hopes

Stocks around the world whipped higher Wednesday, riding a wave of optimism on encouraging data about a possible treatment for COVID-19.

The upswell of hope was so strong that investors completely sidestepped a report showing the coronavirus outbreak drove the U.S. economy to its worst quarterly performance since the Great Recession. The Standard & Poor’s 500 index jumped 2.7%, extending a rally that has brought the U.S. stock market to the brink of its best month in 45 years.

The spark for Wednesday’s rally was a report that an experimental drug proved effective against the coronavirus in a study run by the National Institutes of Health. The nation’s top infectious diseases expert said the drug reduced the time it takes patients to recover, raising hopes that life around the world may eventually tiptoe back toward the way it was before the pandemic.

The S&P 500 index rose 76.12 points to 2,939.51. It has surged 13.7% in April, and it’s a day away from closing out its best month since late 1974.

The Dow Jones industrial average rose 532.31 points, or 2.2%, to 24,633.86. The Nasdaq climbed 306.98 points, or 3.6%, to 8,914.71.

What’s happening now is a “debate between optimism and realism,” said Adam Taback, chief investment officer for Wells Fargo Private Wealth Management.

The Federal Reserve said Wednesday that it expects the health crisis to weigh on the economy “over the medium term,” as it promised to keep in place massive amounts of aid and interest rates at nearly zero. Oil prices, bonds and other markets besides stocks have also been dominated in recent weeks by worries about the economic effects of the virus outbreak.

“Everything except equities is telling you things are not great,” Taback said. “This market is overly optimistic.”

Gilead Sciences’ release about its drug remdesivir hit markets at the same moment as a government report showing that the U.S. economy shrank at a 4.8% annual rate in the first three months of the year.

Job losses have exploded since early April, as layoffs sweep the nation following widespread stay-at-home orders, and economists expect to see even worse numbers for the second quarter of the year.

The first-quarter figure was “merely the tip of the iceberg,” said Michael Reynolds, investment strategy officer at Glenmede.

But stocks have been rallying over the last month as investors look beyond the current economic devastation and focus instead on the prospect of economies gradually reopening. Some U.S. states, as well as some nations around the world, have laid out plans to relax restrictions keeping people at home and businesses bereft of customers. Any new treatment for COVID-19 could also lower the dread so prevalent among households and businesses around the world.

But what got the 31.4% rally for the S&P 500 started in late March was massive aid from the Federal Reserve and Congress. The Fed said Wednesday that it wouldn’t pull back on the aid anytime soon.

The market’s easing pessimism about the economy’s path is perhaps most clear in how the smallest stocks have been performing.

When recession worries were at their height, investors punished small-cap stocks and sent them to sharper declines than the rest of the market, in part on worries about their more limited financial resources. But the Russell 2000 index of small-cap stocks jumped 4.8% on Wednesday. It’s up 10.4% this week alone, more than twice as much as indexes of bigger stocks.

The market’s gains were widespread and accelerated through the day. Big tech and communications stocks helped lead the way after Alphabet, Google’s parent company, said its revenue was stronger in the first three months of the year than Wall Street expected.

Alphabet shares jumped nearly 9%. That helped communications stocks in the S&P 500 rise 5%, one of the biggest gains among the 11 sectors that make up the index.

Gilead Sciences shares climbed 5.7%.

In Europe, the French CAC 40 rose 2.2% after being down before the Gilead report. The German DAX returned 2.9%, and the FTSE 100 in London added 2.6%. In Asia, Hong Kong’s Hang Seng added 0.3%, and the Kospi in Seoul advanced 0.7%.

Many professional investors are skeptical of the U.S. stock market’s big rally. There’s still a lot of uncertainty about how long the recession will last.

Stocks’ vigorous rise over the last month also implies investors see a relatively quick rebound for the economy and profits after the current devastation. But it may take awhile for households and businesses to get back to how things used to be.

“My concern is that the market is starting to get a little bit more focused on the rewards and less focused on the risks right now,” said Sal Bruno, chief investment officer at IndexIQ. “Maybe investors are getting a little too enthusiastic.”

“I don’t think you just flip the switch and everybody goes back to work right away,” he said.

The yield on the 10-year U.S. Treasury rose to 0.62% from 0.61%. Yields tend to rise when investors are upgrading expectations for the economy and inflation.

