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Sun, Jul 12th, 2020
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Futures Market News and Commentary

Positive Covid Treatment News Pushes SPX to 1-Month High and Nasdaq 100 to Record High

The S&P 500 Index ($SPX) on Friday closed up +1.05%, the Dow Jones Industrials Index ($DOWI) closed up +1.44%, and the Nasdaq 100 Index ($IUXX) closed up +0.76%.

U.S. stock indexes on Friday trended higher all day as the S&P 500 posted a 1-month high, and the Nasdaq 100 posted a new all-time high. Stock futures initially moved lower in overnight trade on concern that the expanding pandemic in the U.S. will lead to more lockdowns that delay the reopening of the economy. The U.S. reported a record of 61,791 new coronavirus infections on Thursday. Florida, Texas, and California all reported record deaths from the virus. Confirmed cases of the virus have risen above 12.421 million globally, with deaths exceeding 558,000.

Stocks recovered their losses Friday morning and moved higher on some positive treatment news for the coronavirus. Gilead Sciences announced Friday that its Remdesivir drug to treat the coronavirus showed a 62% cut in mortality risk for patients taking the... Read more

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