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Dow Futures Soar 330 Pts; Vaccines Hope Extends Rally

Stock MarketsDec 01, 2020 07:02AM ET
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© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen opening higher Tuesday, continuing November’s record-breaking gains, helped by the expected prompt delivery of Covid-19 vaccines and signs of a global economic recovery.  

At 7:05 AM ET (1205 GMT), the Dow Futures contract rose 330 points, or 1.1%, S&P 500 Futures traded 36 points, or 1%, higher, and Nasdaq 100 Futures climbed 91 points, or 0.8%. 

The Dow Jones Industrial Average ended November almost 12% higher on the month, its best individual month since January 1987. The S&P 500 and Nasdaq Composite both gained around 11%.

Earlier Tuesday, American pharmaceutical giant Pfizer (NYSE:PFE), and German partner BioNtech, announced that they have applied to European authorities for authorization to rollout their Covid-19 vaccine. This follows similar moves in the U.S. and the U.K.

This adds to Monday’s positive news from Moderna (NASDAQ:MRNA), with the biotech firm stating it was applying for U.S. and European emergency authorization for its vaccine candidate after full results from a late-stage study showed it was effective, with no serious safety concerns.

The outlook for the global economy is improving as vaccines emerge, the Organisation for Economic Cooperation and Development said in its latest report, raising its view on growth this year to a contraction of 4.2%, from a drop of 4.5% at its last report in September. 

Still, the second wave of the Covid-19 virus remains in focus, with hospitals coming close to being dangerously overloaded in populous states like New York and California as cases continue to rise.

Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will speak with Congress late Tuesday. Powell called the U.S. economic outlook “extraordinarily uncertain”, in prepared remarks ahead of his testimony.

The economic slate sees the release of the ISM manufacturing PMI number for November, after the European manufacturing sector held up fractionally better than expected.

In corporate news, Salesforce (NYSE:CRM) reports earnings, but eyes will be likely to be on Zoom Video Communications (NASDAQ:ZM) after its stock fell sharply in after-hours trading and on Exxon Mobil (NYSE:XOM), which announced a massive $20 billion writedown on Monday.

Oil prices edged lower Tuesday, as Reuters reported that the OPEC+ meeting to discuss production levels has been delayed until Thursday after Russia and the United Arab Emirates proposed a 500,000 barrels a day increase.

The group has been expected to maintain the current cap on supply, rather than raising by 2 million barrels a day in January as previously agreed, given the current weak overall demand. 

U.S. crude futures traded 0.2% lower at $45.23 a barrel, while the international benchmark Brent contract fell 0.1% to $47.84. Both benchmarks surged by 27% in November, boosted by hopes for three promising coronavirus vaccines.

Elsewhere, gold futures rose 1.6% to $1,809.60/oz, after dropping almost 6% in November, its worst month in four years, while EUR/USD traded 0.3% higher at 1.1968.

 

Dow Futures Soar 330 Pts; Vaccines Hope Extends Rally
 

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Comments (17)
Samui Lo
Samui Lo Dec 01, 2020 8:32AM ET
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At what point of a RECORD HIGH does a vaccine that brings us back to NORMAL priced in?
New Jazenevd
New Jazenevd Dec 01, 2020 8:22AM ET
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Actually, market is up, because China reported strong numbers overnight. China works, while West talks.
John Klan
John Klan Dec 01, 2020 8:22AM ET
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Shocking these drug companies would announce the vaccines two days after the election. I guess they don't like the guy who was pressuring the to lower drug costs for Americans.
Chris Cummins
Chris Cummins Dec 01, 2020 8:22AM ET
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Always a conspiracy when it doesn't go your way....grow up.
GAURAV SHAH
GAURAV SHAH Dec 01, 2020 8:22AM ET
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sadly true.. this type of conspiracy works in every country's economy ..especially during elections
Vincent Li
Vincent Li Dec 01, 2020 8:18AM ET
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Vaccine hoax.. Would you want to try it.. 90-94 efficacy.. Every 1000, 60 don't make it.. Worse than a flu jab..
king michael
king michael Dec 01, 2020 8:18AM ET
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As the vaccine has only be tested in very few COVID virus types, and the virus has been kept developing new forms, it is very questionable on the effective of the vaccine. Hope the drug companies are not using human as their trial monkeys.
Lee Wah
Lee Wah Dec 01, 2020 8:14AM ET
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All business not moving well, Only half ppl moving, big blue whales are in the market they are bedding on future & option and moving market to the direction they want leads to drain investments of retail investors.
Vincent Li
Vincent Li Dec 01, 2020 8:13AM ET
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Vaccine... 95% effective.. So every 100, 5 can not sit up!
Vincent Li
Vincent Li Dec 01, 2020 8:11AM ET
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Dumb money.. Following media cp.. What a disgrace
Vincent Li
Vincent Li Dec 01, 2020 8:11AM ET
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Vaccine crp... Big whales off loading to retail dumb money.. That follow the media again.. What a disgrace!
selliah Pararajasingam
selliah Pararajasingam Dec 01, 2020 8:05AM ET
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The media has been bribed by the market makers and the institutions to lie to the public and the retail traders to commit the wrong deals and take up the loosing positions. So far the  dip in the financial market was only see in March for the initial news but the real impact implication to the financial market of Covid19 is  yet to be seen!!!! Guys get ready for a nose dive!!!
apc apc
apc apc Dec 01, 2020 8:03AM ET
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vaccines...hmm. no thanks
Phil Wohlrab
Phil Wohlrab Dec 01, 2020 7:50AM ET
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Everybody gets the vaccine and goes back outside . Markets then have nothing to look forward to but more Fed stimulus. The selloff is coming
Matt Kay
Matt Kay Dec 01, 2020 7:46AM ET
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Vaccines shmaccines... Nothing matters except how many billions were printed and handed out to billionaires. https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
justin namon
justin namon Dec 01, 2020 7:44AM ET
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I thought vaccines were priced in three weeks ago? I wont argue it because tendies are tendies, but yea its getting a little redundant. Vaccine Hopes are no longer hopes. Theyre a fact
New Jazenevd
New Jazenevd Dec 01, 2020 7:28AM ET
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Another attempt to rationalize sideways market with talk about vaccines. In the meantime, silver price seems to be the main beneficiary this morning. How is that connected to vaccines? It is just a sideways market moving chaotically. It was down yesterday and up today. Do not over-rationalize it.
perplexed76 .
perplexed76 . Dec 01, 2020 7:25AM ET
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hystoric records while waithin to recover up to 2019 level
Saija Mattila
Saija Mattila Dec 01, 2020 7:25AM ET
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Keep waiting. you Will wait those levels your whole life.
Samui Lo
Samui Lo Dec 01, 2020 7:22AM ET
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At what point of record high is vaccine news already priced in?
selliah Pararajasingam
selliah Pararajasingam Dec 01, 2020 7:22AM ET
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You are right, the media spread rumours to confuse the investors.
 
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