Stocks surge to start holiday-shortened week

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Stock futures started off the Thanksgiving-shortened week sharply higher after another drugmaker announced positive results for its coronavirus vaccine.

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Dow Jones Industrial Average futures rose 200 points, a gain of 0.7%. The S&P 500 and tech-heavy Nasdaq Composite were up 0.6% and 0.4%, respectively.

European indexes were also rising sharply, with the STOXX Europe 600 rising 0.3% and Germany's DAX climbing 0.8%. The other major indexes, France's CAC-40 and the U.K.'s FTSE 100, were up similar amounts.

DOW DROPS 219 POINTS AS STOCKS END WEEK LITTLE CHANGED

COVID-19 PROGRESS

Ticker Security Last Change Change %
AZN ASTRAZENECA PLC 55.30 +1.27 +2.35%
PFEBNTX n.a. n.a. n.a. n.a.
MRNA MODERNA INC. 97.61 +4.84 +5.22%

U.K. drugmaker AstraZeneca announced that the vaccine it is developing with Oxford University can be up to 90% effective in late-stage trials.

The efficacy rate can range between 62% and 90%, depending upon the dosage. This is the third vaccine, behind that from Pfizer and its partner, BioNTech, and Moderna, to show strong efficacy results in Phase 3 trials.

Shares of AstraZeneca were slightly lower on Monday despite the good news, down 0.9%.

The comes news after Johns Hopkins University announced on Saturday that the U.S. surpassed 12 million coronavirus cases, the most impacted country in the world.

ECONOMIC REPORTS

The economic calendar is light on Monday, with a pair of reports showing the latest data for November.

At 9:45 a.m., Markit will release the Manufacturing PMI and Services PMI reports.

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West Texas Intermediate crude oil fell 8 cents to $41.74 per barrel. In other commodities, gold rose slightly to $1,862.10 an ounce.

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