Familiar reopening trade
Today's session can be described as another day rooted in the familiar reopening/recovery narrative that has benefited value, cyclical, and small cap stocks the most. The Dow Jones Industrial Average is up 1.2%, and the Russell 2000 is up 1.2%. Walt Disney (DIS 128.97, +1.64, +10.0%) is the most notable beneficiary of this trade, boosted by an earnings beat and encouraging subscriber numbers for its streaming platform. Disney shares are currently up 10%. Novavax (NVAX 180.72, +23.55, +15.0%) has invigorated risk sentiment after it provided a promising-sounding update on a Phase 1/2 trial for its COVID-19 vaccine candidate for healthy adults ages 18-59. On a related note, Johnson & Johnson (JNJ 148.43, +1.21, +0.8%) struck a deal with the U.S. government to supply 100 million doses of its potential vaccine.