Moderna's COVID-19 vaccine reported positive phase one trials
Dow Jones Industrial Average (DJI) futures are up over 650 points at last check, surging after news that Moderna Inc (MRNA) reported positive phase one trial results for its potential COVID-19 vaccine. Futures on the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also set to open confidently above fair value, after Federal Reserve Chairman Jerome Powell pumped up bullish sentiment by telling CBS' "60 Minutes: "there's a lot that can be done to help the economy. "We've done what we can as we go, but I will say that we're not out of ammunition by a long shot."
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Stocks in Asia saw modest gains today as oil prices rose and investors eyed comments from U.S. Federal Reserve Chairman Jerome Powell on the economy's coronavirus outlook. The Nikkei in Japan finished up 0.5%, alongside data that the Japanese economy was reduced at an annualized rate of 3.4% between January and March - less than the 4.6% decline anticipated by economists. Meanwhile, Hong Kong's Hang Seng closed up 0.6%, China's Shanghai Composite rose 0.2%, and the Kospi in South Korea landed a 0.5% win.
In Europe, markets are trending up as countries continue to ease lockdowns. The French CAC 40 is up 2.9%, London's FTSE 100 is rising 2.6%, and doing the best so far is the German DAX, up 3.4% amid a report by the European Union that Germany accounts for more than half of the COVID-19 state aid approved by EU regulators -- spending far more than other countries to help its nation with the impact of the pandemic.