Oil prices are continuing their extreme swings after a collapse in demand has sent crude storage tanks close to their limits. Benchmark U.S. crude oil for June delivery jumped $2.72, or 22%, to $15.06 a barrel Wednesday. Brent crude, the international standard, climbed $2.08, or 10.2%, to $22.54 a barrel.

Steve Cherundolo’s first season at LAFC ended in a penalty-kick shootout that decided one of the most compelling playoff games in MLS history. His final season ended in the same way last Saturday.

Cherundolo and LAFC won that first classic match, beating the Philadelphia Union in the 2022 MLS Cup final. They lost the second one, falling to the shorthanded Vancouver Whitecaps in a Western Conference semifinal that had more plot twists than an Agatha Christie mystery.

In between, Cherundolo proved to be one of the best coaches in league history, winning an MLS Cup, a U.S. Open Cup and more than 100 games in all competition in his short four-year stay. He took LAFC to a CONCACAF Champions League final and to the first round of the FIFA Club World Cup, compiling a resume no coach in MLS history can match.

And while his departure will clearly hurt, the club he leaves is in good shape with the core of its roster signed for next season. Of the 16 players Cherundolo used Saturday, just five — goalkeeper Hugo Lloris, defenders Nkosi Tafari and Ryan Raposo and midfielders Andrew Moran and Frankie Amaya — are out of contract.

General manager John Thorrington is expected to announce the club’s roster decisions later this week.

“Moving forward, we’ll see what it looks like for next season. I wish this club the very, very best,” said Cherundolo, who used 75 players, second-most in the league, during his four years in charge. “I can say with certainty it’s in a great spot for a very successful year again. And that would make me very proud.”

The coach, a Hall of Fame player who made three U.S. World Cup teams, announced last April he would be returning to his wife’s native Germany, where he spent the entirety of his 15-year club career, when LAFC’s season ended. That meant he entered the playoffs knowing his next loss would be his last one.

But he made clear last week he was just saying goodbye, not farewell.

“In four years I can be back here,” he said. “I am definitely not canceling that out.”

In the meantime, Thorrington is looking for a new coach for just the second time in franchise history. The first time he stayed in-house, replacing Bob Bradley with Cherundolo, manager of the club’s USL Championship affiliate.

That’s likely to happen again this time since two members of Cherundolo’s staff — Marc Dos Santos, a former Whitecaps manager, and former Galaxy and Chivas USA forward Ante Razov, an assistant with three MLS teams — are said to be among the favorites to take over and build on what LAFC has already accomplished.

“I think Steve himself would say that if he left and the culture crumbled, then he didn’t do a good enough job at building the culture,” defender Ryan Hollingshead said. “We know things are going to continue to chug along the right way and that’s partly because he’s helped make it that way. He put just the right spin on it and it’s created what has led to a bunch of success over the last four years.”

Results aside, if Cherundolo, 46, had been allowed to choose the explanation point to affix to the end of his MLS coaching career, it’s unlikely he could have selected a better one than Saturday’s game, one dramatic and entertaining enough to become an instant classic.

Playing before an MLS stadium-record crowd of 53,937, the Whitecaps took a 2-0 first-half lead and still led by a goal going into stoppage time. At that point first-year Vancouver coach Jesper Sorensen was so confident of victory, he subbed out captain Thomas Muller.

However, things quickly took a turn when defender Tristan Blackmon drew his second yellow card, leaving Vancouver with just 10 players. Son Heung-min needed little time to make the Whitecaps pay, bending in a spectacular free kick in the dying minutes for his second goal of the half — and his 12th in 13 games for LAFC — to send the game to extra time.

That’s when the game went from classic to epic, with Vancouver losing another player midway through that extra time after center back Belal Halbouni limped off with a leg injury. That allowed LAFC, which outshot the Whitecaps 26-9, to pepper the Vancouver goal, bouncing two shots off the posts and another off the crossbar.

Yet none found the back of the net, leaving the game to be decided on penalties, the cruelest, meanest, most unfair — and most exciting — way to determine a winner.

When Son, who finished the game massaging a muscle cramp, limped to the spot to send his team’s first penalty try off the right post, LAFC was in trouble. When Mark Delgado sent the third try over the net and into the crowd, LAFC was done.

