December futures on the S&P/TSX index were up 1.4% at 7:52 a.m. ET.
Drugmaker Pfizer Inc and BioNTech SE said their COVID-19 vaccine could be rolled out in Europe this month after they applied for EU emergency approval for the shot.
Separately, European Medicines Agency said it has received application for conditional marketing authorization for Moderna Inc's experimental COVID-19 vaccine, adding that if data is enough it would complete the assessment by Jan. 12.
Canada's Q3 GDP data is due at 8:30 am ET and Markit manufacturing PMI data for November is scheduled to release at 9:30 a.m. ET.
The Toronto Stock Exchange's S&P/TSX composite index ended 0.89% higher at 17,242.27 on Monday.
Dow e-minis were up 312 points, or 1.05%, at 7:52 a.m. ET, while S&P 500 e-minis were up 35.5 points, or 0.98%, and Nasdaq 100 e-minis were up 107.75 points, or 0.88%.
(Reporting by Devik Jain in Bengaluru; Editing by Aditya Soni)