Despite reports of historic unemployment, with roughly 6.6 million Americans filing for unemployment, domestic stocks rose during regular trading today.

One day after grim estimates on the potential death toll from the COVID-19 epidemic in the U.S. sent stocks tumbling, and amid a continuing economic fallout from the governmentresponse to slow the spread of the disease, all three major U.S. indices gained.

Meanwhile, the federal government in the U.S. continues to work on the specifics of how to funnel nearly $2 trillion into the American economy as part of the CARES Act stimulus package. And pharmaceutical and medical device companies are working day and night to develop better diagnostics tools and novel therapies to treat the virus while potential vaccines slowly make their way through the regulatory approval process.

Herethe tale of the tape:

  • Dow Jones Industrial Average: +469.93, +2.24%
  • S-P 500: +56.40, +2.28%
  • Nasdaq Composite: +126.73, +1.72

The tech-heavy Nasdaq rose the least of the major indices, indicating that the up-day wasn&t as bright for the technology industry. This fact was underscored by aselloff among shares of SaaS and cloud stocks, as measured by the Bessemer cloud index that fell 1.4% on the day. The Nasdaq remains in bear market territory.

After-hours today, shares of Tesla shot higher after the electric car company announced delivery numbers that delighted investors. The volatile company announced 88,400 deliveries for the three-month period, ahead of expectations of 79,900 (per FactSet).

Looking ahead, it doesn&t feel like the market has digested the scale of economic impact that the new unemployment claims implies; with employment falling sharply, demand contracting and economies around the world prioritizing safety over commerce, the world could be in for more than an economic pause, or lull. We may be staring down the first weeks of a depression.

US markets shrug off record unemployment numbers as tech shares rise

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Despite false assertions by the president to the contrary, any potential treatments to counter or prevent COVID-19 are still only at the stage of early investigations, which include one-off treatment with special individual case authorizations, and small-scale clinical examinations. Nothing so far has approached the level of scrutiny needed to actually say anything definitively about their actual ability to treat COVID-19 or the SARS-CoV-2 virus that causes it, but the first large-scale U.S. clinical study for one treatment candidate is seeking volunteers and looking to get underway.

The study will be conducted by the Henry Ford Health System, which is seeking 3,000 volunteers from healthcare and first responder working environments. Depending on response, the researchers behind the study are looking to begin as early as next week. Study lead researcher Dr. William W. O&Neil said in a press release announcing the study that the goal is to seek a more definitive scientific answer to the question of whether or not hydroxychloroquine might work as a preventative medicine to help protect medical front-line workers with greater risk exposure from contracting the coronavirus.

Hydroxychloroquine (as well as chloroquine) has been in the spotlight as a potential COVID-19 treatment due mostly to repeated name-check that President Trump has given the drug during his daily White House coronavirus task force press briefings. Trump has gone too far in suggesting that the drug, which is commonly used both as an anti-malarial and in the treatment of rheumatoid arthritis and lupus, could be an effective treatment and should be thrust into use. At one point, he claimed that he FDA had granted an emergency approval for its use as a COVID-19 treatment, but Dr. Anthony Fauci clarified that it was not approved for that use, and that clinical studies still need to be performed to evaluate how it works in addressing COVID-19.

Studies thus far around hydroxychloroquine have been small-scale, as mentioned. One, conducted by researchers in France, produced results that indicated the drug was effective in treating those already infected, particularly when paired with a specific antibiotic. Another, more recent study from China, showed that there was no difference in terms of viral duration or symptoms when comparing treatment with hydroxychloroquine with treatment using standard anti-viral drugs, already a common practice in addressing cases of the disease.

This Henry Ford study looks like it could provide better answers to some of these questions around the drug, though the specific approach of seeking to validate prophylactic (preventative) use will mean treatment-oriented applications will still have to be studied separately. The design of the study will be a true blind study, with participants split into three groups that receive &unidentified, specific pills& (possibly anti-virals or some equivalent); hydroxychloroquine; or placebo pills, respectively. They won&t know which they&ve received, and they&ll be contacted weekly by researchers running the study, then in-person both at week four and week eight to determine if they have any symptoms of COVID-19, or any side effects from the medication. They&ll get regular blood draws, and the results will be compared to see if thereany difference between each cohort in terms of how many contracted COVID-19.

