Stock futures opened higher Tuesday evening after newly published data from Moderna (MRNA) fueled hopes that a vaccine providing protection against Covid-19 would be developed in the relative near-term.
Moderna’s vaccine produced neutralizing antibodies in all 45 patients included in an early-stage human safety trial, according to data published after market close by the peer-reviewed New England Journal of Medicine.
The data built on earlier promising, but incomplete, results Moderna had reported in May. A late-stage trial of the vaccine candidate is set to begin July 27, with Moderna representing one of the companies farthest along in creating a potential inoculation against the coronavirus.
The development, manufacturing and distribution of a vaccine against the coronavirus has been viewed by many as the critical component to bringing daily life back meaningfully to a semblance of normalcy. The US government has offered billions in funds among a number of drugmakers including Moderna, with the hope of delivering 300 million doses of a safe and effective vaccine against Covid-19 by January 2021.
Shares of Moderna surged as much as 19.5% as of 5:32 p.m. ET Tuesday, adding to a year to date advance of more than 280% through market close. Contracts on the Dow rose TK points, or TK%, with the 30-stock index on track for a fourth straight session of gains. The Dow closed at a more than one-month high on Tuesday.
Elsewhere, US-China tensions ratcheted up further Tuesday evening, with President Donald Trump saying during a press conference that he signed into law legislation that would impose sanctions on China as a punitive measure against Beijing’s infringement on Hong Kong’s autonomy.
Trump also signed an executive order formally ending the preferential treatment and special trade status Hong Kong had previously maintained with the US, due to the new national security laws from mainland China.
Tuesday morning, investors are poised to receive the next batch of bank earnings, which will include Goldman Sachs (GS), US Bancorp (USB) and PNC Financial Services Group (PNC). Dow component UnitedHealth Group (UNH) is also set to report results before the opening bell.
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6:00 p.m. ET Tuesday: Stock futures open higher, Moderna shares surge in late trading after promising trial data
Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:00 p.m. ET:
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S&P 500 futures (ES=F): 3,210.00, up 26.5 points or 0.83%
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Dow futures (YM=F): 26,744.00, up 253 points, or 0.96%
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Nasdaq futures (NQ=F): 10,733.75, up 87.5 points, or 0.82%
NEW YORK, NEW YORK – MARCH 20: Traders, some in medical masks, work on the floor of the New York Stock Exchange (NYSE) on March 20, 2020 in New York City. Trading on the floor will temporarily become fully electronic starting on Monday to protect employees from spreading the coronavirus. The Dow fell over 500 points on Friday as investors continue to show concerns over COVID-19. (Photo by Spencer Platt/Getty Images)
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