“Sometimes football is crazy like this. That’s why we love football,” Son said before closing with “see you next season.”

That was something Cherundolo couldn’t say. But he left with his head held high just the same.

“If you look at the sum of four years with LAFC,” he said “we have a ton to be proud of.”

⚽ You have read the latest installment of On Soccer with Kevin Baxter. The weekly column takes you behind the scenes and shines a spotlight on unique stories. Listen to Baxter on this week’s episode of the “Corner of the Galaxy” podcast.

EUGENE, Ore. — The last time he made it here, to the doorstep of the College Football Playoff, Lincoln Riley could only watch as USC’s hopes slipped away with a single hamstring tweak. Without its Heisman-winning quarterback healthy, USC fell painfully short, left to wonder over frustrating seasons that followed what might have been.

It would take Riley nearly three years — and plenty of ups and downs in between — to return to that same place with USC, only to have the door slammed shut once again, this time in a 42-27 loss to No. 7 Oregon.

With its playoff hopes dashed by a third defeat, barring an unlikely sequence of events, USC (9-3) appears to be heading to a second-tier bowl game, while the Ducks are one of three Big Ten teams likely to host a home playoff matchup. That’s an especially bitter pill to swallow, considering the progress Riley has trumpeted this season, four years into his tenure at USC.

“This is USC — the standard here is incredibly high,” Riley said. “We’ve won a bunch of games this year. The ones we haven’t won, we’re right there.”

It was a familiar refrain from Riley, who has lost all five of his games against top-10 teams as USC’s coach. But the Trojans’ losses this season each left little doubt about how and why they’d fallen short. At Illinois, it was penalties and costly mistakes. At Notre Dame, a bone-headed play call and ill-timed turnovers did them in.

Against Oregon (10-1), it was more of the same lapses in discipline. Except this time, the back-breaking mistakes came largely on special teams. The most glaring of which Riley would look back on as the turning point Saturday.

It was just a few minutes into the second quarter. Tied 14-14, USC had sputtered short of midfield. So the Trojans punted away to Oregon’s Malik Benson.

The punt flew on a line drive to Benson, who found the edge and flew past USC’s last line of defense, 85 yards untouched into the end zone. The return’s impact would only reverberate from there.

“Obviously, it was a huge, huge play in the game,” Riley said. “You definitely don’t want to give them something like that.”

You certainly wouldn’t want to let those missteps snowball either. But that’s precisely what happened as quarterback Jayden Maiava faced heavy pressure on a third down on USC’s ensuing possession and threw a prayer into traffic. Oregon intercepted the pass.

USC’s defense would hold initially, and Oregon sent a field-goal attempt off the goalpost. Had the Trojans taken over from there, what followed could have altered the path of USC’s season — and the college football season writ large.

But in trying to block the field goal, linebacker Desman Stephens leaped over the Ducks’ line and was flagged for a 15-yard penalty. Riley said that Stephens “just kind of panicked a little bit.” Three plays later, Oregon punched in a touchdown to take a lead it would never relinquish.

“We’re playing good enough right now that we’re a sequence like that [away] from beating anybody,” Riley said. “That’s just how it feels.”

USC wide receiver Makai Lemon attempts to hurdle Oregon defensive backs Dillon Thieneman (31) and Jadon Canady, right, during the first half Saturday.

(Lydia Ely / Associated Press)

The series of special teams mistakes ultimately sunk USC, yet it was hardly the only error the Trojans made in that aspect of the game. USC also missed a field goal, kicked a kickoff out of bounds and was called for catch interference.

Other mistakes made matters worse. The Trojans were called for eight penalties for 103 yards, the fourth time this season they’ve been penalized that much.

The Trojans’ defense certainly didn’t help matters, in spite of assurances that it had ironed out its issues over three standout, second-half performances. Against Oregon, though, that progress was tough to spot, as USC gave up 436 yards, just shy of a season-worst mark.

The loss wasn’t for a lack of effort from its passing attack. After a questionable performance on the road in each of USC’s first four trips, quarterback Jayden Maiava hit big throws to keep the Trojans alive. Seven of his 25 completions went for 15 yards or more. He finished with 306 yards and three touchdowns, while freshman Tanook Hines (141) and fellow wideout Ja’Kobi Lane (108) turned in standout performances.

