Categories
Entertainment

A Starry Central Park Comeback Live performance Is Silenced by Lightning

The homecoming show required everyone 12 years old and up to show proof that they had had at least one dose of a vaccine; children younger than that, who are still ineligible for the vaccines, were required to wear masks.

“When it comes to the concerts, they are outdoors — they are for vaccinated folks only,” the mayor had said on Wednesday. “We are definitely encouraging mask use. But I really want to emphasize the whole key here is vaccination.”

The Central Park show came after the city had hosted a week of free hip-hop shows, with local heroes including Raekwon and Ghostface Killah in Staten Island, and KRS-One, Kool Moe Dee and Slick Rick in the Bronx. Tickets were required to attend the concert on the Great Lawn — most were free, but V.I.P. packages cost up to $5,000 — and the show was broadcast on television by CNN and on satellite radio by SiriusXM.

The concert was programmed by Clive Davis, the 89-year-old music eminence, who, in an interview this week, stressed the role that music could play in shaping society.

“It’s vital and important that New York be back,” he said.

From the stage on Saturday night, Mr. Davis, a Brooklyn native, made a plea to the audience: “Tonight, I only ask one thing: When you’re having a great time, cheer loud — loud enough so they can hear you all the way in Brooklyn’s Crown Heights.”

The abbreviated concert came at an uncertain moment for the music industry. While some high-profile artists, including Garth Brooks, BTS and Nine Inch Nails, have canceled tour dates recently, the show is largely going on in the live-music business — but it hasn’t been easy. Concert protocols, in New York and elsewhere, have been in flux for months, as the federal authorities, local governments and businesses have adjusted to the changing realities of the virus.

Categories
World News

S&P 500 rises for a 3rd day as comeback rally continues

U.S. stocks rose on Wednesday led by energy shares, as the market’s comeback rally extended into a third day.

The S&P 500 gained 0.1% for a third straight positive day, sitting 0.16% from an all-time high. The Dow Jones Industrial Average last traded near the flatline. The Nasdaq Composite was 0.25% higher and reached an intraday record earlier Wednesday after closing at a fresh high in the previous session.

Energy names including Exxon Mobil and Chevron climbed as oil prices continued to rise. Brent crude topped $75 a barrel to hit a two-year high on Wednesday. Diamondback Energy and Occidental Petroleum jumped about 4% each.

Many major technology names also traded in the green. Tesla jumped 4.5%, while Netflix gained over 1%. Facebook and Alphabet also traded higher.

The S&P 500 has risen 2% this week, bouncing back from a sell-off last week triggered by the Federal Reserve’s surprise policy shift. The central bank projected much higher inflation for the year than previously, while signaling two rate increases as soon as 2023.

For June the S&P 500 and Nasdaq Composite are in the green, rising 1.2% and 4%, respectively. The Dow, however, is in the red for the month amid weakness in Caterpillar and JPMorgan.

“Stocks are facing a full count setup in the second half,” said Craig Johnson, chief market technician at Piper Sandler. “Risk for tighter monetary policy appears to growing along with uncertainty over market leadership, the trajectory of the economic recovery, and the sustainability of inflation. This backdrop will likely create some volatility curveballs, but not strikeouts for the secular bull market.”

Fed Chairman Jerome Powell testified before a special House panel on Tuesday, which appeared to lift sentiment as he reiterated that inflation pressures will be temporary.

Powell cited airline tickets, hotel prices and lumber along with generally surging consumer demand pumping up an economy that a year ago faced substantial government-imposed restrictions in the early days of the pandemic. Those factors, he said, should “resolve themselves” in the coming months.

“They don’t speak to a broadly tight economy and to the kinds of things that have led to higher inflation over time,” he told the House Select Subcommittee on the Coronavirus Crisis.

Bitcoin staged an impressive comeback on Tuesday that was carrying through on Wednesday. On Tuesday, the cryptocurrency at one point dipped below $30,000 and erased its gains for 2021. But bitcoin ultimately recouped all of the more than 11% loss and finished the session in positive territory, according to data from Coin Metrics.

At last check, bitcoin was up another 4% to above $34,000 on Wednesday.

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World News

Dow ends day flat as financial comeback performs offset losses in tech

Trader on the New York Stock Exchange, June 2, 2021.

Source: NYSE

Cyclical stocks lifted the Dow Jones Industrial Average from its lows on Thursday and closed the session near the downside, while better-than-expected job data supported sentiment.

The blue-chip Dow closed just 23.34 points, or less than 0.1%, at 34,577.04 after losing 265 points from its session low. The S&P 500 lost 0.4% to 4,192.85 and the tech-heavy Nasdaq Composite fell 1% to 13,614.51.

The S&P 500 benchmark is about 1% off its all-time high hit early last month, but it has remained at that level for about two weeks. The S&P 500 is up more than 11% so far this year.

