Here’s what you need to know about the impact of Covid-19 to navigate the markets today.
• Speaker of the House Nancy Pelosi said Friday there was momentum in negotiations with Republicans in Congress for a new round of economic stimulus spending after meeting with Senate Majority Leader Mitch McConnell. (read more)
• Economists said disappointing employment growth numbers for November underlined arguments in favor of additional federal stimulus efforts. These included former Obama administration economic advisor
who said: “We still have 10 million jobs that we have to make up to recover” from the coronavirus recession. (read more)
• The U.S. added 245,000 new jobs during November, falling short of the consensus forecast of 432,000 among economists polled by FactSet. Private employers added 344,000 new jobs, but this was partially offset by a decline of almost 100,000 government jobs. The unemployment rate declined to 6.7% from 6.9% in October, according to the Bureau of Labor Statistics’ Employment Situation Summary. (read more)
• The U.S. reported 216,548 new Covid-19 cases on Thursday, to set another new record, and 2,857 people died from the coronavirus, slightly below the record of 2,885 set on Wednesday according to a New York Times Tracker. Hospitalizations from the virus in the U.S. rose to a new record of 100,667, according to The Covid Tracking Project. (read more)
• JBS USA Holdings removed 202 workers that it considered to be at elevated risk for coronavirus infections from its meatpacking plant in Greeley, Colo., in early November, according to a Wall Street Journal report. State health officials have reported 32 infections at the plant and classified a Covid-19 outbreak there on Nov. 17.
denied that it was experiencing new production delays for the Covid-19 vaccine it had developed with
After The Wall Street Journal reported that supply disruptions might cause
‘s production volume for the vaccine to be cut in half from what the company had planned, Pfizer spokesperson Andy Widger wrote in an email to Barron’s that the Journal report was based on outdated information. He added that Pfizer was prepared for full-scale production and still expected to deliver 50 million doses this year and 1.3 billion in 2021.
• The price of West Texas Intermediate crude oil for January delivery was up 1% to $46.10 a barrel early Friday after the Organization of the Petroleum Exporting Countries and other major producers agreed to slow previously planned production increases. The OPEC+ group now plans to increase daily production by 500,000 barrels in January, down from the previous plan to increase production by 2 million barrels a day. West Texas Intermediate crude prices, based on continuous quotes, ended 2019 at $61.06 a barrel, then fell to an intraday low of $6.50 on April 21. (read more)
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