(RTTNews) - Stocks are poised to skyrocket in early trading on Monday, adding to the substantial rally seen last week. The Dow futures are currently spiking by 1,660 points, suggesting the blue chip index is on pace to jump to a new record high.
Early buying interest is likely to be generated in reaction to upbeat results from a phase 3 study of the coronavirus vaccine being developed by Pfizer (PFE) and BioNTech (BNTX).
Pfizer and BioNTech said an interim analysis of the results found the vaccine candidate to be more than 90 percent effective in preventing COVID-19 in participants without evidence of prior infection.
"Today is a great day for science and humanity," said Pfizer Chairman and CEO Dr. Albert Bourla. "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."
The companies said they plan to submit the vaccine for regulatory approval in the U.S. and Europe soon after the required safety milestone is achieved, which is currently expected to occur in the third week of November.
Stock futures soared following the news but had already been pointing to a higher open for the markets following Democratic candidate Joe Biden's projected victory in the presidential election.
Several major news organizations called the race for Biden after projecting the former Vice President will win Pennsylvania and its 20 electoral votes.
The apparent victory for Biden potentially sets up a divided government, with control of the Senate likely to be decided by two run-off elections in Georgia.
However, President Donald Trump has refused to concede the race, alleging widespread voter fraud and launching legal challenges in several key states.
After coming under pressure in early trading on Friday, stocks recovered over the course of the session before closing little changed. The roughly flat close on the day came on the reels of the rally seen over the past few sessions.
The major averages finished the day on opposite sides of the unchanged line. While the Nasdaq inched up 4.30 points or less than a tenth of a percent to 11,895.23, the Dow dipped 66.78 points or 0.2 percent to 28,323.40 and the S&P 500 edged down 1.01 points or less than a tenth of a percent to 3,509.44.
Despite the mixed closed on the day, the major averages all moved sharply higher for the week. The Dow jumped by 6.9 percent, the Nasdaq soared by 9 percent and the S&P 500 spiked by 7.1 percent.
In overseas trading, stock markets across the Asia-Pacific region moved significantly higher during trading on Monday. Japan's Nikkei 225 Index surged up by 2.1 percent, while China's Shanghai Composite Index jumped by 1.9 percent.
The major European markets have also skyrocketed on the day. While the French CAC 40 Index has soared by 7.2 percent, the German DAX Index and the U.K.'s FTSE 100 Index are up by 5.6 percent and 5.5 percent, respectively. In commodities trading, crude oil futures are spiking $4.07 to $41.21 a barrel after tumbling $1.65 to $37.14 a barrel last Friday. Meanwhile, after rising $4.90 to $1,951.70 an ounce in the previous session, gold futures are plunging $58.70 to $1,893 an ounce.
On the currency front, the U.S. dollar is trading at 104.92 yen versus the 103.35 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.1887 compared to last Friday's $1.1874.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.