A "miracle cure" helped send Dow futures up over 1000 points in the pre-market but since the US cash market opened, stocks have faded and a triplet of worrisome virus headlines have erased half the gains already:
*FLORIDA COVID-19 CASES RISE 3.6% VS. PREVIOUS 7-DAY AVG. 2.5%
*TEXAS VIRUS HOSPITALIZATIONS RISE 8.3%, MOST IN ALMOST 2 WEEKS
*BEIJING RAISES COVID-19 RESPONSE TO LEVEL 2: GLOBAL TIMES
Dow futures have erased the overnight gains (over 1000 points)
And the rest of the majors are tumbling...
Bond yields are tumbling...
Gold is bid...
Perhaps releasing drug study results by press release (as was the case with Remdesivir) has failed again to assuage fears of a second wave in America, but the fact that Beijing just shut all schools should worry more.