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After trading lower overnight, US equity futures are modestly higher on the day as the market looks to escape a Corona Friday for the second week in a row. You may recall that last Friday the S&P 500 closed out the week with a gain of 2.68%, which was the second-best Friday performance for the market all year. For all of 2020, though, Fridays have been the worst day for the market with a median decline of 0.82% and gains barely even 25% of the time.
Be sure to check out today’s Morning Lineup for a rundown of the latest earnings reports, sentiment data in Germany, and the latest data on the coronavirus outbreak.
Yesterday wasn’t a great day for the biotech sector as reports that Gilead’s COVID-19 treatment remdesivir didn’t perform well in a small trial of Chinese patients. While details surrounding the data were scant, the news caused an 11.4% intraday negative reversal in GILD’s stock and also reversed what was a pretty strong market rally. GILD has over a 9% weighting in the VanEck Biotech ETF (BBH), so its reversal had an impact on that ETF as well. However, after a remarkable 31% off the March lows, which erased all of the late February/March declines, BBH still remains above its breakout point in the low $140s.