Confirmed cases. The country has extended its state of emergency through may 9. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. In new york, 1 00 6 00 in london, 1 00 a. M. In hong kong. Im vonnie quinn. Welcome to Bloomberg Markets. Here are the top stories we are following from around the world. U. S. Stocks are raising gains from what has been a recovery rally. The s p 500 was up almost 2 but losing ground now on a ft report that gilead, maker of remdesivir, may not be as effective. Jobless claims rising by 4. 4 million last week but a number coming in slightly less than expected. Total job losses now top 26 million in the wake of the coronavirus outbreak. In a few minutes, an exclusive conversation with the former National Economic Council Director gary cohn. You dont want to miss that. Lets get a quick check on the markets. 8 , p 500 is up just giving back some ground. There was an immediate downturn after that ft report on gileads drug being a failure came out. Gilead is down 4. 75 . So interesting, it was a who report published by mistake that the ft reported on. Gileads response was that there were not enough people enrolled, and the study was ended due to low enrollment and that the study does not give any conclusions. Today. Il is higher still with a 17 handle, but enough to send Energy Companies higher. Investors weighing the latest Economic Data to determine the pandemic damage to the global economy. Lets get to greg staples with dws. More than 800 billion euros under asset management. Federal reserve inputs into the market, Something Like eight programs, six of which are being used right now. What has that meant for you in terms of opportunities . Greg most of that money has gone into the treasury market and into the agency mortgagebacked market. There are still a different programs they have initiated but only two of them have been used so far. The Credit Facility and the money Market Neutral loan facility. The other six which are targeted for the credit markets, mostly for the securitized markets, are still waiting to be used. Still one for the Municipal Market that hasnt been tapped either. A lot of this money is still waiting on the sidelines, Program Details that have to be worked out. But the market has priced in the effect already. Sprint had come in considerably and market liquidity has opened up considerably. From our perspective, we say a lot of what the feds efficacy has been is like teddy roosevelt, speak softly, carry a big stick. Treasurieshave seen in this range, they are very comfortable there, but we see so much volatility in equities. What are treasuries pricing in that equities are not, specifically these fed programs . Greg we think there is a bit of a disconnect. We think equities may have gotten ahead of themselves just a little bit in terms of anticipating earnings that have not come in quite yet in terms of the back half of 2020 and 2021. If you are looking at the equity markets, you are looking at a nice vshaped recovery with the second half looking very strong. The treasury markets, right now we are talking about the 10 year starting with an alltime low again. Some of that has to do with the fed and quantitative easing, stimulating that part of the marketplace. Is signaling an economy that will take a lot longer to recover. We think there is a bit of a tension there. It is probably the treasury markets that will be disappointed. When the economy starts to recover, it is not fiscal stimulus that we pull back. It is probably more on the monetary side. Not in the meeting they have next week, but maybe as soon as may, when the fed indicates they have done what they need to do, the economy is getting better, and maybe they pull back from quantitative easing. To theuld mean risks treasury market. Vonnie is there a risk of a downgrade . I am starting to see that in notes look into the second half. Do we get into trouble with the ratings agencies . Im sorry, downgrade to what . Vonnie u. S. Downgrade sovereign ratings. Greg any time you are issuing in your own currency, you have control over your ability to raise debt. If the u. S. Were in a situation where they were depending on issuing nonu. S. Dollar currencies are investing overseas, that would be a concern. Just in terms of structure, we inieve a country issuing their own currency with an economy as strong as the u. S. Is not at risk of a downgrade, s p notwithstanding. Briefly, where are you seeing opportunities . You mentioned the muni markets. There are also sovereigns in europe showing more value. We hate the phrase but one that is useful now. The easy money has been made. Corporate have come in magnificently. There was easy money to be made in march, april. The Municipal Market, certainly Higher Quality is yet to participate in the rally we have seen in other markets. There are pockets within the structured finance space, clos are attractive in some areas, mortgages,backed by backed by really high Quality Hotels and resort areas. There are pockets, we just have to do our homework to find them. Vonnie thank you, greg staples. Coming up, our exclusive conversation with the former National Economic Council Director gary cohn. This is bloomberg. Authoritativeg as a perspective to the economy and Financial Markets as our next guest. He was the director of the National Economic council and before that president of goldman sachs. Of course, im talking about gary cohn, who joins me this morning on afternoon from long island. As you know, there is a very wide range of views ranging from optimistic to, frankly, dark and pressing about the prospects for the