Wall Street’s main indexes started the last day of the week little changed and continue to have a difficult time making a decisive move in either direction. As of writing, the S&P 500 (SPX) was up 0.47% on the day at 3,166, the Dow Jones Industrial Average (DJI) was gaining 0.85% at 25,929 and the Nasdaq Composite (IXIC) was virtually unchanged at 10,542.
In the absence of significant fundamental drivers, investors seem to be reluctant to make large bets while watching rising coronavirus cases in the US and reports on potential vaccines.
S&P 500 top movers
Earlier in the day, Gilead Sciences said that their antiviral Remdesivir was associated with an improvement in the clinical recovery and a 62% reduction in the risk of mortality. “Findings from the comparative analysis showed 74.4% of Remdesivir-treated patients recovered by day 14 vs 59% patients receiving standard of care,” Gilead Sciences noted to revive hopes of an effective treatment.
Boosted by this development, major cruise liners’ and airline shares surged higher. As of writing,
Carnival Corp (CCL), Royal Caribbean Cruises Ltd (RCL) and United Airlines Holdings Inc (UAL) were up 9%, 7.1% and 6.6%, respectively.
Meanwhile, Netflix Inc (NFLX) is gaining 6.4% at $540.23 boosted by Goldman Sachs decision to raise its price target to $670.
On the other hand, Synopsys Inc (SNPS) and PayPal Holdings Inc (PYPL) are both losing 3% as the top-decliners.