Pfizer vaccine supply cut wipes out S&P 500 gains, stimulus optimism

 

• The S&P (SP500) -0.1% went from highs to lows of the day, losing about 50 basis points, after the report that Pfizer would only be able to ship the COVID vaccines originally planned due to supply chain constraints.
• The Nasdaq (COMP) +0.2%, helped by software, and Dow (DJI) +0.3%, boosted by Boeing, fared better.
• The S&P had been rallying towards the close before the Pfizer news hit as the noises out of Washington indicated that a bipartisan $908B COVID relief bill might have a shot if it made it to the president's desk.
• Sen. Lindsey Graham said he supported the bill and had talked to President Trump "extensively" about it. But Sen. Mitch McConnell is still leading to a smaller targeted bill.
• The S&P sectors ended split, with six gaining and five declining.
• Energy (NYSEARCA:XLE) was the leader, with crude futures +0.8% edging up after OPEC+ agreed on a small production hike starting in January. Utilities (NYSEARCA:XLU) was the worst performer.
• Tesla was the lone megacap in the green.
• Rates also dropped on vaccine supply concerns. The 10-year Treasury yield was down four basis points to 0.91%
• https://seekingalpha.com/news/3641508-prizer-vaccine-supply-cut-wipes-out-s-and-p-500-gains-stimulus-optimism