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.
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.
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