Were up, and then lifted nicely at the pfizer announcement, 1. 11, up 12. We are near dow 30,000. To me, the clarion idea is that the vix is peeling away the fear , the volatility that is out there come up with a vix at 22. 01. Jonathan wejonathan have been doing that since the election, and the move got a big boost of the pfizer news from last week. The final efficacy rating, and the number is decent. Lisa 95 , better than the initial read last week of 90 . S is the mark on brands this is the more comprehensive data. Of over 65, so preventing illness. An incredibly good display here. The interesting thing to me is that we are not seeing more of a reaction in markets. It is already baked in, and in fact, you are seeing bond yields a little lower on the day. They are just flirting with this idea that longterm, we are not changing the scenario, even with this incredibly good news. Equity futures are elevated on the s p 500. A big move in the equity market. We stayed elevated over the las
Begin with some working news. Lisa Moderna Vaccine information has come out. Rate is what we saw, i higher efficacy rate then pfizer. Last week, people were talking about pfizer and how it had to be kept at ultracold to birchers until a couple of days before it was distributed ultracold temperatures until a couple of days before it was distributed. This one has a 30 day shelf life at standard refrigeration. This is very promising, and we are seeing a reaction in markets. Jonathan they are the headlines. Lets plug them into the financial markets. There is the pop on what irna. Equity futures in the United States, on the s p 500 come on the nasdaq, and on the russell as well. Futures, up russell by a little more than 2 . A record high at the close on friday in the russell, and we advance once again. I want to check in on the bond market. Yields higher, curve steeper. Switch of the board. Bonds lower, yields higher, up three basis points on tens. On 30s, we advance three basis points. In
This is widely expected. This is the vaccine that was found to be 94. 5 effective in the primary analysis. There is discussion about possibly having some sort of meeting later in the month with the fda to make the approval. We heard from officials over the weekend that they are going to try to approve it in fast order. If you take a look at markets, not the response you would think, at least not much. Jonathan it has been the diminishing marginal rate of the additional vaccine news in this market that has diminished over the last several weeks. Equity futures down 0. 4 percent. Expectations are already so well anchored by the vaccine news weve had over the last several weeks. We are down 0. 4 on the s p 500. In the bond market, yields up by a basis point or two to 0. 85 on the 10 year. The news isnt this morning. It is the cumulative impact of the last several weeks and now it is shaped the forward outlook under a much better way compared to what we face right now in the here and now i
Cheaper auction it could be a cheaper option. Tom we will talk about that with sam fazeli. Over here it is about the hospitalization. It has been an extraordinarily difficult pandemic weekend fulltime america tries to move on, and someone moving on is the president elect with news from bloomberg overnight on appointments to be had, i believe, tuesday. Even while the president contests in wisconsin. Francine we will have a full round up of u. S. Elections as well. Lets get to bloomberg first word news with ritika gupta. Ritika another Promising Development in the fight to end the coronavirus pandemic. The vaccine developed by the university of oxford as astrazeneca prevented a majority of people in a large trial from getting the disease. It stop and average from 70 from falling ill, below the high bar set by pfizer and moderna, but effectiveness did rise to 90 for one of two dosing regimes. Joe biden plans to name anthony en as secretary of state. When he was when biden was Vice Preside
Fromsion off of the news pfizer. Lets just frame where this market is. Ill let lisa worry about bonds. I am looking for an entry point, and i dont have one coming with s p futures out to record highs, up 120. Jonathan lets get straight to the price action of this moment. Equity futures are absolutely surging, up by 3. 3 . It is a huge turnaround. On the 30 year we go about to 88 basis points. A bit of dollar weakness back through this market, just south of 1. 19. A vaccine possibly helping us normalize this global economy. What does that mean . Bti with a 40 handle. Lisa it looks like pfizer will get some of the safety data necessary to see whether they can get some of the emergency approval to roll this out. This is what everyone has been waiting for. I simply, what is the Circuit Breaker to the surge in covid cases we have seen . Could this be yet . The market is saying yes, and the chances of higher growth, very high according to the market trade this morning. We can bring in sams n