(Bloomberg) -- News of a second highly effective vaccine against Covid-19 triggered a sharp rally in reopen beneficiaries as the promising results from Moderna Inc. built on momentum for an answer to the deadly disease.

Investors piled back into industries like cruiseliners, airlines and casinos after Moderna’s data sparked optimism that more vaccine options can help to quickly reopen the global economy. The second positive update in as many weeks fueled stocks that have been among the market’s worst industries -- the trio of big cruise stocks had shed between 47% and 69% of their value this year.

Moderna jumped as much as 18% as news of a second highly effective vaccine against Covid-19 triggered a sharp rally in reopen beneficiaries, while the so-called reopen trade helped lead U.S. stocks futures higher. Cruise companies including Carnival Corp., Royal Caribbean Cruises Ltd. and Norwegian Cruise Line Holdings Ltd. all jumped in early trading Monday. Futures contracts on the S&P 500 Index rose 0.9%.

Moderna said its Covid-19 vaccine was 94.5% effective in a preliminary analysis of a large late-stage clinical trial. The progress report comes after vaccine results from Pfizer Inc. and BioNTech SE a week ago showed 90% efficacy in stopping SARS-CoV-2 infections. Shares in Pfizer fell 1.9%, while BioNTech slumped 7.2%.

“The initial market impact might be more cautious than after the Pfizer news given that it’s just ‘more of the same,’” said Stephen Innes, a strategist at Axicorp Ltd. “But the medium-term economic outlook should once again look better now, which in my view should support a sustained macro reassessment.”

Read more: Moderna Vaccine Found Highly Effective at Preventing Covid (1)

Cruise, travel, tourism and entertainment shares were hit hard this year and face further losses as Covid-19’s resurgence in parts of the globe forces governments to impose further lockdown and travel restriction measures. The prospect of effective vaccines is helping offset some of the potential declines, analysts said.

Carnival shares jumped 8.1%, while Royal Caribbean advanced 7% and Norwegian rallied 9.5%. Airline stocks gained as well, with American Airlines Group Inc. and United Airlines Holdings Inc. jumping at least 5.5%, while Southwest Airlines Co. and Delta Air Lines Inc. eyed similar gains.

Casino operators also rallied, with Wynn Resorts jumping 5.8%, MGM Resorts climbing 3.9% and Caesars Entertainment Inc. gaining 3.3%. The benefits also spread to theme-park operators and ride-sharing stocks like Uber Technologies Inc. and Lyft Inc.

McKesson Corp., the central distributor for most Covid-19 vaccines in the U.S., rallied 3.6% before the bell on low volume. Walgreens Boots Alliance Inc., CVS Health Inc., and Walmart Inc., all of which are partnered with the federal government to administer vaccines, climbed in the low single digits.

Industrial manufacturers like Carrier Global Corp., Emerson Electric Co., and Trane Technologies - which offer refrigeration solutions and temperature management systems - can play a key role in any vaccine distribution effort. Carrier shares were up 3.4% in premarket trading on Monday and Emerson rose 2.4%.

Lockdown Shares

Adding to the risk-on momentum was news that two of President-elect Joe Biden’s coronavirus advisers said they favor targeted local measures to stem the pandemic and oppose a nationwide U.S. lockdown as too blunt.

“The big thing will be to see if it’s the same road map as we got last week, which was the massive disconnect with the Russell 2000 and some of the value names outperforming and the tech and the work-from-home stocks really underperforming to a degree we haven’t seen before in a number of years,” Greg Taylor, chief investment officer at Purpose Investments Inc., said by phone.

In contrast, the news sent companies that have benefited from virus-induced lockdowns lower. Zoom Video Communications Inc. fell as much as 6.9% in premarket trading, while Peloton Interactive Inc. dropped 3.6% and Netflix Inc. slipped 1.4%.

Other companies that sell products to online consumers like Etsy Inc., Overstock.com Inc., Wayfair Inc., and Pinterest Inc. all fell more than 3.4%. Futures of the tech-heavy Nasdaq 100 erased initial gains to fall 0.3% as shares of Apple Inc. and Amazon.com Inc. dipped.

A handful of companies that have seen sales surge amid the insatiable need for Covid-19 tests slumped in early trading. Last week’s update from Pfizer and BioNTech wiped out more than $47 billion in market value across more than a dozen stocks that have sold tests.

(Updates with additional commentary, detail, and stock moves throughout)

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