Why Facebook, Pinterest, and Okta All Fell Today
Shockwaves went through the market today after Pfizer (NYSE: PFE) and BionTech (NASDAQ: BNTX) reported that phase 3 trials for their COVID-19 vaccine candidate were effective in more than 90% of participants.
That news sent a charge through "recovery stocks" like those in the consumer discretionary, energy, and banking sectors, while pushing down stocks that had surged during the pandemic, especially in the tech sector. Among the losers were Facebook (NASDAQ: FB), which closed down 5%, Pinterest (NYSE: PINS), which lost 10.8%, and Okta (NASDAQ: OKTA), which gave up 6.8%. At the same time, the Dow Jones Industrial Average, which holds a number of cyclical stocks, finished up 3%, while the tech-heavy Nasdaq dropped 1.5%.
Image source: Getty Images.
Source Fool.com
