Archives of “June 16, 2020” day

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Fed says it’ll expand its “main street” lending program even further – to provide credit access for non profits

  
  Analysis
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Improved credit access for non-profits – are they referring the vast majority of hedge funds?

That is a joke folks, K?
Here we go, headlines via Reuters:

Fed proposal to expand its main street lending program to provide access to credit for nonprofit organizations

  • says it is seeking public comment on its proposal for nonprofits by Monday, June 22
  • proposed expansion would offer loans to small and medium-sized nonprofits in sound financial condition before coronavirus pandemic hit
  • interest rate, deferral of principal and interest payments, and five-year term are the same as for main street business loans

There are further T&Cs but I won’t go into them here.

Coronavirus – Some Remdesivir news crossing – FDA warns on reduced effectiveness

  
  Analysis
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US Food and Drug Administration (FDA) is warning about a newly discovered potential drug interaction related to the investigational antiviral drug remdesivir

  • Based on a recently completed non-clinical laboratory study, the FDA is revising the fact sheet for health care providers that accompanies the drug to state that co-administration of remdesivir and chloroquine phosphate or hydroxychloroquine sulfate is not recommended as it may result in reduced antiviral activity of remdesivir.
ps. I am not a pharmaceutical PhD (yet 😀 ) so just passing this along, K? Report via Market Watch
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Hopes are high for Remdesivir, which has received emergency use authorization for the treatment of hospitalized COVID-19 patients with severe disease.

US Indices storm back to finish higher after early dip

  
Analysis, US Market

Closing changes for the main US markets:

  • S&P 500 up 25 points to 3066 (+0.83%)
  • DJIA +157 to 25763
  • Nasdaq +137 to 9726
The opening ticks were the low of the day. The buying accelerated after the Fed announced the start of corporate bond buying and the survived a late effort to sell.
Here’s the intraday look at the S&P 500:
Closing changes for the main US markets:

Intraday, the S&P 500 low-to-high rally was an impressive 112 points but it fell 8 points shy of Friday’s high of 3088. That will be a level to watch tomorrow.

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