D&D Note (4.23.2020) ~ Gilead Deflates the Rally and 26 Million Jobless Claims ~
Markets opened with a rally then an accidental published news from the WHO on Gilead drug Remdesivir brought markets straight down. The news was the possible Covid-19 treatment did not improve patients’ condition.
Gilead pushed back saying the study was terminated early due to low enrollment. Shares of Gilead closed down 4.3%.
DOW up 0.17%
S&P 500 down -0.05% (2797.80)
NASDAQ down -0.01%
VIX down 1.43% to 41.38
WTI continues to rally up 19.7% today to $16.50 a barrel.
America saw an additional 4.4 million people filed for unemployment pushing the total jobless claims to 26 million.
Markets more or less ended the day flat and the S&P 500 remains pegged to the 50% retracement from the previous highs.
~ Dave James / Principal Trader and Market Strategist