Stocks Rise on Coronavirus Vaccine Hope
U.S. stocks are set to rise on Tuesday with both the S&P 500 and the Dow futures jumping on coronavirus vaccine hopes. Russian president Vladimir Putin claimed today that Russia has become the first country to give regulatory approval to a vaccine for the treatment of COVID-19. However, doctors and researchers across the globe are apprehensive about the effectiveness of this vaccine as its clinical trial was completed within less than two months and its phase 3 trial is yet to start.
Several stocks from the leisure and travel industry along with casino operators have jumped in the pre market session on the vaccine news. Shares of Norwegian Cruise Line Holdings Ltd. NCLH, Royal Caribbean Cruises Ltd. RCL, Carnival Corporation & plc CCL and Wynn Resorts, Limited WYNN have climbed 5-10%. Moreover, the S&P 500 is approaching its all-time high level recorded on Feb 19 while the Dow has surged more than 300 points in pre-market trading.
Meanwhile, the U.S. Bureau of Labor Statistics reported that the Producer Price Index (PPI) for July increased 0.6% compared to a decline of 0.2% in June. The consensus estimate was for an increase of 0.3%. The core PPI (excluding volatile food and energy items) rose 0.3% in July compared to 0.1% in the previous month. The consensus estimate was an increase of 0.1%.
Click to get this free report Carnival Corporation (CCL) : Free Stock Analysis Report Wynn Resorts, Limited (WYNN) : Free Stock Analysis Report Royal Caribbean Cruises Ltd. (RCL) : Free Stock Analysis Report Norwegian Cruise Line Holdings Ltd. (NCLH) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
