|FRIDAY, JULY 10, 2020
· A ruling on President Trump’s tax returns does not guarantee a speedy release.
· A German drug company seeks 2020 clearance for COVID-19 vaccine.
· Mayor cautions stay-at-home orders are possible again for Los Angeles.
CURRENT MARKET DRIVERS
· Stocks were volatile following a Supreme Court ruling on Trump’s tax returns.
· Billions of vaccine doses are expected for production if regulatory approval is given.
· The Nasdaq reached record highs for a fourth-straight day Friday.
THINGS TO LOOK FOR
· Up and down, back and forth, good news, bad news. That seems to be the pattern affecting the markets recently. As the markets looked for direction after Wednesday’s session, the Supreme Court ruled that President Donald Trump would be required to release his income taxes to the Manhattan District Attorney. That sent markets tumbling on Thursday.
· Then on Friday, news broke that BioNtech would move into another stage of testing on its COVID-19 vaccine. The German drug manufacturer is hopeful it can receive the necessary approval to begin marketing the vaccine. The revelation pushed stocks upward after Thursday’s slump. For the week, markets were mostly flat, except for the Nasdaq, which enjoyed a record-setting week.
ECONOMIC VITAL SIGNS
· Volatility has been slightly elevated all week, which is disappointing. The 10-year yield has dropped near the 0.60% mark.
Volatility Index: 27.62
10-year Treasury: 0.62
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