Stock market live updates: Dow up 700, Moderna positive vaccine data, Powell says ‘no limit’

The bronze statue “Fearless Girl” on Wall Street wears a respirator mask.

Benno Schwinghammer | Picture Alliance | Getty Images

This is a live blog. Check back for updates.

8:00 am: BMO goes all in on Nvidia

Wall Street firm BMO Capital Markets upgraded shares of Nvidia to outperform from market perform on Monday morning, sending shares of the chip stock up nearly 3% in premarket trading. BMO also hiked its price target to $425 per share from $285 per share, implying a 20% rally from Friday’s closing price of $339.63 per share. “We have stayed on the sidelines long enough on the NVDA shares,” BMO analyst Ambrish Srivastava said in a note to clients title “entering beat mode.” “While there is no one single event we can point to which has led us to change our thinking, the continued execution on the data center side, along with the latest product rollout, has helped. We believe NVIDIA is uniquely positioned to continue to benefit from a massive shift in the compute landscape,” added Srivastava. – Fitzgerald

7:56 am: Futures gain steam on Moderna vaccine optimism 

Futures accelerated gains, implying a steep rally at the open on Monday following positive news about a Moderna covid-19 vaccine. Dow futures popped 550 points. The S&P 500 futures pointed to gains of 65 points and the Nasdaq futures were up 166 points. —Fitzgerald 

7:45 am: Moderna pops on positive covid-19 vaccine trials

Shares of Moderna rose nearly 20% in premarket trading on Monday after the drug maker reported “positive data” for its coronavirus vaccine. The early-stage human trial showed the vaccine produced Covid-19 antibodies in all 45 participants, the biotech company announced Monday. At day 43, about two weeks after the second dose was given to participants, levels of antibodies were at the levels generally seen in blood samples from people who recovered from the disease, the company said. “These interim Phase 1 data, while early, demonstrate that vaccination with mRNA-1273 elicits an immune response of the magnitude caused by natural infection starting with a dose as low as 25 µg,” Tal Zaks, the chief medical officer at Moderna, said in a statement. Shares of Moderna are up more than 240% this year.  –Fitzgerald

7:36 am: Reopening stocks rise 

Stocks poised to benefit from a reopening of the economies stifled by the coronavirus pandemic rose in premarket trading on Monday. Cruise lines, airlines and retailers are some of the industries jumping, as hopes of reopening kindles cautious risk appetite about the beaten down stocks. Delta Air Lines rose 4.3% in extended trading before the bell on Monday. United Airlines and Southwest Airlines both rose more than 5%. American Airlines gained 3.5%. Cruise lines Carnival and Norwegian Cruise Line rose 5.3% and 4.3%, respectively. Retails also got a lift on Monday with Kohl’s and Nordstrom jumping more than 3%. TJX Companies rose 2.5%. —Fitzgerald

7:27 am: Powell says ‘there’s a lot more’ the Fed can do to help

Even after the Federal Reserve has unloaded an unprecedented level of help for markets and the economy, Chairman Jerome Powell said there are still more weapons available. “Well, there’s a lot more we can do,” Powell said during a “60 Minutes” interview aired Sunday evening on CBS. “But I will say that we’re not out of ammunition by a long shot. No, there’s really no limit to what we can do with these lending programs that we have. So there’s a lot more we can do to support the economy, and we’re committed to doing everything we can as long as we need to.” Powell also said he sees GDP potentially falling by more than 30% but he does not foresee another Depression. – Cox 

7:17 am: Dow futures surge as Wall Street tries to recover from last week’s decline

U.S. stock futures traded sharply higher on Monday morning as investors aimed to claw back some of last week’s losses amid optimism around the economy reopening. Dow futures traded 400 points higher, or 1.7%. S&P 500 and Nasdaq 100 futures gained 1.6% and 1.4%, respectively. The S&P 500 fell  2.2% last week, notching its worst week since March. The Dow industrials finished the week down 2.65%, its worst week since April 3. —Imbert

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