Market history · Markets ·
Vaccine news sparks a great rotation
On 9 November 2020 Pfizer and BioNTech reported interim results showing their vaccine was more than 90% effective. Shares in airlines, banks and energy companies jumped, while the technology and stay-at-home stocks that had led the market fell.
The move reversed a year-long pattern and began a period in which smaller companies and cyclical sectors led, as investors began to price in a reopened economy.
The takeaway
Leadership in markets changes suddenly; the winners of one regime are not guaranteed to lead the next.
This is a retrospective about a past event, provided for general information. It is not investment advice, does not describe RockLake's positioning at the time, and past performance is not a guide to future performance. Read the risk warning.