Quiet Start to the Week

It’s Monday, and that means vaccine news. While no new announcements came from any drug laboratories about new vaccine candidates, Moderna did announce that it would be seeking emergency FDA approval for its version of a COVID vaccine after the latest clinical trials indicated 94.1% effectiveness with no safety issues. The company expects to make its application to the FDA today.

Economic data is light this morning, but a little later, investors expect Market News International to report that its Chicago PMI dipped in November to 59 from 61.1. The National Association of Realtors is also scheduled to release its October report for Pending Home Sales and a 1% boost is expected. The Dallas Fed will then be releasing its November Manufacturing Index and it is forecast to fall to 15.8 from 19.8 in what has become a parade of ever-slowing data for most measures of Manufacturing vitality.

For now, Treasury prices are slightly lower but not by much. The Ten-Year is still hanging around 85 basis points with the Long Bond still hovering just below 1.60%. Crude oil is off slightly, but still hanging on to a $45 handle. The price of gold has melted another $18 so far today and that price has fallen to $1,769. Equity markets may start their day with a little red ink.