Here’s what you need to know about the impact of Covid-19 to navigate the markets today.
• JPMorgan Chase has reportedly sent some staff home after an employee at its corporate headquarters on Madison Ave. in New York City tested positive for Covid-19. The company notified employees on Sept. 13, Bloomberg reports. The firm has told employees to be ready to return to the office by Sept. 21, even as tech firms like
have provided work-from-home timelines into 2021 and beyond. CEO Jamie Dimon at the Singapore Summit earlier in the day warned of negative long-term effects if work-from-home continued too long. “We’ve been managing individual cases across the firm over the course of the last few months and following appropriate protocols when they occur,” a
spokesperson told Barron’s. “We’re not going to comment on any one case.”
• The United Arab Emirates has given emergency approval to China’s possible Covid-19 vaccine, making it the first country outside China to do so. China has already given the go-ahead for three vaccines developed in the country to be used on an emergency basis and hundreds of thousands of people, including medical workers, employees at state-owned companies and journalists, have received doses, state-owned
has said. None of the Chinese vaccines have completed Phase 3 trials to prove that they are safe and effective and because domestic cases of the virus are now so low, final trials are being conducted abroad in countries with higher case counts.
• After months of failed negotiations, 50 moderate House Republicans and Democrats will unveil a $1.5 trillion coronavirus stimulus plan today, even as they reportedly concede in private that the package has scant chance of passing. Speaker Nancy Pelosi (D., Calif.) reportedly said Tuesday that the House would stay in session until a coronavirus relief deal is reached with the White House and Senate Republicans. “We have to stay here until we have a bill,” Speaker Pelosi reportedly said on a conference call with Democratic representatives. Senate Republicans failed to pass a $500 billion trimmed-down coronavirus stimulus bill last week. The sum of the so-called skinny bill was far less than the $2 billion total Pelosi told White House negotiators she would accept. The Senate’s bill did not include money for state and local governments, either, a sticking point for Pelosi and other Democrats. The House bill from the bipartisan group is expected to include around $500 billion for state and local governments, according to reports. The House Problem Solvers Caucus, the group that is pushing the compromise bill, doesn’t have a good record of brokering large-scale legislative deals and the House currently has no vote on a coronavirus aid package scheduled during its current three-week session.
• Bill Gates thinks that the Food and Drug Administration and the Centers for Disease Control and Prevention have lost some of their hard-earned credibility and wonders whether the FDA’s evaluation of possible Covid-19 vaccines can be trusted, he said in an interview with Bloomberg. “We saw with the completely bungled plasma statements that when you start pressuring people to say optimistic things, they go completely off the rails. The FDA lost a lot of credibility there,” Gates, the billionaire founder of
and philanthropist, said. “Historically, just like the CDC was viewed as the best in the world, the FDA had that same reputation as a top-notch regulator. But there’s been some cracks with some of the things they’ve said at the commissioner level.”
• President Donald Trump blamed forest management and doubted climate science while visiting fire-ravaged California, while former Vice President Joe Biden said in a speech in Wilmington, Del. that fires would be “more common, more devastating, and more deadly” if President Trump won November’s election. “If you give a climate arsonist four more years in the White House, why would anyone be surprised if we have more of America ablaze?” Biden said.