Pfizer's COVID-19 Vaccine Data And The Market Impact: What The Pros Are Saying

Stocks soared off the opening bell Monday after Pfizer Inc. PFE announced its COVID-19 vaccine is 90% effective at preventing the disease.

Now that the Street and investors have had a few days to digest the news, is there reason to scale back the bullish narrative?

Time Is Needed: The initial reaction to Monday's vaccine announcement was expectations for a return to "normal life," and this was reflected in Monday's stock surge, Credit Suisse Chief U.S. Equity Strategist Jonathan Golub said Wednesday on CNBC's "Squawk Box Asia."

The Dow Jones Industrial Average soared higher by 6% Monday morning, or nearly 1,700 points, to hit a new all-time high.

Global markets rallied in unison on Monday, but some of the momentum was lost by the end of the trading session.

The pause in the bull charge could be attributed to investors remembering they will still be "stuck in our homes" for possibly six months, Golub said.

The realization is that a vaccine announcement from a trial will have little to no impact on curbing the virus' transmission and supporting the economy in the near-term, he said. 

Nevertheless, the Dow closed in positive territory on Monday, and Tuesday's close in the green represents the index's sixth positive day out of seven trading days, Golub said. 

Related Link: Pfizer Analysts Raise Odds Of Success For Coronavirus Vaccine Candidate To 100%

Bad Companies Will Remain Bad: Long-term investors shouldn't be concerned with the timeline of a vaccine and keep in mind that a vaccine won't "make bad companies good companies overnight," Marcus Morris-Eyton, European equities portfolio manager at Allianz Global Investors, also said on CNBC's "Squawk Box Europe."

On the other hand, the "good companies" face notable tailwinds ahead from favorable shifts in consumer behaviors that played out throughout the pandemic, he said.

"Ultimately we are in a far better place for growth stocks today than we were 12 months ago."

Cramer On Goldman's Bullish Call: Goldman Sachs' David Kostin said in a note to clients that a vaccine is a "more important" development for the economy than any political development, CNBC's Jim Cramer commented on "Squawk on the Street."

This could mark a shift in the narrative from just a week ago that only "FANG" and other mega-cap stocks could thrive moving forward, he said.