u. S. Economy right now. Where are you on that spectrum . I think im probably somewhere in the middle. I try to be very realistic to what is going on, where we are economically. You have to give the american credit for on this doing what they were asked to do. They were asked to stay home. We took over 90 of the u. S. Population and told them to stay home credit and withdraw from te economy, workforce, some of them are able to work from home, but a lot of them were not. We have been very good at doing that. We are now going to ask them to reenter the economy on a gradual basis. , although i have some trepidations, that people will reenter the economy, reenter the workforce as needed. We will need to encourage people to come back to the workforce, encourage people to go back and live their lives, as normally as they can, while still being very safe and very conscientious about the reality that we have just lived through and will continue to live through this covid19 pandemic. We will have to adjust the way that we live our lives, but we will be able to do that. We have seen this happen in other parts of the world. To liveese have learned in an environment where they are more concerned about germs and the environment, and the society they live in. Have america will start to to live our lives like that for some printer of time. Erik you raise a good point, the chinese example is instructive. Of a its so to speak economy, but people are not restaurants,s, there are no largescale gatherings. Is that the future for america for the time being . I think this is very incremental. We should start by opening smaller retail shops. Every neighborhood has small retail shops. I know a lot of people are dying to get their hair cut. It seems practical that you could make an appointment and get your hair cut, they can schedule it so that people are not waiting, you walk in, you leave. They wipe down the chair and instruments in between. Small retail stores, your neighborhood with two or three employees, usually have two or three guests in the shop, you can manage that. If more people want to come in, you have been waiting outside. That will be the shortterm solution. As we get more comfortable with that band we dont see a spike or reinfection rate higher than we have now, we will be allowed to relax that environment. But that is what we should get used to, what we should be accustomed to. Either way, i think we are accustomed to that now. Most essential stores in the country right now have that mechanism right now. The Grocery Store in my neighborhood right now does not allow more than 50 people in the up outside ande we patiently wait to go in. We are happy to do that. One person out, one person in. That is how we will gradually get back to a normalized economy. As we see the infection rates stay where they are all down, we will allow more people in the stores and will pick that number up, but it will be a natural feedback cycle. If more people go in the store and you see an uptick in the infection rate, we will back up to the 50 people that we knew worked. If less people are infected with 80 people in the store, we will not have to queue up. We will have to have a give and take, natural learning cycle. Erik is that a ushaped recovery . Gary i think so. I am trying to think about a ushaped recovery, knowing that certain businesses or certain events will not come back in that ushaped recovery for some time. I dont think we are going to basketball games or baseball games anytime soon. Do i think basketball and baseball may play without fan s in the stadium in a controlled atmosphere . So, and we would enjoy that entertainment, but that is a different environment. Scott gottlieb, the former fda commissioner drafted a roadmap for the country to reopen. It relies heavily on logistics and heavily on compliance. Do you think what scott outlined is a viable approach . Gary i do. I have talked to scott stern this quite a bit during this. I think scott has been very practical, he has tried to be reasonable in what he has suggested. I think he is trying to lay out a way that we can try and get a more normalized economy as soon as reasonably possible. I think what he has laid out is quite reasonable. Erik what do you think are the biggest obstacles to reopening . You talk about your trepidation, the gut instinct you have to temper your optimism with realism. What do you think those challenges are . Wey one of my concerns is need people to want to go back to work. There are a large amount of people in this country right now who are getting government excesss that may be in of what they will run when they go back to work. That is another conversation that we probably need to have in this country at some point. But if you are at home doing nothing and earning more money than you would if you went back to work, it is hard to get people to go back to work. I have heard of many fast food restaurants that are doing Curbside Pickup, trying to hire people. I see helpwanted signs and a lot of the retail establishments doing Curbside Pickup and they cannot get people to reengage into the economy. We need people to want to go back to work and not rely on the government handout. That is number one. To needwo, we are going a National Feedback loop through testing. Everyone talks about testing. We need to know if we have a sudden outbreak of the virus, and the virus reappears. We will need to slow down the economy in certain areas. It will not reappear everywhere all at once. Have,re granular data we the easier it will be to open the economy in certain places and close it in other places while