US stocks fluctuate as traders weigh virus spike against advances in treatment

Carmen Reinicke

July 10, 2020 1:49 PM

US stocks fluctuated as traders weighed another record spike in virus cases against advances in treatment.

On Thursday the US reported 63,200 new coronavirus cases, another record spike, according to data from Johns Hopkins University
Meanwhile, Gilead Sciences released clinical-trial data on Friday suggesting its remdesivir treatment reduced COVID-19 mortality risk by 62%.
Oil fell as the International Energy Agency said the increase in coronavirus cases could hurt the market recovery.
Read more on Business Insider.

US stocks fluctuated on Friday as traders weighed another record spike in virus cases against advances in treatment.

On Thursday the US reported 63,200 new coronavirus cases, another record spike, according to data from Johns Hopkins University. Florida, Texas, and California also reported record deaths due to the virus.

Meanwhile, Gilead Sciences released clinical-trial data on Friday suggesting its remdesivir treatment reduced COVID-19 mortality risk by 62% .

Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Friday:

S&P 500 : 3,157.02, up 0.2%
Dow Jones industrial average: 25,811.50, up 0.4% (105 points)
Nasdaq composite : 10,515.24, down 0.3%

Oil rose even as the International Energy Agency said the increase in coronavirus cases could hurt the market recovery. West Texas Intermediate crude rose as much as 0.5%, to $38.54 per barrel. Brent crude , the international benchmark, climbed 0.5%, to $42.56 per barrel, at intraday lows.

Next week, earnings season starts for US companies, which could test investor risk appetites.

"The second-quarter results are set to lay bare the pandemic's impact to a greater extent compared to the previous quarter's figures and this could prove to be one of Wall Street's worst earnings seasons," said Han Tan, market analyst at FXTM. "It remains to be seen whether market participants have the stomach to digest such despairing numbers."

NOW WATCH: Why Pikes Peak is the most dangerous racetrack in America

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!