Vaccine News Causing Risk Premia Collapse = P/E Upside

Daily COVID-19 cases saw a surprising improvement Wednesday with daily cases coming in at 38,377 which is down -5,235 vs 7D ago. Typically, Wednesday cases see a big surge vs 1D ago (usually up +6k or so) but was flat. This is a break in pattern vs the prior 10 days where daily cases were flat vs 7D ago. I don’t want to jump the gun, but this positive surprise to the downside is a nice inflection. Perhaps the surge associated with back to school is being offset by the organic retreat in cases...

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