allowing other places where we do not see the virus we appear to reopen and continue on a gradual increase of economic activity. For that to happen, some say the federal government needs to play a bigger role, the president should strike a task force and appoint a reopening czar. If you were to do Something Like that, would that be a job that interests you . Gary as i have said and will continue to say, i will engage with anyone from washington who has contacted me. I am more than one to be as helpful as i can be. I am happy to serve my country anyway that i can to be helpful to help us through this horrible situation. Erik has anyone asked you to consider a job back in washington . But no one has asked me, they have reached out to me. I have tried to be as helpful in giving ideas and concepts as i can be. Erik lets turn our attention to Financial Markets, your previous career, if you will. What do you think are the most important lessons to be taken from the panic selling, massive the speed at which prices collapsed during the month of march . We are in anything but a normal environment. Nobody should think of this as a normal environment. Many people have said that. These are not normal environments. Financial markets around the world have actually held up quite well. We have had relatively good liquidity, very good price discovery. Everyone who has wanted to get in and out of Financial Markets has been able to do that. One of the unintended consequences we are seeing thishen we write about period economically, we will talk about this. The banks have been in very good financial position, but Central Banks around the world have had moreovide substantially liquidity in this crisis than any other crisis in the past. I think the reason for that will come out. The reason for that is because of all the regulation that was put on banks after the 2008 financial crisis, the way that we monitor banks, stress test banks, the ratios we put on banks, and we actually slowed big banks down, and that was the intention of regulation. A lot of those assets that would have historically been on Balance Sheets went to the unregulated parts of the system. Beingd of the large banks able to absorb those assets, most of those assets now ended up on central bank Balance Sheets. You look at what the Federal Reserve has had to do, how they have had to believe their Balance Sheet to absorb those assets. This will be an interesting discussion. Do we want to take the big banks absorbingt shock nature in the economy and skip over big banks and go directly to nonregulated Financial Institutions to the Federal Reserve . Erik if doddfrank was the what i take you are suggesting is, maybe we should give banks more of a role in what has become the nonbank finance market, as opposed to introducing a new doddfrank for the program the fed is using now to mop up those assets. We will have plenty of time to talk about this, but this will be an interesting discussion. When you think about the largest banks in the country and the way that we regulate them, the way that we put them through stress tests every year, the way that we look at the asset side of the Balance Sheet. Remember, the asset side of the Balance Sheet is lending, securities you take on your Balance Sheet. The fact that we so strictly governed the asset side of the Balance Sheet big banks didnt know exactly what they were supposed to do based on the Regulatory Environment we live in. The question is, in these unusual periods of time, should we lessen the restrictions, give the banks more room, some ability to be bigger shock absorbers into the financial system, into the markets . Should they be able to extend more loans when there is time of stress in the market. Erik so the capital and liquidity structures do not become procyclical. Gary exactly right. Erik senator mcconnell suggested yesterday that states should be able to file for bankruptcy under conditions like this, so they can result the imbalance between their obligations, pensioners, for example, and income, which we all know has evaporated. What do you think . Gary states are in a horrible position. If you think about where they were six weeks ago, they had very few unemployed claims. Some states had virtually no unemployment claims. We were at 3. 5 unemployment in this country, over 6 million job openings in this country. We had a very healthy country. On medical claims, they were not in the business of paying medical claims, and they all have normal income coming in, whether that was sales tax or income tax, and they were going to collect income tax on or before april 15. All of a sudden, they went from a very good operating environment to come as i said extraordinary operating environment. Place, like wea are providing liquidity to small and medium and large businesses, i think we also need to provide liquidity for states have been asked to step in and provide liquidity for their citizens and businesses within the states. The states are no different from the federal government in this equation. Erik what about the longerterm situation . If we are in a ushaped recovery, the tax receipts will not be there. Not six months from now, maybe not even a year from now. I cannot imagine the fed and possibly Treasury Department are going to want to continue to back up the states indefinitely. Gary as we come back into a more normalized economy, the sales tax, we hope, will come back. Income tax and we hope will come back. The filing date for 2019 was extended out. 2019 Tax Collections will be collected. States will normalize over time as people get back into the