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* Airlines, cruise operators soar on vaccine news
* Oil stocks, bank shares jump
* Stay-at-home winners retreat
* Futures soar: Dow 5.9%, S&P 4.6%, Nasdaq 1.3% (Adds comment, details; Updates prices)
Nov 9 (Reuters) - The S&P 500 and Dow were set to open at record highs on Monday, as news of the first successful late stage COVID-19 vaccine trials stirred hopes of the economy emerging from a year of pandemic-driven crisis.
With markets also benefiting from a bounce after Joe Biden’s clinching of a tightly-fought presidential election, the blue-chip Dow will finally have reclaimed all its coronavirus-induced losses earlier this year after the news from Pfizer and German partner BioNTech. The S&P 500 and the Nasdaq returned to record highs briefly in September.
The companies hit hardest by months of travel bans and lockdowns soared, with Boeing Co up 15%, and airlines and cruise line operators all between 20% and 30% higher.
Pfizer shares jumped 13%, while futures tracking the small-cap Russell 2000 index jumped 7% to hit its upper trading limit by 07:38 a.m. ET.
At 08:39 a.m. ET, Dow E-minis were up 1,673 points, or 5.93%. The S&P 500 E-minis were up 4.58% to 3,660.75 points; the daily limit up is at 3,746 for Monday.
“The (vaccine effectiveness) has far exceeded even the wildest of optimistic expectations and the market is reflecting that,” said Thomas Hayes, managing member at Great Hill Capital Llc in New York.
“This is getting to the end of the crisis (and) is a game changer.”
Oil prices soared over 10%, while the U.S. Treasuries sold off after Pfizer and BioNtech said the data showed the vaccine was more than 90% effective in preventing COVID-19.
U.S. banks including Citigroup Inc and Bank of America Corp, often seen as a proxy for the broader economy, jumped about 9%, while oil majors Exxon Mobil Corp and Chevron Corp climbed about 10%.
The companies, the first drugmakers to show successful data from a large-scale clinical trial, said they had found no serious safety concerns so far, and expect to seek U.S. emergency use authorization later this month.
By contrast, shares in tech and other companies seen as “stay-at-home” winners were lower or gaining less.
Nasdaq 100 E-minis gained 152.5 points or 1.29%, underperforming the S&P and Dow futures as Netflix Inc dropped 5.6%, gaming company Activision Blizzard Inc and online retail giant Amazon.com fell about 3%.
Biden’s victory in Pennsylvania on Saturday put him above the 270 Electoral College votes needed to secure the presidency, four days after Election Day, although President Donald Trump does not plan to concede anytime soon.
Among other movers, McDonald’s Corp gained about 5% after it beat third-quarter revenue and profit estimates, as customers in the United States ordered more hamburgers and fries in drive-through outlets and on delivery apps. (Reporting by Medha Singh and Shivani Kumaresan in Bengaluru; Additional reporting by Alden Bentley and Chuck Mikolajczak in New York and Sagarika Jaisinghani in Bengaluru; Editing by Patrick Graham, Saumyadeb Chakrabarty and Shounak Dasgupta)
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