U.S. Futures jumped on Wednesday over reports of a medical breakthrough in the fight against the rapidly spreading coronavirus and expectations of a greater incentive for China to curb the economic downturn.
A Chinese university has found an effective drug to treat people with the new virus, according to a report on local television. Separately, UK researchers have told Sky news that they have made a “significant breakthrough” in finding the vaccine.
However, the World Health Organization denied the reports, saying that “there are no known effective treatments for this virus.
United Airlines (UAL.US) and American Airlines Group (AAL.US) simultaneously stopped all flights to and from Hong Kong, leaving virtually no American aircraft carrying passengers to the Asian Financial Center. Their shares increased by 1.8% and 1.2% respectively in trading on the market.
Dow e-minis rose 221 points, or 0.77%.
The S&P 500 e-minis rose 24.25 points or 0.73%.
The Nasdaq 100 e-minis was in positive territory by 85 points, or 0.91%.
Coty Inc. (COTY.US) rose 8.6% as the cosmetics maker shattered its quarterly earnings and revenue expectations.
But Ford Motor Co (F.US) fell 7.8% after the US carmaker No. 2 gave a lower-than-expected 2020 estimate.
Snap Inc (SNAP.US) fell 9% after the owner of the popular photo messaging app Snapchat missed quarterly earnings expectations.
Trader Milko Zashev