Good morning im dominic chu. We begin with breaking news and two biotech stocks surging ahead of the opening bell. First is gilead. Soaring here on report patients are responding well to one of its coronavirus treatments at a hospital in chicago. Those shares up by 13 premarket trade can you see over the course of the last 24 hours, a massive move for gilead. The second is moderna. They secure key funding for the development of a coronavirus vaccine. Those shares up 19 premarket we have more about those two stocks throughout the course of the morning. Now to the Broader Market this morning. Hopes around gilead, futures right now are surging. The dow would be implied around 600 points, the s p by about 64, nasdaq by about 140 points believe it or not, this is well off the highs of the session right now. Well continue to watch that lets check the etfs that track. You can see the dow etf, the diamond up about 3 . S p 500 etf, the spider, spy there up 2. 5 . And the qqq trust up about 2 th
Trade in the next year or two. We want to run through the closing numbers here. Looks like we will settle in around 2798 on s p 500. 100 right around 86. 64. It was a pretty broadbased rally. Chipotle,erest pinterest, waiting for more that could give us more guidance on what to expect with regards to the potential gain for equities. Scarlet we are waiting for earnings out of a Railroad Company, but at looking at trading volume, it is a broadbased event. It is interesting on the big updates, we are not getting the level of participation you might expect. There are people waiting if the bottom has put in here. There is a lot of momentum towards figuring out when the economy will reopen, how it will be open by the treasury secretary todd public he about the getting everything reopened by the end of the summer. I think sometime in august . Yeah. We should point now, we are getting news crossing the wire with regards to the covid19 cases in the u. S. They rose to 3. 1 , however, that is bel
Rival a dinner of donors held a separate ceremony to inaugurate himself. Bottom to the program the spread and fear of coronaviruses starting to have a major Global Economic impact on top of the growing human cost u. S. Stocks have plunged in the opening minutes in new york even forcing a temporary halt in trading as you can see and a short time ago brazils stock market suspended trading after a 10 percent drop all of this after a drop of around 30 percent in oil prices well kristen slim is our correspondent monitoring events for us in new york and of course the markets across asia and Europe Europe took a huge hit in that domino effect seems to have hit the u. S. What seems to have happened the dow jones today. Yes fears of the spreading coronavirus and plummeting oil prices sent stocks down sharply just after the opening bell at one point the dow jones plummeted more than 7 percent and that triggered an automatic shutdown of the stock markets for 15 minutes weve heard from the preside
Street. Investors were encouraged by the white house announcemen that it would delay planned tariffs on some chinese goods. The decisiond hopes that the trade talks between the two economic superpowersould be revived. As one strategist said, the stock market reactions more proof that the trade war has been hanging over this market, and at least for today that liftewas the Dow Jones Industrial average rose 372 points to 26,279, pretty much wiping out yesterdays lossq. The nasas up 152 and the s p 500 added 42. Kayla tausche has the details on todays cooling of tensions. Reporter after days of no news and increasing investor worry on the trade front, tensions thawed with a phone call between u. S. And chinese negotiating principles, which china state tv came at washingtons invitation. Both treasury and usdr declined to comment on whether in negotiations were confirmed, but the two sides are expected to speak by phone again in two weeks justefore a september 1st tariff deadline. In the me
Encompassing the stock markets and generally, we are seeing. 5 to the downside. Bossuropean central bank suggesting the door is open in perhaps september or thereabouts. In august, they are off on holiday. People factoring that in as but they bad enough, want something straight away and didnt get it. A raise and then settling down to be unchanged at 1. 11. Brexit, the European Commission saying they will not give Boris Johnson an olive branch and renegotiated deal. That hasnt affected things but given the makeup of his cabinet, the path ofeeling least resistance for sterling against the dollar is to the downside. Yen, stable 108. 64. U. S. Dollar index, unchanged at the moment. Lets find out what is going on. In sydney, weve got paul allen with the first word news. China is dismissing the claim that deliveries involving huawei products are simple mistakes. Chinese authorities also suspected fedex of holding up u. S. Bound deliveries involving the equipment. Last month, fedex said it ca