U.S. Daily Cases pass 70,000 while the debate was basically a draw

Dr. Anthony Fauci the director of the U.S. National Institute of Allergy and Infectious Diseases declared that the U.S. was in a precarious place as daily cases exceeded 70,000 for the first time since late July.

The debate last night between President Donald Trump and former Vice-President Joe Biden was markedly more civil than the last debate.  The candidates did manage to score a few points on each other but the general consensus was that not many minds were changed by the end of it all.

Markets in the U.S. were again mainly flat to end the week ranging from the Dow slipping by 0.10%, while the NASDAQ gained 0.37%.

Intel drops on earnings and analyst downgrade

Shares of Intel fell by over 10% as Bank of America downgraded the stock from Neutral to Underperform.

The tech bellwether’s stock fell by $5.70  to $48.20 a share as the company’s data center revenue fell by 7% and the Q3 earnings report was roundly disappointing.  Analysts commented that there is no easy fix for the business and the next generation of Intel chips will be delayed.

Vaccine trials resume in the U.S.

AstraZeneca resume its recently paused Covid-19 vaccine trial.  The company had stopped the trial on September 6th after a report of neurological illness in a participant in U.K. 

On Friday U.S. regulators approved the restart of the U.S. based trial, while an independent safety panel recommended that Johnson & Johnson resume its large scale trial that was halted last week after a participant had fallen ill.

AstraZeneca’s shares were up 0.08% to $52 at the close, while J&J increased by 0.11% to $145.24per share.

Quote of the day –  “When it’s raining gold, reach for a bucket, not a thimble.”

Warren Buffet

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Eliman Dambel

Senior Market Analyst