Despite a shift in focus towards the fast-approaching presidential election, vaccine development remains a source of good news. Moderna – one of the leading COVID-19 vaccine developers – stated that it will not enforce development patents and allow other companies to utilize their intellectual resources. Johnson and Johnson, another company in Phase 3 testing, will be supplying millions of vaccine doses to the EU and lower income countries once proven safe and effective. However, I understand that Johnson and Johnson testing has now been temporarily paused. Hopefully it is just that...temporary.
Though there are signs the recovery is slowing, economic fundamentals continue to improve. The White House and Congressional lawmakers remain at an impasse on the terms of the next stimulus package. While more volatility is expected into November as the election nears, studies show that elections are not long-term market drivers.
To offer some overall perspective on the market and what may come next, attached is the most recent edition of Market Matters.
As always, we continue to closely monitor market conditions, and we’re here to assist you however we can. If you have any questions or concerns, please don’t hesitate to reach out.
Here’s why the markets are reacting the way they are in October
October 13, 2020