After a strong session Monday fueled by titans like Apple, Microsoft, Tesla, and Amazon leading the way, the stock market saw a bit of a dip early Tuesday morning. Dow Jones futures dropped .7% with the S&P 500 and Nasdaq dropping .6% and .25% respectively. It will be interesting to watch how the rest of the day plays out, especially for travel and airline companies. As the growing concern regarding the spike in coronavirus cases has started to trickle back into the stock market. Should travel stocks continue to slide it could make for an interesting day.
Unfortunately, the novel coronavirus is still on the move and still making its way through our society. Worldwide cases are up to 11.77 million with 541,000 deaths. In the U.S., cases are up to 3 million and deaths are at 133,000. What is even more frightening is that Monday’s number of new infections came out to 50,000. However, if there is a bright side in all of this the new fatality rate does seem a bit lower than it was in March and April, but any fatality is one too many.
Novavax announced this morning that it will be receiving 1.6 billion in funding from the U.S. government to help pay for trials and manufacturing ability for its leading coronavirus vaccine candidate. One can only hope they are near a breakthough as it is something society desperately needs.