TINA is about to face a big test.

TINA—There Is No Alternative—is a popular Wall Street acronym describing a key reason why equities remain so popular. Put simply, TINA says that investors will buy equities because all other investment opportunities are worse.

Over the past few months, TINA has powered a strong recovery of global equity markets. Central bank easing in response to the pandemic-induced recession pushed government and corporate bond yields to historic lows. In all major markets, government bond yields are now well below expected rates of inflation.

The University of Cincinnati and UC Health will join 90 other sites across the country to run a key federal clinical trial of a potential vaccine for the novel coronavirus. Five hundred healthy local volunteers will be needed starting in July.

"UC was chosen because we have a proven track record of high-quality research and are the number one site in the NIAID-funded, AIDS Clinical Trials Group in the U.S. We are proud to bring leading-edge research to Cincinnati so that we can help our community battle the COVID-19 pandemic and be part of the solution,” said Carl Fichtenbaum, MD, professor in the Division of Infectious Diseases in the Department of Internal Medicine at the UC College of Medicine and a UC Health physician.

ADP and Moody’s Analytics reported private payrolls fell by another 2.76 million in May. The ADP number was far less than the 8.75 million estimate. Data from the Institute for Supply Management showed the U.S. services sector contracted less than expected, rebounding from an 11-year trough.