Traders work before the opening bell at the New York Stock Exchange (NYSE) on November 14, 2019 in New York City. Global economic worries on Thursday caused Wall Street to retreat from record highs following sour economic data from major economies and signs of persistent deadlock in US-China trade talks.
JOHANNES EISELE | AFP | Getty Images
The market rally and rebound into cyclical stocks following this week’s vaccine news was a “taste of things to come,” according to one U.K.-based investor — just not yet.
The rotation away from growth stocks into cyclicals — stocks that would benefit from an economic recovery driven by an effective coronavirus vaccine — followed Pfizer and BioNTech’s announcement that their Covid-19 vaccine was 90% effective. But the trend appeared to reverse course by mid-week, with tech stocks rebounding on Wednesday.
In fact, Freddie Lait, chief investment officer and founder of Latitude Investment Management, told CNBC that you shouldn’t be “rushing to fill your boots” just yet and instead outlined a different strategy to make “very, very nice” returns.