Moderna Inc.(NASDAQ:MRNA) andNovavax Inc.(NASDAQ:NVAX) were trading down over 2% and 4%, respectively in the premarket Friday despite both stocks showing signs a bounce could be in the cards.

The weak price action in the pharmaceutical giants is likely due to very bearish action in the general markets, which saw theS&P 500looking to plunge 1.35% to start the trading day and end a bearish week.

Moderna and Novavax, both COVID-19 vaccine developers, have also been pressured by comments that PresidentJoe Bidenmade on Sunday, declaring the Covid-19 pandemic is over.

Now more than 30 months since the...