Merck and Dow Inc. were the top two performers in the 30-stock benchmark, both up more than 2%. Consumer staples and utilities were the biggest winners among the 11 S&P 500 sectors, while consumer discretionary and technology weighed on the broader market, falling 1.2% and 0.9% respectively.

General Motors shares rose nearly 6.4% after the company announced it would hit its results for the first half of 2021 “significantly better” than its previous projections.

On the data front, private employment growth accelerated the fastest in nearly a year in May, as companies hired nearly a million workers, according to a report by payroll firm ADP on Thursday.

The total new hire was 978,000 for the month, a huge jump from 654,000 in April and the largest increase since June 2020. Economists polled by Dow Jones had searched for 680,000.

Meanwhile, initial jobless claims for the week ending May 29 were 385,000, up from a Dow Jones estimate of 393,000. It was also the first time jobless claims fell below 400,000 since the early days of the pandemic.

“With ADP kicking it out of the park and jobless claims breaking the 400,000 mark – a pandemic low – all eyes will be on the bigger picture of jobs tomorrow,” said Mike Loewengart, a managing director at E-Trade. “With all systems seemingly working on the job front, the economy is showing some very real signs that this is not just a comeback – a mode of expansion could be on the horizon.”

According to economists polled by Dow Jones, the market could be on hold ahead of the job report released on Friday, which is expected to show an additional 671,000 non-agricultural payrolls in May. The economy created 266,000 jobs in April.

Investors continued to watch the wild action in meme stocks, particularly theater chain AMC Entertainment. The stock plunged up to 30% after practically doubling in the previous session, but the stock reduced its losses after the cinema chain said it closed a stock offering a few hours ago that raised $ 587 million. The stock ended the day around 18% lower.

Other meme stocks also came under pressure on Thursday. Bed Bath & Beyond fell more than 27%. The SoFi Social 50 ETF (SFYF), which tracks the 50 most widely used US publicly traded stocks on SoFi’s retail brokerage platform, slumped more than 6%.

In memory of what happened earlier this year, the joint rally of retailers on Reddit sparked a short squeeze on AMC earlier this week. S3 Partners said short sellers betting against the stock lost $ 2.8 billion on Wednesday as stocks rose. So their losses since the beginning of the year amount to more than 5 billion US dollars, according to S3. If it continues to recover, short sellers are forced to buy back the stock to reduce their losses.

GameStop’s meme stock bubble earlier this year weighed a little on the market as investors feared there was too much speculative activity in the stock market. As losses in hedge funds, which bet against the stock increased, worries mounted about a decline in risk appetite on Wall Street that could hit the broader market. AMC’s recent surge so far didn’t seem to raise any similar concerns.

Categories
Business

Low cost retail levels a comeback as buyers crave ‘treasure searching’

Buyers’ reflection can be seen in a window of a TJ Maxx store in Peoria, Illinois.

Daniel Acker | Bloomberg | Getty Images

Any doubts that shoppers would return to discounters to browse shelves in search of bargains were allayed this week when TJX Companies and Ross Stores reported their first quarter earnings.

Sales of both companies surged above analyst estimates as consumers returned to their stores to search for new outfits, shoes, luggage and housewares as the lockdowns caused by pandemics wore off.

TJX and Ross cited pent-up demand from buyers, many armed with additional stimulus dollars in the past few months, but also a desire from many people to keep looking for good deals. The so-called treasure hunt in stores could be something that many consumers are craving for more than they were before the Covid health crisis.

“We believe the appeal of our fun treasure hunt shopping experience provides consumers with a compelling reason to shop with us,” said Ernie Herrman, CEO of TJX, on a teleconference on earnings. “In-store shopping doesn’t go away.”

“We see our stores as a desirable destination for stress-relieving consumers,” said Herrman, “and also a great place to shop when they’re looking for inspiration and discovering new things that are difficult to replicate online.”

“Our business model is now getting more resonance than it was before Covid,” he said.

A year earlier, TJX had more than halved net sales and posted a net loss in the first quarter as the pandemic forced the company to temporarily close more than 4,500 stores in the US and abroad. It was a devastating blow to the company that relies on in-store purchases. TJX has an online shoppable platform for some of its brands, including TJ Maxx, but not all.

Ross also posted a loss in the year-ago period when all stores closed from March 20, 2020 through the end of the quarter.

But this week, TJX made a comeback in the first quarter as net sales jumped nearly 130% from $ 4.41 billion last year to $ 10.09 billion and, according to Refinitiv, Wall Street estimates 8, Exceeded $ 62 billion. TJX is the parent company of Marshalls and TJ Maxx.

Although stocks fell after the blowout quarterly report, it was largely due to the ongoing fighting the company is facing outside of the United States. Due to Covid, TJX has still closed around 300 stores in Canada and Europe. In the second quarter, TJX forecast that its Canadian and European locations would remain closed for 17% and 7%, respectively, of the period.

TJX shares are down around 1% since the start of the year.

A pedestrian walks past a now hiring sign at the Ross Dress For Less store in San Rafael, California on April 2, 2021.

