Mike Wilson: Markets Cheer Clarity on Vaccine, Election
Thoughts on the Market
Morgan Stanley
4.8 • 1.4K Ratings
🗓️ 9 November 2020
⏱️ 4 minutes
🧾️ Download transcript
Summary
Upbeat news on a coronavirus vaccine and a win for President-elect Biden drive stocks significantly higher. How should investors trade a potentially earlier re-opening?
Transcript
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| 0:00.0 | Welcome to Thoughts on the Market. I'm Mike Wilson, Chief Investment |
| 0:05.3 | Officer and Chief U.S. Equity Strategies for Morgan Stanley. |
| 0:08.0 | Along with my colleagues bringing you a variety of perspectives, I'll be talking |
| 0:11.2 | about the latest trends in the financial marketplace. |
| 0:14.0 | It's Monday, November 9th at 11.30 a.m. in New York. |
| 0:17.0 | So let's get after it. |
| 0:18.0 | After a very long week, Joe Biden was declared the President-elect over the weekend by most media outlets. |
| 0:23.7 | However, that's not the biggest news for markets this morning. |
| 0:26.5 | That award goes to Pfizer, which announced vaccine data showing 90% efficacy in trials. |
| 0:31.8 | Many have been expecting good news on the vaccine from Pfizer, but most |
| 0:34.8 | were in the 60 to 70 percent efficacy camp. Markets have reacted accordingly. |
| 0:39.2 | Stocks are up substantially, led by sectors that will do best in an economy that |
| 0:43.0 | reopens faster than expected. Airlines, movie theaters, cruise lines, and |
| 0:47.1 | retailers are up as much as 20% this morning. |
| 0:49.7 | Defensive sectors like telecom services, consumer staples and software are lagging significantly |
| 0:54.4 | as longer-term interest rates shoot higher and make new recovery highs. |
| 0:57.8 | Perhaps the best way to observe this internal rotation is to see that the Dow |
| 1:01.1 | industrials are outperforming the tech-laden |
| 1:03.4 | NASDAQ by five percentage points. Similarly small caps are handily |
| 1:07.1 | outperforming large caps while European stocks are beating US equities by |
| 1:10.7 | as much as 3 to 4%. |
| 1:12.6 | This last divergence is a function of the fact that Europe recently cited to lock down again, |
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