Dow’s future leaps up, Cramer says Gilead medication gives us a “chance to fight”

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Traders work on the floor of the New York Stock Exchange (NYSE) in New York, the United States, on March 2, 2020.

Brendan McDermid | Reuters

8:12 am: Trump proposes a three-stage reopening of the country

President Donald Trump released a three-step process for the economy to slowly reopen at the start of the coronavirus recovery process. In an 18-page plan titled “Opening America Again,” the White House sees some states going online before others. The first phase sees the opening of certain businesses while vulnerable individuals continue to establish themselves and social distancing continues. The second provides for further relaxation as long as there is no evidence of a rebound in the Covid-19 cases. Finally, the plan still provides precautions for the vulnerable but a more aggressive return to normal for most aspects of the economy. – Coxswain

7:55 a.m .: Dow futures contract up 700 points and S&P 500 expected to jump 2.5% at opening

Futures linked to major US stock indexes signaled solid gains at the opening bell as investors ‘optimism about Gilead Sciences’ drug treatment prospects for the new coronavirus led to stock traders. The Dow Jones Industrial Average was about to climb 740 points while the S&P 500 futures suggested a pop of around 2.8%. – Franck

7:50 am: Remdesivir could give the economy “a chance to fight,” says Cramer

CNBC’s Jim Cramer said last night on Twitter that remdisivir being effective in treating coronaviruses would give the economy a “chance to fight.” “Every big S&P name screams, but so do the banks that are so hated …” said Cramer in another tweet. “I think remdesivir would reduce morbidity … which would change how quickly we can open … and what we can do.” Cramer said in late March that investors who bet on the stock market would continue to fall in the long run “are betting against science.” – Delivered

7:47 am: Gilead soars by 12% in trade before marketing due to hopes of antivirus treatment

Gilead Sciences climbed more than 12% at the pre-market meeting on Friday after a report said that its remdesivir had been shown to be effective in treating coronavirus. STAT News reported on Thursday evening that a Chicago doctor treating people with the virus with the drug in a trial said that his patients were recovering quickly from severe symptoms. Although Gilead warned in a statement to Reuters that such anecdotal reports do not prove the effectiveness of remdesivir, the company said more rigorous trials are expected to show more certain results by the end of April. – Franck

7.40 a.m .: China’s GDP drops as coronavirus hammers economic activity

China’s GDP contracted 6.8% in the first quarter, as coronavirus containment measures suffered an economic blow. The decline was even worse than the 6.5% wait, although economists have generally questioned official figures from China. Industrial production fell 1.1%, which was higher than estimated 7.3%, while retail sales fell 15.8% from a forecast of 10%. Unemployment for the quarter was 5.9%, down from 6.2% against the backdrop of a gradual revival of daily activities. However, the persistent weakness in demand shows that “even after the blockages are lifted, people are careful to consume,” Bo Zhuang, chief economist at TS Lombard, told CNBC. – Beetle

7:37 a.m .: Procter & Gamble sees sales in the United States increase by 10% when COVID-19 is stopped

The consumer staples giant’s stock rose nearly 2% in pre-market trading on Friday after reporting a 10% increase in US sales in its quarterly results. Procter & Gamble said sales in the United States had been boosted by the fact that consumers were purchasing basic items like toilet paper before the coronavirus outbreak. The company earned $ 1.17 per adjusted share, compared to the Refinitiv estimate of $ 1.13 per share. However, the owner of Vicks lowered his revenue forecast for fiscal year 2020, citing headwinds linked to foreign currencies. – Fitzgerald

7:35 a.m .: Boeing resumes production, stock jumps 9%

Boeing shares jumped more than 9% in Friday’s pre-market trade after the company announced plans to resume production of commercial aircraft at its Seattle plant on Monday. The company is implementing new physical distancing measures to prevent the spread of Covid-19. About 27,000 employees will return to work, or about 17% of the company’s workforce. The stock is down 58% this year. – Stevens, Josephs

7:28 a.m .: Goldman Sachs demotes Apple to sell it and announces a 20% drop in shares

Goldman Sachs demoted Apple’s stock Friday to sell it neutral and said it expected iPhone demand to slow, with users staying longer on phones. “We are now modeling a deeper reduction in unit demand until mid-2020, then a less deep recovery in early 2021. We also assume that [average selling price] weakness as consumers seek to save in a similar fashion to what we saw in previous downturns, “Goldman analyst Rod Hall told his customers. lowered its share price target to $ 233 from $ 250, down almost 20% from Thursday’s closing price of $ 286.69 per share. Fitzgerald

Jeff Cox, Leslie Josephs and Jesse Pound of CNBC contributed to the report.

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