The Dividend Cafe

COVID Health Information

• The BioNTech/Pfizer vaccine project has said they believe it is “likely” their vaccine will be distributable before the end of the year. They obviously cannot predict what the FDA approval process will look like but there seems to be a lot of confidence in the direction of their vaccine trials. They recently expanded their trial pool from 30,000 to 44,000.

• Madrid’s hospitalizations through the so-called “second wave” of Spain are 1/7th (14%) that of what they were in the spring. I hate being so redundant with you but often the news itself is redundant. The cases are less severe, the people are healthier, the treatments are better, and so forth and so on

• New cases in Denmark have tripled, whereas in Sweden they have barely moved. As for what could possibly be causing this dynamic, I guess I would refer you to:all the media reports covering this prior issues of COVID & Markets.

• JP Morgan has determined that productivity does, indeed, fall for employees working from home. In other news, I have determined that the sun is hot.

• The University of Pittsburgh School of Medicine has a promising development you may want to read more about.

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Download White Paper HERE - https://thebahnsengroup.com/dividend-cafe/special-election-issue-dividend-cafe-sept-11/#download

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David reminisces about the 9/11 and the aftermath of the city and the people of New York City.

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The market dropped 400 points today despite opening up over 200 points. The 600-point intra-day reversal was led by the Nasdaq’s almost 400-point intra-day reversal, bringing the recent peak-to-trough drop now to ~9.6%, so not quite 10% correction territory on a closing basis.

There was not a particular catalyst to the sell-off. The weekly jobless claims number came an hour before the market opened and the tick down did not begin until ninety minutes after the market opened. The fact that the Democrats blocked the Republican stimulus bill from coming forward for discussion was obviously not a surprise. The selling pressure in big tech just hasn’t settled yet, and that is where we are.

Okay – around the horn we go!

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The market dropped for the third day in a row, again led substantially by the sell-off in big tech (the Nasdaq is down 10% since last Wednesday’s late day high). The Dow is down ~1,600 points since mid-week last week, about half of the drop in the Nasdaq in percentage terms. Futures were pointing up ~200 points last night, but today the market opened down 400 points and chopped around throughout the day, taking two turns down in the final two hours of trading.

Expect a bit more markets and economic coverage in this week’s missives than normal because the Friday Dividend Cafe will be exclusively focused as the special election issue. We are entering a new phase of the COVID economic recovery that I believe will move slower than the first half has moved. A lot of the low-hanging fruit of job recovery and activity-resurgence has taken place, but normalized conditions are a ways off and will likely see a slowdown in pace of recovery from here.

COVID Health Information

• I am sure the Labor Day report of just 27,000 new cases yesterday was low around holiday reporting issues. The 7-day moving average is dropping ever so slowly.

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