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TOGETHER WITH
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Good morning. There are just over 2 million seconds left in the year. But who's counting?
Hope everyone has a great start to the week.
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NASDAQ
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12,464.23
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+ 38.91%
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S&P
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3,699.12
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+ 14.50%
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DOW
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30,218.26
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+ 5.89%
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GOLD
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1,840.10
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+ 21.06%
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10-YR
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0.970%
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- 95.00 bps
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OIL
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46.22
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- 24.49%
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*As of market close
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Markets: As you can see from all the
neon green above, the U.S.’ major stock indexes have posted solid gains
in 2020 (the tech-heavy Nasdaq more so than the other two, of course).
And they’re kicking off this week at record highs.
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Brexit: The UK and the EU are racing
to strike an agreement this week to avoid a “no deal” Brexit that could
cause chaos for the British economy and the markets. If you can
remember, the actual Brexit referendum took place in June 2016.
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KIRILL KUDRYAVTSEV/AFP via Getty Images
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This week,
Western nations are set to administer their first doses of the
coronavirus vaccine, capping a remarkable scientific achievement that
will save an untold number of lives and help the global economy recover
from a historic recession.
- Some countries have already started their vaccine programs. Russia began inoculating its citizens on Saturday with its Sputnik V vaccine, and about 1 million Chinese people have already been vaccinated.
The arrival
of vaccines marks the beginning of the end of this dark chapter in human
history, but also the beginning of the beginning. In the U.S., priority
will be given to healthcare workers and residents of long-term-care
facilities, and healthy folks might not receive a vaccine until April.
The debate over timing
On Thursday,
the FDA is expected to vote on approving the Pfizer-BioNTech vaccine
for emergency use, and it could be administered to Americans the next
day.
The timing of that vote has been controversial. The UK approved the same vaccine last Wednesday, and is set to start inoculating people tomorrow, a few days ahead of the U.S. Some experts questioned
why the FDA would wait weeks after Pfizer asked for approval (Nov. 20)
to hold a vote as thousands of Americans die from Covid every day.
- FDA insiders told Stat
News this interim time period was necessary to analyze the raw data and
give the vaccine the thorough check it needs, considering it’ll be
administered to hundreds of millions of people.
- In further defense of
the FDA’s process, last week the U.S.’ top infectious disease official,
Dr. Anthony Fauci, called the UK ruling “rushed,” which ticked off some British health officials. Fauci later apologized and said UK regulators had his full confidence.
Bottom line: Investors
have been zeroed in on the promising news of the Covid-19 vaccines
while mostly ignoring the U.S.’ spiraling outbreak and bleak jobs report
from Friday.
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Los Angeles Times via Getty Images
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As of 11:59pm last night, 33 million Californians, about 84% of the state’s population, were subject to new stay-at-home restrictions aimed at preventing a Covid-19 catastrophe at hospitals.
- Those restrictions,
which are triggered when a region’s ICU capacity falls below 15%,
require a halt to in-person dining and the closure of businesses such as
wineries, nail salons, and zoos.
Many
business owners are outraged with what they say are exceedingly strict
and randomly applied rules. In a video that went viral Saturday, a
Sherman Oaks restaurant owner showed
a catering tent set up for a film crew (allowed, since entertainment
workers are considered essential in California) right next door to her
own outdoor dining patio, which sits empty because of the ban.
- The county health
department responded that, unlike diners, film crews are regularly
tested for Covid and must follow other strict health practices.
Bottom line: California
leaders are struggling to address the growing public health crisis (LA
County hit a record number of cases four times last week) and simmering
anger from devastated small businesses.
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While the
bitcoin vs. gold debate has grabbed the attention of metalheads
recently, less precious metals like copper, iron ore, and nickel have
quietly been some of the best-performing assets of the year, the WSJ reports.
Prices of
raw materials tend to rise when the U.S. and China are playing nice in
the trade sandbox, but most importantly, when they’re making a lot of stuff.
