Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Dow Futures Rise 208 Pts; More Positive Vaccine News Noted

Published 11/23/2020, 07:01 AM
Updated 11/23/2020, 07:02 AM
© Reuters

© Reuters

By Peter Nurse

Investing.com - U.S. stocks are seen opening higher Monday, as investors digest more positive news surrounding potential coronavirus vaccines even as Covid-19 cases rise and states mandate new social restrictions.

At 07:05 AM ET (1205 GMT), the Dow futures contract rose 208 points, or 0.7%, S&P 500 futures traded 22 points, or 0.6%, higher, and Nasdaq 100 futures climbed 48 points, or 0.4%. 

Over the weekend, Moncef Slaoui, head of the U.S. government’s vaccine development effort, named Operation Warp Speed, announced that the first Covid-19 vaccine doses, produced by Pfizer (NYSE:PFE) and German partner BioNTech (F:22UAy), could be handed out to key individuals as early as Dec. 11.

Additionally, trial results announced earlier Monday by the University of Oxford and AstraZeneca (NASDAQ:AZN) showed their coronavirus vaccine has up to 90% efficacy in one type of dosage, and could be easily transported at normal refrigerator temperatures.

This news comes after the United States recorded its 12th million Covid-19 case over the weekend and as millions of Americans travel for the upcoming Thanksgiving holiday, likely furthering the spread of the infectious disease.

Several states have responded to the recent surge in Covid-19 cases by adopting more restrictions on social gatherings. LA County in California, the most populous county in the U.S., has suspended outdoor dining, while Nevada’s Las Vegas has cut occupancy limits in casinos, restaurants and bars to 25% from 50%.

Stocks likely to be in focus Monday include Regeneron (NASDAQ:REGN), after its experimental  drug to treat Covid-19 patients, which was used by President Donald Trump, was granted emergency authorisation, as well as casino stocks on the Las Vegas news.  

The debate over more fiscal help for Americans also continues with more than 100 economists signing a letter calling for a new round of stimulus, trying to raise the pressure on the political elite in Washington.

Economic data centers around flash U.S. PMI numbers Monday, and if Europe is any sort of gauge they could disappoint. Euro-zone business activity contracted sharply in November as renewed lockdowns forced many firms in the bloc's dominant service industry to close temporarily. 

Oil prices pushed higher Monday on the news that the rollout of a Covid-19 vaccine before Christmas now looks likely. Adding to the positive tone were hopes that a meeting of the top producers next week would see curbs on output extended. 

U.S. crude futures traded 1% higher at $42.86 a barrel, while the international benchmark Brent contract rose 1.1% to $45.57, climbing to their highest levels since August, having gained over 5% last week.

Elsewhere, gold futures fell 0.4% to $1,865.75/oz, while EUR/USD traded 0.4% higher at 1.1902.

 

Latest comments

Im sick of the vaccine or stimulus hope...
208? wait 205,198,210...this title Is a joke
Show of hands- Who is going to take the warp speed vaccine first?
Staying inside until Beta Testers say how it has worked.
I'm ready...
Kamala is first
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.