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Optimism grew about the reopening of the economy and a potential coronavirus vaccine.
American biotech company Novavax said Monday it started the first human study of its experimental coronavirus vaccine. The company said it expects initial results on safety and immune responses in July. Last week, another biotech Moderna reported positive development on its vaccine trial where all 45 participants had developed coronavirus antibodies. There are 10 vaccines in clinical evaluation and 114 in pre-clinical evaluation, according to a running tally by Fundstrat.
Economic activity continued to pick up as states begin opening up their economies. The biggest gainers in the premarket were directly tied to the reopening. Carnival shares jumped 9.8%. MGM Resorts climbed 8.2%. United Airlines and Southwest Airlines rose more than 8% each.
The S&P 500 was set to meet or exceed its 200-day moving average after the open Monday. The benchmark needs to gain 1.8% to reach the milestone. Many technical analysts look at that moving average as a sign of the long-term trend. Rising above it could signal a change in long-term trend from bearish to bullish.