Stock market news live updates: Stock futures jump, Dow futures add 200+ points as Covid-19 vaccine, treatment hopes rise
setting stocks up to add to last week’s record levels as market participants reacted to positive developments over a coronavirus treatment, and signs that a vaccine might be authorized in the near-term.
Sunday said it issued an emergency use authorization for investigational convalescent plasma to treat Covid-19 in hospitalized patients. While the treatment has not yet undergone full clinical trials, the FDA said that it deemed that the data so far suggest “product may be effective in treating Covid-19 and that the known and potential benefits of the product outweigh the known and potential risks of the product.”” data-reactid=”17″>The U.S. Food and Drug Administration (FDA) on Sunday said it issued an emergency use authorization for investigational convalescent plasma to treat Covid-19 in hospitalized patients. While the treatment has not yet undergone full clinical trials, the FDA said that it deemed that the data so far suggest “product may be effective in treating Covid-19 and that the known and potential benefits of the product outweigh the known and potential risks of the product.”
President Donald Trump, speaking in a press conference, called the approval a “very historic breakthrough,” and said the treatment reduced mortality by 35%, based on a study of patients by the Mayo Clinic.
Financial Times reported over the weekend. One of the options reportedly mulled would involve issuing the vaccine candidate being developed by AstraZenaca and Oxford University emergency use authorization. A spokesperson for the U.S. Health and Human Services department, however, also told the Financial Times that it was “absolutely false” that an emergency use authorization would be issued before the US presidential election.” data-reactid=”23″>Meanwhile, the Trump administration is also reportedly considering fast-tracking a U.K. coronavirus vaccine candidate by bypassing typical U.S. regulatory standards, the Financial Times reported over the weekend. One of the options reportedly mulled would involve issuing the vaccine candidate being developed by AstraZenaca and Oxford University emergency use authorization. A spokesperson for the U.S. Health and Human Services department, however, also told the Financial Times that it was “absolutely false” that an emergency use authorization would be issued before the US presidential election.
This week, the Republican National Convention (RNC) kicks off in Charlotte, North Carolina, days after former Vice President Joe Biden formally accepted the Democratic nomination for president at the Democratic National Convention (DNC) last week. While mostly virtual, some Republican leaders and delegates will be present in-person for Monday’s events. Speakers for Monday are scheduled to include Former Ambassador Nikki Haley, Sen. Tim Scott (R., S.C.) and House Republican Whip Steve Scalise (R., La.), along with President Donald Trump, who will speak during each day of the four-day event.
PANW) is set to report quarterly results after market close.
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7:11 a.m. ET: Stocks rally as Covid-19 vaccine, treatment hopes rise
Here were the main moves in equity markets, as of 7:15 a.m. ET:
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S&P 500 futures (ES=F): 3,420.00, up 27.5 points or 0.81%
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Dow futures (YM=F): 28,130.00, up 271.00 points, or 0.97%
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Nasdaq futures (NQ=F): 11,661.5, up 99.5 points, or 0.86%
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Crude (CL=F): +$0.29 (+0.68%) to $42.63 a barrel
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Gold (GC=F): +$11.70 (+0.60%) to $1,958.70 per ounce
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10-year Treasury (^TNX): +0.1 bps to yield 0.641%
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