“There are three ingredients for success—aggressiveness, timing and skill—and if you have enough aggressiveness at the right time, you don’t need that much skill.”
― Howard Marks

1. Novavax, Regeneron are awarded $2 Billion for Covid-19 Vaccine, Drug Supplies — Novavax would receive $1.6 billion from the federal government’ to fund clinical studies of its experimental coronavirus vaccine and establish large-scale manufacturing of doses. With the funding, Novavax said it would deliver 100 million doses of its vaccine, possibly by the end of this year. Regeneron received a $450 million federal contract to manufacture thousands of doses of its experimental Covid-19 treatment that the government will distribute at no cost to the public if the drug is authorized for use by regulators.
2. Trump Moves to Pull U.S. Out of World Health Organization — the U.S. has formally notified the World Health Organization it will withdraw from the United Nations agency over President Trump’s criticism of its ties to China. The exit won’t take effect until next July, leaving it contingent on Mr. Trump’s re-election. His rival for the White House, presumptive Democratic presidential nominee Joe Biden, said Tuesday the U.S. would remain a member if he wins.
3. Recession Forces Spending Cuts on States, Cities Hit by Coronavirus — governments have cut 1.5 million jobs since March, mostly in education, and more reductions are likely barring a quick economic recovery. In addition, State and local governments from Georgia to California are cutting money for schools, universities and other services as the coronavirus-induced recession wreaks havoc on their finances. Almost all states and local governments require balanced budgets. For now, they have largely avoided raising taxes to plug budget holes, opting instead to cut spending or dip into reserves.
4. Supreme Court Paves the Way for N.Y. Prosecutor to View Trump Taxes — The Supreme Court paved the way for a New York prosecutor to enforce a subpoena for President Trump’s financial and tax records. The decision send the cases back to lower courts, where Mr. Trump can raise additional objections to the subpoenas. The rulings put off, likely until after the November election, any ability to see Mr. Trump’s financial records.

The week ahead — Economic data from Econoday.com: