Pfizer and BioNTech said early analysis of results from late-stage data showed more than 90 per cent fewer cases of symptomatic COVID-19 in people who received injections of the vaccine than those who were given a placebo. (Stat)

Talking point: Researchers have told the world to expect a vaccine that will be only 60 or 70 per cent effective. This vaccine’s Phase 3 trial continues, so the 90 per cent rate may not hold. Additionally, there is some key information missing, including whether the vaccine prevents severe cases, or asymptomatic people from carrying the virus that causes COVID-19. The vaccine—which must be stored at very cold temperatures, possibly causing delivery issues—could have up to 50 million doses available by the end of 2020, and 1.3 billion next year. Canada has an agreement to buy 20 million doses; Prime Minister Justin Trudeau said the news means the country can see “the light at the end of the tunnel.” The market focused on encouraging aspects of the news. S&P 500 futures soared Monday morning, and the index beat its intraday high later. Some stocks, however, fell on the news, including those of Zoom, Peloton, Shopify and Netflix, as investors cashed out of companies that made gains during the pandemic.