The Fearless Girl statue is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., June 11, 2020.
Brendan McDermid | Reuters
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The recent uptick for the market isn’t about President Trump’s reelection odds or the soap opera of stimulus negotiations, Wells Fargo said in a new note, but about the emergence of treatments for Covid-19.
“The market appears to be coming around to our bullish views on ‘Covid betas’ (i.e., rallying on positive Covid solutions and news flow), easy 1H21 comps, improving growth, potential vaccines,” the note said, accompanied by a list of the “Covid beta” stocks that were most likely to bounce on positive treatment news.