economy, reenter the workforce. This gets back to my hope, that we can get people back into the shopping in ak to somewhat normal fashion. Then they will be paying sales tax and income tax, and this will be a shortterm problem, not a longterm problem. If we keep out of the workforce and they lose the National Natural muscle memory of going to work, we will have a longterm problem with the states. Do you think,o, now or later, they should be able to file for bankruptcy . Gary that is not a yes or no question. That states would never have to file for bank received. Market, debt bond market is very important in the United States. Ofk i dont want to run out time, so i will say thank you to gary cohn, former director of the National Economic council. This is bloomberg. Nowadays you do more from home than ever before. The xfinity my account app puts you in control with Digital Tools to give you the help you need when you need it. Get fast and easy answers with personalized help 24 hours a day, 7 days a week. Change your wifi password to a phrase thats easy to remember. Even troubleshoot your services on your own. Were working to make things a little easier for everyone. Download the xfinity my account app today. Mark im Mark Crumpton with bloomberg first word news. The usdainspectors at have tested positive for covid19. It had to the growing concerns about the safety and viability of the nations meat supply after several factories close in recent weeks due to the outbreaks. The coronavirus has killed 19,000 people in the u. K. The British Government says another 616 people died in the past 24 hours. The u. K. s death toll is the fourth highest in europe. The British Government is starting a mass study to track the spread of the coronavirus. France says it will lift its virus lockdown countrywide on a casebycase basis rather than region by region. The government is working on a detailed plan to lift restrictions progressively on and reviveal travel its economy from may 11 following weeks of confinement to prevent the coronavirus from spreading. The virus has killed more than 20,000 people in france. And revive its economyglobal news 24 hours, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Amanda im amanda lang in toronto. Welcome to Bloomberg Markets. Shery im shery ahn in new york. We are joined by our bloomberg and Bnn Bloomberg audiences. Here are the top stories we are following from around the world. Stocks on track for a second day of gains but falling from session highs after a report that a leading antiviral drug performed poorly in the first clinical test. This is the Labor Department says jobless claims hit 4. 4 million last week, bringing total job losses to 26 million in the wake of the coronavirus. 3ta is seeking to raise billion from loans and bonds as the airline grapples with the Global Travel shutdown. We will get the travel outlook from alexandre de juniac of the International Air transport association. The state of the consumer and retail in north america. We will speak to brian hannasch, ceo of Circle K Convenience stores. That conversation is still ahead. Amanda lets get a closer look at the markets. 500ave seen the broad s p off the highs of the session, still in positive territory. Reaction to the news that gileads drag remdesivir may not have been as good a performer as some had hoped. It is a randomized trial undergoing in china. The results published by accident on the World Health Organizations website and then retracted. That there may have been problems with the study. It does speak to the volatility and uncertainty out there because there is so much that we dont know about where we go from here. One of the sectors that was first hit hardest was the Airline Sector there. We have federal aid thats been announced. Today, delta in the junk bond market. We want to check in now with alexandre de juniac, ceo of the International Air transport association. He is with us from geneva. This is a dire circumstance for the industry. There have been Government Supports put in place. Is it enough . That is a very good question. First of all, we should be grateful to the many governments that have put together significant financial support. We have estimated we need something around 200 billion in cash injections to save the industry because the issue we are facing is we are running totally out of cash with no passengers and half of our costs to cover. The estimate needs are 200 billion. In the u. S. , a big plan has been , at agether, frankly level that looks really significant and very helpful or the industry. Or the industry. Amanda when you talk about the cash burn rate alexandre we have estimated the cash burn only 42020 around 61 billion. Unflown add to that the tickets. Only for the second quarter, should be about 35 billion. We are burning cash. It is a terrible time for the industry. It is the reason why we need a cash injection, the reason why Many Airlines are raising cash tsom various instruments, debs or capital. Shery we have seen historically low oil prices. Will this help at all . Alexandre it is helpful, but the impact of this low oil price , for Many Airlines, will have a significant impact. Not immediately. Dged for there he next two years, but it is a relief anyway. Shery when it comes to government relief, we have seen merchant australia not getting help from the australian government. More cases of collapses of airlines, like we saw with Virgin Australia . What is your reaction to this . Alexandre we have advocated almost 93 governments to put together packages to help the industry, to help everybody. Of course, in a