New data on remdesivir calm investors. Wall Street closes on 'green'

The top three US indices ended the session on 'green'. Gilead Sciences is up more than 2% after reporting that its drug remdesivir is associated with a significant percentage of improvements in patients with Covid-19.

Brendan McDermid / Reuters

After a not-so-encouraging start, the New York Stock Exchange ended Friday's session on positive ground. Wall Street thus ends, in the 'green', the week before the kick-off the new era of corporate results (earnings season).

Looking at the three main Wall Street indices, industrialist Dow Jones rose 1,44% to 26.075,30 points, financial S&P 500 gained 1,07% to 3.185,90 points and technological Nasdaq advanced 0,66 %, to 10.617,44 points. Russel 2000 appreciated 1,14%, to 1.418,35 points.

“Investors' focus starts to focus on the results presentation season, which starts next week. PepsiCo will be the first major American company to disclose its accounts, next Monday. In Europe, the publication of results will only intensify as of the 20th ”, explain the analysts of the Spanish bank Bankinter, in a market note.

Ramiro Loureiro, trader of Millennium bcp points out that Citigroup, JPMorgan and Wells Frago also show accounts next week and that, on July 14, the airline Delta Airlines “will be the first air carrier to show figures, which should show the significant impact of the pandemic in the sector, one of the most affected by restrictions on the movement of people ”.

Gilead Sciences rose 2,17% to $ 76,33 after reporting that its remdesivir drug, used to treat patients with Covid-19, “was associated with improved clinical recovery and a 62% reduction in risk mortality compared to the standard ”.

“Texas reported a record 105 deaths from Covid-19 yesterday, New York has banned any major event until October and the World Health Organization hypothesizes that the new coronavirus could be transmitted over the air. Goldman Sachs believes that additional measures will be needed to contain the spread of the virus in the United States ”, recalls André Neto Pires, from XTB, in research.

In relation to the oil market, the price of 'black gold' is rising more than 1%. The value of WTI, produced in Texas, gains 2,25%, to $ 40,51 per barrel, while the price of Brent's barrel is appreciating 1,94% to $ 43,17.

As for the foreign exchange market, the euro appreciates 0,17% against the dollar (to 1,13 dollars) and the pound goes up 0,19% against the United States currency, to 1,2628 dollars.

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