Dow plummeted 722, decliners over advancers a massive 10-1 & NAZ pulled back 189. The MLP index fell 2+ to the 119s & the REIT index sank 7+ to the 345s. Junk bond funds dropped along with stocks & Treasuries were bid higher. Oil was off 1+ to the 38s & gold was off 1 to 1903.
AMJ (Alerian MLP index tracking fund)
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The average number of new daily cases of coronavirus in the US is at a record — stressing local hospital systems & forcing new curfews & other restrictions in some parts of the country. With fall holidays such as Halloween & Thanksgiving approaching, the US has now established its 3rd peak of daily new cases with no signs of letting up. Over the past 7 days, the country reported an average of about 69K new cases every day, the highest 7-day average recorded yet, according to Johns Hopkins University data & the 7-day average is up more than 22% compared with a week ago. “We are likely to see a very dense epidemic,” former Food & Drug Administration Commissioner Dr Scott Gottlieb said. “I think we are right now at the cusp of what is going to be exponential spread in parts of the country.” The US is also testing more people than ever. However, more testing cannot account for the rise in cases, health officials say, because the percent of tests coming back positive has increased as well. About 6.2% of tests were positive on Sun based on a 7-day average. The US reported an all-time high single-day spike in cases on Fri, with 84K new cases. Health officials have warned that cases would likely rise as parts of the country entered the fall & winter largely because people are spending more time indoors, where the virus can spread more easily. Epidemiologists also say the virus may be able to spread more easily in colder, drier air. More than 20 states reported record-high numbers of average daily new cases & cases are rising by 5% or more in 40 states. Many of the states with the fastest growing outbreaks are those in the Midwest & West, which did not report many cases of the virus earlier in the pandemic.
U.S. average daily new coronavirus cases hit all-time high, health officials warn ‘exponential spread’ is coming
Hopes are rising that a Covid-19 vaccine could be approved by the end of the year, with drugmakers & research centers scrambling to help bring an end to the pandemic. Dozens of candidate vaccines are in clinical evaluation, with some already conducting late-stage tests before seeking formal approval. The outcome of the trials is being closely monitored around the world. The US's leading expert on infectious disease believes it will only be a matter of weeks before the findings of a potential vaccine will be known. “We will know whether a vaccine is safe and effective by the end of November, the beginning of December,” White House coronavirus advisor Dr Anthony Fauci said. “The question is: Once you have a safe and effective vaccine, or more than one, how can you get it to the people who need it as quickly as possible?” Fauci added that a vaccine deemed safe & effective would be rolled out according to a set prioritization, with individuals such as health care workers & those in a higher risk category likely to receive the first doses. He said it would be “several months into 2021” before a vaccine becomes more widely available. The development of a vaccine, Fauci warned, would not replace the need for public health measures to help protect people from the disease for some time.
Hopes are rising for a Covid vaccine — and Fauci says findings will be known by early December
The Chicago Fed's national activity index, which is designed to gauge
overall US economic activity, fell to 0.27 in Sep from a
revised 1.11 in the prior month. The index's 3-month moving average,
which tries to smooth out volatility, moved down to 1.33 from 3.22 in
Aug. A zero value of the index indicates the national economy is expanding at its historic trend rate of growth. The Aug reading was revised from an initial reading of 0.79. The Chicago Fed index is a weighted average of 85 economic indicators. 50 of the indicators made positive contributions. Production-related
indicators subtracted 0.24 to the index in Sep. The contribution
of sales, orders & inventories added 0.07, down from 0.10 in Aug. This is the 3d straight weaker reading in the index. It fits with
worries that the economy is faltering after a burst of activity earlier
in the summer. Additional fiscal support for the economy still seems
blocked in Congress.
Chicago Fed’s national activity index moderates for third straight month in September
Not much to say, fear reigns as the virus is fighting back hard & buyers are hiding in the basement. Problems with a stalled stimulus bill are pale compared to rising cases of Covid. Investors need to hope for the best.
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