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More good vaccine news sends Moderna (MRNA), Dow Jones higher
The Dow Jones was set to close at record levels on Monday after more promising vaccine news as biotech company Moderna (MRNA) announced that its COVID-19 drug candidate hit a 94.5% rate of effectiveness in trials.
Moderna is now planning to apply for emergency use authorisation in the US for the vaccine, which can be stored and remain stable for around six months at ‘home freezer’ levels.
The latest news comes just days after Pfizer (PFE) said that its own vaccine had a 90% efficacy rate following Phase III trials.
Stock markets rallied after this revelation, and there were more gains on Monday as the Dow Jones soared 438 points to 29,918, which is above the record closing high set back in February.
Moderna shares shot upward (+8.43%) after the Nasdaq opened and were trading at $96.84 at around midday (ET).
Pfizer went in the opposite direction, retreating around 4% to $37.17.
David Trainer, CEO of investment research firm New Constructs, said that the latest vaccine developments are “more evidence that an end to the pandemic is on the horizon”.
Following a similar pattern to last week, stay-at-home stocks such as Zoom (ZM), Peloton (PTON) and Slack (WORK) all tumbled during trading.
However, most of those companies have still made huge gains for the year-to-date, with ZM and PTON both still up +100%.
One of the biggest movers on Monday was HD Supply Holdings (HDS).
The industrial distributor skyrocketed 24.5% on news of an $8bn takeover by Home Depot (HD), which has agreed a $56-per-share deal to acquire the company.
Home Depot, Target (TGT) and Walmart (WMT) are among the notable retailers expected to report earnings before the end of the week.
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