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 (Bloomberg) -- Futures on U.S. stock indexes jumped after data published on a potential Covid-19 vaccine showed an encouraging response in a safety trial.September contracts on the S&P 500 rose 1% as of 9:10 a.m. in Tokyo, while futures on the Nasdaq 100 climbed 0.7%. Results published Tuesday in the New England Journal of Medicine said Moderna Inc.'s drug produced antibodies to the coronavirus in all patients tested in an initial safety trial."I think it's very positive," said Peter Mallouk, president and chief executive officer of wealth management firm Creative Planning. "What we have is reaffirming what the market thought about its general optimism about a timeline of an improvement."In the Moderna study, the neutralizing antibody levels produced were equivalent to the upper half of what's seen in patients who get infected with the virus and recover, according to the results published Tuesday. The Moderna vaccine is one of the farthest along for Covid-19.The after-hours surge came after a volatile two days of trading. After briefly reaching the highest levels since the Covid-19 swoon in March, the S&P 500 reversed to end Monday down 1%. Then Tuesday, after a series of swings, the benchmark finished the day up 1.3%.The Nasdaq 100 closed Tuesday's cash trading session up 0.8% to mark the first time since March that the tech-heavy gauge posted back-to-back reversals of at least 2% in opposite directions. Before this week, clusters of big contrasting reversals all occurred during bear markets.T
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Moderna stock surges 17% on coronavirus vaccine trial news MarketWatchModerna coronavirus vaccine shows 'promising' safety and immune response results in published Phase 1 study, but more research is needed CNNPolitics endanger COVID-19 vaccine The Boston GlobeCovid Shot Derived From Tobacco-Like Plant Tested in Humans Bloomberg
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 St. Louis Fed President James Bullard on Tuesday said the stock market's optimism has been validated by the economic data.
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 U.S. stocks finished sharply higher Tuesday, and the Dow industrials notched a third straight gain, powered by a rally in energy and materials shares, a day after technology stocks staged a stunning reversal. Comments made by Federal Reserve members implying further support for the economy and pointing to the possibility of a decline in the unemployment rate also helped lift the market, a day after the Nasdaq staged a powerful reversal. The Dow Jones Industrial Average closed up about 557 points, or 2.1%, at 26,643, the S&P 500 index closed out the session up 1.3% at 3,198, while the Nasdaq Composite Index concluded the day up 0.9% to around 10,489. Equities added to gains in Tuesday afternoon action after Fed Gov. Lael Brainard said the U.S. central bank should use large-scale asset purchases for a "sustained" period to help the economy rebound amid a "thick fog of uncertainty" brought on by COVID-19. Later Tuesday, St. Louis Fed president James Bullard struck an upbeat tone on the outlook, saying that the unemployment rate could drop sharply in the next six months, if "we play our cards right" and many workers subject to temporary layoffs are recalled. On Monday, the Nasdaq led the market action, trading at an intraday record in the early going before turning south hard in afternoon activity to finish the day down 226.60 points, or 2.1%, at 10,390.84.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Shares of Bed Bath & Beyond Inc. rose 1.1% in premarket trading Tuesday, after the home accessories retailer said June same-store sales were "positive" for reopened stores and digital channels. The company said cash flow during June were also positive. Nearly all stores have reopened, following closures because of the COVID-19 pandemic. Separately, the company said it believes there is between $350 million to $450 million it could get from asset sales and the plan to reduce up to $1 billion of inventory at retail is slightly more than halfway complete. The stock has run up 43.9% over the past three months through Monday, while the SPDR S&P Retail ETF has advanced 25.3% and the S&P 500 has gained 10.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Stocks rose on Tuesday as investors added exposure to some of the more cyclical names in the market while Big Tech underperformed.
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The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed above 13 million on Tuesday, according to data aggregated by Johns Hopkins University, with the U.S. leading the way by far with 3.36 million cases. The number of deaths grew to 573,288, while the number of people who have recovered reached 7.27 million. The U.S. death toll is 135,615 and is rising again after it had started to flatten in mid-to-late April. There are now 41 U.S. states and regions showing increasing cases over a 14-day period, according to a New York Times tracker. California Gov. Gavin Newsom ordered bars, indoor restaurants, gyms, hair salons and other outlets to close down again after a 28% rise in hospitalizations in the last two weeks. Brazil is second to the U.S. with 1.88 million cases and 72,833 deaths. India is third measured by cases at 906,752, followed by Russia with 738,787 and Peru with 330,123. The U.K. has 44,915 fatalities, the highest in Europe and third highest in the world. China, where the illness was first reported late last year, has 85,117 cases and 4,641 fatalities.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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