Justin Sullivan | Getty Images

Ross revenue in the first quarter more than doubled to $ 4.52 billion, compared to $ 1.84 billion a year ago. That surpassed Wall Street’s estimates for $ 3.87 billion.

CEO Barbara Rentler said the company is particularly optimistic about its chance to gain market share from the growing number of retail store closures and bankruptcies that have occurred in recent years. In addition to his business with Ross Dress for Less, Ross also owns DD’s discounts.

For the full fiscal year ending January 29, 2022, Ross predicts comparable revenue growth of between 7% and 9% compared to 2019.

Ross stock has fallen less than 1% since the start of the year.

“We still expect a sequel [market] Stock gains who believe that off-price gains are winning because they don’t have e-commerce, not in spite of everything, “said Simeon Siegel, an analyst at BMO Capital Markets.

It is true that these companies faced more problems than other retailers during the pandemic due to their lack of online presence. The off-price business has traditionally been focused on the store experience, not the internet. Ross does not have an ecommerce site. The discounter chain Burlington Stores phased out its website in early 2020.

But now that consumers are regaining the freedom and confidence to leave the home and store, it may not matter so much.

“Hunting for a bargain and finding a bargain has returned with a little vengeance,” said Neil Saunders, managing director of GlobalData Retail, in an interview. “I think the value segment could actually find itself with a really good influx of customers.”

The positive results from TJX and Ross caused the Telsey Advisory Group to raise its expectations ahead of Peer Burlington’s earnings report, which is expected on May 27.

For the first quarter of 2021, Telsey now expects Burlington to post earnings per share of $ 1, after a previous forecast of 62 cents. Net sales grew around 127% year over year to $ 1.81.

While maintaining an outperform rating on Burlington shares, the company raised its target price from $ 320 to $ 370 in a statement to clients on Friday. Burlington stock closed at $ 321.44 on Thursday, up 22% year over year.

The department store chain Nordstrom, which operates the off-price chain Nordstrom Rack, will also publish its quarterly results after the bell on Tuesday.

– CNBC’s Michael Bloom contributed to this report.

Categories
World News

Phuket Was Poised for Tourism Comeback. A Covid Surge Dashed These Hopes.

PHUKET, Thailand – Around the corner from the teeth whitening clinic and tattoo parlor with offerings in Russian, Hebrew and Chinese, near the al fresco restaurant with indifferent fried rice that cheers sunburned tourists or tired go-go dancers is supposed to, the Hooters sign has lost its H.

The sign in this distinctive orange comic font is now simply “ooters”.

Like so much on Patong Beach, the shabby epicenter of sybaritic Thailand, Hooters is “temporarily closed”. Other facilities around the beach on Phuket Island are more tightly closed, their metal grilles and padlocks rusted, or their contents ripped out except for the fittings, leaving only the carcasses of a tourism industry ravaged by the coronavirus epidemic.

The sun, which typically draws 15 million people to Phuket each year, remains unforgiving in a downturn. The rays bleach the “For Rent” signs on remote villas and the scorching greens on neglected golf courses. They exposed the emptiness of the streets of Patong, where tuk-tuk drivers once roamed and served as giveaways for snorkeling trips, peep shows or Thai massages.

Just a few weeks ago, Phuket seemed ready for a comeback. After a year with virtually no foreign tourists coming to Thailand, the national government decided that Phuket would welcome vaccinated visitors from July without the need to quarantine them. The project was called Phuket Sandbox.

But Thailand is now hit by its worst Covid-19 outbreak since the pandemic began, spread in part by well-heeled Thais who partied in Phuket and Bangkok with no social distancing. The confirmed daily number of cases – albeit low by global standards – has risen from 26 on April 1 to more than 2,000 three weeks later, in a country that saw a total of around 4,000 cases in early December.

For months, Thailand’s strict quarantines, lockdowns, border surveillance and strict use of masks kept the virus in check, despite the economy suffering. But even as the past few weeks have seen repeated daily highs in the case load, the Thai government is reacting slowly.

In early April, when cases were increasing, Prime Minister Prayuth Chan-ocha responded with a verbal shrug.

“Whatever happens, happens,” he said.

Desperate to revitalize its tourism sector, Phuket, which closed its airport during a spike in covid last year, allowed people to continue domestic flights this spring even if cases hit record highs. It was only on Thursday that local authorities requested Covid-19 screening for those arriving on the island.

“If you ask me how optimistic I am, I can’t tell,” said Nanthasiri Ronnasiri, director of the Phuket Tourism Bureau. “The situation is constantly changing.”

