Should you buy these 3 stocks leading the Dow Jones higher?

the Dow Jones Industrial Average has fired on all cylinders lately, climbing more than 12% in November to make up for losses recorded in September and October. This optimality, however, was not evenly distributed among the 30 constituents of the Dow. Boeing (NYSE: BA), Chevron (NYSE: CVX), and American Express (NYSE: AXP) gained 47%, 31% and 26% during the month of November, causing the index to rise.

They are apparently independent companies. But, there is a common thread: they are great beneficiaries of an economy that can finally put the coronavirus pandemic in the rearview mirror. Pfizer and BioNTech as good as Modern unveiled effective vaccines last month, and even AstraZenecaThe coronavirus vaccine still shows promise. The world may be able to return to “normal” soon enough. Meanwhile, Boeing’s beleaguered 737 MAX passenger plane is expected to take off soon.

However, investors looking to cash in on these blue chip stocks might want to look elsewhere. While a COVID-19 vaccine may well be on the radar, it will take much longer to finalize, replicate, and distribute it where it’s needed. Much could still take shape to undermine these consumer-centric stocks again.

Image source: Getty Images.

A light at the end of the tunnel

There’s no denying that a sense of hope has finally taken shape … for good reason. Pfizer and BioNTech jointly developed BNT162b2, for example. is 90% effective in preventing infections with COVID-19, Moderna’s vaccine capable of preventing disease contraction almost 95% of the time. AstraZeneca’s AZD1222 is only about 70% effective, but the company says it can produce 200 million doses of it before the end of the year. That’s far more than any other developer of coronavirus drugs could offer in 2020.

Investors have responded to the news by bidding on several of the names that have been so badly beaten this year.

Take the example of Chevron. Its shares lost more than half of their value between mid-February and the March low (in step with the collapse in crude oil prices), with investors correctly predicting that lockdowns would reduce demand for motor fuel. Chevron shares rebounded briefly at the end of March, but started declining again until the end of October as the COVID-19 contagion spread.

The vaccine news from Pfizer on November 9 apparently changed everything for Chevron and its peers. As Matthew DiLallo, another Fool contributor, commented, “Fueling the surge in major oil stocks is the hope that this vaccine signals the beginning of the end of the global pandemic that has killed more than a million people while devastating the global economy. “The news from Moderna and AstraZeneca has only fueled these bullish flames.

Consumers and businesses won’t buy more gasoline (or diesel fuel) for no reason though. As Fool contributor Matthew Frankel also noted on November 9, a successful COVID vaccine will help reduce unemployment, which in turn not only leads to more consumer spending, but reduces delinquency on loans. The fears of the two have been a major reason American Express stock has underperformed for most of this year, and understandably so. The credit card company’s revenue was below 20% year-on-year for the quarter ending in September, leading to a nearly 40% drop in profits on a spending wind that may soon abate .

As for Boeing, with demand for air travel declining to minimum levels this year and no details as to when the pandemic will end, few airlines were interested in ordering new passenger jets; some have even canceled previous orders. The company’s ongoing issues with its 737 MAX haven’t helped either. A COVID-19 vaccine puts an end to this lukewarm travel interest in sight. Boeing’s 40% gain in recent weeks is the recent re-clearance of the besieged 737 MAX. In reality, American Airlines, simply switch the appliance back on.

The point is, at first glance, big wins make sense, especially since they come from oversold sales.

Time is against these gains

Investors seem to be celebrating the big picture, however, while ignoring the details that matter.

Most important of these details is the time it will take to meaningfully distribute a vaccine. AstraZeneca says it can produce 200 million doses by the end of the year, but as a prospect, there are 63 million (known) active coronavirus cases worldwide right now, and around 7 billion people live on the planet. Still, it’s better than Pfizer / BioNTech’s BNT162b2. The two companies say they can only manufacture 50 million doses before the end of the year. Moderna will only be able to deliver 20 million in 2020.

The Pfizer / BioNTech vaccine as well as Moderna’s current wrinkle also exceed limited availability. Both must be stored at very cold temperatures, and the Pfizer version of a vaccine must be stored at an astonishing negative temperature of 70 degrees Celsius (negative 94 degrees Fahrenheit) from the production laboratory until its administration. The pharmaceutical distribution chain is simply not designed to handle so many cold stored drugs. It will take a top-down overhaul of industry logistics capabilities to use this vaccine, and that takes time.

Patience will be required

The timing of the widespread deployment of these vaccines cannot be measured in days. It’s measured in months, and the people most likely to receive the very first doses (doctors, first responders, etc.) aren’t the same consumers that companies like Chevron and American Express need to protect the most.

Indeed, it is conceivable that lockdowns will be reinstated in the near future despite the promise of proven vaccines in the future. A little disappointment could easily wipe out those gains once investors realize that much of the world is still shutting down.