23 December 2020

1) The sailing of a Chinese aircraft carrier group, led by the country’s newest carrier, through the sensitive Taiwan Strait, caused Taiwan’s navy and air force to deploy. While this isn’t the first time China’s carriers have passed close to Taiwan, it comes at a time of heightened tension between Taipei and Beijing, which claims the democratically-ruled island as its territory. China says such trips by carriers through the strait are routine, often on their way to exercises in the disputed South China Sea. Taiwan said it sent six warships and eight military aircraft to monitor the Chinese ships’ movements. China has little experience with naval air operations compared to the United States, which has operated integrated carrier battle groups with multiple vessels for decades.

2) Steven Mnuchin, the Treasury Secretary, said that millions of Americans could begin seeing stimulus payments as soon as next week. The stimulus measure is combined with other bills into a giant piece of legislation to include money to fund the government through September 2021 as well as the extension of various tax cuts. The stimulus has $600 direct payments to people as part of the bill, plus $300 in weekly unemployment benefits for 11 weeks.

3) The Justice Department has filed suit against Walmart, alleging they unlawfully dispensed controlled substances through their pharmacies thereby fueling the nation’s opioid crisis. Claims are Walmart pressured its pharmacists to fill opioid prescriptions quickly, thus denying pharmacists the ability to refuse invalid prescriptions. Therefore those pharmacists were knowingly filled thousands of prescriptions that came from ‘pill mills’. The government charges Walmart with failing to detect and report suspicious prescriptions to the U.S. Drug Enforcement Administration, as the law requires, so for years Walmart has reported virtually no suspicious orders at all. Walmart has more than 5,000 pharmacies around the country, but Walmart contends that bad doctors are to blame. Therefore, Walmart filed its own preemptive suit against the Justice Department, Attorney General William Barr and the Drug Enforcement Administration saying the Justice Department’s investigation has identified hundreds of doctors who wrote problematic prescriptions. The company is asking a federal judge to declare that the government has no basis to seek civil damages.

4) Stock market closings for – 22 DEC 20:

Dow 30,015.51 down by 200.94
Nasdaq 12,807.92 up by 65.40
S&P 500 3,687.26 down by 7.66

10 Year Yield: down at 0.92%

Oil: down at $46.80

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