Stocks were already set to soar Monday after Joe Biden was elected 46th US president — but Wall Street’s enthusiasm kicked into an even higher gear after Pfizer and BioNTech announced positive clinical data for their Covid-19 vaccine.
Shares of Pfizer and BioNTech each skyrocketed about 10%.
The stocks of other companies working on vaccines, such as Moderna and Johnson & Johnson, also rallied.
Meanwhile, shares of companies that make antibody and antiviral treatments (but not vaccines), including Regeneron, Eli Lilly and Gilead Sciences, were either flat or lagged the gains of vaccine stocks.
Drug stocks and biotechs weren’t the only companies soaring on the hopeful vaccine news. The prospect of an effective coronavirus vaccine has people dreaming of a return to normalcy.
That’s why shares of movie theater chain AMC skyrocketed 60% while concert promoter Live Nation was up more than 20%. Retailers surged, too: The SPDR S&P Retail ETF, which holds Gap, Best Buy, Target, Costco and other big chains, was up 2%.
Cruise lines Carnival, Norwegian and Royal Caribbean all soared, as did shares of major airlines Southwest, American, Delta and United.
Other travel and leisure stocks, including Disney, Booking.com, hotel giants Marriott and Hilton, ridesharing firms Uber and Lyft and big restaurant chains Yum Brands, Restaurant Brands and Darden, were up solidly too.
But there were also some notable market losers Monday: companies that have benefited from the work-from-home and stay at home trends.
Video conferencing giant Zoom plunged nearly 15%. So did shares of interactive exercise equipment company Peloton.
Amazon, Netflix and Roku were lower too — a potential bet that consumers may spend less time indoors shopping online and binging on TV shows and movies.
Shares of work collaboration software company Slack fell about 2%. And shares of virtual health company Teladoc sank nearly 8%.
And Clorox, the maker of bleach and disinfectant wipes that has thrived during the pandemic, fell 8%.
Regulators authorized AstraZeneca’s coronavirus vaccine for use in adults throughout the European Union on Friday, amid criticism the bloc is not moving fast enough to vaccinate its population.
WASHINGTON (AP) — A former FBI lawyer was sentenced to probation for altering an email that the Justice Department relied on during its surveillance of an aide to President Donald Trump during the Russia investigation.
MADISON, Wis. (AP) — Democratic Gov. Tony Evers lashed out Friday at rival Republicans who tried to repeal his statewide mask mandate, saying killing the order would be a ridiculous move comparable to abolishing speed limits.
COLUMBIA, S.C. (AP) — As some conservatives in South Carolina celebrated getting a bill that would ban almost all abortions in the state past a legislative barrier and likely becoming law, they said they are not finished trying to end all abortions.
A Moscow court on Friday put the brother and several allies of Russian opposition leader Alexei Navalny under house arrest for two months as authorities sought to stymie more protests over the jailing of the top Kremlin foe.