Futures contracts tied to the major U.S. stock indexes rose sharply Monday, rebounding from losses last week, as news from a Moderna trial stoked optimism about a potential COVID-19 vaccine.
Dow Jones Industrial Average futures jumped 717 points, or 3.1%. S&P 500 futures added 2.8%. Nasdaq-100 futures were up 1.9%. Shares of Apple are up $5.29 (+1.72%) to $313.00 in pre-market trading.
CNBC:
Moderna shares rallied more than 26% after the company reported “positive” phase one results for a potential coronavirus vaccine. The company said that after two doses all 45 trial participants had developed coronavirus antibodies.
Comments from the Federal Reserve chief also added to the bullish sentiment.
Federal Reserve Chairman Jerome Powell said to CBS’ “60 Minutes” that “there’s a lot more we can do” to help the economy. “We’ve done what we can as we go. But I will say that we’re not out of ammunition by a long shot. No, there’s really no limit to what we can do with these lending programs that we have.”
The central bank leader also said he’s “highly confident” the U.S. economy will claw its way back from the current pullback, but warned that it may not fully recover until a Covid-19 vaccine is complete.
MacDailyNews Take: 🤞🏻
….and the market rises on words of uncertainty and “maybe’s.”
Powell’s words on 60 min seemed pretty bleak to me, but it goes to show “the market” likes words of (getting) $$. Throw some $$ into the pot and Wall Street starts to drool, no matter what else is happening concurrently…like unemployment and manufacturing going further south, and retail dropping like Never before. The ultimate reality related to, “not out of ammo,” we’re building a debt reality that is forever changing the US and the horse sht will remain for others to deal with.
APPL has been very good to me, nonetheless, but it plays on a field that’s lulu.
I wonder what direction stocks will move once Wall Street realizes that all the customers, that buy products from Fortune 500 companies, are broke.