Premarket: S&P 500 Futures Surge As Coronavirus Treatment Shows Positive Results

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.

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European Stocks Rally On Coronavirus Treatment Hopes

European markets are trading sharply higher by midday; the DAX Index is 3.93% higher at 10,706. The CAC 40 is 4.20% higher at 4,532. FTSE 100 is 3.45% higher at 5,823, while the FTSE Mib index is 3.01% higher at 17,272. 

Cryptocurrencies Retreat After Yesterday’s Rally

Cryptocurrencies trading lower after yesterday’s rally; Bitcoin price finds resistance at 50-Day EMA; Eyes $7,400, as of writing BTCUSD is 0.16% lower at 7097. Ripple price is 0.82% lower at 0.1890. Ethereum is 1.24% lower at 170.20, while Litecoin is 0.82% lower at 42.23. 

Crude Oil Price Breaks Above $25

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. 

 

In the forex markets, Pound To Rand exchange rate points to 23.6588 as SA outlook fade. The USDJPY is 0.24% lower at 107.65. AUDUSD is 0.39% higher at 0.6352. EURGBP consolidates as EMU CPI meets forecasts. NZDUSD is 0.86% higher at 0.6013. GBPUSD targets 1.2275 as bulls find resistance at 100-Day EMA

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