Stocks are surging higher Monday morning in a case of déjà vu to last Monday.
What Happened: Phase 3 results for Moderna Inc’s MRNA COVID-19 vaccine were reported with the results showing a 94% efficacy rate.
The mRNA-1273 vaccine from Moderna requires refrigeration of 36 to 46 degrees Fahrenheit for 30 days, which could make this vaccine candidate offset some fears of the lower temps needed for the vaccine candidate from Pfizer Inc PFE and BioNTech SE BNTX.
Why It’s Important: The optimism of two vaccine candidates now showing strong Phase 3 results and nearing a potential finish line is sending markets higher.
Dow Jones Futures are up over 500 points, or about 2%, to 29,989. The SPDR S&P 500 Trust ETF SPY is up 1% to $361.76.
Last Monday saw the S&P 500 trade 3% higher on the vaccine news from Pfizer and BioNTech.
What’s On The Move: Shares of Moderna are up 13% to $101.38 in pre-market trading. Shares of Pfizer and BioNTech are down 2% and 6%, respectively.
The vaccine news is sending stocks in the cruise line, airline and entertainment sectors higher.
The US Global Jets ETF JETS, which tracks the airlines, is up 6% to $21.37.
The Invesco Dynamic Leisure and Entertainment ETF PEJ is up 4% to $36.50.
Stocks tied to the "work-from-home" sector are falling, with Zoom Video Communications ZM down 5% to $382.48.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.