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Stock futures built on early gains Monday after positive news from Pfizer on a COVID-19 vaccine and after Joe Biden was named president-elect over the weekend.

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STOCK FUTURES SURGE

Dow futures were up over 1,500 points, a gain of 5.3%. The S&P 500 also rose by 3.7% in early trade, while the tech-heavy Nasdaq Composite ran up 1%.

The gains will likely drive the U.S. averages closer to reclaiming record levels.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 28323.4 -66.78 -0.24%
SP500 S&P 500 3509.44 -1.01 -0.03%
I:COMP NASDAQ COMPOSITE INDEX 11895.229592 +4.30 +0.04%

COVID-19 UPDATE

Traders are reacting positively to the news that Pfizer and BioNTech’s COVID-19 vaccine proved to be 90% effective in the first 94 patients it was tested on. Shares moved higher in the pre-market.

Ticker Security Last Change Change %
PFE PFIZER INC. 36.40 +0.01 +0.03%
BNTX BIONTECH 92.00 0.00 0.00%

“Today is a great day for science and humanity. The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19,” said Pfizer CEO and Chairman Dr. Albert Bourla, in a statement. “We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen. With today’s news, we are a significant step closer to providing people around the world with a much-needed breakthrough to help bring an end to this global health crisis.”

This is a significant milestone in the fight against a virus that has infected more than 50 million people around the globe, resulting in over 1.2 million deaths.

STOCKS END MIXED AS S&P HAS BEST POST-ELECTION WEEK SINCE 1932

The news comes after Joe Biden and Kamala Harris were named President-elect and Vice President-elect, respectively, after several news outlets, including Fox News, projected the Biden campaign had won the state of Nevada and the commonwealth of Pennsylvania, giving them the requisite 270 electoral votes.

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EARNINGS BARRAGE

On the earnings front, McDonald’s said third-quarter earnings came in better-than-expected, with U.S. same-store sales rising 4.6%, aided by several new initiatives.

Ticker Security Last Change Change %
MCD MCDONALD’S CORP. 216.56 +0.25 +0.12%

Shares were higher in pre-market trading.

Ticker Security Last Change Change %
OXY OCCIDENTAL PETROLEUM CORPORATION 10.01 -0.46 -4.39%
SPG SIMON PROPERTY GROUP INC. 61.86 -1.61 -2.54%
BYND BEYOND MEAT INC. 156.86 -0.18 -0.11%

Over the weekend, Warren Buffett’s Berkshire Hathaway said its third-quarter operating results were negatively impacted by the pandemic, even as the company’s equity portfolio surged.

Ticker Security Last Change Change %
BRKB n.a. n.a. n.a. n.a.

On Monday, traders will see quarterly results from Occidental Petroleum, Simon Property Group and Beyond Meat, among others.

Nearly nine out of 10 S&P 500 companies have reported that third-quarter earnings and revenue beat forecasts.

OTHER MARKETS ALSO HIGHER

In commodities news, West Texas Intermediate crude oil rose pushing back to the $40 per barrel level, while gold continued its march upward, closing at  $1,959 an ounce.

European indices were also higher on Monday, with the STOXX Europe 600 rising 1.3%. Similar gains were seen in the German DAX, French CAC 40 and U.K. FTSE 100.

Last week, stocks had their best post-election week since 1932, as tracked by the Dow Jones Market Data Group, rising 7.23%, which is the second-best on record.

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