Dow Futures Up 208 Pts on More Positive Vaccine News

U.S. stocks are seen opening higher on Monday’s stock market. Investors are eyeing on more positive news surrounding potential coronavirus vaccines. This is even as Covid-19 cases rise and states mandate new social restrictions.

The Dow futures contract was up 208 points, or 0.7% at 07:05 AM ET (1205 GMT). S&P 500 futures traded 22 points, or 0.6%, higher. Moreover, Nasdaq 100 futures climbed 48 points, or 0.4%. 

The first doses of the Covid-19 vaccine could be handed out to key individuals as early as Dec. 11. This was an announcement from Moncef Slaoui, head of the U.S. government’s vaccine development effort, called Operation Warp Speed. The vaccine was produced by Pfizer and German partner BioNTech.

Trial results were announced earlier Monday by the University of Oxford and AstraZeneca. They showed their coronavirus vaccine has up to 90% efficacy in one type of dosage. It could be easily transported at normal refrigerator temperatures.

This report followed after the United States recorded its 12th million Covid-19 case over the weekend. Millions of Americans are likely to travel for the upcoming Thanksgiving holiday. This also will likely further the spread of the infectious disease.

Some states have responded to the recent surge in Covid-19 cases. They have adopted more restrictions on social gatherings. 

The most populous county in the U.S., LA County in California, has suspended outdoor dining. Moreover, Nevada’s Las Vegas has cut occupancy limits in casinos, restaurants and bars to 25% from 50%.

Stocks in Focus

To be in focus Monday likely include Regeneron stocks, after its experimental  drug to treat Covid-19 patients. It was used by President Donald Trump and was granted emergency authorisation. Moreover, as casino stocks on the Las Vegas news.  

Talks over more fiscal help for Americans also continue. More than 100 economists are signing a letter calling for a new round of stimulus. This tries to raise the pressure on the political elite in Washington.

Furthermore, economic data centers around flash U.S. PMI numbers Monday. Europe’s business activity contracted sharply this month as fresh lockdowns halted many companies’ operations in the bloc’s dominant service industry.

Oil prices pushed higher in Monday’s energy commodities on news that a Covid-19 vaccine roll out before Christmas looks likely. In addition were hopes that a meeting of the top producers next week would see curbs on output extended. 

U.S. crude futures traded 1% higher at $42.86 a barrel. The international benchmark Brent contract rose 1.1% to $45.57, climbing to their highest levels since August. Last week, it gained over 5%.