fair manner. For us, it is always very painful, sad to see that one of our members is disappearing or collapsing. If these rescue package are not implemented, and implemented quickly we need the cash to p l,in our Balance Sheet, we could see more bankruptcies, unfortunately. The risk for the industry to shrink is significant. Amanda we could certainly argue that this was the industry hit first i covid19, it may will recover last. It is easy to imagine a scenario where air travel is the last thing to return to normal. Is the industry preparing for a very protracted period, where normal is a long way off . Say, we are have to pretty pessimistic about the wegth of the crisis, but have a very strong restart plan. Airline a strong industry is necessary to have a fast recovery. We are discussing that with the others, with partners, airports, air traffic controllers, other members of the industry to be able to be ready as soon as the government will lift the restriction on travel and closure on borders. Then we will have to have good processes to guarantee flying is nice flying is still transportation, and that there sense from the passengers and from the various countries around the world. Will there be a coordinated plan for reopening . Airlines will agree on certain measures . I know you have been working on certain steps to reassure air travelers. Alexandre first of all, we have worked on a plan supported by the iata members. We tried to convince government to have a coordinated and approach. The closure and the travel restrictions happened. It has been done in a country disorderly manner. A has been taken by unilateral decision statebystate. But when you reopen, it is not possible to do it not collaboratively, not in a cooperative manner. By definition, we must do that in a collaborative manner. It could be regional, continental, but we will push for cooperation. Organizing regionally with countries. Do you have an estimate right now of how many jobs will be lost in the Airline Industry . Alexandre that is a difficult question. We employ directly 2. 8 million workers in our industry. A third of that could be at threat. Addition, 25 million indirect jobs connected to us that could be in danger as well. Industry, andl that could be impacted by the crisis as well. One million in our industry. Probably Something Like 25 million indirectly from the Airline Sector. , ceo alexandre de juniac of iata, thank you for joining us. Coming up, we will speak with David Malpass to see how countries are recovering after the coronavirus impact. This is bloomberg. Oomberg. Amanda this is bloomberg. Im amanda lang in toronto. Alongside shery ahn in new york. The world bank is playing a central role two countries being hit by the coronavirus. Tolier, tom keene spoke World Bank President David Malpass. The first part was to set up Health Care Programs for countries and we managed to get 100 countries that have arrangements with world bank to provide things like personal protective equipment into their hospitals and so on. The next step is to help the countrys go get ready for a recovery when it happens. Working fromically a focus that they need to have more transparency in their debt, they need to work on the fuel subsidies. With oil prices down, it is a lot less critical to the people keepe country have to subsidizing gasoline. That is something they can work on. Protection, al safety net for the poor. What we are trying to do is get cash to the people, rather than funneling it only to the government entities. The medical professionals we have spoken to at bloomberg make very clear that the third world countries, the world bank countries, if you will, are really fragile, particularly fragile in their medical infrastructure. The world bank has to provide leadership there. What are your action plans to improve their ability to respond to this virus . David this is a big challenge. It is a deep recession. With the advanced countries shut down, the poor countries do not have markets, remittances. They have been used to getting money, people sending money back home. What we are trying to do is strengthen the Health Care Systems themselves. That is different in each country. Some countries need more hospital beds, some need more equipment. That is exactly what we are trying to do. As i said, 100 programs in just ,ne month is a very impressive and people worked really hard over the last month, both in countries the world bank has offices in a lot of these countries. They had to connect often by videoconference with government officials to get a list of things that were needed in the country. That is all going on. Were also trying to do bulk or group purchasing, advanced purchasing come in order to help groups of countries at the same time. Tom i mentioned at the beginning, we have two president s of the world bank, scientists, dr. Kim, and you are a college of physics at colorado college. We have a president of the United States that some would suggest is antiscience. He has recently gone after the world health organization. Talk about the institutional integrity of the world bank, like the who, and i want you to speak to americans who would suggest that the integrity of the world bank is not there to distribute the money, the funds. How will you spend the billions of dollars over the coming m onths . David that is a hard question, valid to ask the world bank to defend that. The governance structures are pretty strong. Loan fories ask for a a given area or grant, the world then we canrants, look at the system the country is proposing to use to monitor that. My sense is there is