US STOCKS-Futures jump late following data on potential virus treatment, Trump guidelines

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* Stock index futures jump late
* Amazon, Netflix hit record high
* Morgan Stanley drops after profit falls
* Dow up 0.1%, S&P 500 up 0.6%, Nasdaq up 1.7%

(Updates close with Trump suggesting U.S. states re-open
economies in three phases, after-hours report on Gilead)
By Caroline Valetkevitch and Noel Randewich
April 16 (Reuters) - U.S. stock index futures jumped in late
trading on Thursday after a report of promising early data
related to a potential COVID-19 treatment from Gilead Sciences
and as guidelines for re-opening the U.S. economy came from the
White House.
S&P 500 e-minis EScv1 were last up 3.2% while the SPDR S&P
500 exchange-traded fund SPY.P surged 3%.
Early data from two mid-stage clinical trials testing Gilead
Science Inc's GILD.O antiviral medicine, remdesivir, in severe
COVID-19 patients showed rapid recoveries in fever and
respiratory symptoms, according to a report from Stat, a science
journalism Web site. Its shares were up about 14% after the
bell. "The Gilead news is important because it would diminish some
of the downside risk of infection," said Jack Ablin, Chief
Investment Officer at Cresset Wealth Advisors in Chicago.
"Having this Gilead treatment could perhaps address the downside
of getting the virus, make it less severe."
Also boosting sentiment after hours was President Donald
Trump's guidelines that revealed a three-phase plan that could
allow some states to begin as early as this month lifting limits
meant to contain the disease's spread. "We're looking for more definition on reopening the economy
sooner rather than later, more rather than less," said Stephen
Massocca, senior vice president at Wedbush Securities in San
Francisco.
"I think people sense the economy is restarting, and some
voices that have been urging greater caution are going to get
overruled."
Earlier, the shutdown in New York was extended until May 15,
even as coronavirus-related hospitalizations and deaths fell to
their lowest in more than a week, adding to evidence the
hardest-hit state was controlling the virus' spread.
Stocks ended the regular session higher as Amazon.com Inc
AMZN.O and Netflix Inc NFLX.O surged to record highs, with
sweeping stay-at-home orders driving demand for online streaming
services and home delivery of goods.
But trading was choppy during the day as investors worried
about the impact of the coronavirus pandemic on first-quarter
earnings. First-quarter earnings kicked off this week, with U.S.
banks preparing for a wave of future loan defaults following a
halt in business activity.
The Dow Jones Industrial Average .DJI rose 33.33 points,
or 0.14%, to 23,537.68, the S&P 500 .SPX gained 16.19 points,
or 0.58%, to 2,799.55 and the Nasdaq Composite .IXIC added
139.19 points, or 1.66%, to 8,532.36.
Analysts estimate earnings for S&P 500 companies slumped
12.8% in the quarter, which would be the biggest year-over-year
quarterly decline since the financial crisis.
Data showed jobless claims fell slightly to 5.2 million last
week from an upwardly revised 6.62 million the previous week.
But the total figure for the past month still topped a stunning
20 million.
Economists polled by Reuters had estimated 5.1 million
jobless claims for the week ended April 11.
Morgan Stanley MS.N wrapped up earnings for the big U.S.
lenders, reporting a plunge in quarterly profit as its advisory
and wealth management businesses took a hit from the economic
fallout of the pandemic. Its shares ended down slightly.
Shares of Boeing Co BA.N fell 8%, limiting gains in the
Dow, as its European rival Airbus AIR.PA said it was examining
requests to defer deliveries after a collapse in travel demand.
Volume on U.S. exchanges was 11.62 billion shares, compared
to the 13.94 billion average for the full session over the last
20 trading days.
Declining issues outnumbered advancing ones on the NYSE by a
1.59-to-1 ratio; on Nasdaq, a 1.23-to-1 ratio favored decliners.
The S&P 500 posted 14 new 52-week highs and 1 new low; the
Nasdaq Composite recorded 44 new highs and 62 new lows.

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