May 19, 2020 Weekly Report

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Highlight of the Week

Stock Market jumps in response to positive coronavirus vaccine hopes

  • Moderna reported positive data on its early-stage human trial for a coronavirus vaccine Monday morning.
  • The stock surged 20 % on Monday. Moderna aims to raise $1.34 billion to help fund distribution if approved.

Rate Curves

333

Rapid Report:

Abelian Brand Mark

Coronavirus updates (as of Tuesday morning)

  • COVID-19 has registered 4.9 million cases and 320,000 deaths worldwide. There are over 1.9 million recovered cases.
  • The US has accounted for over 1.5 million cases and has surpassed 91,000 deaths. The US has registered over 358,000 cases.
  • Georgia has almost 38,000 cases and 1,609 deaths. Georgia has seen a slowing decline in the progression, but is not yet seeing a decline in the number of cases.

Jamie Dimon hopes global pandemic crisis fuels more inclusive economy

  • Since the pandemic hit the US, 36.5 million people have filed for unemployment claims, and nearly 40 % of households with incomes under $40k reported job loss.
  • In Dimon’s memo, he says “An inclusive economy – in which there is widespread access to opportunity – is a stronger, more resilient economy… The last few months have exposed the reality in America that too many individuals were living on the edge.” The memo was issued ahead of the bank’s annual shareholder meeting as an update to the bank’s response to the pandemic.
Category: Market Updates
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