S&P 500 futures surge on recovery, vaccine hopes
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[May 26, 2020] By
Medha Singh and Uday Sampath Kumar
(Reuters) - U.S. stock futures surged on
Tuesday as business restarts and optimism about a potential coronavirus
vaccine helped investors returning from a long weekend to overlook Sino-U.S.
tensions.
U.S. biotech group Novavax Inc <NVAX.O> jumped 21% in premarket trading
as it joined the race to test coronavirus vaccine candidates on humans
and enrolled its first participants.
Merck & Co Inc <MRK.N> advanced 3.2% as it announced plans to develop
two separate vaccines.
Wall Street's main indexes have risen sharply from March lows, gaining
3% last week, on hopes of an eventual coronavirus antidote and easing of
virus-related curbs.
![](http://archives.lincolndailynews.com/2020/May/26/images/ads/current/charrons_bch041713.png)
"The markets are focusing more on healthcare related news getting better
and the possibility for a vaccine by the end of the year and the
potential for increased economic activity as more and mores states
reopen," said Art Hogan, chief market strategist at National Securities
in New York.
California can now reopen in-store retail businesses and places of
worship following shutdowns in one of the most restrictive coronavirus
containment rules in the United States.
Spain urged foreign holidaymakers to return from July and Britain was
looking to reopen thousands of High Street shops and shopping centers
next month.
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\![](../images/052620pics/busine11.jpg)
A nearly empty trading floor is seen as preparations are made for
the return to trading at the New York Stock Exchange (NYSE) in New
York, U.S., May 22, 2020. REUTERS/Brendan McDermid
![](http://archives.lincolndailynews.com/2020/May/26/images/ads/current/debbiesfloral_lda_MARCHAPRIL_2020.png)
The beaten down travel-related stocks soared with United Airlines Holdings Inc <UAL.O>,
online travel agency Expedia Group Inc <EXPE.O>, hotel operator Marriott
International Inc <MAR.O> rose between 5.1% and 7%.
Cruise companies Royal Caribbean Corp <RCL.N>, Norwegian Cruise Line Holdings <NCLH.N>
and Carnival Corp <CCL.N> rose about 8%.
At 7:36 a.m. ET, S&P 500 e-minis <EScv1> were up 1.74% to 3,004 points. The
futures contract broke through 2,988.38, a 200-day simple moving average,
suggesting a strong day ahead for U.S. stocks.
Dow e-minis <1YMcv1> were up 469 points, or 1.92%. and Nasdaq 100 e-minis
<NQcv1> were up 148.25 points, or 1.58%.
Later in the day, the Conference Board's data is expected to show consumer
confidence index edged up slightly after hitting a six-year low in April.
(Reporting by Medha Singh and Uday Sampath in Bengaluru; Editing by Arun Koyyur)
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