Dow gained 162, advancers over decliners 3-2 & NAZ was off 17. The MLP index crawled up 1 to the 176s & the REIT index inched up to the 504s. Junk bond funds slid lower & Treasuries climbed higher in price. Oil went up to the 76s & gold added 4 to 1812.
AMJ (Alerian MLP index tracking fund)
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One US-based healthcare company is ramping up production of its at-home COVID-19 tests as cases of the omicron variant surge across the country. Intrivo co-CEO Ron Gutman said the company's working to distribute Ms more of their 10-minute rapid tests to meet increased demand. "We are ramping up production to keep Americans safe," Gutman added. "When other people ramp down production and close factories, we actually increased it, doubled down with technology." Starting today, Intrivo is offering their "On/Go" COVID-19 tests, which are FDA authorized & designed to be taken ahead of gatherings. "They get results in 10 minutes. They get a passport that shows their status, that they're good to go - or, we help them find good [health] care," Gutman explained. He said Intrivo's at-home tests are available on their website & in stock at Walmart (WMT) Amazon (AMZN). "Our availability has always been there, not only to provide people with the best experience in testing, but to make sure that they're getting it quickly, affordably and when they need it most," he said. As the pandemic continues, Gutman hopes "Intrivo helps tens of millions of people in the United States be healthier, happier, safer in this time."
COVID testing company ramps up production to meet US demand
Treasury yields dipped as omicron developments remained in focus for investors. The yield on the benchmark 10-year Treasury note eased 2.3 bases points to 1.458% while the yield on the 30-year Treasury bond fell 2.5 basis points to 1.861%. Yields move inversely to prices & 1 basis point is equal to 0.01%. Bond markets reopened yesterday after closing for the Christmas Eve holiday Fri. Investors have been encouraged by some positive news on the omicron Covid variant. The Centers for Disease Control & Prevention announced yesterday that it was shortening its isolation recommendation for people who test positive to 5 days from 10 if those people do not have symptoms. Research out of South Africa indicated that omicron infections can help boost immunity to the earlier delta strain of Covid. A few studies in South Africa, Scotland & England also suggested that people infected with the omicron coronavirus variant were less likely to be admitted to hospital than if they contracted other strains. A number of reports released last week indicated a stable US economy with improving labor & spending trends. However, inflation remains high.
U.S. Treasury yields dip with omicron in focus
Sen Joe Manchin expressed fresh concern about soaring inflation after a key measure of consumer prices hit a 39-year record last week, but kept the door open to passing Pres Biden's sprawling social spending & climate plan. He told reporters that he will talk with Biden later said that Congress needs to be more cognizant of the nation's soaring debt as Dem lawmakers rush to pass Biden's $1.7T economic plan before a self-imposed Christmas deadline. "Inflation is real. It's not transitory. It's alarming. It's going up, not down. And I think that should be something we're concerned about. And geopolitical fallout," Manchin continued, referencing Russia's buildup of troops on Ukraine's border. Manchin, a linchpin in the 50-50 Senate, has repeatedly declined to say whether he supports the latest iteration of Biden's "Build Back Better" bill & has maintained that he wants to see the text before determining whether he supports the measure or not. Still, he sounded skeptical about Dems' Christmas deadline, which would give the Senate just 2 weeks to pass a massive piece of legislation. "I know people have been in a hurry for a long time to do something, but basically I think we're seeing things unfold that allows us to prepare better," Manchin added. His comments come on the heels of a new Labor Dept report that revealed consumer prices surged by 6.8% in Nov from the previous year, the fastest pace since 1982, when inflation hit 7.1%. The CPI – which measures a bevy of goods ranging from gasoline & health care to groceries & rents – jumped 0.8% in the one-month period from Oct. While Dems have brought down the price tag of the social spending bill to $1.7T from $3.5T, Manchin has his party of using "budget gimmicks" to conceal the true cost of the legislation. The Congressional Budget Office, at the request of Reps, released a new analysis of the bill that assumes the programs are made are permanent & found the legislation would add $3T to the federal budget deficit. Dems have made it clear that by taking an across-the-board cuts approach to the spending package, they intend to force a future Congress to extend popular programs in a few years. Whether they will be able to do so ultimately depends on the 2022 midterms & 2024 presidential election. Manchin called the newest CBO analysis "very sobering."
Manchin raises new inflation concerns as Democrats race to pass $1.7T bill
Enthusiasm for stocks is fading. Economic data continues to be fairly good. But it remeains uneven. While effects from the latest Covid variant are unknown, they will likely be negative for economic growth. High inflation rates continues & next year will bring higher interest rates which were suppposed to help a struggling economy emerge from the worst depression in decades.
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