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Wall Street closes in red with the rebound in infections slowing the 'vaccine effect'

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Wall Street ended up closing the session in red this Thursday (Dow Jones -1.08%, S&P 500 -1.00% and Nasdaq -0.65%) after anticipating a flat opening. Enthusiasm for positive news about vaccinations has been reduced, given the worrying increase in cases of Covid-19 in the US, where already exceed 10 million infections. In addition, in areas such as New York or San Francisco, new economic restrictions have been announced.

The movement in the US indices comes after the market broke its trend in the trading session on Wednesday, when the Nasdaq led by big tech while small caps and cyclicals lagged behind.

Earlier in the week, the stock rallied following the announcement of Pfizer Y BioNTech that the Covid-19 vaccine candidate appeared to be more than 90% effective in its phase 3 trial. Furthermore, on Wednesday night, Modern announced that its phase 3 trial had accumulated enough cases of the coronavirus to send preliminary results to an independent safety monitoring board.

However, gains from the positive news about vaccines have slowed after the increase in infections across the US. Despite this, analysts expect the economic recovery to continue.

BlackRock Global Assignment Team Leader Rick Rieder foresees "that the shares will continue to rise until the end of the year, although he expects operations to be choppy. "" The Federal Reserve (Fed) will stay in this accommodative mode for a period of time. "" When you put in so much stimulus, you put in so much liquidity, and then you add fiscal stimulus, the economy will really work quite a lot. good, "he added.

Looking at the macroeconomic agenda of the day, the publication of data from the weekly unemployment claims, which fell by 40,000 to stand at 709,000 requests, which represents a minimum of seven months. For his part, Consumer Price Index (CPI) It kept stable last month, continuing a downward trend, while inflation remains subdued amid the coronavirus recession.

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