Stocks rose Monday after
(AZN) said its Covid-19 vaccine trials were yielding positive results.
Dow Jones Industrial Average
futures were up 179 points, or 06%. Futures on the
were up 0.5%, while
futures rose 0.4%.
AstraZeneca said its vaccine was 90% effective when given as a half dose, and that total results averaged out to a 70% efficacy rate. The stock has fallen 1%, but gave the broader U.S. stock market a boost.
Investors have priced in optimism that billions of doses of vaccines could be distributed by some point in 2021, as
(PFE) and BioNTech (BNTX) have submitted their vaccine for Emergency Use Authorization. Meanwhile, Moderna’s (MRNA) vaccine is 94.5% effective in trials. Counting Monday’s premarket gains, the S&P 500 is up 1.9% since Nov. 6, the last day of trading before all of the vaccine announcements. Value stocks, which are more correlated to changes in the economy than growth, have risen significantly, however. The
Vanguard S&P 500 Value ETF
(VOOV) is up 5.4%, not counting Monday’s premarket move.
The 10-year tTeasury yield climbed to 0.86% Monday, from 0.83%, and it’s up from 0.81% since November 6. The price of crude oil, often a barometer of expectations for economic demand, is up 1.5% to $43 a barrel. It was at $37 a barrel on Nov. 6.
Investors will be eyeing retail earnings reports this week to get a read on the consumers’ willingness to spend.
(REGN) has gained 3.2% after its Covid-19 antibody cocktail was granted an emergency use authorization by the U.S. Food and Drug Administration.
(GPS) rose 6% after JPMorgan upgraded the stock to Overweight from Neutral.
Nordstrom (JWN) rose 2% after Telsey Advisory raised its price target to $24 a share from $17 ahead of its Tuesday earnings report.
(DRI) was rising 2% after Baird upgraded the stock to Outperform from Neutral and raised its price target to $132 from $104.
(FL) fell 0.5% after Piper Sandler downgraded the stock to Underweight from Neutral and lowered its price target to $25 from $29.
Moderna rose 4% after Wells Fargo initiated coverage with an equal-weight rating and a $92 price target.
Write to Jacob Sonenshine at email@example.com