Biden names Cabinet top picks on Tuesday

<p>Here’s what you need to know about the impact of Covid-19 and the election to navigate the markets today.

• President-elect Joe Biden will soon announce his first cabinet pick. His chief of staff, Ron Klain, said on ABC that the cabinet’s first picks would come on Tuesday, but did not disclose the specific positions that will be advertised. Last week, Biden said he had selected a Treasury secretary to be announced around Thanksgiving. Speculation has revolved around potential picks including former Federal Reserve chief Janet Yellen, TIAA CEO Roger Ferguson and Lael Brainard, who sits on the Federal Reserve Board of Governors.

• The Food and Drug Administration has issued an emergency use authorization for treatment with Regeneron’s Covid-19 antibody. President Donald Trump touted the cocktail of antibodies in October, after it was part of the treatments given during the president’s fight with coronaviru. The FDA said the clearance was for mild to moderate Covid-19 cases in adults and pediatric patients aged 12 and older and weighing at least 80 pounds. The agency cleared the emergency use of another treatment for Eli Lilly’s coronavirus earlier this month.

• More and more Republicans are distancing themselves from President Donald Trump’s efforts to contest the election. Former New Jersey Gov. Chris Christie, a Trump ally who helped the president prepare for the first presidential debate in September, said the president should end his legal efforts to challenge the election results for grounds of fraud, claiming that “the evidence was not presented”, on ABC “This Week”. Republican Senator Pat Toomey of Pennsylvania praised Biden and Vice President-elect Harris after a federal judge rejected Trump’s efforts to block the certification of millions of voters in the state. “President Trump has exhausted all plausible legal options to challenge the outcome of the Pennsylvania presidential race,” Toomey said in a statement.

Write to Connor Smith at connor.smith@barrons.com