As much as the news is risk positive, stocks may still be in for a bit of a choppy period in the lead up to the Fed next week.
The omicron variant was somewhat of a key uncertainty for central banks before their final meetings of the year. But the Fed was quick to brush aside that risk and focus on countering inflation last week here.
Now with virus fears somewhat allayed - I wouldn't say it is off the table completely - the Fed may feel more comfortable with the message that was communicated to markets last week as such.
That could see policymakers position more hawkishly going into year-end.
Don't get me wrong. Pfizer's finding is certainly a positive development. However, it just may not be as straightforward as it looks when you factor in the FOMC meeting next week - at least for stocks.
But on the balance of things, one can certainly expect dip buyers to take heart from the headlines. At least now they don't have to rely on the mantra of no news is good news. As it turns out, Pfizer has got their back.
