S&P 500 futures pointing to over 80 points gain on headlines that Gilead Sciences drug Remdesivir shows positive results in treating the coronavirus. Gilead’s Remdesivir is one of the first medicines proposed as having the potential to fight SARS-CoV-2, the novel virus that causes the COVID-19, in laboratory tests. Investors sentiment also boosted by President’s Trump plans to reopen the U.S. economy gradually.
On the other hand, the dismal economic data continues to come from around the world. China’s GDP contracted by 6.8% in the first quarter after growing 6% in the fourth quarter. Retail spending fell by 15.8%; the production slipped by 1.1% above the expectations of -7.7% while investment dropped 16.1% above the forecasts of -18%.
Investors await the initial jobless claims with expectations for another 5 million people applied for unemployment benefits the previous week.
Dow Jones futures are 3.22% higher at 24,160. Nasdaq 100 futures are 2.02% higher at 8,911, while the S&P 500 futures are 3.01% higher at 2,870.
WTI crude oil price is over 20% higher at $25.62 while the Brent crude oil is 0.21% higher at $28.31 per barrel. Gold price, on the other hand, is under pressure amid risk-on sentiment; gold price is 1.29% lower at $1,694. Silver price is 1.79% lower at $15.19.