2 min read.Updated: 16 Nov 2020, 05:54 PM ISTAgencies
At 7:15 am ET, Dow e-minis were up 514 points, or 1.74%, and S&P 500 e-minis were up 41.25 points, or 1.15%
A vaccine can't come fast enough, as virus cases topped 11 million in the US over the weekend — 1 million of them recorded in just the past week
Futures tracking the S&P 500 and the Dow rose on Monday after Moderna Inc said its experimental vaccine was 94.5% effective in preventing COVID-19, a week after Pfizer Inc reported positive results from its own late-stage trial.
At 7:15 am ET, Dow e-minis were up 514 points, or 1.74%, and S&P 500 e-minis were up 41.25 points, or 1.15%. Nasdaq 100 e-minis erased early gains to trade down 2.5 points, or -0.02%.
Moderna said its vaccine appears to be 94.5% effective, according to preliminary data from the company's still ongoing study. A week ago, competitor Pfizer Inc. announced its own COVID-19 vaccine appeared similarly effective — news that puts both companies on track to seek permission within weeks for emergency use in the US.
Dr Stephen Hoge, Moderna's president, welcomed the “really important milestone" but said having similar results from two different companies is what's most reassuring.
“That should give us all hope that actually a vaccine is going to be able to stop this pandemic and hopefully get us back to our lives," Hoge told The Associated Press.
“It won't be Moderna alone that solves this problem. It's going to require many vaccines to meet the global demand," he added.
A vaccine can't come fast enough, as virus cases topped 11 million in the U.S. over the weekend — 1 million of them recorded in just the past week. The pandemic has killed more than 1.3 million people worldwide, more than 245,000 of them in the US.
Still, if the Food and Drug Administration allows emergency use of Moderna's or Pfizer's candidates, there will be limited, rationed supplies before the end of the year. Both require people to get two shots, several weeks apart. Moderna expects to have about 20 million doses, earmarked for the U.S., by the end of 2020.
Pfizer and its German partner BioNTech expect to have about 50 million doses globally by year's end.
Moderna's vaccine, created with the National Institutes of Health, is being studied in 30,000 volunteers who received either the real vaccination or a dummy shot. On Sunday, an independent monitoring board broke the code to examine 95 infections that were recorded starting two weeks after volunteers' second dose — and discovered all but five illnesses occurred in participants who got the placebo.
The study is continuing, and Moderna acknowledged the protection rate might change as more COVID-19 infections are detected and added to the calculations. Also, it's too soon to know how long protection lasts. Both cautions apply to Pfizer's vaccine as well.
But Moderna's independent monitors reported some additional, promising tidbits: All 11 severe COVID-19 cases were among placebo recipients, and there were no significant safety concerns. The main side effects were fatigue, muscle aches and injection-site pain after the vaccine's second dose, at rates that Hoge characterized as more common than with flu shots but on par with others such as shingles vaccine.
The Cambridge, Massachusetts, company's vaccine is among 11 candidates in late-stage testing around the world, four of them in huge studies in the US.
Both Moderna's shots and the Pfizer-BioNTech candidate are so-called mRNA vaccines, a brand-new technology. They aren't made with the coronavirus itself, meaning there's no chance anyone could catch it from the shots.
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