Stocks finish strong to end the weekDow +369.21 at 26075.30, Nasdaq +69.69 at 10617.44, S&P +32.99 at 3185.04 [BRIEFING.COM] The S&P 500 advanced 1.1% on Friday, as investors rotated back into growth/value stocks following a positive remdesivir update. The Dow Jones Industrial Average (+1.4%) and Russell 2000 (+1.7%) pulled ahead, while the Nasdaq Composite (+0.7%) underperformed but still closed at a record high. Prior to the open, Gilead Sciences ($GILD 76.32, +1.61, +2.2%) said new remdesivir data showed an improvement in clinical recovery for severely-ill COVID-19 patients and a 62% reduction in the risk of mortality compared to the standard of care. The news turned equity index futures positive and caused a rotational trade back into economically-sensitive stocks after the open. The S&P 500 financials (+3.5%) and energy (+3.2%) sectors rose more than 3.0% amid expectations that these beaten-up sectors would outperform in a recovery. The health care sector (-0.2%) ironically closed lower while the information technology sector (unch) took a breather. A steady advance gathered momentum late in the day as many of the mega-cap technology stocks turned positive after a sluggish start. The momentum was strong with Tesla ($TSLA 1544.65, +150.37, +10.8%), while Netflix ($NFLX 548.73, +40.97, +8.1%) and Amazon ($AMZN 3200.00, +17.37, +0.6%) benefited from price target increases at brokerage firms. Carnival ($CCL 16.16, +1.58, +10.8%) shares received an additional boost after the company noted an increase in demand for new bookings in 2021, feeding the reopening trade and outweighing its mixed earnings results. U.S. Treasuries backed off from early morning highs following the remdesivir update, sending yields higher. The 2-yr yield increased one basis point to 0.16%, and the 10-yr yield increased three basis points to 0.63% after touching 0.57% in overnight action. The U.S. Dollar Index declined 0.1% to 96.63. WTI crude rose 2.1%, or $0.94, to $40.57/BBL. Reviewing Friday's economic data: The Producer Price Index for final demand, led by a 0.3% decline in prices for final demand services, decreased 0.2% m/m (Briefing.com consensus +0.4%) following a 0.4% increase in May. Excluding food and energy, the index for final demand decreased 0.3% m/m (Briefing.com consensus +0.1%) after declining 0.1% in May.The key takeaway from the report is that there are few, if any, inflation pressures at the producer level due to generally weak demand. Looking ahead, investors will not receive any economic data on Monday, but many health care and financial companies will report earnings next week. Nasdaq Composite +18.3% YTDS&P 500 -1.4% YTDDow Jones Industrial Average -8.6% YTDRussell 2000 -14.7% YTD Market Snapshot Dow26075.30+369.21(1.44%)Nasdaq10617.44+69.69(0.66%)SP 5003185.04+32.99(1.05%)10-yr Note -25/320.641NYSEAdv 2237 Dec 703 Vol 875.8 mlnNasdaqAdv 1997 Dec 1193 Vol 3.5 bln Industry Watch Strong: Financials, Energy, Materials, Consumer StaplesWeak: Information Technology, Health Care, Real Estate Moving the Market -- Stocks trade mostly higher, cyclical and value stocks outperform-- Gilead Sciences (GILD) releases new data on remdesivir showing an improvement in clinical recovery for patients with COVID-19-- Relative weakness in the information technology sectorECONOMIC EVENTS: In U.S. data, the producer prices index final demand figure fell 0.2% in June, and the core PPI dropped 0.3%, each of which were lower than expected. The latest data from the Johns Hopkins Whiting School of Engineering shows there are now 12.3M confirmed cases of COVID-19 worldwide, including 3.12M in the U.S., and 555,531 deaths due to the disease. On the state level among U.S. hot spots, Florida reported 244,151 COVID-19 cases, up from 232,718 yesterday. TOP NEWS: Shares of Gilead Sciences ($GILD) are 2% higher near noon after the company announced additional data on remdesivir, its investigational antiviral for the treatment of COVID-19. In a comparative analysis of the Phase 3 SIMPLE-Severe trial and a real-world retrospective cohort of patients with severe COVID-19, remdesivir was associated with an improvement in clinical recovery and a 62% reduction in the risk of mortality compared with standard of care, Gilead reported. Goldman Sachs analyst Heath Terry raised the firm's price target on Netflix ($NFLX) to a "Street high" $670 from $540 and reiterates a Conviction Buy rating on the shares, telling investors that he expects Netflix to report Q2 results "well above guidance" next week. Meanwhile, Amazon ($AMZN) received its own "Street high" target from Citi analyst Jason Bazinet, who raised the firm's price target on the e-commerce giant's shares to $3,550 from $2,700. Bazinet estimates Amazon's share of the U.S. e-commerce market increased from 28% in 2015 to 38% in 2019, and he expects it to reach 43% by 2022. MAJOR MOVERS: Among the noteworthy gainers was Greenbrier ($GBX), which gained 15% after reporting quarterly results. Also higher was Carrier Global ($CARR), which rose 4% after the company announced the launch of its OptiClean 1500-cfm air scrubber that it said is "ideal for helping to maintain clean and healthy indoor air quality in classrooms, cafeterias, libraries, gymnasiums, restrooms and more." Among the notable losers was Beyond Meat ($BYND), which slipped 5% after Citi analyst Wendy Nicholson initiated coverage of the stock with a Sell rating and $123 price target. Also lower was Fastly ($FSLY), which fell 4% after Craig-Hallum analyst Jeff Van Rhee downgraded the stock to Hold from Buy and BofA analyst Tal Liani double-downgraded shares to Underperform from Buy.Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. 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