Thursday, December 3, 2020

Wall Street Closed Seeing Investors Dumping Technology Companies Against Other Sectors

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After a series of fast rises that took the market close to its all-time highs on Monday, Wall Street closed Tuesday in a spread order. In the wake of good news from Pfizer Inc. (PFE) and BioNTech SE (BNTX) about their anti-Covid-19 vaccine candidate, the sector wise rotation in favor of cyclical stocks continued. The shift towards cyclical stocks also came as FDA signaled green light for emergency use of an antibody-based Eli Lilly and Company (LLY) treatment. Markets are still digesting the victory of Joe Biden in the U.S. presidential election, while keeping a close eye on the legal efforts of Donald Trump’s camp to appeal the result.

With this in mind, the cyclical industries, massacred by the Covid crisis since spring, started to catch up on Tuesday, while the companies whose values have profited from this crisis are now been going through profit-taking sessions. The Boeing Company (BA) climbed 5.2 percent and Chevron Corporation (CVX) climbed 4.6 percent, while Salesforce.com Inc (CRM) faced a drop of -4.5 percent, Microsoft Corporation (MSFT) dropped -3.3 percent, Facebook Inc. (FB) down -2.2 percent and Apple Inc (AAPL) dipped -0.3 percent.


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President-elect Joe Biden at the time of declaring his victory on last Saturday also announced formation of an anti-Covid crisis cell. The cell will consisting scientists and experts who will create a plan to address the crisis that will take effect on January 20, 2021 on the day of his inauguration. He welcomed the announcements on a possible vaccine on Monday, but in the meantime warned Americans of a ‘grim winter’ and encouraged his fellow citizens to wear masks to shield themselves and respect social distance from coronavirus.

The criticism of Donald Trump’s handling of the health crisis has made Joe Biden one of the key spearheads of his election campaign. His opponent and many members of the scientific community accuse the Republican president of downplaying the pandemic that has killed more than 238,000 people in the United States (the most affected nation in the world) in more than 10 million reported cases. According to reports from Johns Hopkins University in the United States, the virus has killed 1.26 million people worldwide and infected 50.9 million people.

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