With its rushing attack unable to move the ball, the passing game was all that really worked for USC.

USC quarterback Jayden Maiava looks toward the scoreboard in the second half of a 42-27 loss to Oregon on Saturday.

(Lydia Ely / Associated Press)

King Miller had been stellar in the five weeks since being thrust into the lead role in USC’s backfield. But the Trojan walk-on was totally neutralized by Oregon’s stout defensive front. He rushed for just 30 yards, the longest of his 15 carries going for just five yards. The Trojans managed just 52 yards on the ground total, their fewest since a November 2023 loss to UCLA.

“We didn’t run the ball nearly as well as we have or nearly as well as we expected to,” Riley said.

After USC coaches reiterated all week the importance of starting fast, USC did make an immediate statement. On its first drive, USC marched down the field, and Maiava found Makai Lemon on an eight-yard swing pass that he took into the end zone.

But while USC’s running game struggled, Oregon faced little resistance, racking up 179 rushing yards and three scores.

At the start of the second quarter, Maiava found Lemon again on a swing pass in the backfield, only for Lemon to throw the ball on a double pass. Waiting for the pass was Hines, who leaped for an acrobatic 24-yard touchdown in traffic.

The fireworks didn’t stop there. But the special teams gaffes would change the tenor of the game, as Oregon opened up a 28-14 lead by halftime.

Just before the half, USC drove to the 10-yard line with seconds remaining, only for kicker Ryon Sayeri to clank a 27-yard field goal attempt off the goalpost.

A third-quarter interception from Kennedy Urlacher, one of two USC reserves starting at safety, gave the Trojans some life. But there would be no stalwart second-half stand from USC’s defense, like it managed the last three weeks. Nor could its electric offense climb back in time.

As the final seconds ticked away, there was only the realization that, once again, its hopes of a special season had been dashed right on the doorstep.

They were battered, they were bruised, they were soaking wet and covered in stereotypes.

They’re not tough enough. They’re not resilient enough. They’re not Big Ten-enough.

Late in the second quarter Saturday afternoon at the Coliseum, a USC football team fighting for a playoff berth was crumbling beneath the weight of its worst national perception.

It was wilting under the weather and the weight of a team from Iowa.

Then, with big swings from a deep strength that few thought a Lincoln Riley team possessed, everything changed.

It’s raining wins, hallelujah.

Trailing 21-7, the Trojans got muddy and chilly and just plain mean, winning the line of scrimmage, winning the battle of skill, and eventually winning the game 26-21.

Yeah, afterward, that was Riley dancing in a downpour.

And, yes, USC is still in the national championship hunt, needing wins in its final two games at Oregon and against UCLA to qualify for the College Football Playoff.

Few will believe they can beat sixth-ranked and one-loss Oregon in Eugene. But then again, few believed they would survive Iowa after the Hawkeyes took that big second-quarter lead.

During the last 10 years, Iowa had an 83-5 record when leading by eight points or more. Translated, this is a program that knows how to protect a lead, and the Trojans were seemingly cooked.

But Makai Lemon made 153 yards worth of spectacular catches, King Miller ran for 83 bruising clock-killing yards, Jahkeem Stewart made a game-changing interception, Jayden Maiava held it together with a touchdown pass and no turnovers, and the game essentially appropriately ended with USC just being stronger.

On a fourth-down pass in the final minute, Kennedy Urlacher shoved Kaden Wetjen out of bounds as he was making a grab deep in Trojan territory.

No catch, game over, and in the end, the Trojans were as hearty as that section of fans that witnessed the game shirtless.

The afternoon started with groundskeepers drying the field with leaf blowers, the first rainy game at the Coliseum in nine years.

USC coach Lincoln Riley celebrates with wide receiver Prince Strachan during the second half of a 26-21 comeback win over Iowa at the Coliseum on Saturday.

(Eric Thayer / Los Angeles Times)

But for USC under Riley, it felt the same, a late-season game requiring the sort of grimy toughness that his Trojans had yet to show.

Blew five fourth-quarter leads last season. Blew four of their last five games two seasons ago. Blew the Pac-12 championship game and a shot at the playoffs three seasons ago.

It looked like they were going to blow it again.

