Earlier beaten down travel stocks jumped on Friday, after Merck (MRK Quick QuoteMRK - Free Report) announced that their Covid pill molnupiravi reduced hospitalizations by about 50% in mild to moderate Covid-19 cases.

Merck plans to apply to the FDA for emergency use authorization, which could come by the end of the year. Pfizer (PFE Quick QuotePFE - Free Report) and Roche (RHHBY Quick QuoteRHHBY - Free Report) are also expected to reveal data for their own Covid outpatient treatments soon.

Widespread availability of anti-viral pills and treatments for Covid, together with vaccines, would help transform it from a deadly pandemic to an endemic that is treatable even though it appears that the virus could stay with us forever in some form or another.

Travel and tourism stocks also benefitted after the Biden administration announced they would ease travel restrictions for vaccinated foreigners. Many investors see value in the sector, which was hard hit by the Delta resurgence this summer.  

However, the space could see some volatility and business travel, an important source of revenue for the sector, may not return to pre-pandemic levels soon.

The U.S. Global Jets ETF (JETS Quick QuoteJETS - Free Report) invests in US and non-US airline companies and operators. The ETFMG Travel Tech ETF (AWAY Quick QuoteAWAY - Free Report) provides exposure to technology companies in the global travel and tourism industry. The Defiance Hotel, Airline, and Cruise ETF (CRUZ Quick QuoteCRUZ - Free Report) holds airline, hotel and cruise stocks.

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