Markets in Turmoil: Gilead & COVID-19 Testing
Juliane gets emergency authorization for use from the White House this on a day when stocks took a big hit issues and the president will be dealing with those issues afternoon tariff warnings from the White House the Dow Falling Six hundred twenty points this CNBC special report markets in turmoil begins right now. Here's Tyler Mathisen and good evening. Once again everyone welcome stocks plunging to start the month of May following the best month for equities in the major indexes in decades. Today the Dow dropped more than six hundred points and the S&P five hundred down more than two and a half percent. The Nasdaq losing more than three percents. That out being dragged lower by seven percent sell offs in Dow Chemical and Exxon Mobil at the Nasdaq Big Tech Falling Amazon leading the way downward off about seven and a half percent after its earnings earlier this week stocks finishing lower now for the second consecutive week we start tonight with CNBC contributor. Dr Scott Gottlieb former head of the food and Drug Administration who says that the mitigation efforts to try and blunt. The disease in the United States have failed or at least not achieved the success that we would like to have if you take the New York area and the Pacific northwest out of the equation. The rate of hospitalization says Dr Gotlib are rising. Good evening got gottlieb. Welcome good to have you with us in a day where we had some good news on the treatment front with the emergency release of Rendez Aveer. These numbers are very very sobering. Even as states begin to open up. Explain the numbers please. Bullet just touching that good news. We're making a lot of progress with respect to technology that can help with work this this epidemic not just treatments but potentially vaccines as well. So that's good news and we're all so dramatically expanding testing but at the same time. We're seeing persistent epidemic. In this country we reached a plateau of about thirty thousand cases a day around two thousand deaths a day. And we're not really coming down so if you look at the modeling right now predicts that there's going to be another week or two of that plateau but there is some risk that as we start to reopen the country and we we see increased infections because of that because there will be an upswing and infections as we start to reopen aspects of the economy and reduce social distancing that we just get to a point where there's persistent infections in this country of twenty to thirty thousand cases a day that we're diagnosing. I remember we're probably only diagnosing one in ten infections. Maybe a little bit less than that. So we're saying there's twenty thousand cases a day. There's really two hundred thousand cases a day and so we need to understand what that looks like. If what we have what we ended up with over the summer is just really a slow simmer that we have this persistent infection and then we head into the fall and at that point upwards of fifteen percent of the population have had the infection but we face risk in the fall as we all come back to schools and college campuses and back at work and more earnest that all that slow simmering infection through the summer could lead to some spontaneous combustion.