Stocks start flat; remdesivir numbers show promise
Jul. 10, 2020 9:31 AM ET|By: Kim Khan, SA News Editor
The market opens little changed, but futures erased losses ahead of the bell following encouraging COVID treatment data.
The S&P is up 0.1%, the Dow is rising 0.1% and the Nasdaq is flat.
Gilead, up 1.8%, says treatment with remdesivir was associated with a 62% reduction in mortality compared to standard-of-care treatment.
Leadership and laggards swapped positions today, with Energy up 0.9% and Tech off 0.7%.
Wholesale inflation numbers showed a decline in headline and core producers prices. That's good for consumers who could see price reductions on the retail side at a time when supplemental benefits are running out, but not so good for companies trying to get pricing power.
Rates are off earlier lows. The 10-year Treasury yield is flat at 0.6%.
As the S&P has struggled to regain its upward momentum of late, Steve Henrich of NorthmanTrader.com noticed that the broader market peaked the same week as the Fed's balance sheet (chart here).