- The U.S. stock market falls despite optimism surrounding the Gilead Remdesivir drug trial.
- Authorities are hopeful interim treatments like Remdesivir and Hydroxychloroquine can help coronavirus recovery.
- Investors are seemingly unconvinced by the thought of full recovery from the virus.
The U.S. stock market is plunging in pre-market despite the positive sentiment around coronavirus treatment. Dr. Anthony Fauci’s endorsement of Gilead Remdesivir drug trial tests was not enough to convince investors of a recovery.
The official count of confirmed coronavirus cases reached 1,031,659 according to the Centers for Disease Control and Prevention. The U.S. government is narrowing down the treatment of COVID-19 to Hydroxychloroquine and Gilead Remdeisivir.
Stock Market is Not Convinced Coronavirus is Going Away Soon
The government of the U.S. is expressing optimism towards several methods of treating coronavirus patients in the short-term. The authorities are hopeful that interim treatment methods may benefit infected individuals in the upcoming months.
Remdesivir, a medicine manufactured by biotech corporation Gilead Sciences, is considered to be a promising drug in aiding recovery from coronavirus.
Fauci said that the results of the first clinical trial involving Remdesivir were “quite good,” adding that they are highly significant based on the time of recovery.
The U.S. Food and Drug Administration (FDA) and Gilead Sciences are reportedly preparing to work on distributing Remdesivir as soon as possible at a large capacity.
In recent weeks, any positivity surrounding a potential coronavirus drug has resulted in a profound impact on the stock market.
On April 7, for instance, the FDA officially approved a new drug application for malaria drug Hydroxychloroquine Sulfate Tablets USP. In the next 48 hours that followed, the U.S. stock market surged by 4.7%.