Shares of Zoom were up more than 10% before markets opened on Friday morning as a new Covid variant raised concerns in South Africa. Other stocks that have benefited from stay-at-home trends during the pandemic were also up.
Peloton stock popped more than 8% before markets opened while Etsy, Shopify, Roblox, Netflix and Roku also showed small gains. Meanwhile, shares of companies that have benefitted from the reopening are down.
It’s a reversal from earlier in the month, after travel companies like Delta, Airbnb, Expedia pointed to clear signs of recovery in recent earnings reports and as stay-at-home stocks like Peloton, Zoom and Netflix declined amid indications that the Covid-19 pandemic end might come sooner than expected.
Zoom could erase losses from earlier in the week if the momentum holds. Shares of Zoom closed down 14.7% on Tuesday after the company warned investors of a revenue slowdown and Wall Street firms cut price targets on the stock.