Iowa took the opening kickoff and drove 69 yards in seven plays in a bruising drive punctuated by a fourth-down, two-yard touchdown pass from Mark Gronowski to Dayton Howard in the back of the end zone.

Yes, the FBS’s 133rd ranked passing offense — out of 136 teams — had just scored on a pass play.

And Iowa was just getting started.

After stopping the Trojans’ Miller on a fourth-down run around just inside Iowa territory — a terrible Riley call against the nation’s best fourth-down defense — the Hawkeyes drove 45 yards in nine plays to score on a Gronowski one-yard push to take a 14-0 lead.

The Trojans came back while finally finding their groove, driving 74 yards on 11 plays featuring a leaping catch by Ja’Kobi Lane and ending with a one-yard touchdown run out of the wildcat formation by Bryan Jackson.

So USC had the momentum? Not so fast.

USC defensive tackle Jide Abasiri holds up the ball while celebrating with cornerback Decarlos Nicholson during the second half of the Trojans’ win Saturday over Iowa.

(Eric Thayer / Los Angeles Times)

Iowa took the possession and pounded and pounded and nine plays and 75 yards later scored on a five-yard, trick-play pass from receiver Reece Vander Zee to Gronowski.

That gave Iowa a 21-7 lead that was shortened only by a Ryon Sayeri 40-yard field goal after a dropped pass and penalty stopped the Trojans.

USC took the ball at the start of the third quarter and seemed to be destined for a touchdown after a leaping sideline catch by Lemon. But a holding call against Lane ruined a long run by Miller, two failed pass plays stalled the drive, and the Trojans had to settle for a 29-yard field goal by Sayeri to close the gap to 21-13.

After the Trojans defense stiffened, the offense went back on a roll, using another leaping grab by Lemon — this one for 35 yards — to set up a 12-yard TD pass between three defenders to Lemon. Maiava overthrew Lemon on the two-point conversion attempt, but this time, the Trojans didn’t blow the momentum.

On Iowa’s next possession, with 1:52 left in the period, the powerful freshman Stewart grabbed a deflected pass for an interception to give the Trojans the ball on the Iowa 40-yard line.

From there, Maiava drove them 40 yards in six plays on a possession that was assisted by a pass interference penalty and gave them an eventual 26-21 lead after Jackson’s one-yard touchdown run.

It was a lead they never lost.

It is a season that still matters.

Troy Parrott scores twice in first half to keep Ireland’s hopes of reaching next tournament alive with a famous victory.

Ireland have stunned Portugal 2-0 to keep their narrow path to next year’s World Cup open and make the Nations League winners wait to book an automatic spot on a night where their captain Cristiano Ronaldo was sent off.

Ireland, who have not qualified for a major tournament in a decade and last reached a World Cup in 2002, needed at least a draw on Thursday to keep their qualification hopes alive and a first half Troy Parrott double capped their best performance in years.

They still need a win in Budapest on Sunday to claim a spot in next March’s playoffs after second-placed Hungary won 1-0 in Armenia. A draw at home to bottom-placed Armenia is likely the most Portugal need to secure automatic qualification.

But they will have to do it without Ronaldo, whose initial yellow card for lashing out with an elbow to the back of Ireland defender Dara O’Shea was upgraded after review to his first ever red card for Portugal in his 226th appearance.

Portugal, who were moments away from securing their seventh successive World Cup appearance a month ago before a stoppage-time Hungarian equaliser in Lisbon, fell behind on 17 minutes after Liam Scales headed a fizzed-in corner back across goal and Parrott could not miss.

Well worth the lead, Ireland went inches from doubling it when Chiedozie Ogbene struck the post with a fine effort before in-form AZ Alkmaar striker Parrott found the bottom corner with a brilliant finish from similar distance just before the break.

Ireland, who defended gallantly in the reverse fixture before going down to a late goal, did not require a repeat once Ronaldo received his marching orders on the hour, sarcastically clapping the delighted home fans as he departed.

Portugal, who are assured at least a playoff spot, are two points clear of Hungary at the top of Group F with a superior goal difference. The Irish are one point further back.

Parrott told RTE that it was “probably the best night” of his life.

“It is such a relief and overwhelming feeling to see the hard work paying off,” he said.

“We all knew how important this game was for us, especially given the other result tonight [Hungary beat Armenia]. I am just overwhelmed, I don’t know what words to give now. I am over the moon.”

