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Morning Notes — Template for Sector Performance

Template for Sector Performance

August 25, 2020

Yesterday’s emergency use authorization for convalescent plasma won’t slow the course of transmissions, but the rally in cyclical/value sectors that followed could be template for increased vaccine optimism.  Of course, the known vaccine catalysts will be the Phase 3 data from AZN/Oxford, PFE and MRNA trials.  Markets won’t wait for the formal publishing of data in ~November/December, but will go off of progress reports/leaked results as early as September.  Also, monoclonal antibody treatment data from LLY and REGN could be released within weeks.  A vaccine is more important, but expect it to be priced-into markets soon.

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