If it’s Monday, equities must be higher – The last 9 Monday sessions have seen stocks close in the positive, and today is moving in that direction as well. The FDA provided fast track designation to Pfizer (+5%) and BioNTech (+14.3%) today for their covid vaccine, and that has helping the Pharma sector outperform (Moderna +21% also helping on being added to the NDX). But Tech is also keeping pace with FANG +1.8% and Semis (see below) benefitting from some M&A. The broad sector gains have finally pushed the S&P 500 above 3200, and back towards 3233. A close above that would put the pre-covid 3337 level in its target. Even with the strength in equities, Treasury yields remain low (10-yr 0.64%), a sign that not all are believers in the strength of the economy.
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