Wall St. Opens High With The Easing Of COVID Measures In China

Travel and leisure stocks opened higher for US stock indexes on Tuesday after China loosened some COVID-19 lockdown measures for international travelers and boosted hopes for a rebound in global growth, according to Reuters.

Wall St. Opened From High. Airlines, ships, casinos and hotels were among the winners in premarket trading after China halved the quarantine period for inbound passengers and raised hopes for a big jump in international travel and spending. Shares of Walt Disney (NYSE:DIS) Inc rose 1.7% to top the winners list in the Dow Jones Industrial Average after the company announced that Shanghai Disney Resort would reopen on June 30 after the Disneyland theme park had closed three times. Spirit Airlines (NYSE:SAVE) and American Airlines (NASDAQ:AAL) Group Inc were the biggest winners in the industry, up 4.2% and 1.1%, respectively. Melco Resorts led the rise in the casino industry, up 12.4%, followed by Wynn Resorts (NASDAQ:WYNN) and MGM Resorts (NYSE:MGM) International. Wall Street's major indexes started the week on soft ground after rising inflation concerns and an aggressive Federal Reserve sentiment amid several market-moving catalysts leading up to the start of earnings season in two weeks. Investors are now looking at data to determine whether the economy can withstand the massive rate hikes by the U.S. central bank to stave off inflation. "As people approach the end of the quarter, they're a little more stable than they were a month ago and have digested that the Fed may need to use the recession as a policy tool," said David Waddell, CEO of investment consultancy. "There's also a lot of position squares, allocation and correct sizing that creates some lift towards the end of the quarter." A poll from the Conference Board at 10:00 ET is expected to show that the consumer confidence index has dropped from 106.4 in May to 100.4 in June. The S&P 500 and Nasdaq are set to post losses in June and post two consecutive quarterly losses for the first time since 2015. At 8:29 p.m. ET, the Dow e-minis were up 95 points (0.3%), the S&P 500 e-minis were up 9.25 points (0.24%) and the Nasdaq 100 e-minis were up 13 points (0.11%). Nike Inc (NYSE:NKE) dropped 2.8% from its forecast in first-quarter revenue due to a surplus of discounts and pandemic-related disruptions in China, its most profitable market.