A rally in global stocks stalled in Asia Tuesday amid concerns a large-scale coronavirus vaccine study still has hurdles to clear despite promising results. Bonds and other haven assets climbed after overnight declines.

Shares pared gains in Japan, Hong Kong and Australia, though Chinese stocks were little changed and South Korea’s fell. S&P 500 futures and European contracts declined. Concerns about a smaller U.S. fiscal stimulus package, still surging coronavirus cases and legal challenges to the US election outcome weighed on the positive vaccine sentiment.

Earlier, the S&P 500 closed at a two-month high on news the coronavirus shot being developed by Pfizer Inc. and BioNTech SE prevented over 90% of infections. The Nasdaq 100 fell as investors rotated out of defensive technology names into shares depressed by the economic impact of lockdowns.

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