VIAC - Wall Street Breakfast: Vaccine Rally Loses Steam

Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Stitcher and Spotify. Vaccine rally loses steamA global rally, triggered by the announcement of a successful COVID-19 vaccine trial (see below), decelerated overnight after ending Monday's session off highs that saw some of the biggest intraday jumps since April. Cyclical stocks led the advance, with the Dow surging more than 1,600 points at one point, while the tech-heavy Nasdaq fell 1.5% as investors rotated portfolios and dumped popular stay-at-home plays like Zoom Video (ZM), Netflix (NFLX) and Shopify (SHOP). Knee-jerk selling could be following knee-jerk buying, but some vaccine questions still remain, including production and distribution, how long it will protect against infection and how well it will work in the elderly. Tensions over the size of a coronavirus stimulus package also resurfaced as lawmakers reconvened following the election,

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Wall Street Breakfast: Vaccine Rally Loses Steam