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KiplingerJul 13, 2020
Stock Market Today: This Is Your Market on (Coronavirus) Drugs
News about coronavirus drugs in development gave the market an early spark on Monday, but this time it wasn't Gilead Sciences' (GILD) remdesivir - it was Pfizer (PFE, 4.1%) and smaller BioNTech (BNTX, 10.6%). The FDA granted the two companies a Fast Track designation for a pair of COVID-19 vaccine candidates that are currently in early-phase clinical studies.

PepsiCo (PEP, 0.3%) also delivered some good news in the form of a second-quarter profit beat ahead of meatier reports on this week's earnings calendar.

25 Stocks That Billionaires Are Selling But a rip-roaring morning turned volatile as the day went on, and the rally eventually unraveled in spectacular fashion as California moved to close indoor operations of restaurants, bars and movie theaters across the state, as well as other businesses in 30 counties. Tesla (TSLA), for instance, gained as much as 16% before swinging to a 3.1% loss.

The Dow ultimately dropped 553 points from its peak to finish just 10 points higher to 26,085. The S&P 500 declined 0.9% to 3,155, and the Russell 2000 fell 1.3% to 1,403. Tech stocks lost some steam, sending

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