S&P 500 Futures jump above 3.0% as Gilead’s Remdisivir, US Pres. Trump propel risk-tone

S&P 500 Futures up 3.3% to 2,880, Dow Jones 30 Futures rise 3.56% to 24,245.
Clinical trials on the Gilead’s Remdesivir show promising results, US President Trump announces guidelines to re-open the economy.
China’s GDP, virus updates will be the key.

Anil Panchal FXStreet

Global traders cheer the update on the coronavirus (COVID-19) cure, as well as US President Donald Trump’s upbeat comments, during the early Friday. The risk-on sentiment could be best portrayed by more than 3.0% surge in the futures linked to the US equities.

The S&P 500 Futures rise 3.3% to 2,880 whereas Down Jones 30 Futures add more than 800 points, or 3.50%, to probe 24,245 by the press time.

Just after the US markets close for Thursday, the CNBC rolled out the news that clinical trials on the Gilead’s Remdesivir managed to cure critical cases. The news offered 2.0% gains to the S&P 500 ETF while also switched the market’s mood from the previous risk-off.

Following that, US President Donald Trump cited optimism concerning the death toll while rolling out details of how the world’s largest economy will re-open in three phases. The Republican leader also mentioned that the state matching criteria to start phase one can open from tomorrow.

Markets are now gearing up for China’s first quarter (Q1) GDP data. The figures, up for publishing at 02:00 GMT, are likely to portray the pandemic’s actual impact on the world’s second-largest economy. However, the dragon nation has been recently surprising markets with positive outcomes and hence bears are cautious ahead of the data.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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