Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., March 2, 2020.
Brendan McDermid | Reuters
7:55 am: Dow futures point to 700-point gain, S&P 500 set for 2.5% jump at open
Futures contracts tied to the major U.S. stock indexes pointed to strong gains at the opening bell as investor optimism over the prospects of a Gilead Sciences drug treatment for the novel coronavirus ushered traders into equities. The Dow Jones Industrial Average was poised to soar some 740 points while S&P 500 futures suggested a pop of about 2.8%.
7:50 am: Remdesivir could give economy ‘fighting chance,’ Cramer says
CNBC’s Jim Cramer said on Twitter last night that remdisivir being effective in treating coronavirus would give the economy a “fighting chance.” “Every large S&P name is screaming but also the banks that are so hated…,” Cramer said in another tweet. “I think that remdesivir would cut the morbidity .. which would change how quickly we can open… and what we can do.” Cramer said in late March that investors who were betting the stock market would continue to fall long-term were “betting against science.” — Pound