Friday market moment
- Global stocks are mixed as markets continue to focus on the alarming rise in coronavirus infection in Europe and the lack of a new financial stimulus agreement from Washington.
- U.S. stocks will try to break the three-day losing streak as lawmakers bargain for a new bill to help with coronavirus, but hopes for a campaign deal fade amid Republican struggles.
- The World Health Organization says that Gilead Sciences’ coronavirus treatment, remdezivir, had little effect on patients in a study of more than 11,000 patients.
- Wall Street futures are jumping higher since the first bell, after clearer than expected retail sales in September and optimistic timing of Pfizer vaccine development.
US stock futures rose higher on Friday after Pfizer Inc. (PFE) ̵1; Get a report stated that it may be ready to apply for approval in an emergency of its coronavirus vaccine under development as early as next month.
An optimistic schedule could help Wall Street break a three-day losing streak as many of the pressures on markets this week, from rising coronavirus infection to fading hopes for a stimulus deal, continue to dampen investor sentiment.
Shares were also driven by stronger-than-expected retail sales in September, up 1.9% year-on-year against the consensus Street forecast of 0.7%.
President Donald Trump’s proposal to increase the volume of proposals in the bill to stimulate Republicans, which exceeds the current level of $ 1.8 trillion. by the way, referring to concerns about both the level of expenditures it would incur and the policies it would support.
McConnell’s reluctance, as well as the firm tactics of the Speaker of the House of Parliament Nancy Pelosi, probably mean that an agreement will not be reached in the few weeks remaining between 3 and 3 November.
As investors now reduce the impact of any short-term fiscal growth, the market direction is likely to depend on corporate earnings growth in the coming weeks and prospects for business closures and travel restrictions if the current wave of coronavirus infections in Europe finds its way to the United States. .
Dow Jones futures contracts offer a 150-point call cut before retail, while S&P 500-related contracts are valued at 17 points. Meanwhile, futures contracts on the Nasdaq Composite focus on 76 points of gain for the technology-oriented benchmark.
Science ileilead (GOLD) – Get a report Shares became the first factor to fall 1.15% in pre-market trading after the World Health Organization announced that coronavirus treatment was being developed, remdezivir had little effect on patients in trials of more than 11,000 patients.
The US dollar index, which tracks the exchange rate to a basket of six world currencies, was 0.15% lower at 93,717, but still plans to record its best weekly increase since the summer amid rising inflows of global risk aversion in financial markets.
Meanwhile, the yield of the 10-year treasury exchange increased by about 1 or 2 basis points higher to 0.727%.
European stocks at the start of trading on Friday were steadily green: Stoxx 600 rose 1% in Frankfurt, and the British FTSE 100 rose 1.35% in London, while stocks in Asia ended the session lower after a negative close last night at Wall -street and hanging growth in coronavirus infection in Europe and the blockade they have caused in the region’s major economies.
World oil prices were also lower at the start of European trading, again held back by fears that the blockade would cut demand in the short term, but would still be trading in a narrow range that defined a well-off market for several weeks.
WTI supply contracts in November, a benchmark for the United States, traded 51 cents lower than on Thursday, which ended in New York, and changed hands by $ 40.45. per barrel.