Autumn is finally here, it is officially sweater weather, and the headlines just keep on coming. We had our first and only Vice-Presidential debate, Regeneron and Eli Lilly seek FDA approval, stimulus talks are back on, and the markets continue to rally.
Last night, Vice President Mike Pence and Senator Kamala Harris faced off during the first Vice-Presidential debate. Divided by plexiglass, Pence and Harris were asked questions on various topics such as the coronavirus, the economy, jobs, taxes, foreign policy, as well as race and the justice system. The next Presidential debate is scheduled for October 15, 2020. Today, the Commission on Presidential Debates announced that it would be a “virtual town hall” to protect the health of all involved. However, President Trump said he will not participate in a virtual debate. As of today, the two candidates are negotiating the format and future dates.
After the President was diagnosed with the coronavirus last week, he received experimental antibody treatment from biotech firm Regeneron Pharmaceutical Inc. (REGN) and continues to give them accolades. He wants the FDA to approve emergency use of Regeneron’s drug and a similar one from Eli Lilly & Co. (LLY) to be free for Americans. Shares for REGN jumped 1.4% and LLY shares climbed 3% after the President’s remarks. Both companies announced they are seeking emergency authorization for their Covid-19 treatments.
In the beginning of the week, President Trump halted stimulus talks after the Federal Reserve Chair Jerome Powell called for greater federal aid to help economic recovery. Today, negotiations resumed with progress being made towards a new coronavirus relief package. Although these talks are still facing hurdles, the market reacted positively as investors were cautiously optimistic that Congress will reach an agreement.
Earlier today, we hosted our Virtual WOW Event on Social Security with Jeffrey Rodriguez. For those of you who attended, we hope you found it informational and enjoyable. The video link will be available next week on our website. Be on the lookout for the invitation to our next Virtual WOW Event with Susan Alpert on December 8, 2020.