MARKET RECAP

Stocks were down slightly, the S&P 500 dropped by 0.21%. Q1 GDP fell by a 4.8% annualized rate in Q1, the biggest drop since 2008. Q2 is on target for a 40% annualized drop. The market rallied at the beginning of the week as some states began to reopen and was helped further midweek when it was announced that the Gilead drug, remdesivir, shortened recovery times for some patients by about 1/3. There has begun a major push to have a vaccine by the end of the year. As the week ended, stocks fell hard as the big tech stocks showed that they are even impacted by the virus. Amazon has record sales but higher virus-related costs increased expenses. Apple didn’t post guidance for the first time since 2003.

SCOREBOARD