Dow dropped 131, decliners over advancers 4-3 & NAZ gained 17. The MLP index was fractionally lower to the 135s & the REIT index fell 1+ to 370. Junk bond funds did little & Treasuries were in demand again. Oil was flattish in the 41s & gold rose 11 to 1873.
AMJ (Alerian MLP index tracking fund)
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Pfizer (PFE) & partner BioNTech (BNTX) confirmed they will seek approval from
the Food & Drug Administration for emergency usage of their
new COVID-19 vaccine, a major step forward in a fight against a pandemic that has killed more people in the US than any other nation. "Hope
and help are on the way," Health & Human Services Secretary Alex
Azar, a point person in the administration.s push to develop a
safeguard against the disease, said last night. “Our work to
deliver a safe and effective vaccine has never been more urgent, as we
continue to see an alarming rise in the number of cases of COVID-19
globally," Dr Albert Bourla, PFE CEO, said. "Filing in the U.S. represents a critical milestone in
our journey to deliver a COVID-19 vaccine to the world and we now have a
more complete picture of both the efficacy and safety profile of our
vaccine, giving us confidence in its potential," he added. PFE & BNTX are currently in Phase 3 trials on the vaccine, which is 95% effective, as is rival pharmaceutical giant, Moderna (MRNA). "Two vaccines, each with 95% efficacy, rivaling the 98% efficacy of our
measles vaccine," Azar said. "Produced in some of the largest vaccine
clinical trials ever conducted in history." PFE stock rose 33¢ & BNTX jumped 6.25.
If you would like to learn more about PFE, click on this link:
club.ino.com/trend/analysis/stock/PFE?a_aid=CD3289&a_bid=6ae5b6f7
If you would like to learn more about BNTX, click on this link:
club.ino.com/trend/analysis/stock/BNTX?a_aid=CD3289&a_bid=6ae5b6f7
Pfizer, Moderna to file FDA COVID-19 vaccine usage as soon as today
Treasury Secretary Steve Mnuchin moved to downplay his dept's decision to pull the plug on several Federal Reserve programs, saying there's plenty of money around to provide funding where it is needed. “This was a very simple thing. We’re following the intent of Congress,” Mnuchin said. After working together thru much of the year on a series of lending & market liquidity programs, the Treasury & Fed found themselves at odds after Mnuchin said Treasury would not be seeking to extend a handful of lending programs instituted during the early days of the coronavirus pandemic. Funding for the programs is set to expire at the end of the year. They cover corp bond buying, loans to state & local govs & the Main Street Lending Program to small- & medium-sized businesses. The Fed said it wanted the programs extended but will now have to return the unused capital committed to the facilities. “This is not a political issue. This is very simple,” Mnuchin said. Mnuchin said up to $800B in potential firepower can be deployed if needed thru the Exchange Stabilization Fund & elsewhere. However, he added that “we don’t need to buy more corporate bonds. The municipal market is working, people are able to borrow lots of money in the markets.” Just a few minutes before Mnuchin's interview, Chicago Fed Pres Charles Evans said the Treasury move was “disappointing.” “What I would say is I’d ask him to go read the law, which is very clear, or ask him to call up the chair of the [congressional] committee,” Mnuchin responded. Mnuchin insisted that his relationship with Fed Chair Jerome Powell remains positive despite the disagreement. The Fed chief “understands my view of the congressional intent,” he said when asked about the central bank’s statement disagreeing with his decision. “Chairman Powell and I have a very close working relationship.”
Mnuchin says people are misunderstanding Fed decision, plenty of firepower left
Pres Trump & his Chinese counterpart Xi Jinping will attend a virtual summit of Asia Pacific leaders today to discuss the coronavirus & global economic recovery, with lingering trade differences likely to cloud the meeting. The pair will be at a meeting of the leaders of the 21-nation Asia-Pacific Economic Cooperation (APEC) hosted virtually by Malaysia just 2 weeks after Trump lost his re-election bid. Asia Pacific leaders have called for more open & multilateral trade to support the economic recovery, & warned against protectionist trade policies such as those introduced by Trump since 2017. At the last APEC summit in 2018, the countries failed to agree on a joint communique for the first time in the bloc's history as the US & China disagreed on trade & investments. In the run up to today's meeting, several APEC leaders warned against protectionism as the world grapples with the economic impact of the novel coronavirus. "As we confront this generation's biggest economic challenge, we must not repeat the mistakes of history by retreating into protectionism," New Zealand Prime Minister Jacinda Ardern said. "APEC must continue to commit to keeping markets open and trade flowing." Xi on said "mounting unilateralism, protectionism & bullying as well as backlash against economic globalisation" had added to risks & uncertainties in the world economy. He said China will remain committed to multilateralism, openness & cooperation. Other Asia Pacific leaders have also expressed hope that a Joe Biden administration would engage more & support multilateral trade.
Trump, Xi to meet at virtual Asia Pacific forum as trade spat endures
Mnuchin needs to do a better job of explaining changes coming to his federal funding programs. Currently traders & the FOMC are not happy about these changes.
Dow Jones Industrials
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