In a word: Gilead. It’s the optimism associated with the company’s experimental Covid-19 therapy which has supported risk assets as this week nears the final stretch. Overnight, equity futures hit new post-crash highs (2965 for the S&P) as investors take solace in the progress being made to combat the outbreak. While Remdesivir (we’re never going to correctly pronounce that) isn’t a vaccine nor a silver-bullet to end the pandemic, the development of such a drug has shifted investor sentiment and points toward a potential path back toward a version of normality. While risk assets have benefited on the margin from this news, Gilead cannot be credited for the rally in domestic equities which has trimmed the year-to-date losses in the S&P 500 to just 9%. It’s well within the realm of conceivable outcomes that May is the month stocks breakeven for 2020; leaving behind the volatility of March and April. For context, the Nasdaq is already effectively flat on the year…CLICK for complete article