U.S. COVID-19 deaths top 500,000

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Airline stocks rally, led by American Airlines, after Deutsche Bank’s sector-wide upgrade to buy

Airline stocks are set up for a broad rally, led by American Airlines Group Inc. undefined shares, after Deutsche Bank analyst Michael Linenberg said it was time to buy into the sector as COVID-19 cases, hospitalizations and vaccination rates are all trending in the right direction. He upgraded nine U.S.-based airlines to buy from hold. “As our upgrade is a sector-wide call, we are of the view that all of our names could see material upside from current levels,” Linenberg wrote in a note to clients. Among the biggest premarket gainers, shares of American Airlines shot up 5.8%, JetBlue Airways Corp. undefined rallied 2.1%, Delta Air Lines Inc. undefined rose 1.6%, Southwest Airlines Co. undefined hiked up 1.3% and Alaska Air Group Inc. undefined tacked on 1.2%. Meanwhile, United Airlines Holdings Inc. undefined edged up 0.3%, after an engine on Flight 328 blew apart midflight on Saturday. The U.S. Global Jets ETF undefined climbed 1.4% ahead of the open, putting it on track to open at a one-year high, while futures undefined for the S&P 500 undefined fell 0.8%.

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