- S&P 500 Index clings to small daily gains on Monday.
- Airline shares rise on hopes of additional federal support.
- Casino stocks gain traction as Macau decides to resume tourist visa scheme.
Wall Street’s main indexes started the first day of the week in the positive territory but turned mixed with the S&P 500 and the Dow Jones Industrial Average registering gains and the Nasdaq Composite losing nearly 0.5%. Investors remain hesitant to take large positions amid a lack of progress in coronavirus relief bill negotiations in the US. As of writing, the S&P 500 was up 0.18% on the day at 3,356.
S&P 500 top movers
The data published by the US Transportation Security Administration (TSA) showed that 831,789 people passed through checkpoints at the US airports, which was the highest reading in nearly five months. Additionally, $25 billion aid requested by airlines to allow them to preserve jobs through March 2021 recently gained support from both political parties in the US.
Supported by these developments, major airline shares are posting impressive gains on Monday. As of writing, United Airlines Holdings Inc (UAL) and American Airlines Group Inc (AAL) shares were up 8.45% and 7.45%, respectively.
Meanwhile, casino operators’ stocks are rising sharply on Monday after Macau announced that the highly-anticipated individual visit scheme (IVS) will resume from August. At the moment, MGM Resorts International (MGM), Wynn Resorts Ltd (WYNN), Las Vegas Sands Corp (LVS) shares are among top performers, gaining 12.77%, 8.57% and 7.5%, respectively.
On the other hand, Tyler Technologies Inc (TYL) and DexCom Inc (DXCM) shares are both down around 5% as the biggest decliners.
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