Posted on Nov 13, 2020 at 6:45 amUpdated Nov 13, 2020 8:40 AM
Simple mishap or inflection point for the tech giants on Wall Street? Earlier this week, with the victory of Joe Biden and the announcement by Pfizer and BioNTech of a vaccine with a 90% effectiveness rate, investors suddenly – and perhaps a little quickly – saw their horizon clear. The euphoria led to a massive repositioning – in favor of sectors massacred by the health crisis and at the expense of tech -, amplified by the algorithms of quantitative management.
“We were far beyond the normal distribution curves, in a statistically impossible area, a sort of black swan [théorie de Nassim Nicholas Taleb, qui nomme ainsi les événements non anticipés et déstabilisateurs sur les marchés, NDLR] reversed “, describes a quantitative analyst. At stake: a surge in stock indices on many world markets (the CAC 40 rose by nearly 8% on Monday and picked up more than 1.5% on Tuesday). But not on the S&P 500, whose performance has remained very reasonable. And even less on the Nasdaq, which closed lower Monday and Tuesday. The two star indices of Wall Street have in common: the weight of Gafam (Google, Amazon, Facebook, Apple, Microsoft). They represent more than 20% of the first and more than 40% of the second.