What You Need To Know About The Johnson & Johnson Vaccine Break In The United States

    • On April 23, an advisory panel to the Centers for Disease Control and Prevention voted to lift a hiatus on Johnson & Johnson Covid vaccine and put a label on an extremely rare but potentially dangerous bleeding disorder.
    • Federal health officials are expected to officially recommend states lift the hiatus.
    • The vaccine was recently discontinued after reports of a rare bleeding disorder surfaced in six women who received the vaccine.
    • The overall risk of developing the disorder is extremely small. Women between the ages of 30 and 39 appear to be most at risk, with 11.8 cases per million doses. There were seven cases per million doses in women between 18 and 49 years of age.
    • Almost eight million doses of the vaccine have now been given. There was less than one case per million doses in men and women aged 50 and over.
    • Johnson & Johnson had also decided to postpone the launch of its vaccine in Europe for similar reasons, but later decided to continue its campaign after the European Union Medicines Agency announced the addition of a warning. South Africa, devastated by a contagious variant of the virus, also stopped using the vaccine, but later continued to use it.

On April 18, Thailand’s tourism minister admitted that an opening for Phuket on July 1 appears unlikely as the plan is contingent on Covid being suppressed in Thailand.

To prepare for the Phuket sandbox, the Thai government sent many of their limited vaccines to the island in hopes of herd immunity by the summer. By mid-April, more than 20 percent of Phuket residents had been vaccinated. Nationwide, only about 1 percent of the population received the required doses.

“I’m very relieved,” said Suttirak Chaisawat, a grocer who received his Sinovac vaccine this month at a resort that was being repurposed for mass vaccination. “We all need hope for Phuket.”

While the vaccinations may have given Mr. Suttirak some optimism, the current picture remains grim.

Usually the golden sands of Patong Beach are full of foreign vacationers at this time of year.

But the beach is now almost deserted, except for a group of residents who line up for Covid tests in a mobile medical unit. Up the street a monitor lizard, a creature more crocodile than newt, was trampling across the asphalt, and little traffic obstructed the crossing.

Phuket’s half-built condominium complexes are being reclaimed by nature, always a battle in the tropics but a lost cause when developers’ money runs dry. Billboards for “Exclusive Dream Holiday Home” are stained with mold and monsoon mud.

Updated

April 24, 2021, 10:42 p.m. ET

This month’s Thai New Year period should be a dress rehearsal for Phuket’s revival. Instead of foreign backpackers or attendees at business conferences, the hotels sought to attract high-end Thai tourists who, without the pandemic, might have decamped overseas skiing in Hokkaido, Japan, or shopping in Paris.

But rather than preparing the island for its return as a global tourist haven, the Thai New Year may have ruined the island’s chances of reopening in July.

At festivals in Patong and other beaches this month, thousands of wealthy Thais partied, fewer masks than bikini tops. For some in Thailand’s high society, Covid was viewed as something that could infect vegetable vendors or shrimp peelers, not the jet set.

But then these beach buddies started testing positive and the virus spread to Phuket from luxury Bangkok nightclubs.

The resurgence of the virus after so many months of economic hardship is harrowing for the majority of Phuket residents who depend on foreign tourists for their livelihoods.

When a 3-year-old elephant was chewing on sugar cane nearby, Jaturaphit Jandarot was slowly swinging in his hammock. There was little else to do.

Before the pandemic, he and the other elephant handlers on the outskirts of Patong took more than 100 tourists, mainly from China, on 30-minute drives every day. There are no visitors now.

“I was very excited to hear that they are going to open Phuket to foreign tourists,” said Jaturaphit. “Thais don’t ride elephants.”

Regardless of the level of international travel, the elephants still need to be fed. Every month a dozen animals consume sugar cane, pineapples, and bananas worth at least $ 2,000. The 3-year-old, hardly more than a toddler in the elephant years, eats as much as the adults.

After the tin and rubber industries declined in Phuket, tourism grew from a few bungalows on Patong Beach in the 1970s to a global phenomenon that attracted golfers, clubbers, yachers, sex tourists, and Scandinavian snowbirds.

Much of the high-end accommodation in Phuket is near the beach town of Bang Tao, a quiet Muslim-majority community where posters for upscale wine bars mix with Arabic signs for Islamic schools.

Phuket’s largest mosque is in Bang Tao, and this year the first day of Ramadan coincided with the start of the Thai New Year celebrations, a promising augur after a year of economic hardship. The night before the fast began, worshipers flocked to the mosque. Women chopped shrimp, banana blossoms and armfuls of herbs for the upcoming feast.

But at the last minute, Phuket authorities canceled mass prayers fearing the virus would spread. Iftar, the breaking of the fast, takes place in houses, not in the mosque.

When local authorities attributed Covid-19 cases on the island to the upscale beach parties, Bang Tao residents became frustrated.

“We want to welcome people to Phuket, of course, but if they don’t protect themselves and bring Covid here, I’m a little angry,” said Huda Panan, an elementary school teacher who lives behind the mosque.

Ms. Huda’s husband is a taxi driver but has not worked for over a year. Most of the mosque community was dependent on tourism and worked as a concierge, cleaner, landscaper and water sports guide. Now some locals are selling dried fish and cleaning the hills for fruit that is used to add wrinkles to a local curry – whatever they can do to survive.

