Stocks futures traded slightly higher on Sunday night as investors assessed the possibility of re-opening the global economy.
"As various states begin to reopen their economies and relax social distancing rules, we will get a glimpse of what the new normal looks like," said Marc Chaikin, CEO of Chaikin Analytics. "The biggest risk to the stock market is a premature reopening of the U.S. economy which results in an increase in COVID-19 cases and requires an abrupt reversal of these efforts to awaken the economy out of its engineered coma.
The outbreak, and subsequent business closures, sparked a wave of job losses. Data from the Labor Department shows thatTo be sure, a decline in new virus infections and unprecedented monetary and fiscal stimulus have sparked a massive stock-market rally from the lows reached on March 23. Since then, the major averages are all up more than 20%, with the S&P 500 retracing about half of its decline from a record set Feb. 19.
A Financial Times report on Wednesday quelled some of that excitement, however, as it stated remdesivir did not improve patients' condition during a trial in China. Gilead pushed back on the report and the study it cited, noting the trial was "was terminated early due to low enrollment," making it "underpowered to enable statistically meaningful conclusions."
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