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US equity futures rose sharply in the last hour after Pfizer announced that the coronavirus vaccine it’s been developing with BioNTech was more than 90% effective in preventing infections. 

Commenting on the results, “the efficacy data are really impressive. This is better than most of us anticipated. I would have been delighted with efficacy of 70% or 75%. 90% is very impressive for any vaccine,” said William Schaffner, infectious diseases expert at Vanderbilt University Medical Center. “The study isn’t completed yet, but nonetheless, the data look very solid.”

With the initial market reaction, the S&P 500 futures surged to a fresh record high of 3,648 and was last seen gaining 3.73% at 3,631. Additionally, Dow E-minis were up 2.45% and Nasdaq 100 e-minis were up 2.2%. Finally, Russell 2000 hit the daily limit-up on this headline.

S&P 500 15-min chart