Wharton invest in professor Jeremy Siegel expects a game changer.
He predicts a coronavirus vaccine is closer than the market ruminate overs.
“We’ve had almost no setbacks in the schedule developing the vaccine, and I think that’s where upside surprises can occur,” Siegel told CNBC’s “Swap Nation” on Tuesday. “We may find ourselves with a workable vaccine for high risk individuals by the end of the fall, early winter.”
Moderna is the latest guests to report positive findings on the vaccine development front. According to the New England Journal of Medicine on Tuesday, the biotech associates saw a “robust” immune response in all 45 patients participating in its early stage human trail.
Siegel, who calls the bazaar “pretty resilient” at this juncture, also suggests the spike in virus cases in the Sun Belt are peaking and setbacks to reopenings are passing.
“It’s going to be very important to look closely at this data the next two weeks,” he noted. “If we see those rates go down, I over that would be really good for the reopening stocks in the market.”
Tuesday’s figures show Florida’s daily virus carton increase dipped below the seven-day average. California also reported a slight drop in daily cases.
Siegel was one of the beforehand Wall Street experts to warn investors about the potential impact of the coronavirus. The long-time stock market bull who led 2016 to 2017’s Dow 20,000 recuperate cry rolled back his optimistic forecast last winter.
He anticipated a “severe one-year shock” followed by an epic “spring back.”
“We [S&P 500] could be at 3,200-3,300 by the end of the year because all of the liquidity the Fed has put in and the money they put in,” Siegel said. “A lot of it is until now going to find its way into stocks, and we’re going to have good news on the vaccine front that I think resolve push the market higher.”
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