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Reflation Trades Back as S&P500 Surges On Moderna Update

EQUITIES

Equities surged globally Monday, with the S&P500 adding well over 1% to trade on track to secure a record close after Moderna's release showed their virus candidate had a 95% efficacy rate.

Reflation trades seen in the wake of the Pfizer release last Monday were repeated, leading energy, financials and industrials to outperform at the expense of healthcare and tech. Once again, firms with particular sensitivity to COVID including Carnival, Simon Property Group and Boeing surged, while Electronic Arts and Activision Blizzard lagged.

The VIX traded heavy, leaving the index close to multi-month and post-Coronavirus crisis lows.

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