end of the tunnel," Pfizer Chairman and CEO Dr. Albert Bourla told CNBC's Meg Tirrell on "Squawk Box." "I believe this is likely the most significant medical advance in the last 100 years, if you count the impact this will have in public health, global economy."

Monday's rally was driven largely by stocks that were hard hit during the early part of the pandemic at the expense of shares that benefited from people staying at home.

Bank of America and JPMorgan Chase popped 14.2% and 13.5%, respectively. Cruise operator Carnival advanced 39.3% and Southwest Airlines gained more than 9%. Meanwhile, Zoom Video and Amazon — two names that have surged as people spent more time at home — dropped 17.4% and 5.1%, respectively.

"Stocks like Zoom … will be long-term winners, but will lose in the short-term as their valuations ran ahead of actual earnings," said James McDonald, CIO of Hercules Investments in Los Angeles. "The trajectory of these stocks will reverse now that there is a vaccine and a probable return to normalcy, even if that return is gradual."

"We want to go back to work, school, and socializing in business and family life and this means a slowdown for most stay-at-home stocks," McDonald added.

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