Stock futures opened higher on Tuesday night after Moderna’s recently released MRNA data fueled hopes that a vaccine to provide protection against Covid-19 would be developed in a relatively short time frame.
Moderna’s vaccine produced neutralizing antibodies in the 45 patients included in an early-stage human safety trial, according to data published after the market close by the New England Journal of Medicine.
The data was based on promising, but incomplete, previous results that Moderna had reported in May. A late-stage test of the vaccine candidate will begin on July 27, with Moderna representing one of the most advanced companies in creating a potential inoculation against the coronavirus.
The development, manufacture, and distribution of a coronavirus vaccine has been viewed by many as the critical component in bringing everyday life back to an appearance of normality. The U.S. government has offered billions in funding between various drug manufacturers, including Moderna, in hopes of delivering 300 million doses of a safe and effective Covid-19 vaccine by January 2021.
Moderna’s shares rose as much as 19.5% as of 5:32 p.m. ET on Tuesday, adding to an advance to date of more than 280% through the market close. Contracts on the Dow rose TK points, or TK%, with the 30-share index on the way for a fourth straight session of gains. The Dow closed at a high of more than a month on Tuesday.
Elsewhere, tensions between the US and China increased further on Tuesday night, and President Donald Trump said during a press conference that he enacted laws that would impose sanctions on China as a punitive measure against Beijing’s infringement of the autonomy of Hong Kong.
Trump also signed an executive order formally ending the preferential treatment and special trade status that Hong Kong had previously maintained with the U.S., due to mainland China’s new national security laws.
On Tuesday morning, investors are set to receive the next batch of bank earnings, which will include Goldman Sachs (GS), US Bancorp (USB), and PNC Financial Services Group (PNC). The Dow UnitedHealth Group (UNH) component is also configured to report results before the opening bell.
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6:00 pm ET Tuesday: Stock futures open higher, Moderna stocks rise in late trading after promising test data
These were the main moves at the start of the night session for US stock futures, starting at 6:00 p.m. ET:
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S&P 500 futures (ES = F): 3,210.00, up to 26.5 points or 0.83%
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Dow futures (YM = F): 26,744.00, up to 253 points, or 0.96%
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Nasdaq futures (NQ = F): 10,733.75, 87.5 points more, or 0.82%
NEW YORK, NEW YORK – MARCH 20: Traders, some wearing medical masks, work on the floor of the New York Stock Exchange (NYSE) on March 20, 2020 in New York City. Trading in the flat will temporarily go fully electronic beginning Monday to protect employees from the spread of the coronavirus. The Dow fell more than 500 points on Friday as investors continue to show concern over COVID-19. (Photo by Spencer Platt / Getty Images)
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