Stock futures edge higher
U.S. stock futures pointed to a higher open for Wall Street on Monday after President Donald Trump’s doctors said he is doing well and could be discharged from hospital where he is being treated for Covid-19 later in the day.
By 5:40 a.m. ET, futures tied to the blue-chip Dow indicated a gain of 169 points, or 0.61% to 27,734. The S&P 500 futures rose 20.13 points, or 0.6% to 3,359.38 while the tech-heavy Nasdaq 100 futures added 107.63 points, or 11,340.88.
Trump rode past cheering supporters in his motorcade outside of the Walter Reed National Military Medical Center on Sunday afternoon, and tweeted a video saying he is getting great reports from his medical team. News of the president testing positive for the virus brought some political uncertainty that shook global markets in the previous session.
Regeneron, Gilead surge after Trump receives their experimental antibody drugs
Shares of Regeneron Pharmaceuticals (NASDAQ: REGN) rallied in the pre-market trading session Monday after Trump was treated with an experimental antibody drug made by the company.
Trump also received an antiviral drug made by Gilead (NASDAQ: GILD) to treat his Covid-19 symptoms.
As of writing, the Regeneron stock was up $29.22, or 5.17% to $594.02 per share. Gilead shares rose 3.23% to $64.18 each.
No deal yet on a new coronavirus relief package, Pelosi says
Meanwhile, House Speaker Nancy Pelosi said Sunday that Democrats and the Trump administration have yet reach a deal on a new coronavirus aid package.
Speaking to CBS News, Pelosi said that progress was being made in talks with Treasury Secretary Steven Mnuchin on a new bipartisan relief package, and asked U.S. airline executives to hold off on job cuts.
“We’re making progress,” Pelosi said, adding that she hoped Republicans would “agree on what we need to do to crush the virus.” Pelosi and Mnuchin held discussions daily last week in a bid to negotiate a new bipartisan relief package to respond to the economic fallout from the pandemic.
Crude supported by Trump’s improving health
Crude futures were also rising early Monday, buoyed by positive news about the health of President Trump.
As of 5:40 a.m. ET, U.S. West Texas Intermediate crude futures were up $1.29, or 3.48% to $38.34 a barrel. Global benchmark Brent crude futures gained $1.23, or 3.13% to $40.50 per barrel.
“I think it’s the improving health of the U.S. President … over the weekend there were a lot of conflicting reports on his health, but generally he’s improving,” Reuters quoted Avtar Sandu, a senior commodities manager at Phillip Futures as saying.
Last week, crude prices posted a decline amid data showing a jump in crude exports to Iraq and Russia, which suggests more global supply of oil in the markets.
