Back-to-Normal Trade Gets Boost From Moderna Vaccine Trial

Travel and leisure stocks were broadly higher on Wednesday after early data from a Moderna Inc. coronavirus vaccine trial raised hopes for a return to normalcy.

Airlines, casino names, cruise ship operators and hotels were among the biggest gainers after results published late Tuesday showed the vaccine produced antibodies in all patients tested in the initial safety trial. American Airlines Group Inc., Royal Caribbean Cruises Ltd., Norwegian Cruise Line Holdings Ltd., United Airlines Holdings Inc. and Carnival Corp. all rose 9% or more.

Other notable gainers included restaurant chain BJ’s Restaurants Inc., Dave & Buster’s Entertainment Inc., and Chuy’s Holdings Inc. Movie theater, amusement park and gym operators also rose, as did concert promoter Live Nation Entertainment Inc.

In total, 209 of 217 S&P 1500 Consumer Discretionary Index names traded in the green as of 9:57 a.m. New York time. Stocks which have benefited from stay-at-home orders were on the opposite side of the trade, including Etsy Inc., Papa John’s International Inc., Ebay Inc., Wingstop Inc., Domino’s Pizza Inc., and Amazon.com Inc.

Peloton Interactive Inc., Netflix Inc. and Zoom Video Communications Inc., perhaps some of the most-touted pandemic beneficiaries, were also trading lower.

©2020 Bloomberg L.P.

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