Occasionally, Buddhist temples, churches and mosques in Phuket distribute meals to the hungry. The lines are long. The food is running out.

“We can wait a little longer for Phuket to get better,” Ms. Huda said in the heat of the day when the daily fast became long. “But not much more.”

Muktita Suhartono contributed to coverage from Bangkok.

Categories
Health

Well being-care shares are making a comeback, Jim Cramer says

CNBC’s Jim Cramer on Thursday highlighted healthcare stocks, a rebounding segment he believes will help lead the market higher.

Health stocks are recovering after being discounted and “left for dead” due to the coronavirus pandemic, he said.

“I think the lagging health stocks are now being brought back to life at the expense of cyclical growth games and you should grab one before they all really take off,” said the Mad Money host.

The comments come after strong economic data helped the Dow Jones Industrial Average topped 34,000 for the first time in Thursday’s session. The 30-share index rose 305 points, or 0.9%, to close at 34,035.99, led by a rise in UnitedHealth Group shares.

UnitedHealth, an insurer and a Dow component, released a quarterly report that beat analysts’ estimates. Positive action could also be seen at GlaxoSmithKline, Eli Lilly, Regeneron Pharmaceuticals and Johnson & Johnson, which have been hampered by the introduction of the Covid-19 vaccine, Cramer said.

With the exception of Johnson & Johnson, each of these stocks has risen double-digit from their recent lows to the start of the year.

“This cohort had fallen so out of favor that it ended up being of tremendous value. It was just waiting for the signal to move … [and] it happened, “said Cramer.” In view of the monumentality of this step, it is certainly far from over. “

Disclosure: Cramer’s charitable foundation owns shares in Eli Lilly.

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World News

Shares rally as tech shares mount comeback, Nasdaq jumps greater than 4%

US stocks rose Tuesday after a decline in bond yields led investors into the battered tech sector.

The tech-heavy Nasdaq Composite rose 4.2%, hitting its best day since April 2020. Tesla stock rose 17% after a five-day streak of bad luck, heading for its biggest one-day pop since February 2020. Apple, Facebook and Amazon jumped 4% each, while Microsoft and Netflix both gained at least 3%.

The Dow Jones Industrial Average rose 250 points after hitting an intraday high at the start of the session. The S&P 500 gained 2%.

Technology stocks bounced back from heavy losses as bond yields stabilized. The 10-year government bond yield fell more than 4 basis points to 1.54%. The key interest rate stood at 1.62% on Monday.

“After lagging heavily over the past few weeks, growth / momentum stocks are exploding higher as investors get a little more comfortable with interest rates and buy what was once the most popular sector,” said Adam Crisafulli, founder of Vital Knowledge. in a note.

The Nasdaq lost 2.4% in the previous session, closing more than 10% below its February 12 high and falling into correction territory. Lately, high-growth names have come under pressure as rising interest rates make their future earnings less valuable today, making it difficult to justify the stocks’ high valuations.

Many popular technology stocks have fallen double digits over the past month on fear of interest rates. Apple is down 10% in the last month while Tesla is down more than 20%. Pandemic betting Zoom Video and Peloton fell more than 20% over the same period.

“Many of these technology stocks are oversold in the short term, so it’s no great surprise that they are seeing a good rebound,” said Matt Maley, chief marketing strategist at Miller Tabak. “The question will be whether this jump is a strong one … or a ‘dead cat blow’ that doesn’t last long at all.”

Widely pursued investor Cathie Wood of Ark Investment Management told CNBC on Monday that the recent tech sell-off opened “great opportunities” for her to buy the game-only names in her funds, which focus on disruptive tech stocks.

Wood’s flagship fund Ark Innovation (ARKK) rose 10% on Tuesday, marking the best day ever.

Meanwhile, the rally took a breather as games and cyclical stocks reopened on Tuesday. Energy was the only red sector to decline 0.7% after rising 9% this month alone. Financial stocks and industrial stocks also underperformed.

The Senate’s approval of the $ 1.9 trillion Economic Facilitation and Incentive Act had investors continue to turn to these areas of the market looking for an economic recovery. House Democrats want to pass the bill on Wednesday so President Joe Biden can sign it by the weekend.

Categories
Business

For Journey, a Sustainable Comeback?

Tomorrow’s Air, a new climate protection group founded by the Adventure Travel Trade Association, is taking a different path, both technologically and socially. It advocates the removal and storage of carbon, as done by the Swiss company Climeworks – an expensive process that involves filtering carbon dioxide from the air and sometimes injecting it underground into basalt rock, where it mineralizes over time.

While the process seems reasonable, the question is whether it is scalable. said Howard Herzog, a senior research engineer at the Massachusetts Institute of Technology who has studied carbon capture for more than 30 years and noted the high cost of running the technology relative to the amount of carbon removed. “It’s much cheaper not to emit than to try to capture it later.”

