Shares of AutoZone (NYSE: AZO), Advance Auto Parts (NYSE: AAP), O'Reilly Automotive (NASDAQ: ORLY), and LKQ (NASDAQ: LKQ), a collection of automotive parts and products retailers, all easily jumped more than 10% on Monday as COVID-19 cases increased around the world, but at a slower pace than in recent weeks.
The idea that COVID-19 hot spots may be at a plateau, or close to it, was a welcome notion for many people watching much of the economy slow to a near standstill. Italy, France, and Spain all reported a deceleration in deaths from COVID-19. And New York State announced Monday its deaths were flat from the previous report, but also noted that even if this is the plateau, it's still a very high and stressful level for the healthcare system.
Expect the markets to remain volatile on both good and bad news surrounding COVID-19. The virus and its harm to the U.S. economy have clobbered many retail, transportation, and entertainment stocks, but the automotive aftermarket retailers have fared a bit better.