Stocks had a mixed day as sentiment became more balanced after yesterday’s risk-on rally triggered by the upbeat vaccine news from Pfizer (PFE) and BioNTech (BNTX). While the vaccine news is offering hope, virus cases continue to rise in the U.S., which is increasing the risk that some states and regions will return to some form of lockdown. The tech-heavy Nasdaq was the laggard as the prospect of a vaccine and return to normal shift some support away from tech stocks that have outperformed amid the pandemic and towards beaten down sectors such as travel and leisure.
ECONOMIC EVENTS: In the U.S., the NFIB small business optimism index was unchanged at 104.0 in October. The IBD/TIPP economic optimism index slumped 5.2 points to 50.0 in November, giving back half of the 10.2 point jump seen in October. The JOLTS report showed job openings rebounded 84,000 to 6.44M in September.
TOP NEWS: Shares of Eli Lilly (LLY) rose almost 3% after the company’s investigational monoclonal antibody therapy bamlanivimab for the treatment of mild-to-moderate COVID-19 was issued an emergency use authorization from the FDA.
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