These are front-line healthcare workers, so in theory they should unfortunately be at high risk of contracting the disease. That, plus the large sample size, should provide results that provide much clearer answers about hydroxychloroquinepotential preventative effects. Even after the study is complete, other competing large-scale trials would ideally be run to prove out or cast doubt on these results, but we&ll be in a better position than we are now to say anything scientifically valid about the drug and its use.

Henry Ford Health System to conduct first large US study of hydroxychloroquineability to prevent COVID-19

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Tesla delivers 88,400 electric vehicles, beating expectations

Tesla delivered 88,400 vehicles in the first quarter, beating most analysts expectations despite a 21% decreasefrom the previous quarter as the COVID-19 pandemic put downward pressure on demand and created logistical challenges.

Tesla said Thursday it produced 103,000 electric vehicles in the first quarter, about 2% lower than the previous period.

The deliveries and production figures beat most analysts expectations, causing Tesla shares to jump more than 10.4% in after hours trading. Analysts, who had anticipated lower numbers due to the COVID-19 pandemic, had varying forecasts. A consensus of analysts by FactSeat expected more than 79,908 vehicles would be delivered while Reuters reported IBES data from Refinitiv forecast numbers as high as 93,399 vehicles.

The company, which sells directly to consumers as opposed to using dealerships, was able to beat those expectations in part because it continued to produce and deliver its electric vehicles to customers in spite of the COVID-19 pandemic. The pandemic has prompted city, county and state officials to issue stay-at-home orders that have directed non-essential businesses to close. While manufacturing is often exempt from these orders, pressure from the United Auto Workers as well as falling demand has prompted automakers, including GM, Nissan, Ford, Fiat Chrysler Automobiles, Toyota and Volkswagen suspended production at all U.S. factories.

Tesla also suspended production, beginning March 23, at its plant in Fremont, Calif. However, deliveries have continued.

While COVID-19 still affected Tesla, the company still managed to beat its delivery numbers from the first quarter of 2019.

Herea breakdown of the first quarter 2020 deliveries and production:

  • Tesla delivered 88,400 vehicles (compared to 112,000 in Q4 and 63,000 in Q1 2019)
  • Tesla produced 103,000 vehicles (compared to 105,000 in Q4 and 77,100 in Q1 2019)

This quarter deliveries included some Model Y vehicles, the newest addition to Teslaportfolio. Model Y production started in January and deliveries began in March according to Tesla.

Tesla also said that its new Shanghai factory, which is producing the Model 3 for Chinese customers, is achieving &record levels of production, despite significant setbacks.& Tesla didn&t provide any details on the levels of production at the Shanghai factory.The first public deliveries of Model 3 sedans produced at its Shanghai factory began January 7, one year after Tesla began construction on its first factory outside the United States.

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Instacart to provide shoppers with face masks, hand sanitizers and thermometers

Instacart will start providing health and safety kits to its full-service shoppers. These kits will include a face mask, hand sanitizer and a thermometer, the company announced today.

The kits will be available for free to shoppers starting next week. Shoppers, according to Instacart, will be able to request a kit by registering with their Instacart shopper email address. In order to keep up with demand, Instacart will update its inventory daily. For in-store shoppers, Instacart will bring the face masks to shoppers at their respective retail locations.

&Our teams have been working around the clock over the last few weeks to proactively secure personal protective equipment like hand sanitizer and face masks, without taking away valuable resources from healthcare workers given inventory delays and global supply scarcity,& Instacart President Nilam Ganenthiran said in a statement. &We want to provide customers with an essential service they can rely on to get their groceries and household goods, while also offering safe and flexible earnings opportunities to Instacart personal shoppers. As COVID-19 evolves, todayhealth and safety solutions will be tomorrowtable stakes, and our teams are working quickly to introduce new services and features to ensure our shopper community is supported as this situation unfolds.&

This announcement comes amid worker strikes led by the folks over at Gig Workers Collective. Last Friday, a group of Instacart shoppers announced plans to strike and not return to work until the company meets its demands. Those demands were for Instacart to provide personal protective equipment at no cost to workers and hazard pay of $5 extra per order, change the default tip to 10%, extend the sick pay policy to those who have a doctornote for a pre-existing condition that may make them more susceptible to contracting the virus and extend the deadline to qualify for those benefits beyond April 8th.

