Tech Stocks Rally Following Dip Caused by Pfizer's Vaccine Announcement

The S&P 500 and NASDAQ are both on the rise.

By
Tech 
9,848 Hypes 10 Comments

Tech stocks have now rallied following a big hit earlier in the week due to Pfizer‘s announcement of a potential vaccine for COVID-19 with 90 percent effectiveness.

The announcement caused investors to pull their money from the tech and stay-at-home industries over to more cyclical stocks that are due for a rebound as the economy recovers in anticipation of the pandemic’s impending end. Peloton saw its stock price fall by a shocking 26 percent, while both Etsy and Zoom faced declines of roughly 18 percent. Netflix was also affected by a 9 percent drop.

Fortunately for those still in the sector, tech stocks rallied as prices lowered throughout the week. Netflix came back 2.2 percent stronger, Apple up 3 percent, Facebook, Alphabet and Amazon rose 1.5 percent, 0.6 percent, and 3.4 percent respectively, and Microsoft increased by 2.6 percent. The S&P 500 and NASDAQ are both on the rise as well, with the former closing at 0.8 percent in the green while the latter was up 2 percent.

In other business-related news, SEGA has asked 650 of its employees to voluntarily retire.

Read Full Article

What to Read Next

SEGA Asks 650 Employees to Voluntarily Retire Amid $97 Million USD in Expected Losses
Gaming

SEGA Asks 650 Employees to Voluntarily Retire Amid $97 Million USD in Expected Losses

Shortly after it sold off its arcade business in Japan.

Commerce Department Extends TikTok's Sale Deadline to November 27
Tech 

Commerce Department Extends TikTok's Sale Deadline to November 27

A 15-day extension for the Chinese-owned social media platform.

Seth Rogen and Evan Goldberg Strike Again With Upcoming Horror Film 'Video Nasty'
Entertainment

Seth Rogen and Evan Goldberg Strike Again With Upcoming Horror Film 'Video Nasty'

The ’80s slashers make a return.


Samsung Patents Surround Display Smartphone With a Sliding Camera
Tech

Samsung Patents Surround Display Smartphone With a Sliding Camera

It’s all screen.

Sole Mates: Vandy the Pink and the Reebok Beatnik
Footwear 

Sole Mates: Vandy the Pink and the Reebok Beatnik

The bespoke footwear and clothing maven riffs on why Reebok’s beloved clog is such an apt canvas for customization

Heresy and Stepney Workers Club's Dellow Is a Playful Pair of "Shin Kickers"
Footwear

Heresy and Stepney Workers Club's Dellow Is a Playful Pair of "Shin Kickers"

Light-hearted embroidery livens up the black canvas sneaker.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. By adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.