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  • “Stay-at-home” stocks including Zoom and Peloton tumbled on Monday after Moderna revealed its COVID-19 vaccine was almost 95% effective in a late-stage trial.
  • Fastly, Chegg, and other stocks that have at least partly benefited from the pandemic also retreated.
  • In contrast, airlines, cruise lines, manufacturers, and other “real economy” stocks jumped as investors wagered the vaccine would allow economies to reopen in a matter of months.
  • Visit Business Insider’s homepage for more stories.

Zoom, Peloton, and other “stay-at-home” stocks slumped on Monday as positive vaccine news dampened their growth prospects.

Moderna’s announcement that its COVID-19 vaccine proved 94.5% effective in a late-stage trial helped to drive Zoom shares down as much as 7%, and Peloton down as much as 5%.

Netflix, Pinterest, Fastly, Chegg, and other companies that have benefited from people spending more time at home during the pandemic also retreated.

Read More: A Wall Street expert says the dramatic shift in stocks last week reeks of investor complacency — and warns that many favorite trades remain vulnerable to losses

Many of those stocks tumbled last week after Pfizer announced its vaccine was more than 90% effective. Now, the prospect of two or more working vaccines promises to accelerate their distribution around the world and speed up a full reopening of the global economy.

As a result, cruise lines, airlines, and other companies that rely on people leaving their homes saw their shares jump in pre-market trading.

The "big four" US airline stocks rose more than 3%. Cruise operators Carnival, Norwegian, and Royal Caribbean gained at least 7%. Boeing, Ford, General Electric, and other "real economy" stocks also climbed.

Read the original article on Business Insider