Shares of Zoom Video Communications (NASDAQ:ZM) fell sharply on Monday

Moderna on Monday announced which preliminary details showed the coronavirus vaccine of its was more than 94 % effective at preventing Covid-19.

In Europe, focus is on the outlook for the EU’s near-term economic recovery after Poland and Hungary blocked the adoption of 2021-2027 budget and recovery fund by EU governments on Monday.

The pan European Stoxx 600 hovered around the flatline in earlier trade, with travel stocks dropping 1.1 % and utilities including 0.4 %.

European stocks closed higher on Monday as hopes for a good coronavirus vaccine were more boosted by positive news from Moderna, that announced that preliminary data showed the coronavirus vaccine of its was in excess of ninety four % effective at stopping Covid 19.

The announcement followed similarly positive news last week from Pfizer and BioNTech’s late stage coronavirus vaccine trial which proved their vaccine was more than ninety % effective.

The Moderna news boosted stocks on Wall Street and markets in the Asia Pacific region overnight, with shares largely climbing in Tuesday’s trading consultation. But U.S. stock futures have been in unwanted territory on Monday night even with 2 of the three main market benchmarks closed for record levels.

In Europe, focus is on the perspective for the EU’s near term economic restoration following Hungary and Poland blocked the adoption of the 2021-2027 budget as well as recovery fund by EU governments on Monday. They did this because the budget law comes with a clause which makes access to cash conditional on respecting the principle of law.

Business earnings stay on the agenda, with EasyJet reporting on Tuesday that revenue fell greater than 50 % in the season to the end of September as the coronavirus pandemic soil the travel sector to a stop.

Intermediate Capital saw its shares climb 5.6 % to lead the Stoxx 600 in early trade after posting a twenty nine % rise in first half profit before tax, while from the opposite end of the European sky blue chip index, mall operator Klepierre slid greater than four %.

Shares of Zoom Video Communications (NASDAQ:ZM) fell sharply on Monday, together with the stocks of a lot of other high-flying work-from-home companies. The provider of a video clip collaboration platform saw its shares fall more than seven % at one point in the trading day. As of 11:45 p.m. EST today, however, the loss had been cut to 3.7 %.

The stock’s decline was likely driven primarily by news which Moderna’s coronavirus vaccine was observed to be about 95 % successful within a clinical trial with over 30,000 volunteers. Zoom stock’s sell off indicates some investors think shares may just use a hit when effective vaccines are distributed, helping other countries and the U.S. return to more normalcy.