Jobs Data, Treatment Buzz Keep Stock Gains in Check

Tensions surrounding Gilead Sciences weighed on the market

Laura McCandless

Deputy Editor

Apr 23, 2020 at 4:38 PM

The Dow scraped together a 40-point win, as earlier gains were slashed after documents were published on Gilead Science's (GILD) potential coronavirus treatment remdesivir, which drew disappointing results. However, Gilead claims the results of the drug's trial remain "inconclusive." The S&P 500 and Nasdaq slipped below breakeven in the final minutes of trading, as all three indexes had gains pared by this morning's dismal jobs report, which showed that the total number of Americans who have filed for unemployment is now over 26 million.

Continue reading for more on today's market, including:

Investors eye mining stock after choppy week for commodities.
Why this blue-chip stock dropped before earnings.
Plus, TSN fights mounting pressure; Hershey stock melts after quarterly report, and Gap shares grim outlook.

The Dow Jones Industrial Average (DJI - 23,515.26) rose 39.4 points, or 0.2% for the day. Exxon Mobil (XOM) topped the charts with a 3.1% win, while McDonald's (MCD) finished at the bottom with a 2.3% loss.

The S&P 500 Index (SPX - 2,797.80) lost 1.5 points, or 0.05%, while the Nasdaq Composite (IXIC - 8,494.75) shed 0.6 point, or 0.01%, for the day.

The Cboe Volatility Index (VIX - 41.38) fell 0.6 point, or 1.4%.

Closing Index Summary April 23

NYSE and Nasdaq Stats April 23

5 Items on Our Radar Today

New-home sales in the U.S. dropped 15.4% in March, the largest decline since July 2013, to an annualized 670,000 pace. Other housing market figures are also showing effects of the pandemic. (Bloomberg)
Georgia reports a higher death toll the eve before businesses are set to reopen per Governor Brian Kemp's announcement earlier in the week. (The Washington Post)
Tyson stock brushes off plan closures.
Hershey Food's international sales sport bad news.
GPS isn't too far from its all-time low.

Earnings April 23

Unusual Options Activity April 23

Data courtesy of Trade-Alert

Oil Climbs Nearly 20%

Oil futures rose for the second straight session as tensions between the U.S. and Iran began to reignite. June-dated crude climbed $2.72, or 19.7%, to settle at $16.50 a barrel.

Gold futures also climbed for a second straight session, as unemployment rates continued to rise. Gold for June delivery rose $7.10, 0.4%, to settle at $1,745.40 per ounce.

Follow @Schaeffers

Two High-Octane Trade Ideas. One Simple Goal: Intraday Profits.

Dynamite Day Trading Signals delivers two same-day options trades every week — powered by proprietary intraday analysis and 43+ years of trading expertise.

But this isn’t just another stream of alerts.

It’s a structured plan with clear entry and exit points – designed for traders who want to act fast, trade smart, and wrap up gains before the closing bell.

No guesswork. No overnight exposure – Just two well-researched setups per week — whether you prefer buying premium or selling it.

And the results speak for themselves: subscribers have locked in +245.8% total profit over the last six months (since inception!).

👉 Start your one-month trial now for just $10, and be ready for the next trade alert.