Segments of the stock market soared after Pfizer and BioNTech announced that their Covid-19 vaccine is more than 90% effective at preventing trial participants from contracting the coronavirus. Traders are riding the rally through certain exchange-traded funds and stock plays.
The Dow Jones Industrial Average and S&P 500 hit intraday all-time highs on Monday. The move higher was characterized by a rotation out of Big Tech and companies that had benefited from people staying at home and into beaten-down cyclical names that were hit hard by the coronavirus.
That rotation was continuing Tuesday with Dow futures higher and Nasdaq futures lower.