Initial results for Gilead’s (GILD) drug Remdesivi trial in China were inadvertently released on the WHO website (which has since been taken down). While the trial was terminated early due to low enrollment, the data suggested it failed to speed recovery or keep patients from dying from Covid-19. There is lots of conflicting news swirling about the potentially bad results, and this has taken the some of the air out of the market.
The best performing sector today is Energy. June WTI is trading up 23.55% today to $16.95.
S&P 500 Index | +0.67% | |
Communication Services (XLC) | +0.96% |
|
Consumer Discretionary (XLY) | +0.30% | |
Consumer Staples (XLP) |
| -0.65% |
Energy (XLE) | +2.63% | |
Financials (XLF) | -0.19% | |
Health Care (XLV) | +0.71% | |
Industrials (XLI) | +1.45% |
|
Materials (XLB) | +1.05% |
|
Real Estate (XLRE) | -0.33% | |
Technology (XLK) |
| -0.11% |
Utilities (XLU) |
| -1.83% |
New home sales, signed contract in March, were down 15.4% in March to 627,000 unit, from February’s revised 741,000. Year over year, sales are down 9.5%. While March numbers were not as bad as expected, April is anticipated to be a lot lower.
- Northeast -41.5%; Midwest -8.1%; South -0.8%; and West (-38.5%)
- Median sales price + 3.5% year over year to $321,400.
- Average sales price +0.7% to $375,300
- Supply is 6.4 months versus 5.2 in February
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Members of the House are about to begin voting on the $484 billion additional Coronavirus Relief Aid. Let's see if they will be able to advance the bill.
The market was displaying great resolve prior to the GILD news. If we can build into the end of the session, it would be a great and setting up a big test with major support for tomorrow.
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