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Stock futures built on early gains Monday, along with oil, after positive news from Pfizer on a COVID-19 vaccine and after Joe Biden was named president-elect over the weekend.
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STOCK FUTURES SURGE
Dow futures were up over 1,500 points, a gain of 5.3%. The S&P 500 also rose by 3.7% in early trade, while the tech-heavy Nasdaq Composite ran up 1%.
The gains will likely drive the U.S. averages closer to reclaiming record levels.
|I:DJI||DOW JONES AVERAGES||28323.4||-66.78||-0.24%|
|I:COMP||NASDAQ COMPOSITE INDEX||11895.229592||+4.30||+0.04%|
Traders are reacting positively to the news that Pfizer and BioNTech's COVID-19 vaccine proved to be 90% effective in the first 94 patients it was tested on. Shares moved higher in the pre-market. While Moderna, also working on a vaccine, drifted lower.
“Today is a great day for science and humanity. The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19,” said Pfizer CEO and Chairman Dr. Albert Bourla, in a statement. “We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen. With today’s news, we are a significant step closer to providing people around the world with a much-needed breakthrough to help bring an end to this global health crisis."
This is a significant milestone in the fight against a virus that has infected more than 50 million people around the globe, resulting in over 1.2 million deaths.
President Trump, in a tweet, celebrated the developments.
OIL JUMPS ON VACCINE NEWS
Oil also moved back above the $40 per barrel level on vaccine hopes.
|USO||UNITED STATES OIL FUND L.P.||26.47||-0.69||-2.54%|
STOCKS END MIXED AS S&P HAS BEST POST-ELECTION WEEK SINCE 1932
The news comes after Joe Biden and Kamala Harris were named President-elect and Vice President-elect, respectively, after several news outlets, including Fox News, projected the Biden campaign had won the state of Nevada and the commonwealth of Pennsylvania, giving them the requisite 270 electoral votes.
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On the earnings front, McDonald's said third-quarter earnings came in better-than-expected, with U.S. same-store sales rising 4.6%, aided by several new initiatives.
Shares were higher in pre-market trading.
|OXY||OCCIDENTAL PETROLEUM CORPORATION||10.01||-0.46||-4.39%|
|SPG||SIMON PROPERTY GROUP INC.||61.86||-1.61||-2.54%|
|BYND||BEYOND MEAT INC.||156.86||-0.18||-0.11%|
Over the weekend, Warren Buffett's Berkshire Hathaway said its third-quarter operating results were negatively impacted by the pandemic, even as the company's equity portfolio surged.
On Monday, traders will see quarterly results from Occidental Petroleum, Simon Property Group and Beyond Meat, among others.
Nearly nine out of 10 S&P 500 companies have reported that third-quarter earnings and revenue beat forecasts.
OTHER MARKETS ALSO HIGHER
In other commodities, gold continued its march upward hovering above $1,959 an ounce.
European indices were also higher on Monday, with the STOXX Europe 600 rising 1.3%. Similar gains were seen in the German DAX, French CAC 40 and U.K. FTSE 100.
Last week, stocks had their best post-election week since 1932, as tracked by the Dow Jones Market Data Group, rising 7.23%, which is the second-best on record.
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