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US stock futures rally after drugmaker Moderna touts COVID-vaccine that proved 94.5% effective in trials - Business Insider

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Medical syringes are seen with Moderna company logo displayed on a screen in the background i
Medical syringes are seen with Moderna company logo displayed on a screen in the background i
  • Futures on the S&P 500 and the Dow Jones rise towards intraday highs, after drugmaker Moderna says its COVID-19 trial vaccine proved to be 94.5% effective.
  • Crude oil futures rally by more than 3%, while technology stocks and gold fell and Treasury yields held steady. 
  • Moderna said its product can be stored for a month at typical fridge temperatures, solidifying optimism that started last week with rival pharma group Pfizer's announcement of a promising vaccine candidate.
  • Visit Business Insider's homepage for more stories.

US stock futures jumped on Monday, after drugmaker Moderna said its COVID-19 vaccine candidate had achieved 94.5% efficacy, solidifying optimism that a means of controlling the virus may soon be in hand. 

The finding comes from a 30,000-person study that compared volunteers who got a two-dose regimen of Moderna's shot to ones who got a placebo. The vaccine was shown to be 94.5% effective in a preliminary analysis.

Futures on the S&P 500 and the Dow Jones rose by 1.4-1.8% to trade around session highs, while those on the technology-heavy Nasdaq 100, which contains many of the beneficiaries of the work-from-home economy that the pandemic created, surrendered initial gains and fell 0.1%

Small-cap stocks looked set for a bigger jump at the start of regular trade later. Futures on the Russell 2000 index were last up 2.6%. Many of these are highly exposed to the underlying economy and could profit first from the roll-out of an effective vaccine.

Moderna shares traded as much as 9% higher in pre-market trading, while those in healthcare rivals Pfizer and AstraZeneca fell 1-1.8%. Shares in Johnson & Johnson rose around 1.4% in premarket trading. 

Read more: GOLDMAN SACHS: Buy these 20 deeply underpriced stocks now before the recovery helps them rebound and crush Wall Street's low expectations in 2021

Moderna's vaccine has one crucial advantage over Pfizer's shot. It can be stored for a month at typical fridge temperatures (36 degrees Fahrenheit to 46 degrees Fahrenheit), while Pfizer's shot needs to be stored at -94 degrees Fahrenheit, requiring dry ice and special containers.

"Vaccine-related headlines will dominate the news cycle between now and year-end. Positive news should be supportive for risk appetite (so, by extension, USD negative)," BMO Capital Markets head of European FX strategy Stephen Gallo said in a note. 

The dollar fell broadly, most notably against emerging-market currencies, following the news. 

Global equities have been on a tear since Pfizer's announcement last Monday that its vaccine had succeeded in the final stages of its clinical trial and had proven to be effective in 90% of cases. The S&P 500 has hit record highs, while Tokyo's Nikkei has risen to its highest in almost 30 years.

Crude oil extended gains. Brent crude futures were last up 3.5% at $44.28 a barrel, while WTI futures rose by 3.9% to trade around $41.70 a barrel. 

Meanwhile, perceived safe-havens such as US Treasuries and gold came under pressure. 

Gold dropped by 0.9% to $1,870.35 an ounce, near the lows of the day, while the yield on the benchmark 10-year Treasury was unchanged around 0.887%.

Read more: Peter Lynch disciple William Danoff manages over $124 billion and has beaten the market for 30 years. He shares the 10 investment rules that ensured his success.

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US stock futures rally after drugmaker Moderna touts COVID-vaccine that proved 94.5% effective in trials - Business Insider
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