Wrapping up a truly extraordinary month – news-wise one of the few bright spots in an ugly year (and that’s only if you ignore the covid-19 headlines) – in lame fashion, the markets took a tumble this Monday.
Falling 400 points, the Dow Jones seemed to ensure that it won’t finish November above the 30,000 mark it so briefly closed beyond last week. A healthy dose of profit taking might be going on, following a vaccine and election-fuelled surge in the last few weeks.
What’s interesting is that there was further vaccine news to celebrate, with Moderna (NASDAQ:MRNA) stating it would, like Pfizer (NYSE:PFE) and BioNTech (NASDAQ:BNTX), be seeking emergency use authorisation for its preparation. This as Moderna confirmed a 94% efficacy from its final results. The Pfizer/BioNTech decision, meanwhile, will be made by the FDA on December 10th. Investors were understandably eager to get involved with Modern, causing the stock to jump 14% despite the wider losses.
With the Dow in the red, and poor performances from its commodity and banking sectors, the FTSE suffered its own 0.6% decline, sending it back under 6,350. The CAC was in a similar position, dropping 0.7%, but with the DAX unchanged at 13,370.
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