very good integrity of the flow of money from the world bank. There are so many of these International Organizations around the world, it is hard to generalize. Shery World Bank President David Malpass. Coming up, we speak to the circle k president brian hannasch, on how the coronavirus is impacting retail and consumption in america. This is bloomberg. Shery welcome back. You are watching Bloomberg Markets. We have breaking news out of europe. We are hearing from the president of the european council. He says eu leaders have agreed on a clear framework that includes a 540 billion euro package. European leaders for Holding Virtual meetings in order to approve a two chilean dollar plan for the postpandemic recovery but they have agreed to billion euros in the package. The talks ended with no real agreement on a recovery package. Now urszula vendor land, the president of the eu commission, says that the Recovery Fund must be linked to the budget and it will be a sound balance between grants and loans. The in north america, coronavirus have caused Convenience Stores to walk away a fuels proposal for retailer, ending a sixmonth pursuit. Kining me now is the circle ceo brian hannasch. Circle k has recently announced that it will be donating food for the pandemic. Great work that you are doing out there. We also understand you are providing coffee and snacks to health care providers. Circle k Stores Remain open, you are a critical infrastructure. But at the same time, who uchetardsco revenue, three quarters comes from gasoline. How are you managing your business . On the fuel side, Unprecedented Demand instruction. We are the largest fuel retailer in the u. S. We see demand down from 30 up to 60 , depending on the severity of the stayathome order. Significant impact. Thankfully, the stores are a key part of our business, key part of our community, so we are seeing fairly decent traffic in our stores, and people are using us more for shopping, versus going into the larger format Grocery Stores. From you walked away caltex australia. What can they do to reconsider that . Brian great chain, great people, a great fit for our entry into southeast asia, but it is not the right time. So much uncertainty in their business, and our priority is to take care of our employees and communities here in north america. When the dust settles, we hope to reengage. Obviously, fuel is a big chunk of revenue for you. Across the regions, how are you seeing revenue shake when it comes to your Convenience Stores , are they still functioning well, are you seeing demand traffic, has a fallen off . Brian our people have done a great job. We had very few stores were operations were disrupted. Traffic is definitely down. That is not universal. Some states we actually see traffic up a bit. Across north america, i would say traffic is down low single digits, but sales will hold reasonably well as we have seen larger baskets, larger package sizes, whether that is beer or other things. We are very pleased to be their serving our communities in this difficult time. Amanda in terms of the food program you have unveiled, how much deeper could that go, is that the beginning of something . What led you there, where might it go . Brian we are excited about our partnership with feeding america. We are about making our communitys lives easier every day. Our communities need our help. Seeing hugeanks are spikes in demand and circle k is committed to be a part of the solution. We are committing a minimum of 25 million meals to our local food banks. I wish i could be in a position to donate 100 million meals in this time of need. Shery how are you positioning for after the pandemic . Consumption patterns will fundamentally change with ongoing social distancing measures. Brian we are fortunate. We entered this period during a , and we havel time been reinventing how customers shop. We are looking at every aspect, this just items the need to do that. Whether that be home delivery, curbside, how you can pay in our stores, how you interact with cashiers, which is changing. We think we are well positioned to stay relevant with the customer. This just reinforces our decision on making the journey with us a bit easier, and with our industry a bit easier. Amanda you walked away from caltex for now. Are there other acquisitions that may make sense, given your relative strength to others . Brian again, we are pleased to have a strong Balance Sheet. The m a market has been frothy the last few years, has been a part of our growth story the past couple decades. We are pleased with our opportunity to be able to rise. Our market is north america, and we are looking to growing here, but we are also looking opportunistically in asia and europe. Shery circle k ceo, brian hannasch, thank you. 20 more to come on Bloomberg Markets. From new york and toronto, this is bloomberg. Scarlet it is 2 00 in new york, 7 00 p. M. In london. I am scarlet fu. Romaine i am Romaine Bostick and this is Bloomberg Markets the close. Lets get a quick check of where we stand in the markets. If there was ever a day where you had to question the question answered as to what the market was training on, we got the answer today. The s p was up 1. 6 . Around 12 35 in new york, headlines crossed the wire about the experimental drug gilead is working on for a potential vaccine. Those reports seem to suggest the initial trials were not as promising as hoped. We saw all those gains erased in minutes. We went negative on the s p 500. Some ofed to recoup the losses. Gilead still down 6 on the day
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