Breadth divergence is a troubling sign for the stock market

China’s top drug regulator said Friday that it approved Merck & Co.’s Molnupiravir for emergency use on Thursday, as the country grapples with waves of infections after Beijing abruptly reversed its stringent Covid-19 restrictions earlier this month.

The National Medical Products Administration said it is requiring the approval holder to continue relevant research, complete conditional requirements and submit follow-up research results in a timely manner, according to a statement posted on its website Friday.

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Corrections & Amplifications

This item was corrected at 0856 GMT to reflect China’s top drug regulator said it approved Merck & Co.’s Molnupiravir for emergency use on Thursday. The original version incorrectly said the approval came on Wednesday in the first paragraph.

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