Futures tracking the S&P 500 hit a record high on Monday after Pfizer said its experimental vaccine was more than 90% effective in preventing COVID-19 based on initial data from a large study.

Pfizer and German partner BioNTech SE are the first drugmakers to show successful data from a large-scale clinical trial of a coronavirus vaccine. The companies said they have so far found no serious safety concerns and expect to seek U.S. emergency use authorization later this month.

At 06:47 a.m. ET, U.S. S&P 500 E-minis were up 2.44%, hitting an all-time high of 3,586.25 points.

Dow E-minis were up 688 points, or 2.44% and Nasdaq 100 E-minis were up 256.25 points, or 2.12%. – Reuters