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.
Meanwhile, shares of companies that make antibody and antiviral treatments (but not vaccines), including Regeneron (REGN), Eli Lilly (LLY) and Gilead Sciences (GILD), 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 (AMC) skyrocketed 60% while concert promoter Live Nation (LYV) was up more than 20%. Retailers surged, too: The SPDR S&P Retail ETF (XRT), which holds Gap (GPS), Best Buy (BBY), Target (TGT), Costco (COST) and other big chains, was up 2%.
Other travel and leisure stocks, including Disney (DIS), Booking.com (BKNG), hotel giants Marriott (MAR)and Hilton (HLT), ridesharing firms Uber (UBER) and Lyft (LYFT) and big restaurant chains Yum Brands (YUM), Restaurant Brands (QSR) and Darden (DRI), were up solidly too.
End of the work-from-home and stay-at-home stock trade?
But there were also some notable market losers Monday: companies that have benefited from the work-from-home and stay at home trends.