US equity markets settled mixed after a rise in oil prices somewhat offset another confronting weekly jobless claims report - Dow up +39-points or +0.17%, paring an earlier rally of over >400-points. Heavyweight energy names Exxon Mobil Corp and Chevron Corp rallied +3.13% and +2.79%respectively. The broader S&P500 slipped -0.05% Gilead Sciences Inc fell -4.3% after reports in both The Financial Times and Stat News said a draft of the clinical trial results for remdesivir, an experimental drug being tested as a treatment for COVID-19, showed that the drug did not speed up improvement in patients in China or prevent them from dying. Gilead took issue with the report, saying: “Because this study was terminated early due to low enrolment, it was underpowered to enable statistically meaningful conclusions. As such, the study results are inconclusive, though trends in the data suggest a potential benefit for remdesivir, particularly among patients treated early in disease.” Casino stocks rallied after Las Vegas Sands Corp (up +11.9%) executives predicted a quick rebound in gambling among the company’s properties across Asia and said it is seeking to use its cash for acquisitions. Wynn Resorts Ltd rallied +8.60%, MGM Resorts International +3.69% and Melco Crown Entertainment +5.88%. The NASDAQ dipped -0.01%. Both the Nasdaq and S&P 500 were up more than >1% at their session highs.
