Pfizer Inc. (NYSE: PFE) and
Moderna Inc (NYSE: MRNA) to combat the pandemic, but headlines that the virus has mutated in the U.K. spooked investors.
The bad news is that the variant identified in the U.K. is far more transmissible, potentially spreading at a much more rapid pace. The good news, according to former FDA commissioner Dr. Scott Gottlieb, is that the current vaccines from Pfizer and Moderna should protect against the new U.K. coronavirus strain.
“It doesn’t seem to have mutated the surface proteins of the virus in a way that they would slip past our vaccines or prior immunity,” Gottlieb told CNBC.
The week s bullish calls included an oil supermajor and cloud stocks.
A top electric vehicle maker and a COVID-19 vaccine play were among the bearish calls.
The U.S. approval of a second COVID-19 vaccine helped the big U.S. indexes end the past week marginally higher, led by an almost 3% gain in the Nasdaq. This despite word of a major cyberattack on U.S. federal agencies and some companies.
Last week also saw the latest from the Federal Reserve, Bitcoin surging to new record levels and a major resignation from the outgoing administration. A big marijuana merger was announced, the iPhone maker is ramping up production as the holiday season winds down, and the FTC wants more from the social media giants.