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.
See Also: Irrational Exuberance? Stocks Surge On Pfizer's COVID-19 Vaccine News
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.
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