- Drug maker Modern says futures on the S&P 500 and the Dow Jones have moved towards intraday highs, with its COVID-19 trial vaccine proving to be 94.5% effective.
- Crude oil futures gained more than 3%, while technology stocks and gold declined and treasury yields remained stable.
- Modern said its product could be stored for a month at specific refrigerator temperatures, reinforcing optimism that began last week.
- For more stories visit the Business Insider homepage.
Drug manufacturer Modern said its COVID-19 vaccine candidate has achieved 94.5% efficacy, reinforcing optimism that a means of controlling the virus may soon be at hand.
The discovery comes from a study of 30,000 people compared to volunteers who received a two-dose diet of a Modern Shot shot. The vaccine was shown to be 94.5% effective in preliminary analysis.
Futures on the S&P 500 and the Dow Jones reached a session high of 1.4–1.8%, while on the technology-heavy Nasdaq 100, which included many of the beneficiaries of the work-at-home economy that created the epidemic. Do, surrender initial profit and fell 0.1%
Small-cap stocks subsequently made major leaps at the start of regular trading. Futures were up 2.6% on the Russell 2000 index. Many of these are exposed to the underlying economy and can make a profit before the roll-out of an effective vaccine.
Modern shares traded up 9% in pre-market trading, while healthcare rivals Pfizer and AstraZeneca lost 1–1.8%. Shares of Johnson & Johnson gained 1.4% in prepaid trading.
Read more: GOLDMAN SACHS: Buy these 20 deeply-held stocks in 2021 and crush Wall Street’s low expectations before helping recover
Modern’s vaccine has a significant advantage over Pfizer’s shot. It can be stored at typical refrigerator temperatures (36 ° F to 46 ° F) for a month, while Pfizer’s shots need to be stored at -94 ° F, requiring dry ice and special containers it occurs.
BMO Capital Markets head European FX strategy Stephen Gallo said in a note, “Vaccine-related headlines will dominate the news cycle between now and the end of the year. Positive news should be supportive of the risk appetite.
According to the news, the dollar fell most widely against emerging market currencies.
Global equity has been on a tear since Pfizer’s announcement last Monday that its vaccine was successful in the final stages of its clinical trial and proved effective in 90% of cases. The S&P 500 has hit a record high, while Tokyo’s Nikkei has reached its highest level in nearly 30 years.
Crude oil gain Brent crude futures were up 3.5% at $ 44.28 per barrel, while WTI futures traded 3.9% up around $ 41.70 per barrel.
Meanwhile, safe safe-havens such as the US Treasury and gold have come under pressure.
Gold fell 0.9% to $ 1,870.35 an ounce near the day’s low, while the yield on the 10-year Treasury benchmark remained unchanged around 0.887%.
Read more: William Danoff, a disciple of Peter Lynch, has managed more than $ 124 billion and beat the market for 30 years. He shares 10 investment rules that ensured his success.