Ireland coach Heimir Hallgrimsson praised the backing of the fans and suggested they may have gotten to Ronaldo.

“I can only praise the supporters. We have amazing fans as always. They have a lot of say in this win, they give us energy and help us at crucial times. They deserve this win,” he said.

“[Ronaldo[ lost his focus a little bit. Maybe it was the fans as well that helped a little bit. He was frustrated and reacted in a way that he knows he shouldn’t.”

Elsewhere on Thursday, Two goals from star striker Kylian Mbappe helped send two-time champions France to the 2026 World Cup with a 4-0 home win against Ukraine.

Midfielder Michael Olise and substitute forward Hugo Ekitike added the other goals in a dominant second half from France, the World Cup runner-up in 2022.

Late goals from Gianluca Mancini and Francesco Pio Esposito helped Italy to a 2-0 win away against Moldova on Thursday, keeping alive their faint hopes of automatic qualification for the 2026 World Cup with their fifth consecutive victory.

The result lifted Italy to 18 points, three behind group leaders Norway, who earlier beat Estonia 4-1, with the two sides meeting on the final qualifying matchday on Sunday. The Azzurri now face what looks an impossible task, needing to win and overturn Norway’s goal difference of 17.

England eased to a mundane 2-0 victory over Serbia with goals from Bukayo Saka and Eberechi Eze to make it seven wins from seven games in their World Cup qualifying campaign at a rain-soaked Wembley Stadium on Thursday.

Serbia put up more resistance than in the 5-0 home drubbing by England in September and Dusan Vlahovic twice went close to equalising but the defeat means his side can no longer finish in the top two and earn a playoff shot.

Albania will finish as runners-up and are guaranteed a playoff place after they beat Andorra 1-0 away.

European stocks rallied at the start of the new trading week as a late test vote in the Senate on Sunday raised expectations for a bipartisan deal to fund the government, lifting investor sentiment across regions.

US stock futures climbed, and European indices followed suit.

Germany’s DAX rose 1.5%, France’s CAC 40 gained 1.4% and London’s FTSE 100 advanced 0.8% at around 11:00 CET. The uptick reflected renewed optimism that the shutdown, which has hindered access to key economic data, could soon end, alleviating uncertainty for markets.

AJ Bell investment director Russ Mould said the Senate vote was an important first step, but that there were still hurdles to be cleared.

“A key impact on the markets of the impasse, beyond the hit to the wider economy, has been the lack of data as key releases on areas like the jobs market have been delayed,” Mould said.

He added that this “created a considerable dose of the uncertainty which markets famously hate, and it is also hampering the ability of the Federal Reserve to make informed decisions on interest rates.”

“In this context, it’s not a surprise to see investors react positively to signs of progress, with Asian shares higher, indices on the front foot in Europe and US futures pointing towards gains when Wall Street opens later.”

A respite for whiskey and spirits

Meanwhile, shares in beleaguered drinks giant Diageo soared 6.4% in early trade on news that former Tesco chief executive Dave Lewis was appointed to lead the company.

Diageo is one of the world’s biggest drinks groups and a heavyweight in the FTSE 100, with a stable of blue-chip brands such as Johnnie Walker, Guinness, Smirnoff, Tanqueray, Don Julio and Baileys sold in more than 180 countries

The company has struggled with falling drink consumption after the end of the COVID-19 pandemic, and an end to the government shutdown is positive for Diageo as the United States is its single largest market

Lewis, who is set to take over in January 2026, was known as “Drastic Dave” for his role in turning around the supermarket chain.

Dan Coatsworth, head of markets at AJ Bell, said the appointment was a “significant hire and a pleasant surprise”.

He explained that investors “are clearly excited about Diageo’s prospects under Lewis. The stock is unloved after several years of disappointment, and the appointment of a highly respected CEO could be enough to win over many investors.” However, Lewis knows he will ultimately be judged on results, not hope.

A boost for dollar exchanges and gold

In terms of currencies, the dollar exchange rate remains steady, with the current euro exchange rate hovering at around $1.15, while the yen exchange rate went up slightly to $154.1 or by 0.5%.

The UK pound is slightly weaker against the dollar, going down by 0.1% to $1.315.

