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This development may fully reopen the global economy — and the stock market has mostly ignored it

·3 min read
This development may fully reopen the global economy — and the stock market has mostly ignored it

The buzz surrounding the potential for the antiviral drug from Merck & Co. (MRK) and Ridgeback Biotherapeutics is hot enough that already there’s political debate for who is to blame for the medication not being available sooner. Granted, the Phase III trial showing molnupiravir reduced the risk of hospitalization or death by approximately 50% for patients with mild or moderate COVID-19 has boosted the stock of Merck by as much as 11%, but the broader market reaction hasn’t been great. Two plays on reopening — the Invesco Dynamic Leisure and Entertainment (PEJ) and the U.S. Global Jets (JETS) exchange-traded funds — each saw one-day bounces before drifting, with the airlines ETF now lower since the news.