Market Talk – Monday, Nov. 23

The Food and Drug Administration (FDA) rapidly approved the drug REGN-COV2, produced by Regeneron Pharmaceuticals, over the weekend as a safe treatment for coronavirus. This is the same drug mixture that President Trump took when he became ill with the virus in October. The FDA said that they hope this emergency authorization will help “alleviate the burden on our health care system” by allowing those infected to take the medicine at home as opposed to hospitalization. The treatment is a monoclonal antibody that mimics immune cells to fight off the coronavirus. Regeneron’s CEO did say that more testing is needed but they hope that the immediate release of the drug will help curb the recent spike in cases across the US.

Former Federal Reserve Chairman Janet Yellen will serve as Treasury secretary under Joe Biden. Current Treasury Secretary Steven Mnuchin has been trying to secure a deal for a second stimulus package but has faced Democratic opposition. Some view Yellen as a safe choice who may garner more bipartisan support. While at the Fed, Yellen raised interest rates five times in over four years and was criticized for failing to reduce the massive amount of government bonds purchased during the Great Recession. Yellen also favors implementing a carbon dioxide emissions tax and would like to implement new taxes to combat the naturally changing climate.

Over the weekend, President Trump made a string of statements claiming that he is not done fighting the election results. “It’s all about the signatures on the envelopes,” Trump stated, claiming that many mail-in ballots did not include the proper signature required for processing. “In certain swing states, there were more votes than people who voted, and in big numbers. Does that not really matter? Stopping Poll Watchers, voting for unsuspecting people, fake ballots and so much more. Such egregious conduct. We will win!” President Trump tweeted on Sunday night.

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