U.S. stock market futures were higher Monday after AstraZeneca and the University of Oxford said their coronavirus vaccine was up to 90% effective, becoming the third inoculation this month that was revealed to be effective in trial data.
Futures for the Dow Jones Industrials leaped 193 points, or 0.7%, to 29,405.
Futures for the S&P 500 added 21.5 points, or 0.6%, at 3,575.75.
Futures for the NASDAQ Composite picked up 45.25 points, or 0.4%, to 11,951.50.
AstraZeneca said interim analysis showed its vaccine has an average efficacy of 70% with one dosing regimen showing effectiveness of 90%, while the other demonstrating 62% efficacy. This follows late-stage trial data from Pfizer-BioNTech and Moderna showing that their respective Covid-19 vaccines were around 95% effective.
Shares of cruise lines and airlines jumped in premarket trading on hope distributing these vaccines would reopen the economy and boost travel early next year. Shares of Carnival Corp. added 4% while United Airlines rose 2.6% in premarket trading Monday.
The positive vaccine data this month has jolted stocks higher to record highs, despite concern about rising cases. Despite stalling out a bit last week, the Dow is up 10% in November. The S&P 500 is up 8%.
The move lower came as Covid-19 cases continue to rise, with the U.S. reporting a record-high spike of more than 195,500 new cases on Friday. Public health officials have warned that Thanksgiving celebrations on Thursday could further exacerbate the outbreak.
Friday’s jump brings the seven-day average of new cases to over 167,600, an increase of nearly 20% compared with a week ago, according to an analysis of data compiled by Johns Hopkins University. The seven-day average of new cases is up by at least 5% week over week in 43 states and the District of Columbia, Hopkins data shows.
Overseas, in Hong Kong, the Hang Seng index nosed ahead 0.1%, while in Japan, markets were shuttered for holiday.
Oil prices added 61 cents to $43.03 U.S. a barrel.
Gold prices slipped $5.90 to $1,866.50 U.S.
