These Sectors — Not Tech — Will Lead the Stock Market Higher
Today I wanted to share with you guys my appearance Monday on Cheddar, where I discussed the stock market’s big pop on Pfizer’s COVID-19 vaccine news.
Pfizer Inc. (NYSE: PFE) announced Monday positive early results from its Phase 3 coronavirus vaccine trials, showing 90% effectiveness.
The Dow popped 3% Monday while the S&P 500 ticked up 1.2% on the news.
I’ve been saying for some time that for the market to rise higher, we need lagging sectors like energy, banks and industrials to start pulling their weight. Those sectors have been holding everything back while tech has pushed us to record high after record high following the coronavirus crash.
Meanwhile, as the Dow and S&P were rising, the Nasdaq was falling. And now I see tech stocks consolidating and moving into a wide trading range.
I believe there’s a shift going on into energy, industrials and financials, and I think that’s where the action is.
Check out my appearance on Cheddar and let me know what you think in the comments below!
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