U.S. stock futures jumped Monday after Moderna said preliminary trial data showed its coronavirus vaccine was more than 94% effective.
Futures for the Dow Jones Industrials hiked 481 points, or 1.6%, to 29,891.
Futures for the S&P 500 took on 37.25 points, or 1%, at 3,619.25.
Futures for the NASDAQ Composite docked 19.25 points, or 0.2%, to 11,914.25.
The promising announcement makes the Massachusetts-based biotech firm the second drug maker to say it has a potentially effective vaccine.
Similar trial results last week from Pfizer and BioNTech drove investors into underperforming names dependent on a vaccine reopening the economy. The companies said at the time that their candidate was more than 90% effective in preventing Covid-19 among participants.
The Dow is just about 72 points shy of a record close. Last week, the Dow climbed 4% for its second-straight positive week. The S&P 500 posted a record closing high on Friday and notched a one-week gain of 2.2%. The NASDAQ lagged, however, sliding 0.6%.
The news sparked hope for an economic recovery, thus making travel stocks such as United Airlines and Carnival more attractive. United and Carnival advanced 12.4%, while Carnival rallied 15.9% last week.
United was up another 6% in pre-market trading Monday, while Carnival was up another 7%.
Traders were also excited after Moderna said its vaccine remains stable at 36 to 46 degrees Fahrenheit, the temperature of a standard home or medical refrigerator, for up to 30 days. It can be stored for up to six months at negative four degrees Fahrenheit.
By comparison, Pfizer’s vaccine requires a storage temperature of minus 94 degrees Fahrenheit.
To be sure, the number of coronavirus cases are still rising, thus threatening the prospects of a swift economic recovery.
More than 11 million Covid-19 infections have been confirmed in the U.S., according to data from Johns Hopkins University. Data from the COVID Tracking Project also showed that a record of more than 68,500 people in the U.S. are currently hospitalized with the coronavirus.
Overseas, in Japan, the Nikkei 225 index sprinted 2.1% Monday, while in Hong Kong, the Hang Seng index heightened 0.9%.
Oil prices climbed $1.71 to $41.84 U.S. a barrel.
Gold prices slumbered $10.80 to $1,875.40 U.S.