The "rotation" trade returned once more after the market was greeted with COVID vaccine news for a third consecutive Monday.
The heroes today were AstraZeneca (AZN, -1.1%) and the University of Oxford, whose trial vaccine is far easier to store than other vaccines, which could make it easier to distribute across the globe. Trial data revealed an average efficacy of about 70% against COVID - lower than competitors Pfizer (PFE)/BioNTech (BNTX) and Moderna (MRNA), hence AZN's down day - but adjusting dosages could get efficacy up to 90%.
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The news prompted a massive spike in cyclical sectors such as financial stocks, up 1.9% as a sector, as well as energy plays such as Exxon Mobil (XOM, 6.6%) and Chevron (CVX, 6.1%) as U.S. crude oil futures climbed 1.5% to $43.06 per barrel. Stocks also enjoyed a bump after learning that President-elect Joe Biden may nominate former Fed chair Janet Yellen as his Treasury
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