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5 issues to know earlier than the inventory market opens Monday, September 12

5 things to know before the stock market opens Monday, September 12

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, the United States, September 9, 2022.

Brendan McDermid | Reuters

Here is the key news investors need to start their trading day:

1. Futures go up

US stock markets were primed to open slightly higher on Monday morning as investors sought momentum from last week’s gains. All three major indices have been on a three-week losing streak as markets grapple with the reality of another big rate hike by the Federal Reserve. The central bank’s monetary policy committee is expected to hike interest rates by three-quarters of a point next week, even as inflation shows signs of moderating slightly. Investors will get the latest inflation data on Tuesday, when the government is due to release the August consumer price index.

2. Ukraine strikes back

Military personnel from Ukraine’s State Security Service pose for a photo in the recently liberated city of Kupyansk, in Ukraine’s Kharkiv region, in this handout picture released on September 10, 2022.

Press Service of the State Security Service of Ukraine | Via Reuters

The Ukrainian military has Russia in two parts of the country on the run. Having made significant progress in southern Ukraine, the nation’s forces, supported by US and other Western allied arms, unleashed a lightning counteroffensive in the northeast. According to a Russian official, “the situation is getting more difficult by the hour” for Kremlin forces in what has been a humiliating few weeks for Russian President Vladimir Putin. Ukraine claims it regained more than 1,100 square miles of territory occupied by Russia this month. Follow live updates here.

3. Chapek casts a spell at D23

Disney Chief Executive Officer Bob Chapek speaks at the 2022 Disney Legends Awards during Disney’s D23 Expo in Anaheim, California on September 9, 2022.

Mario Anzuoni | Reuters

Disney CEO Bob Chapek went on a charm offensive at D23 Expo over the weekend, sending positive messages to fans, employees and investors alike. It seemed to be working, too, at least for one big activist investor. Third Point CEO Dan Loeb had been pushing the entertainment and media giant to spin off its ESPN operations, but he backed down on the matter with a tweet Sunday morning. “We have a better understanding of @espn’s potential as a standalone company and another vertical for $DIS to reach global audiences to generate ad and subscriber revenue,” he said. Chapek had told Variety that Disney has “a vision” for where ESPN fits into the company’s plan for the next 100 years. “We didn’t share that plan,” he added.

4. JPMorgan buys another fintech company

JP Morgan CEO Jamie Dimon speaks at the Boston College Chief Executives Club luncheon in Boston, Massachusetts, the United States, on November 23, 2021.

Brian Snyder | Reuters

To counter the fast-growing Stripe and Block, JPMorgan Chase has agreed to buy fintech payments startup Renovite, reports CNBC’s Hugh Son. Chase is already the world’s leading service provider to merchants. It processes about $9 trillion in transactions every day. But executives at the legacy bank, particularly CEO Jamie Dimon, have sounded the alarm about emerging competitors. Since late 2020, as the Covid pandemic raged, JPMorgan has acquired at least five fintech startups in a tech spending frenzy that has drawn some criticism. The Renovite deal allows the bank to expand more quickly in global markets because it doesn’t require as much coding, Mike Blandina, global head of payments technology at JPMorgan, told CNBC.

5. New chip restrictions

U.S. President Joe Biden attends the groundbreaking ceremony for Intel’s new semiconductor manufacturing facility in New Albany, Ohio on September 9, 2022.

Joshua Roberts | Reuters

The Biden administration will unveil new restrictions on US semiconductor supplies to China next month, Reuters reported, citing several people familiar with the matter. The limits focus on chips used for artificial intelligence and tools used to manufacture semiconductors. KLA, Lam Research and Applied Materials were notified in writing earlier this year of the upcoming changes, and the companies acknowledged the notification. Reuters also reported that some of its sources for the article said the administration may also unveil additional measures against China as President Joe Biden pushes to make the United States more competitive with its rival.

– CNBC’s Carmen Reinicke, Holly Ellyatt, Jeff Cox and Hugh Son contributed to this report.

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Health

5 issues to know earlier than the inventory market opens Monday, Aug. 23

Dow bounces more than 200 points on Friday, but still heads for losing week

Here are the top news, trends, and analysis investors need to start their trading day:

1. Dow to add to Friday’s gains; Bond yields are rising too

A trader works on the New York Stock Exchange (NYSE) in Manhattan, New York City, USA, 19 August 2021.

Andrew Kelly | Reuters

Dow futures rose more than 150 points on Monday after the 30-stock average broke a three-session losing streak, gaining 225 points on Friday. The S&P 500 and Nasdaq had their second consecutive positive days. But Friday’s rally wasn’t enough to lift the three stock benchmarks out of negative territory for the week. They all hit record highs earlier this month.

Bond yields started the week higher. The yield on 10-year government bonds was trading at 1.28% on the Monday ahead of the Federal Reserve Economic Symposium in Jackson Hole, Wyoming. The Kansas City Fed announced last week that it would be practically holding its annual central bankers’ gathering this year due to the rise in Covid cases. Fed Chairman Jerome Powell’s address to the group this Friday will be streamed live.

2. Bitcoin rises one day after exceeding $ 50,000

A visual representation of Bitcoin.