Instacart has since extended that deadline and changed the default tip to a customerlast tip, but shoppers say thatnot enough. In a Medium post, workers called Instacartresponse &insulting& and &a sick joke.

&Itabhorrent that it took this long for them to act, but on the bright side, it shows that a strike will work to change their behavior,&the group wrote in a Medium post.

Instacart still has yet to provide hazard pay to workers and provide pay to those who may be at risk for contracting COVID-19. Instacart is not the only company stepping up its safety protocols amid worker unrest. Earlier today, Amazon said it would start providing surgical masks for its warehouse workers and employees at Whole Foods.

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Flagship Pioneering, the Boston-based biotech incubator and holding company, said it has raised $1.1 billion for its Flagship Labs unit.

Flagship, which raised $1 billion back in 2019 for growth-stage investment vehicles, develops and operates startups that leverage biotechnology innovation to provide goods and services that improve human health and promote sustainable industries.

&We&re honored to have the strong support of our existing Limited Partners, as well as the interest from a select group of new Limited Partners, to support Flagshipunique form of company origination during this time of unprecedented economic uncertainty,& saidNoubar Afeyan, the founder and chief executive of Flagship Pioneering, in a statement.

In addition to its previous focus on health and sustainability, Flagship will use the new funds to focus on new medicines, artificial intelligence and &health security,& which the company says is &designed to create a range of products and therapies to improve societal health defenses by treating pre-disease states before they escalate,& according to Afeyan.

Flagship companies are already on the forefront of the healthcare industryefforts to stop the COVID-19 pandemic. Portfolio company Moderna is one of the companies leading efforts to develop a vaccine for the novel coronavirus which causes COVID-19.

In the 20 years since its launch, Flagship has 15 wholly owned companies and another 26 growth-stage companies among its portfolio of investments.

New companies include: Senda Biosciences, Generate Biomedicines, Tessera Therapeutics, Cellarity, Cygnal Therapeutics, Ring Therapeutics and Integral Health. Growth companies developed or backed by Flagship include Ohana Biosciences, Kintai Therapeutics and Repertoire Immune Medicines.

Two of the companies in the Flagship Labs portfolio have already had initial public offerings in the past two years, the company said. Kaleido Biosciences and Axcella Health raised public capital in 2019, and Moderna Therapeutics conducted a $575 million secondary offering earlier this year.

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Computer vision techniques used for commercial purposes are turning out to be valuable tools for monitoring peoplebehavior during the present pandemic. Zensors, a startup that uses machine learning to track things like restaurant occupancy, lines and so on, is making its platform available for free to airports and other places desperate to take systematic measures against infection.

The company, founded two years ago but covered by TechCrunch in 2016, was among the early adopters of computer vision as a means to extract value from things like security camera feeds. It may seem obvious now that cameras covering a restaurant can and should count open tables and track that data over time, but a few years ago it wasn&t so easy to come up with or accomplish that.

Since then Zensors has built a suite of tools tailored to specific businesses and spaces, like airports, offices and retail environments. They can count open and occupied seats, spot trash, estimate lines and all that kind of thing. Coincidentally, this is exactly the kind of data that managers of these spaces are now very interested in watching closely given the present social distancing measures.

Zensors co-founder Anuraag Jain told Carnegie Mellon University — which the company was spun out of — that it had received a number of inquiries from the likes of airports regarding applying the technology to public health considerations.

Activity-monitoring startup Zensors repurposes its tech to help coronavirus response

Software that counts how many people are in line can be easily adapted to, for example, estimate how close people are standing and send an alert if too many people are congregating or passing through a small space.

&Rather than profiting off them, we thought we would give our help for free,& said Jain. And so, for the next two months at least, Zensors is providing its platform for free to &selected entities who are on the forefront of responding to this crisis, including our airport clients.&

The system has already been augmented to answer COVID-19-specific questions, like whether there are too many people in a given area, when a surface was last cleaned and whether cleaning should be expedited, and how many of a given group are wearing face masks.

Airports surely track some of this information already, but perhaps in a much less structured way. Using a system like this could be helpful for maintaining cleanliness and reducing risk, and no doubt Zensors hopes that having had a taste via what amounts to a free trial, some of these users will become paying clients. Interested parties should get in touch with Zensors via its usual contact page.

AI and big data won&t work miracles in the fight against coronavirus

Activity-monitoring startup Zensors repurposes its tech to help coronavirus response

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