The Dow and S&P 500 jumped on Monday as investors cheered trial data from drugmakers Pfizer and BioNTech indicating their Covid-19 vaccine is more than 90% effective.

During Market hours yesterday — Monday (09.11.2020):

Stocks rose on Monday, the first trading day of the month, as markets recovered some of the sharp losses from last week and braced for the U.S. presidential election.

  • The Dow (Symbol: DIA) closed 3% higher. The S&P 500 (Symbol: SPY) went up 1.2% while the Nasdaq (Symbol: QQQ) sank 2%.
  • Pfizer (Symbol: PFE), BioNTech (Symbol: BNTX) Pfizer and BioNTech jumped 7.7% and 13.9%, respectively, after the two companies released trial data that showed their coronavirus vaccine candidate had an efficacy rate of more than 90%. Dr. Albert Bourla, chairman and CEO of Pfizer, hailed the trial results as a “great day for science and humanity.”
  • Zoom Video (Symbol: ZM), Amazon (Symbol: AMZN) Shares of Zoom Video and Amazon struggled on Monday as traders rotated out of so-called stay-at-home stocks and into beaten-down cyclical names following Pfizer and BioNTech’s vaccine data release. Zoom Video closed more than 17% lower and Amazon slid 5.1%.
  • United Airlines (Symbol: UAL), American Airlines (Symbol: AAL), Carnival (Symbol: CCL), Norwegian Cruise Line (Symbol: NCLH) Airlines and cruise stocks surged following the positive vaccine news from Pfizer. Carnival’s stock jumped 39%, while Norwegian and Royal Caribbean added 26.8% and 28.8%, respectively. For airlines, United popped 19.2%, while American and Delta saw double-digit gains.
  • AMC Entertainment (Symbol: AMC) AMC Entertainment soared more than 51% following news that a coronavirus vaccine developed by Pfizer and BioNTech is more than 90% effective. The movie theater chain was on the brink of bankruptcy after its revenue plunged more than 90% in the third quarter amid forced shutdowns.
  • JPMorgan (Symbol: JPM), Citigroup (Symbol: C) Shares of JPMorgan and Citigroup surged 13.5% and 11.5%, respectively, leading the gains in financial stocks amid a broad rotation into cyclicals following the positive vaccine news. The advance in bank stocks also came after a jump in bond yields on the promise of a faster economic recovery.
  • Valero Energy (Symbol: VLO), National Oilwell Varco (Symbol: NOV), Exxon Mobil (Symbol: XOM), Chevron (Symbol: CVX) Energy stocks moved sharply higher on Monday, following a spike in oil prices as positive vaccine news fueled optimism about the economic recovery. Shares of Valero and National Oilwell Varco rallied 31.2% and 27.3%, respectively, while Exxon and Chevron also saw double-digit gains.
  • Biogen (Symbol: BIIB) The biotech stock sank 28% after an advisory committee from the Food and Drug Administration rejected the use of Biogen’s aducanumab drug for use in patients Alzheimer’s. The company saw several downgrades from Wall Street, including to underweight from neutral by Atlantic Equities.
  • Fisker (Symbol: FSR) Fisker rallied 32% after the car maker’s stock was initiated with an outperform rating at Cowen. The research firm said there is a “compelling” buying opportunity for investors.

During Premarket hours today – Tuesday (10.11.2020):

  • Norwegian Cruise Line Holding (Symbol: NCLH) Norwegian reported a quarterly loss of $2.35 per share, wider than the loss of $2.25 expected by analysts, while revenue was below estimates as well. Norwegian did say that demand for future cruises remains, especially for the second half of 2021.
  • Novavax  (Symbol: NVAX) Novavax reported an unexpected loss for its latest quarter, with the drug maker’s revenue also missing analyst forecasts.

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