Futures point to gains
U.S. stocks were set for a positive start on Friday, after the science and medical news website STAT reported that an antiviral drug developed by Gilead Sciences (NASDAQ: GILD) had shown effectiveness for treating people infected with COVID-19.
In a closely watched clinical trial carried out by the University of Chicago Medicine, nearly all 125 patients who were given daily infusions of the antiviral medicine remdesivir were discharged from the hospital in less than a week and only two died, the report said.
Shares of Gilead Sciences rocketed $9.98, or 13.04% to $86.52 apiece in premarket trading Friday following the report. The blue-chip Dow futures also jumped on the news, rising $709 points, or 3.03% to 24,116 by 6:00 a.m. ET.
S&P 500 futures indicated a gain of 78.75 points, or 2.83% to 2,866.25 while the tech-heavy Nasdaq 100 futures were up 186.5 points, or 2.14% to 8,920.75.
Trump outlines plan to reopen economy
Meanwhile, President Donald Trump has laid out general guidelines for “a phased and deliberate approach” to lift restrictions put in place to curb the spread of coronavirus in the United States.
In his daily press briefing on Thursday, the president said he would like to see the economy reopening by (or even before) May 1 in some states.
“Based on the latest data, our team of experts now agrees that we can begin the next front in our war, which we’re calling, ‘Opening up America again,’” Trump said. “We are not opening all at once, but one careful step at a time,” he added.
Trump also said that governors would be empowered to make the decision about when best to start easing stay-at-home orders and reopen their states’ economies.
Boeing to resume commercial airplane production next week; shares surge 9%
In other news, Boeing (NYSE: BA) shares are rallying after the company announced plans to restart commercial airplane production by bringing about 27,000 employees back to work at its Puget Sound and Moses Lake facilities next week.
The aircraft manufacturer made the announcement on Thursday, saying it has taken extra measures to prevent the spread of the novel coronavirus and keep workers safe.
Among the precautions to protect employees from the virus is the requirement to wear face coverings at work. Boeing will also mark floors and put post signs to remind employees to maintain appropriate physical distance.
As of this writing, the stock was changing hands at $146.95 a share, up $12.71, or 9.47% in Friday’s premarket trading session.
