S&P 500 Futures surge higher after Moderna says vaccine is 94.5% effective

• Moderna's vaccine news triggers a risk rally on Monday.
• S&P 500 Futures are up more than 1%.
• Moderna shares gain nearly 20% ahead of the opening bell.

US stock index futures turned north on Monday after latest news from Moderna revived coronavirus vaccine optimism and caused a positive shift in risk sentiment. As of writing, the S&P 500 Futures were up 1.36% on the day at 3,585, the Dow Jones Industrial Average Futures were gaining more than 1% and Nasdaq futures were little changed.

Moderna reported on Monday that its COVID-19 vaccine candidate showed an effectiveness rate of 94.5% in the interim analysis. Moreover, the company noted that it will be looking to receive authorization for emergency use of the vaccine in the US in the coming weeks. Following this report, Moderna Inc (NASDAQ: MRNA) shares are up more than 18% in pre-market trading. 

S&P 500 chart (daily)