While the emerging technology is indeed costly – a Peruvian tour operator estimated that cutting a flight between London and Lima with carbon capture technology would cost $ 5,040 – Tomorrow’s Air aims to get people excited about the future of carbon removal, in they invest and create a community of travelers and travel companies in the area that will eventually be large enough to attract businesses and governments to engagement.

“We are providing opportunities for travelers and travel companies to help scale up carbon removal technology,” said Christina Beckmann, co-founder of Tomorrow’s Air. “We thought what if we got travel that was 10 percent or some of global GDP make of it and focus on carbon removal with permanent storage? We could really do something. “

Tomorrow’s Air is pursuing this goal by planning online Airbnb Experiences tours of a carbon capture facility. And it has teamed up with artists who are focused on the climate and showcase their work on its website. It also sells subscriptions starting at $ 30, 80 percent of which is invested in a carbon removal company. 20 percent fund further educational efforts.

The group is holding their first meeting today (virtual, of course) bringing together what they call “climate friendly travelers and brands” to not only talk about carbon capture but also where to go and how to be a more sustainable traveler – a step in harnessing consumer demand for climate change action.

“It’s convenient, affordable, and a way to become part of what will hopefully be a growing travel collective where, as we get bigger, we may be able to scale some things,” said Ann Becker, 68, a Chicago business and travel consultant and member of the US-based Tomorrow’s Air.

Categories
Health

The Coronavirus Is Plotting a Comeback. Right here’s Our Likelihood to Cease It for Good.

Across the United States, and the world, the coronavirus seems to be loosening its stranglehold. The deadly curve of cases, hospitalizations and deaths has yo-yoed before, but never has it plunged so steeply and so fast.

Is this it, then? Is this the beginning of the end? After a year of being pummeled by grim statistics and scolded for wanting human contact, many Americans feel a long-promised deliverance is at hand.

We will win against the virus and regain many aspects of our pre-pandemic lives, most scientists now believe. Of the 21 interviewed for this article, all were optimistic that the worst of the pandemic is past. This summer, they said, life may begin to seem normal again.

But — of course, there’s always a but — researchers are also worried that Americans, so close to the finish line, may once again underestimate the virus.

So far, the two vaccines authorized in the United States are spectacularly effective, and after a slow start, the vaccination rollout is picking up momentum. A third vaccine is likely to be authorized shortly, adding to the nation’s supply.

But it will be many weeks before vaccinations make a dent in the pandemic. And now the virus is shape-shifting faster than expected, evolving into variants that may partly sidestep the immune system.

The latest variant was discovered in New York City only this week, and another worrisome version is spreading at a rapid pace through California. Scientists say a contagious variant first discovered in Britain will become the dominant form of the virus in the United States by the end of March.

The road back to normalcy is potholed with unknowns: how well vaccines prevent further spread of the virus; whether emerging variants remain susceptible enough to the vaccines; and how quickly the world is immunized, so as to halt further evolution of the virus.

But the greatest ambiguity is human behavior. Can Americans desperate for normalcy keep wearing masks and distancing themselves from family and friends? How much longer can communities keep businesses, offices and schools closed?

Covid-19 deaths will most likely never rise quite as precipitously as in the past, and the worst may be behind us. But if Americans let down their guard too soon — many states are already lifting restrictions — and if the variants spread in the United States as they have elsewhere, another spike in cases may well arrive in the coming weeks.

Scientists call it the fourth wave. The new variants mean “we’re essentially facing a pandemic within a pandemic,” said Adam Kucharski, an epidemiologist at the London School of Hygiene and Tropical Medicine.

The United States has now recorded 500,000 deaths amid the pandemic, a terrible milestone. As of Wednesday morning, at least 28.3 million people have been infected.

But the rate of new infections has tumbled by 35 percent over the past two weeks, according to a database maintained by The New York Times. Hospitalizations are down 31 percent, and deaths have fallen by 16 percent.

Yet the numbers are still at the horrific highs of November, scientists noted. At least 3,210 people died of Covid-19 on Wednesday alone. And there is no guarantee that these rates will continue to decrease.

“Very, very high case numbers are not a good thing, even if the trend is downward,” said Marc Lipsitch, an epidemiologist at the Harvard T.H. Chan School of Public Health in Boston. “Taking the first hint of a downward trend as a reason to reopen is how you get to even higher numbers.”

In late November, for example, Gov. Gina Raimondo of Rhode Island limited social gatherings and some commercial activities in the state. Eight days later, cases began to decline. The trend reversed eight days after the state’s pause lifted on Dec. 20.

The virus’s latest retreat in Rhode Island and most other states, experts said, results from a combination of factors: growing numbers of people with immunity to the virus, either from having been infected or from vaccination; changes in behavior in response to the surges of a few weeks ago; and a dash of seasonality — the effect of temperature and humidity on the survival of the virus.

Parts of the country that experienced huge surges in infection, like Montana and Iowa, may be closer to herd immunity than other regions. But patchwork immunity alone cannot explain the declines throughout much of the world.

