The session did continue what has been a bright start to the year for the local market, in which investors have generally looked through the damage wrought by the coronavirus and instead focused on the promise of extra stimulus thanks to US president Joe Biden and his effective senate majority.

The market has also largely priced in the rollout of a coronavirus vaccine, though developments in this space on Monday appeared to deliver local investors a reality check.

Before the opening bell, the Therapeutic Goods Administration, Australia’s medical regulator, provisionally approved Pfizer’s COVID-19 vaccine, with the government expecting first vaccinations expected to begin rolling out across the country from late February.

The news, however, came with a caveat from authorities.

It remains unclear if the vaccine will have any effect on reducing the transmission of the virus. It also remains unclear what effect the vaccine has on asymptomatic COVID-19, or how long the vaccine will be effective.

Tribeca Alpha Plus portfolio manager Jun Bei Liu said ultimately the vaccine news proved negative for investors, with travel-aligned stocks and energy firms faltering.

Flight Centre fell 3.3 per cent, Webjet dropped 3.8 per cent, Qantas lost 1.7 per cent and Corporate Travel Management finished 1.1 per cent lower.

“It’s a negative… but I do also think it’s just a matter of time with the vaccine, before we see everyone benefiting,” she said.

“I think the market will continue to gyrate until it is rolled out.”

Ms Liu said focus would now turn to US earnings season numbers, which she said this week could prove a litmus test for the true strength of the global economy and how far it has managed to bounce back.

“This week we’ve got the big tech stocks up - things like Apple, Microsoft, Facebook - and they will really set the tone for the reporting season,” she said.

Shares in Breville Group hit an all-time high of $30.20 on Monday, giving the manufacturer a market capitalisation of $4.18 billion.

Wesfarmers got up to $54.48 and closed 1.7 per cent ahead at a record $54.34.