U.S. stock futures fall as Gilead’s coronavirus drug disappoints. According to the latest report, the death toll from the coronavirus has surpassed 184,000, with the number of cases standing at more than 2.6 million.
Dow Jones Industrial Average futures declined 16 points, signaling a drop of about 86 points in early Friday morning trade. S&P 500 and Nasdaq 100 futures also reported opening loss at the session.
The figures came after the Financial Times reported that remdesivir drug by Gilead Sciences didn’t show positive results in coronavirus patients’ condition.
On Thursday, the S&P 500 and Nasdaq Composite finished the day flat following a session highs more than 1%.
Worldwide there are now more than 2.6 million confirmed cases of coronavirus, the data from Johns Hopkins University shows. The U.S. has reported over 800,000 cases. However, equities are getting a boost from their lows after seeing a decline in new coronavirus cases. But a sharp return in oil prices again caused a decline in equities.
US West Texas Intermediate crude for June delivery jumped 19.7% to $16.50 per barrel. The crude oil’s gains surged as much as 40%. But, West Texas Intermediate continues to showdown figures, more than 70% for the year.
“I say wait until the American studies come out,” American television personality, Jim Cramer tweeted. “University of Chicago study is a lot more rigorous. I would stick with that. You don’t have to believe it. But this is the third time the Chinese have said the drug doesn’t work.”