Dow sank 335, decliners over advancers better than 2-1 & NAZ pulled back 135. The MLP index fell 3+ to 170 & the REIT index was about even in the 485s. Junk bond funds slid lower & Treasuries were heavily purchased bringing lower yields. Oil was off pennies in the 71s & gold went up 3 to 1788.
AMJ (Alerian MLP index tracking fund)
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2 doses of the Oxford-AstraZeneca (AZN) or Pfizer (PFE)-BioNTech (BNTX) Covid-19 vaccines are substantially less effective at warding off omicron compared to previous variants of the coronavirus, scientists have found. However, the researchers were optimistic that a booster shot would improve immunity against the new, highly transmissible variant. In a new study announced, researchers from the University of Oxford tested blood samples of people 28 days after their 2nd dose of either vaccine. When omicron was introduced to those samples, scientists reported “a substantial fall” in the neutralizing antibodies that fight off Covid compared to the immune responses seen against earlier variants. The research paper noted that some vaccine recipients “failed to neutralize [the virus] at all.” “This will likely lead to increased breakthrough infections in previously infected or double vaccinated individuals, which could drive a further wave of infection, although there is currently no evidence of increased potential to cause severe disease, hospitalization or death,” the study said.
Omicron can hit fully vaccinated, Oxford study says, as UK prepares for tidal wave of cases
National Institute of Allergy & Infectious Diseases director Dr Anthony Fauci said that Americans will "just have to deal with" the prospect of getting more coronavirus booster shots. He said that the level of protection that the current coronavirus booster shots give to individuals will have to be monitored closely over the next several months. "If it becomes necessary to get yet another boost, then we’ll just have to deal with it when that occurs," Fauci added. Fauci also said that he's "hoping" that a 3rd mRNA shot will give longer-lasting protection. "I’m hoping from an immunological standpoint that that third shot of an mRNA and the second shot of a J&J will give a much greater durability of protection than just the six months or so that we’re seeing right now," Fauci said & added that it's possible that the booster shot could "dramatically" increase the level of protection. For the time being, however, "official requirements" for being fully vaccinated are not changing.
Fauci says Americans better get used to booster shots
Treasury yields fell slightly to start the week as
investors readied for the Federal Reserve's Dec policy meeting. The yield on the benchmark 10-year Treasury note dipped 2.5 basis points to 1.465% & the yield on the 30-year Treasury bond gave up 3.6 basis points at 1.848%. Yields move inversely to prices & 1 basis point is equal to 0.01%. Investors continue to monitor for updates on the highly mutated
omicron Covid variant. Markets bounced back last week from a sell-off
triggered by fears over the variant, with the S&P 500 notching its best week since Feb. Sentiment was lifted by news from PFE-BNTX that a study found 3 doses of their vaccine provide a high level of protection against the variant. Meanwhile, the US was approaching 800K
coronavirus-related deaths. The new variant has pushed some gov
officials to reinstate health restrictions to slow the spread. Investors also continued to digest Fri's hotter inflation report, which came in at 6.8% in Nov year-over-year for the biggest surge since 1982. The print was slightly higher than the 6.7% estimate. Investor
focus will likely be on the Fed's 2-day policy meeting, which
kicks off tomorrow. After the meeting wraps up on Wed, the Fed
is expected to announce that it will speed up the pace of tapering its
asset purchasing program.
Treasury yields edge lower to start the week, Fed meeting in focus
Investors are selling as they wait the Fed to discus ending the Treasury bond buying program & reveal plans for interest rate hikes at their meeting. Also, news on the fight with the virus is muddy.
Dow Jones Industrials
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