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Stocks slide after Wall Street’s record-setting COVID-19 vaccine rally

By
Noah Manskar
Published Nov. 17, 2020
Updated Nov. 17, 2020, 5:41 p.m. ET

US stocks tumbled Tuesday as Wall Street retraced some of the prior day’s record-setting rally that was fueled by hopes for a coronavirus vaccine.

The Dow Jones industrial average dropped as much as 430.15 points, or 1.4 percent, nearly erasing the 470-point gain it posted Monday on news that Moderna’s COVID-19 shot was nearly 95 percent effective. By the session’s end, the blue-chip index pared the losses to 167.09 points, or about 0.6 percent, to close at 29,783.35.

The benchmark S&P 500 fell 0.5 percent a day after closing at an all-time high alongside the Dow. The tech-heavy Nasdaq also slipped 0.2 percent in a choppy session.

“The market had a tremendous move and you always expect digesting of the gains. That’s the market’s job,” Quincy Krosby, chief market strategist at Prudential Financial, told The Post.

Adding to Wall Street’s cautious mood was a disappointing US Census Bureau report that showed retail sales increasing just 0.3 percent in October, down from a 1.6 percent jump in September and below economists’ expectations for a 0.5 percent rise.

The Dow was also dragged down by pharmacy giant Walgreens, whose stock price tumbled as much as 10 percent after Amazon announced a prescription delivery service. The news also hammered shares in CVS Health and Rite Aid.

Moderna’s breakthrough vaccine announcement came just a week after Pfizer revealed that its shot was more than 90 percent effective, boosting optimism that an inoculation could soon help the global economy recover from the deadly pandemic. The two drugmakers expect to have millions of doses ready by the end of the year.

But the timeline for distributing the shots remains uncertain amid a massive surge in coronavirus infections that’s led to renewed restrictions in parts of the US and Europe.

“The uncertainty about how long those lockdowns could last is prompting some investors to remain on the sidelines,” said Milan Cutkovic, market analyst at Axi. “Nevertheless, chances of a strong year-end rally are solid.”

Investors will now be watching whether the Food and Drug Administration clears the vaccines for emergency use, according to Krosby. Moderna and Pfizer expect to apply for that clearance in the coming weeks.

“That’s the kind of news that then takes you ever closer to the other side of the pandemic — albeit it will be a long time before we get to that,” Krosby said.