Coronavirus Treatment is Wall Street Top Priority

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as coronavirus treatment is Wall Street top priority. Stocks in heat map are based on the top 10 holdings of each sector ETF. Click on each picture to zoom in. Below is a summary of today’s action on Wall Street provided by CNBC:

Stock futures slip as investors digest oil turbulence, await jobless claims

Futures contracts tied to the major U.S. stock indexes drifted lower in the overnight session Wednesday evening as investors took a breather after the turbulence of the prior three regular sessions. Dow Jones Industrial Average futures dropped 86 points, implying an opening slip of about 90 points.

The S&P 500 (SPY) slipped -0.05% today. Sector decliners led advancers 6 to 5 as shown below in the sector graph. Gains ranged from +3.23% to less than 1%. Losses ranged from -1.68% to less than 1%, check the sector graph for specifics.

The Dow Jones index added +39 points (+0.17%) to close at 23,515. The Nasdaq finished below breakeven, losing -0.63 (-0.01%) to settle at 8,494.

Coronavirus Treatment is Wall Street Top Priority

Stocks ended near the flatline Thursday, both the Nasdaq and S&P 500 gave up 1% gains, after Gilead Sciences’ drug did not improve coronavirus patients.

The Financial Times said  — citing documents accidentally published by the World Health Organization — that Gilead Sciences’ drug remdesivir did not improve patients’ condition or reduce the coronavirus pathogen in their bloodstream. Those findings, according to the report, came from a clinical trial in China.

Nasdaq and the S&P 500 losing 1% gains shows just just how important finding a treatment for the coronavirus is for Wall Street.

The report and Gilead’s subsequent statement came a week after STAT News reported that Chicago patients taking remdesivir to treat coronavirus were recovering rapidly from severe virus symptoms. That report lifted market sentiment, sending stocks sharply higher.

West Texas Intermediate futures for June delivery jumped 19.7% to settle at $16.50 per barrel as traders increased bets on U.S. production cuts. WTI also rallied on Wednesday.

Earlier in the week, concerns over a lack of energy demand sent WTI’s May contract — which expired Tuesday — into a negative price. Crude prices are also down sharply year to date even after their strong gains over the past two days.

Another 4.4 million workers filed for unemployment benefits last week, according to data from the Labor Department. That brought the five-week jobless claims total to more than 26 million, erasing all the job gains since the Great Recession. However, Thursday’s print represented a decline from the jobless claims number reported in the previous week.

Key Takeaways…

Notable S&P 500 Movers…

Below I’ve highlighted some notable S&P movers (both winners & losers).

Credit: Sector Graph provided by Sector SPDR app. Sector breakdown provided by Charles Schwab. Sector heat map provided by finviz. Information Credit: News Headlines and quotes were taken from CNBC in the writing of this post.

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4/23/20

S&P 500 Sector Graph

Coronavirus Treatment is Wall Street Top Priority

S&P 500 (SPY)

Coronavirus Treatment is Wall Street Top Priority

Communication Services (XLC)

Coronavirus Treatment is Wall Street Top Priority

Consumer Discretionary (XLY)

Coronavirus Treatment is Wall Street Top Priority

Consumer Staples (XLP)

Coronavirus Treatment is Wall Street Top Priority

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Energy (XLE)

Coronavirus Treatment is Wall Street Top Priority

Financials (XLF)

Coronavirus Treatment is Wall Street Top Priority

Real Estate (XLRE)

Coronavirus Treatment is Wall Street Top Priority

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

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Technology (XLK)

Utilities (XLU)

S&P 500 Sector Heat Map

 

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