Futures jump after Gilead's COVID-19 drug meets main goal

(Reuters) – U.S. stock index futures jumped on Wednesday after Gilead Sciences (GILD.O) said its experimental antiviral drug met the main goal of a trial testing it in COVID-19 patients.

Meanwhile, the U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession, ending the longest expansion in history.

Data from the Commerce Department said gross domestic product fell at a 4.8% annualized rate in the January-to-March period, while economists in a Reuters poll were expecting a contraction of 4%.

At 08:46 a.m. ET, Dow e-minis 1YMcv1 were up 330 points, or 1.37%. S&P 500 e-minis EScv1 were up 38.5 points, or 1.34% and Nasdaq 100 e-minis NQcv1 were up 123 points, or 1.41%.

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