The vaccines were first rolled out to residents of nursing homes and to the elderly, who are at highest risk of severe illness and death. That may explain some of the current decline in hospitalizations and deaths.

But young people drive the spread of the virus, and most of them have not yet been inoculated. And the bulk of the world’s vaccine supply has been bought up by wealthy nations, which have amassed one billion more doses than needed to immunize their populations.

Vaccination cannot explain why cases are dropping even in countries where not a single soul has been immunized, like Honduras, Kazakhstan or Libya. The biggest contributor to the sharp decline in infections is something more mundane, scientists say: behavioral change.

Leaders in the United States and elsewhere stepped up community restrictions after the holiday peaks. But individual choices have also been important, said Lindsay Wiley, an expert in public health law and ethics at American University in Washington.

“People voluntarily change their behavior as they see their local hospital get hit hard, as they hear about outbreaks in their area,” she said. “If that’s the reason that things are improving, then that’s something that can reverse pretty quickly, too.”

The downward curve of infections with the original coronavirus disguises an exponential rise in infections with B.1.1.7, the variant first identified in Britain, according to many researchers.

“We really are seeing two epidemic curves,” said Ashleigh Tuite, an infectious disease modeler at the University of Toronto.

The B.1.1.7 variant is thought to be more contagious and more deadly, and it is expected to become the predominant form of the virus in the United States by late March. The number of cases with the variant in the United States has risen from 76 in 12 states as of Jan. 13 to more than 1,800 in 45 states now. Actual infections may be much higher because of inadequate surveillance efforts in the United States.

Buoyed by the shrinking rates over all, however, governors are lifting restrictions across the United States and are under enormous pressure to reopen completely. Should that occur, B.1.1.7 and the other variants are likely to explode.

Updated 

Feb. 25, 2021, 9:03 p.m. ET

“Everybody is tired, and everybody wants things to open up again,” Dr. Tuite said. “Bending to political pressure right now, when things are really headed in the right direction, is going to end up costing us in the long term.”

Looking ahead to late March or April, the majority of scientists interviewed by The Times predicted a fourth wave of infections. But they stressed that it is not an inevitable surge, if government officials and individuals maintain precautions for a few more weeks.

A minority of experts were more sanguine, saying they expected powerful vaccines and an expanding rollout to stop the virus. And a few took the middle road.

“We’re at that crossroads, where it could go well or it could go badly,” said Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases.

The vaccines have proved to be more effective than anyone could have hoped, so far preventing serious illness and death in nearly all recipients. At present, about 1.4 million Americans are vaccinated each day. More than 45 million Americans have received at least one dose.

A team of researchers at Fred Hutchinson Cancer Research Center in Seattle tried to calculate the number of vaccinations required per day to avoid a fourth wave. In a model completed before the variants surfaced, the scientists estimated that vaccinating just one million Americans a day would limit the magnitude of the fourth wave.

“But the new variants completely changed that,” said Dr. Joshua T. Schiffer, an infectious disease specialist who led the study. “It’s just very challenging scientifically — the ground is shifting very, very quickly.”

Natalie Dean, a biostatistician at the University of Florida, described herself as “a little more optimistic” than many other researchers. “We would be silly to undersell the vaccines,” she said, noting that they are effective against the fast-spreading B.1.1.7 variant.

But Dr. Dean worried about the forms of the virus detected in South Africa and Brazil that seem less vulnerable to the vaccines made by Pfizer and Moderna. (On Wednesday, Johnson & Johnson reported that its vaccine was relatively effective against the variant found in South Africa.)

About 50 infections with those two variants have been identified in the United States, but that could change. Because of the variants, scientists do not know how many people who were infected and had recovered are now vulnerable to reinfection.

South Africa and Brazil have reported reinfections with the new variants among people who had recovered from infections with the original version of the virus.

“That makes it a lot harder to say, ‘If we were to get to this level of vaccinations, we’d probably be OK,’” said Sarah Cobey, an evolutionary biologist at the University of Chicago.

Yet the biggest unknown is human behavior, experts said. The sharp drop in cases now may lead to complacency about masks and distancing, and to a wholesale lifting of restrictions on indoor dining, sporting events and more. Or … not.

“The single biggest lesson I’ve learned during the pandemic is that epidemiological modeling struggles with prediction, because so much of it depends on human behavioral factors,” said Carl Bergstrom, a biologist at the University of Washington in Seattle.

Taking into account the counterbalancing rises in both vaccinations and variants, along with the high likelihood that people will stop taking precautions, a fourth wave is highly likely this spring, the majority of experts told The Times.

Kristian Andersen, a virologist at the Scripps Research Institute in San Diego, said he was confident that the number of cases will continue to decline, then plateau in about a month. After mid-March, the curve in new cases will swing upward again.

In early to mid-April, “we’re going to start seeing hospitalizations go up,” he said. “It’s just a question of how much.”

