Dow Jones Futures: Moderna Coronavirus Vaccine News Fuels Stock Market Rally; OPEC+ Meeting In Focus

The Dow Jones futures are trading higher as traders are optimistic about the Moderna vaccine trial data. It seems like that the nightmare the global economy is living may have a solution. We have seen several events of similar optimism that led to stock market rallies this year. But the fact is that any news that confirms a possible defense against Covid-19 is positive for the coronavirus stock market.

 

President Trump signed an order yesterday that ends Hong Kong's special status. The US-China relation is still something that investors need to keep an eye on.

 

The global stock market recorded a positive day. The Japanese Nikkei index recorded most of the gains; it advanced 1.59%. The Shanghai index declined by 0.59% while the HSO index closed mostly flat.

 

Moderna has been at the forefront of developing a coronavirus vaccine. Yesterday it came out with more positive news. A Covid-19 vaccine that was tested on 45 healthy adults confirmed a boost in their immune system. This trial study of the coronavirus vaccine by Moderna now paves the path for a bigger trial of this vaccine on nearly 30,000 healthy individuals.

 

The final study trial is set to begin on July 27. The US chief scientist Dr. Anthony Fauci is enormously optimistic about the Moderna coronavirus vaccine news, and he has said, "No matter how you slice this, this is good news".

 

The Dow Jones industrial average and S&P 500 futures are also going to pay close attention to the OPEC+ online meeting. The cartel will discuss the most critical issue regarding the oil supply. OPEC+ reduced oil production during the pandemic's peak to address the weak oil demand due to coronavirus.

 

Today, the meeting is to discuss this issue, and the question for them is if they should keep the supply cut at its current level or begin the process of reducing those supply cuts. Later today, we also have the US crude inventory data, and that is likely to bring higher volatility for WTI and Brent oil prices.