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Author: Alan LittleDate: 2020-11-11

Amazon (AMZN) retreats 3% as tech sell-off continues

Amazon (AMZN) and Zoom (ZM) traded lower again on Tuesday as a broader tech sell-off continued following the news of a potential coronavirus vaccine.

24 hours after Pfizer (PFE) said that its COVID-19 drug candidate had been very successful at combating infections during a Phase III trial, investors pivoted towards ‘laggards’ that have endured a difficult year.

Boeing (BA) was among the aviation corporations to benefit, and it got a second boost with news that its grounded 737 MAX fleet could be cleared for take-off by next week.

The Chicago-based aerospace company hit an intraday high at around 1pm on the New York Stock Exchange and had made gains of around 5% by mid-afternoon.

In contrast, most ‘stay-at-home’ stocks continued to retreat.

Amazon eased 3% lower on the Nasdaq, while Zoom slumped a further 7% after closing 20% lower on Monday.

Netflix (NFLX) had also tumbled at the start of the week, but it bounced back during the latest session, rising 2.29% to a new $481.27 share price.

Peloton (PTON) also rebounded to +5%.

UBS Global Wealth Management chief investment officer Mark Haefele noted: “Investors need to diversify toward more cyclical parts of the market that have lagged behind in 2020, and away from big tech and the primary stay-at-home beneficiaries.”

While markets are optimistic about Pfizer’s vaccine, which has been developed with partner BioNTech (BNTX), president-elect Joe Biden warned that it could still be several months before a mass deployment.

Eli Lilly (LLY) also made gains (+3%) on Tuesday after it received clearance for the use of antibody treatment in less severe instances of COVID-19.

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