Now the good news.

Despite the uncertainties, the experts predict that the last surge will subside in the United States sometime in the early summer. If the Biden administration can keep its promise to immunize every American adult by the end of the summer, the variants should be no match for the vaccines.

Combine vaccination with natural immunity and the human tendency to head outdoors as weather warms, and “it may not be exactly herd immunity, but maybe it’s sufficient to prevent any large outbreaks,” said Youyang Gu, an independent data scientist, who created some of the most prescient models of the pandemic.

Infections will continue to drop. More important, hospitalizations and deaths will fall to negligible levels — enough, hopefully, to reopen the country.

“Sometimes people lose vision of the fact that vaccines prevent hospitalization and death, which is really actually what most people care about,” said Stefan Baral, an epidemiologist at the Johns Hopkins Bloomberg School of Public Health.

Even as the virus begins its swoon, people may still need to wear masks in public places and maintain social distance, because a significant percent of the population — including children — will not be immunized.

“Assuming that we keep a close eye on things in the summer and don’t go crazy, I think that we could look forward to a summer that is looking more normal, but hopefully in a way that is more carefully monitored than last summer,” said Emma Hodcroft, a molecular epidemiologist at the University of Bern in Switzerland.

Imagine: Groups of vaccinated people will be able to get together for barbecues and play dates, without fear of infecting one another. Beaches, parks and playgrounds will be full of mask-free people. Indoor dining will return, along with movie theaters, bowling alleys and shopping malls — although they may still require masks.

The virus will still be circulating, but the extent will depend in part on how well vaccines prevent not just illness and death, but also transmission. The data on whether vaccines stop the spread of the disease are encouraging, but immunization is unlikely to block transmission entirely.

“It’s not zero and it’s not 100 — exactly where that number is will be important,” said Shweta Bansal, an infectious disease modeler at Georgetown University. “It needs to be pretty darn high for us to be able to get away with vaccinating anything below 100 percent of the population, so that’s definitely something we’re watching.”

Over the long term — say, a year from now, when all the adults and children in the United States who want a vaccine have received them — will this virus finally be behind us?

Every expert interviewed by The Times said no. Even after the vast majority of the American population has been immunized, the virus will continue to pop up in clusters, taking advantage of pockets of vulnerability. Years from now, the coronavirus may be an annoyance, circulating at low levels, causing modest colds.

Many scientists said their greatest worry post-pandemic was that new variants may turn out to be significantly less susceptible to the vaccines. Billions of people worldwide will remain unprotected, and each infection gives the virus new opportunities to mutate.

“We won’t have useless vaccines. We might have slightly less good vaccines than we have at the moment,” said Andrew Read, an evolutionary microbiologist at Penn State University. “That’s not the end of the world, because we have really good vaccines right now.”

For now, every one of us can help by continuing to be careful for just a few more months, until the curve permanently flattens.

“Just hang in there a little bit longer,” Dr. Tuite said. “There’s a lot of optimism and hope, but I think we need to be prepared for the fact that the next several months are likely to continue to be difficult.”

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Business

With Vaccines Arriving, Worth Traders Strive for a Comeback

Bill Nygren, vice president of Oakmark Funds, says his firm holds shares in CBRE, an office leasing company that he expects to appreciate in an economic recovery. Office work, he says, will recover. “Any company with a differentiated culture that believes they can remotely keep it alive is wrong,” said Nygren.

At the same time, like some other value investors, Mr. Nygren has bought stocks that, by most definitions, are on the growth side rather than the value side of the stock spectrum. The three largest holdings in the Oakmark mutual fund are Alphabet, Facebook, and Netflix, which make up just over 11 percent of its portfolio.

“People say a growing company can’t be a value stock,” said Nygren. “But to us, a value stock means that the stock sells for less than the deal is worth.” Netflix’s rapidly growing subscriber base is more valuable than conventional metrics such as price-to-book values ​​would suggest.

Comcast is one of the largest holdings in the Dodge and Cox Stock Fund, which highlights high capital value stocks, said Charles Pohl, chairman and chief investment officer of Dodge and Cox. While Comcast’s traditional television business faces stiff competition from online competitors such as Netflix, the company is successful in providing high-speed Internet services to customers and should benefit from a broad economic recovery.

He is also confident that financial stocks will recover with the economy. As of September 30, the fund held shares in Capital One, Charles Schwab, Bank of America and Wells Fargo, and financial stocks should lose value as the economy recovers.

Steve Watson, Portfolio Manager at Capital Group, who works for the American Funds Capital Income Builder, among others, said: “If we look at the world again, the market will look across the valley to the other side. “” He pointed to Total, the French oil company, as one of the stocks that would return when the world returned. And he noted that chemical company Dow’s shares rose sharply late in the year “because it is a company with a broad portfolio of chemical products that will help the global economy recover.”

In his view, value stocks were wrongly “knocked down”. “The market has been overwhelmed by growth,” he said.