Stocks Ended Mixed After Negative Report on Coronavirus Drug

U.S. stocks pared earlier gains to end mixed on Thursday, after a report said that an experimental treatment for COVID-19 delivered disappointing results in a trial. The Dow Jones Industrial Average rose 39.44 points, or 0.17%, to 23,515.26. The S&P 500 lost 1.51 points, or 0.05%, to 2,797.80. The Nasdaq Composite fell 0.63 point, or 0.01%, to 8,494.75.

Oil futures on Thursday ended sharply higher, with the threat of conflict between the U.S. and Iran and signs of production cuts lifting U.S. benchmark prices by almost 20%. June West Texas Intermediate crude rose $2.72, or 19.7%, to settle at $16.50 a barrel. June Brent crude rose 96 cents, or 4.7%, to end at $21.33 a barrel.

The Chinese trial for Gilead’s antiviral drug remdesivir produced results that did not give meaningful conclusions on its efficacy, according to a report from the Financial Times, citing World Health Organization documents accidentally released.

Intel Corp (INTC) forecast current-quarter profit below analysts’ estimates on Thursday. Intel expects second-quarter adjusted profit of $1.10 per share, compared to analysts’ average estimate of $1.19 per share