- Demand for electric cars
and new homes, in particular, has turned manufacturing into the LeBron
of the global economy, carrying the J.R. Smiths—travel, leisure, and
services.
Plus, the
U.S. and China’s geopolitical game of chicken led to uncertainty for
mining companies, which slowed investment in new mines from 2016 on.
Now, prices are skyrocketing because demand is far outstripping supply.
Looking ahead...appetite for metals is growing
as more countries invest in renewable energy systems like wind turbines
which are “at least five times more copper-intensive than conventional
power,” according to a report from Jefferies.
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Google Maps
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This global
pandemic has given us a few magical moments you have to savor. The most
recent happened Saturday night, when Brigham Young University played
Coastal Carolina in a college football game dubbed “Mormons vs.
Mullets.”
These two teams were not supposed to play
one another. Earlier in the week, Liberty University had to cancel on
Coastal because of a Covid-19 outbreak, and Coastal needed to find an
opponent—ideally a good one, considering the team was undefeated and
wanted to beef up its résumé.
Enter BYU,
whose program also needed another marquee win. The two schools got to
talking and on Thursday agreed that BYU would make the cross-country trip to play Coastal in Conway, South Carolina, not far from Myrtle Beach.
- The matchup was helped along by ESPN execs, who know a thing or two about programming flexibility during the pandemic.
- And the game itself was thrilling—Coastal Carolina eked out a win that came down to the last play.
Zoom out: Sports
leagues and TV networks have learned that, without a bubble, you should
prepare for logistical headaches. A few days ago, the NBA released only half of its regular-season schedule to give itself the wiggle room the NFL wishes it had.
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IPOs: The IPO bonanza we’ve been talking about for months is finally here.
Airbnb, one of the U.S.’ most valuable private startups, is expected to
start trading on Thursday at a market cap of more than $31 billion.
Food delivery giant DoorDash could be worth even more than that when it
goes public on Wednesday.
Stimulus: Talks
picked up momentum last week after top Democrats supported a compromise
bill with a much lighter price tag. At the same time, lawmakers must
pass a spending measure to avert a government shutdown on Friday.
Earnings: There
aren’t any blockbusters this week, but some interesting companies
reporting quarterly financials include Stitch Fix (Monday); Chewy
(Tuesday); and Lululemon, Costco, and Oracle (Thursday).
Economic data: We’ll learn more about inflation with the Consumer Price Index reading on Thursday.
Everything else:
- Today is the anniversary of the attack on Pearl Harbor in 1941.
- Hanukkah starts at sundown on Thursday.
- The videogame Cyberpunk 2077 will be released on Thursday after several delays and an astronomical budget.
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Goldman Sachs is considering moving its asset management arm from New York to South Florida, Bloomberg reports.
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Paysafe, the private equity-backed online payments company, is reportedly close to a $9 billion deal to go public via SPAC.
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Tesla
released its first diversity report. Black employees account for 4% of
leadership positions, and women make up 17% of those leadership roles.
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Mastercard
is reviewing its relationship with the parent company of Pornhub after
NYT columnist Nicholas Kristof wrote that the site fails to adequately
block violent content and child videos.
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The Hartford Courant, the U.S.’ oldest continuously published newspaper, will close its physical offices.
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YouTuber Logan Paul will face Floyd Mayweather Jr. in an exhibition boxing match that will make both men gobs of money. Feb. 20 is the date.
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Dive back into the week:
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For the
first time this weekend, many Americans were introduced to Coastal
Carolina’s odd nickname—the Chanticleers (pronounced SHON-ti-cleer). So,
what is a Chanticleer?
- A fierce rooster originally from The Canterbury Tales
- A spear-like weapon typically used in jousting tournaments
- A species of aggressive fish found in the waters off the coast of South Carolina
- An insect-eating plant and cousin of the Venus flytrap
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It's actually the rooster. If you're curious, here's the whole story.
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