But to a lesser degree and perhaps shorter lasting timeframe
Pfizer passed the final hurdle of meeting the safety requirements to apply for emergency-use approval, but the announcement also came with a bit of an attempt to try and one up Moderna as they claim that their vaccine is 95% effective upon final analysis.
Either way, the market is responding in the only way it knows how to. Dow futures pulled a little higher and equities in general are more buoyant after the news.
However, the gains are more modest and to a lesser degree than the Pfizer announcement last week and the Moderna announcement from Monday.
Treasury yields pared its earlier decline to move up to 0.87% but is now keeping little changed around 0.86% as we start to get towards North American trading.
In the currencies space though, there has been little to no impact as major currencies are largely still sticking with the theme from earlier i.e. slight dollar weakness but not pushing the agenda beyond key technical levels across the board.
It looks like the market appetite for any further vaccine optimism is starting to wear thin, and that’s not a good sign if the negative virus developments continue to keep up over the next few days/weeks as the push and pull continues in trading currently.