Premarket: S&P 500 Futures Turn Positive Despite Rising New Coronavirus Cases

S&P 500 futures trading higher before the opening reversing earlier losses despite the rising number of new coronavirus cases in the USA. There are now over 500,000 coronavirus deaths worldwide. While in the USA there are 2.5 million cases and 125,000 deaths. Southern U.S. states are experiencing a record number of coronavirus cases in the last week, and cancelling the reopening process.

In the corporate front, Gilead Sciences set pricing for the remdesivir Covid-19 treatment, with governments paying $390 per dose while the privately insured patients will pay $520 per dose. Boeing is trading sharply higher in premarket as the company set for re-certification flights of the 737 Max, which has been grounded by for more than a year following two fatal crashes.

Asian markets finished lower, but in Japan the Retail sales increase by 2.1% in May t the yearly reading declined to 12.3% from a revised 13.9% drop.

The S&P 500 futures are 0.40% higher at 3,018. The Dow Jones futures are 0.66% higher at 25,114, while the Nasdaq futures are 0.09% lower at 9,856.

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European Markets Turn Positive

European markets after a slow start managed to turn green as the sentiment improved after the positive news from Gilead Sciences coronavirus treatment. The Dax index is 0.58% higher at 12,160 after the Germany Consumer Price Index came in at 0.6% topping the expectations of 0.3% in June. The Japan Harmonized Index of Consumer Prices came in at 0.7%, also above the expectations of 0.4%. The CAC 40 index is 0.44% higher at 4,931, while In London the FTSE 100 is 0.69% higher at 6,201. 

Crude Oil Price Also Turns Higher   

Crude oil trade also managed to reverse morning losses. WTI crude oil futures trade 1.65% higher at 38.78, while the Brent crude oil is 1.27% higher at $41.18.  

In Forex, EURUSD is outperforming today and as of writing is 0.58% higher at 1.1281.   

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