It’s a historic morning for markets and for medicine as well. Pfizer and BioNTech vaccine data shows a more than 90% efficacy rate for their Covid vaccine. All three major indices are up with Dow futures pointing to a more than 1,500 point gain, with all time highs within reach. Futures for all major indices are up. The implications are huge for all markets.
The vaccine won’t be readily available right away, but the light at the end of the tunnel is finally in sight. Our trade recommendation for today could enrich your portfolio in the months to come as vaccine progress unfolds.
Travel and leisure stocks are taking off in early trading while stay at home tech stocks slide. Among the winners is casino and resort operator, Wynn Resorts Ltd. Although WYNN’s Q3 earnings numbers fell strongly short of Wall Street analyst expectations, CEO Matt Maddox highlighted some noteworthy positives during last week’s call. In October the company went from 10% of the normal visitor volume up to almost 30%. In light of today’s positive news, Wynn Resorts, along with other travel and leisure favorites, could be heading back to pre-pandemic levels.
The change in administration could help to relieve even more pressure from WYNN share price. Wynn Resorts Ltd. has among the highest China exposure as the company derived about 75% of total revenue from Macau in 2019.
