The SEC is proposing new rules on accounting for SPAC warrants. I have seen a few people comment that this is the death knell for SPACs, but it looks like more of a speedbump than anything else at this point. It may delay filings for new SPACs, which probably wouldn’t be such a bad thing with so many already out there seeking deals. On the same day this was announced, we are also seeing the biggest SPAC deal yet with Altimeter merging with Grab.

U.S. Calls for Pause on J&J Vaccine

This is the biggest news of the morning and the markets went from slightly positive to slightly negative. A small reversal on this news would be normal, but it is likely to be short lived. Looks like there were only 6 blood clot cases out of 7 million vaccines. Keep in mind also that over 120 million doses have been administered in the US and only 7 million are from JNJ.

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