Investors keep an eye on vaccine news so U.S. Stock futures are booming

The U.S. stock index futures hit a high on Friday morning amid low trading activity due to the Thanksgiving holiday.

Dow Jones Industrial Average futures surged more than 500 points. Futures on the S&P 500 and Nasdaq also indicated a lower opening.

U.S. equity markets are scheduled to close at 1 p.m. ET following the holiday.

More broadly, global stocks have pulled back from their rally earlier this week. The Dow Jones Industrial Average fell on Wednesday after falling below the 1,000-point mark.

The rally came after the Trump administration began the transition process for President-elect Joe Biden and news began about the appointment of the next president.

In Europe, AstraZeneca and Oxford University shuffled with questions about AstraZeneca on Friday over testing their coronavirus vaccine. The head of the White House Vaccine Task Force expressed skepticism about trial data and drug efficacy rates earlier in the week.