Gold is up about 1.8% at roughly €3,521 per troy ounce (about €113 per gram and €113,200 per kilogram). It is still sought out as a safe place to park money, even as shutdown worries ease.

AI and tech leaders are firmer in pre-market trading alongside the broader risk-on tone, and reports show Nvidia up by around 3.5%.

The move sits within a wider global relief rally as investors price a potential end to the shutdown.

In other developments, shares of Danish pharmaceutical giant Novo Nordisk rose by 2.3% by midday in Europe after the company announced a partnership with Indian drugmaker Emcure Pharmaceuticals to market its weight-loss treatment Wegovy under a new brand through an exclusive agreement.

Meanwhile, the company failed in its bid to acquire biotech firm Metsera. The biotech company based in New York, which develops promising drugs against obesity, said it would accept a revised offer from Pfizer of up to $10 billion (€8.65bn).

Zohran Mamdani’s stunning victory in New York City’s mayoral race was built on a promise of hope and political change, a message that is resonating loudly with the people in Uganda, where he was born.

The 34-year-old leftist’s decisive win in the United States’ largest metropolis on Wednesday was celebrated by many in Uganda’s capital Kampala, the city where Mamdani was born in 1991.

For many Ugandans, the unlikely rise of Mamdani – a young Muslim with roots in Africa and South Asia – in the world’s most powerful democracy carries an inspirational message in a country where an authoritarian leader has been ruling since even before Mamdani was born.

Uganda’s 81-year-old President Yoweri Museveni is seeking a seventh term in January elections as he looks to extend his nearly 40-year rule. He has rejected calls to retire, leading to fears of a volatile political transition.

“It’s a big encouragement even to us here in Uganda that it’s possible,” Joel Ssenyonyi, a 38-year-old opposition leader in the Parliament of Uganda, told The Associated Press.

He said that while Ugandans, who are facing repressive political conditions, had “a long way to get there”, Mamdani’s success “inspires us”.

Mamdani left Uganda when he was five to follow his father, political theorist Mahmood Mamdani, to South Africa, and later moved to the US. He kept his Ugandan citizenship even after he became a naturalised US citizen in 2018, according to AP.

The family maintains a home in Kampala, to which they regularly return and visited earlier this year to celebrate Mamdani’s marriage.

‘We celebrate and draw strength’

While Mamdani, a self-described democratic socialist, has vowed to tackle inequality and push back against the xenophobic rhetoric of US President Donald Trump, opposition politicians in Uganda face different challenges.

Museveni has been cracking down on his opponents ahead of next year’s elections, as he has in the lead-up to previous polls.

In November last year, veteran opposition figure Kizza Besigye, who has stood against Museveni in four elections, and his aide, Obeid Lutale, were abducted in Nairobi, Kenya, before being arraigned in a military court in Kampala on treason charges. The pair have since repeatedly been denied bail, despite concerns raised by the United Nations’ human rights officials.

Other opposition figures have also faced crackdowns.

Tens of supporters of the National Unity Platform (NUP) party, led by 43-year-old entertainer Robert Kyagulanyi, popularly known as Bobi Wine, have been convicted by Uganda’s military courts for various offences.

“From Uganda, we celebrate and draw strength from your example as we work to build a country where every citizen can realise their grandest dreams regardless of means and background,” Wine wrote on X as he sent his “hearty congratulations” to Mamdani.

Robert Kabushenga, a retired Ugandan media executive who is friendly with the Mamdani family, told AP that Mamdani’s win was “a beacon of hope” for those fighting for change in Uganda, especially the younger generations.

Describing the new mayor-elect as belonging to “a tradition of very honest and clear thinkers who are willing to reimagine … politics”, Kabushenga said Mamdani’s victory underlined that “we should allow young people the opportunity to shape, and participate in, politics in a meaningful way”.

Okello Ogwang, an academic who once worked with Mamdani’s father at Kampala’s Makerere University, said his son’s success was an instructive reminder to Uganda “that we should invest in the youth”.

“He’s coming from here,” he said. “If we don’t invest in our youth, we are wasting our time.”

Anthony Kirabo, a 22-year-old psychology student at Makerere University, said Mamdani’s win “makes me feel good and proud of my country because it shows that Uganda can produce some good leaders”.

“Seeing Zohran up there, I feel like I can also make it,” he said.