US Stocks Pull Breaks as Pfizer Faces Supply Issue

US Stocks Pull Breaks as Pfizer Faces Supply Issue

The majority of the US stocks are pulling the breaks on making further advances as Pfizer reportedly faces issues with the vaccine’s supplies.

According to reports, the pharmaceutical company originally intended to produce 100 million doses of the inoculation.

However, this figure is now down to 50 million doses after encountering problems with sourcing the raw materials.

In defense, the American firm noted that the 50 million targets were already announced last month.

On the other hand, such an update is quick to ignite investors’ speculations on further roadblocks with vaccine distribution.

Many traders have been filling their portfolio with riskier assets recently, away from safe-havens where they settled in for months.

The emergence of an effective shot has been bullish on stocks. Due to this, the prospect of a robust economic revival is in sight.

Despite the recent setback with the supply, the developments on the next stimulus package provided support.

In the latest updates, the Republican senate majority leader asserted that the two parties are doing their best to communicate their differences.

With this, the political figure is positive that a compromise is now within reach. 

His comments came after circulating reports stating that the Democrats and some Republican lawmakers are backing the $908 billion stimulus proposal.

The update is enough to send the Nasdaq to another record high. The technology-heavy index managed to clinch a 0.2% increase to settle at 12,377.18.

Similarly, the DJIA followed the path of its counterpart after taking an 86-point increase. The index managed to steady at 29,969.52.

On the other hand, the S&P 500 failed to join the jovial mood of the other two of Wall Street’s major indices.

The broadest US benchmark shed off 0.1% and ended at 3,666.72.

The Stock Market’s Movements Across the Globe

Across the borders, London’s FTSE ended at its highest. The pan-European STOXX 600 however, is a little changed after steadying at 391.72.

In the Asian market, the indices are trading mixed. The Nikkei 225 shed off 0.43% while the KOSPI managed to get by with an impressive 1.64% hike.

Miles away from Wall Street, the stock market is still affected by the events unfolding back in the United States.

According to experts in the field, the market will continue to place most of its attention on the stimulus package’s entrance into force regardless of its value.

Adding on, a constant push and pull among charts will is likely in the short-term period due to the still volatile trading environment.

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