All three main U.S. stock indexes fell back from gains of over 1% after the Financial Times reported that a Chinese trial showed that Gilead Science’s remdesivir did not improve patients’ condition or reduce the pathogen’s presence in the bloodstream.Last Friday, Wall Street rallied in part because of a report that COVID-19 patients in a separate study had responded positively to remdesivir.
“The hope as of last week was that Gilead could take the fear of dying off the table, which would result in a much quicker, cleaner, faster recovery. If that’s less likely today than it was yesterday, it is perfectly reasonable for the market to have sold off,” said David Katz, chief investment officer at Matrix Asset Advisors.
“The disappointing drug news stings, but considering another 4 million people lost their jobs, the disconnect between how well stocks have held up in the face of historically bad economic data continues,” said Ryan Detrick, senior market strategist at LPL Financial. The energy index .SPNY rose 3%, easily leading the 11 S&P 500 sectors as oil prices recovered in a tumultuous week that saw U.S. crude futures crash below zero for the first time in history.
Source: News Formal (newsformal.com)
Antiviral flopped during the clinical trial this is absurd
Not surprising. Remember: The road to wisdom? Well, it's plain, and simple to express: Err, and err, and err again, But less, and less, and less. -- Piet Hein
I love these S&P 500 cause-effect headlines. As if anything has anything to do with anything in the markets right now.
The biggest revolution of our generation would be to do away with the stock market.
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