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Stocks - Dow Cuts Gains in Wild Trading as Gilead Drug Reportedly Fails

Stock MarketsApr 23, 2020 04:09PM ET
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© Reuters.

By Yasin Ebrahim 

Investing.com – The Dow ended at session lows Thursday, while the broader market was lower, as reports that Gilead's (NASDAQ:GILD) potential Covid-19 treatment had failed to show an improvement in patients spawned a jolt of volatility that offset energy-infused gains.

The Dow Jones Industrial Average rose 0.17%, or 39 points, while the S&P 500 and the Nasdaq Composite ended just barely in the red.

Gilead's potential antiviral drug remdesivir failed to improve the health of coronavirus patients in a clinical trial, according to draft documents published accidentally by the World Health Organization and seen by the Financial Times. Gilead fell 4.3%.

"The manuscript is undergoing peer review and we are waiting for a final version before WHO comments,” said WHO spokesperson Tarik Jasarevic.

With investor hopes running high that a potential Covid-19 therapy could smooth the reopening of the economy, the news dealt a blow to risk sentiment, forcing investors to rein in some of the bullish bets on stocks.

Wall Street had rallied earlier, led by a climb in energy prices and signs of the number of people filing for unemployment had bottomed.

The U.S. Labor Department reported that 4.427 million people filed for unemployment insurance, down 810,000 from the prior week's downwardly revised 5.237 million and down 2.44 million from the record of 6.867 million seen in late March.

"Looking at the claims data now is a lot like looking at the COVID-19 infection data. It is too early to expect a dramatic decline in the headline numbers, but to the extent that there is anything encouraging to take away from the data, there are signs of a 'flattening curve' where before there was exponential growth," Jefferies said.

The move to the downside was also exacerbated by fall in defensive concerns of the market such as utilities, real estate and consumer staples, all of which ended the day down 1%.

But gains in industrials, led by Old Dominion Freight Line (NASDAQ:ODFL) ,up 10%, Robert Half (NYSE:RHI) up 5.5% and Textron (NYSE:NYSE:TXT), up 4.4%, kept a lid on the downside in the broader market.

Stocks - Dow Cuts Gains in Wild Trading as Gilead Drug Reportedly Fails
 

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Comments (16)
Get Sirius
Get Sirius Apr 23, 2020 9:06PM ET
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This is a really bad news but don’t worry guys, that means just small impact on dropp. But when we hear not big good news it will be skyrocket.
Fairway TradeUS
Fairway TradeUS Apr 23, 2020 8:08PM ET
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Sideways miving markets both 2 past daysVolatility building in the market yet again.Reporting to clients we are:Sell Put options Selling Call options
Mr Man
Mr Man Apr 23, 2020 7:46PM ET
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It turned out to be a pump and dump.
john richards
john richards Apr 23, 2020 7:23PM ET
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Owned by the leftist sc8mb8ags known as univision. 'nuff said
john richards
john richards Apr 23, 2020 7:14PM ET
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I told you guys.........the always wrong leftist knows nothing, is wrong everytime for 100yrs on everything and yet plows forward despite historic ineptitude. Blue states lead the world in covid death.
Gamer Turtle
GamerTurtle Apr 23, 2020 7:12PM ET
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didn't really matter to the stock market. stock market is on a pre-course. when positive news was released market went up like 5%, then same news taken back, market flat.... so no real impact of bad news. it is being pumped for a reason we don't know of.
David David
David9 Apr 23, 2020 6:54PM ET
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I told you guys... He who knows does not need to speak. He who speaks does not know. We don't see President Xi going around speaking too much about this virus, but he knows situation. Likewise, Trump goes around speaking a lot, but he proved to us that he does not know. That us why, we need to listen to the person that is quite and follow their lead.
John Eckart
John Eckart Apr 23, 2020 6:33PM ET
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WHO ‘accidentally’ published this. You dont publish anything unless you know you’re doing it!
Ronald Warren
Ronald Warren Apr 23, 2020 6:33PM ET
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I'm sure it had nothing to do with Trump pulling their funding. Why were they keeping wraps on the report?
rob finch
rob finch Apr 23, 2020 6:28PM ET
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good one David. your a true artist. :)
ANdo JE
ANdo JE Apr 23, 2020 6:21PM ET
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Gilead was CNBC SCAM to sell shares
Andres GG
Andres GG Apr 23, 2020 6:19PM ET
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i love seeing journalists make sense of this when it's clear the market is just rigged.
pdyuy veagx
pdyuy veagx Apr 23, 2020 6:07PM ET
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news About it was released to save the market from crashing. Now its public that it doesnt work. Guess how the market will react
David David
David9 Apr 23, 2020 5:54PM ET
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I told you guys... China has already told.us it doesn't work. China tell us a lot, but we choose to not listen. If we don't listen, we failed. It is time that we need to follow China's lead. They know what they are doing. The chinese knows a lot more than we do. They have been around for 5000 years of recorded history. That is why Confucius said, the oldest always know what they are talking about. China is much more wiser.
Pete Palella
Pete Palella Apr 23, 2020 5:54PM ET
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Follow a country that does nothing bit lie. We’ll see when the deug teatibg is done hear in rhe staes in chicago.
David David
David9 Apr 23, 2020 5:54PM ET
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I tell you guys the truth, but all I hear is disrespect. I know what I am talking about.
Ed Nelson
Ed Nelson Apr 23, 2020 5:54PM ET
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Chuck Fina.
dick schwinn
justanoldguy Apr 23, 2020 4:47PM ET
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WOW lets sensationalize something else, first reports on Gilead that caused the rally were shady at best. The press needs to respect the power they have in these volatile times, and act accordingly.
Justaname XX
Justaname XX Apr 23, 2020 4:47PM ET
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you guess who owns the press?
DrFunkenstein hayson
DrFunkenstein hayson Apr 23, 2020 4:44PM ET
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why is the WHO talking about the drug? that makes no sense. they have nothing to do with the fda or academic research. the drug results should be published in an academic journal.
Alejandro Pieroni
Alejandro Pieroni Apr 23, 2020 4:44PM ET
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So its ok to pump but not to dump?
Rey Palpatine
Rey Palpatine Apr 23, 2020 4:26PM ET
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Lol, you guys are really pulling for straws here. Wall Street rallied during the day because energy prices went up (which affects every producer and consumer on the planet) and because there were "only" 4 million jobless claims? This is still 4x higher than any week prior to this year.
James Adams
James Adams Apr 23, 2020 4:26PM ET
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It rallied a 1000 pts last week on Gilead time to give it back. The lock down looks it will be longer than we think
 
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