It’s one of those jailbreak sessions where everything except those shutdown names (NFLX, ZM, DPZ, and ETSY) are in rally mode.
The biggest winners in the market are those names that must have a vaccine to get anywhere near having a facsimile of business as usual.
- Cruise ships
Airlines are also getting a boost, as Delta (DAL) laid out its June schedule, which is more robust, but overall is still 85% below normal.
Delta's summer schedule continues to be shaped by customer demand, CDC guidelines and government travel regulations. While the June schedule is significantly reduced in comparison to last year, customers will see the return of several major routes, both U.S. domestic and international, which were previously suspended due to the COVID-19 pandemic.
Ensuring connectivity for customers with critical travel needs, Delta continues to provide flights to all U.S. hubs and top markets, though frequency is significantly reduced.
- Latin America & Caribbean
- South America
*Delta's restart of passenger flights to China is subject to government approval. We will also operate cargo-only scheduled service from Shanghai to Atlanta and Los Angeles.
Delta's second quarter schedule is 85 percent smaller than last year, with reductions of 80 percent in U.S. domestic capacity and 90 percent internationally.
Reminder of Session
It would be great if the market held onto these gains into the close, as investors adjust to the final leg of earnings season with key retailers that are perhaps the best proxies for the economy.
I think it’s also important for deeply discounted Industrial and Materials names to maintain today’s momentum for the rest of the week.