The world must be stuck in a loop as the majority of markets rise once again in hopes of a vaccine this time from Novavax. Dow Jones futures jumped over 500 points with the healthcare sectors making noise once again.
Wall Street resumes from its Memorial Day holiday, with its stock futures showing positive sentiment before the trading bell rings to start the week in the U.S.
It seems that the Hong Kong protests are not showing much negative impact in the stock markets as they are reacting more to the coronavirus vaccine developments.
Last week, the spotlight was focused on Moderna after they reported positive development in their vaccine trial for its 45 participants.
This week, the markets are now watching at another American biotech company, Novavax. In a Reuters report, they have now joined the race towards the coronavirus vaccine.
Asia and Europe striking the rallies for the trading day
To start, leading the pack in the Asian market rally is Japan, with Prime Minister Shinzo Abe’s announcement this week that the state of emergency will be lifted resulting in the Nikkei 225 up 2.55% to close at 21,271.17.
Markets continue to bounce over in the European region following the vaccine hype generated by Novavax as well as the positive sentiment provided by the Asian markets on their trading day.
European travel stocks were leading the pack with Anglo-German travel operator Tui surging more than 20%. Meanwhile, Cineworld and British Airways parent IAG climbed more than 18%, as of this writing.
The results of the markets today may give more positive sentiment to Wall Street starting their week in the U.S.
New healthcare player enters the coronavirus cure arena
We’ve seen Gilead tried to come up with remdesivir to combat COVID-19—eventually landing an approval from the FDA to donate its supply.
Last trading week, Moderna attempted to work fast by providing data regarding their vaccine trial but the rally was short-lived judging from the charts last week, dropping over 20% to 25%.
Now, Novavax is currently one of the trending healthcare companies for the week as stock markets from all over the world are betting that they will provide a vaccine soon. The biotech company expects preliminary readings from the trial this coming July.
Investors and traders may need to get cautious for this one as the market volatility is rampant once again as the media makes noise over Novavax and possibly more healthcare companies moving forward.