U. s. Stock futures jumped on Monday after Moderna said initial trial data showed its coronavirus vaccine was 94% effective..
The promising announcement makes the Massachusetts-based biotech company the second drugmaker to say it has an effective vaccine.
Results from similar experiments last week from Pfizer and BioNTech led investors to underperforming names based on a vaccine that reopens the economy.. The companies at the time said their filter was more than 90% effective in preventing Covid-19 among participants.
The Dow Jones Industrial Average futures added 500 points, or 1. 7%. The move included an opening gain of about 500 points. S&P 500 futures rose 1. Futures fell 1%, Nasdaq 100 and 0. 15%.
The Dow Jones Index is nearly 72 points shy of closing the record. Last week, the Dow Jones rose 4% for a second consecutive positive week. S&P 500 hit a record high on Friday and took a 1-week gain of 2. 2%. The Nasdaq Composite is delayed, however, sliding by 0. 6%.
These moves came as traders piled up in exorbitant names at the expense of high-growth stocks amid positive vaccine news.. The iShares Russell 1000 Value Exchange Traded Fund (IWD) rose 5. 7% last week while its iShares Russell 1000 Growth ETF (IWF) 1 declined. 2%.
The news raised hope for an economic recovery, making travel stocks such as United Airlines and Carnival more attractive. United and Carnival rallied 12. 4% and 15. 9% in a row last week.
“Pfizer / BioNTech’s announcement of an effective Covid-19 vaccine last week was so significant that we almost forgot it was just there. s. Presidential elections, writing by VTS Lombard analysts Stephen Blitz and Andrea Sision in a note.
« The vaccine turns what would have been a long-term crisis into something akin to a natural disaster (big shock, quick recovery), ». Without an effective vaccine, the current EPS consensus projections (indicating a return to trend by the end of next year) will be on the optimistic side.. But with one, that might actually happen.
Dealers were also excited after Moderna said its vaccine remains stable at 36 to 46 degrees Fahrenheit, the temperature of a typical home or medical refrigerator, for up to 30 days.. It can be stored for up to six months at minus 4 degrees Fahrenheit.
To be sure, the number of coronavirus cases continues to rise, threatening prospects for a rapid economic recovery.
More than 11 million cases of Covid-19 have been confirmed in the United States. s. According to data from Johns Hopkins University. Data from the COVID Tracking Project also showed a record high of 68,500 people in the United States. s. They are hospitalized due to the Coronavirus.
Dan Russo, chief market strategist at Chaikin Analytics, thinks the market can weather this recent spike in coronavirus cases.. .
“Investors seem to be focusing more on vaccine news and are ready to outpace the near-term rise in cases,” he said in a post. “If this becomes a cause for investor concern, it will be shown on the charts and risk management will take charge.
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World News – US – Dow Jones futures jumps By 500 points like Moderna says it has a very effective Covid vaccine too
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