STR | NurPhoto via Getty Images

Bitcoin rose more than 3% on Monday, a day after it topped $ 50,000 and hit a three-month high. The cryptocurrency hit an all-time high of over $ 64,000 in April, but sold out heavily in June and July, even falling below $ 30,000 for a short time. But Bitcoin has been rising steadily since mid-July. Other large digital coins were also higher on Monday, with ether trading up more than 5%.

In the past few days, two major announcements for cryptocurrencies have been positive. PayPal announced on Monday that it was rolling out its service this week to allow people in the UK to buy, hold and sell digital currency.

3. The FDA is reportedly working on full approval of the Pfizer vaccine

Nurse Mary Ezzat prepares to deliver a Pfizer COVID-19 booster syringe to Jessica M. at the UCI Medical Center in Orange, Calif., Thursday, August 19, 2021.

Jeff Gritchen | MediaNews Group | Orange County Register via Getty Images

The Food and Drug Administration is already working on full approval of the dual Covid vaccine from Pfizer and BioNTech on Monday, the New York Times reported, citing sources. The move would make it the first Covid vaccine to move from emergency approval to full FDA approval.

US companies have tightened vaccination regulations for employees as Covid cases have increased across the country in recent weeks due to the rampant Delta variant. Some companies cited the agency’s full approval as part of the decision-making process. The FDA declined to comment on the Times report to CNBC.

4. Vice President Harris says the US is focused on evacuations from Afghanistan

British Coalition Forces, Turkish Coalition Forces and U.S. Marines assist a child during an evacuation at Hamid Karzai International Airport, Kabul, Afghanistan, in this August 20, 2021 photo. Sgt. Victor Mancilla / US Marine Corps / Handout via REUTERS THIS PICTURE WAS TAKEN BY PROVIDED TO A THIRD PARTY. TPX PICTURES OF THE DAY

Sgt. Victor Mancilla | US Marine Corps | via Reuters

The main US focus in Afghanistan right now is on evacuating American citizens, Afghan allies and vulnerable groups, Vice President Kamala Harris said Monday when speaking with reporters during a trip to Singapore. The Pentagon has ordered US commercial airlines to provide aircraft to expedite the process.

The Biden administration is facing increasing criticism for its handling of the US military withdrawal from Afghanistan. Last week the civil government collapsed there and the Taliban took power. Thousands have flooded Kabul airport to flee. A firefight broke out at the airport early on Monday.

5. Henri drenched northeast; Record rain swamps Tennessee

Satellite image of tropical storm Henri, which hit the northeastern United States on August 22, 2021.

NOAA

Henri continued to soak parts of the northeast on Monday. The slow moving weather system that hit land on Sunday in Rhode Island as a tropical storm has already dumped 3 to 6 inches of rain. Parts of New England, New York, New Jersey, and eastern Pennsylvania are projected to have approximately 1 to 3 inches of additional rainfall.

A car is buried under rubble that was washed against a bridge over a creek on Sunday, August 22, 2021 in Waverly, Tenn.

Mark Humphrey | AP

At least 22 people were killed and rescue workers searched Sunday for dozens of people missing after record-breaking Tennessee rains. The floods in rural areas of the state destroyed roads and homes, leaving families unsure whether their loved ones would survive the unprecedented flood.

– Follow the whole market like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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Health

FDA approval for Pfizer Covid vaccine might come Monday, report says

FDA approval for Pfizer Covid vaccine could come Monday, report says

Empty Pfizer COVID-19 vaccine vials will be delivered on Jan.

Paul Hennessy | NurPhoto | Getty Images

The Food and Drug Administration is working on the approval of the Pfizer-BioNTech Covid-19 vaccine on Monday, the New York Times reported, citing sources.

The review process could go beyond that date, the Times said, as paperwork and negotiations with the company continue.

The move would make it the first Covid vaccine to move from emergency approval to full FDA approval.

The FDA declined to comment on the Times report to CNBC.

White House senior medical advisor Dr. Anthony Fauci, told the Associated Press on Aug. 8 that he hoped vaccines would get full approval “within the month of August,” adding that full approval would lead to more companies and schools requiring vaccines.

U.S. companies have tightened vaccination regulations for employees as Covid cases have increased across the country in recent weeks, and some cited full FDA approval as part of the decision-making process.

Full approval could also help convince people who are reluctant to get vaccinated until the FDA has fully approved the vaccination.

According to CDC data on Friday, more than 203 million doses of the Pfizer BioNTech vaccine have been administered nationwide, fully vaccinating more than 91 million people in the United States.

Pfizer and BioNTech began applying for their biologics license for the two-dose vaccine in May after receiving emergency clearance from the FDA in December. The FDA sets a six month target for approval of high priority drugs.

If formally approved, Pfizer and BioNTech’s vaccine would remain available in the market after the pandemic ended and the companies could promote the vaccine directly to consumers. Pharmaceutical manufacturers with an EUA are banned from promoting their vaccines, CNBC previously reported.

The companies announced on Aug. 16 that they had initiated the approval process for a booster dose for fully vaccinated individuals after submitting clinical trial data to the FDA.

Top health officials from agencies like the Centers for Disease Control and Prevention, the White House and the FDA said in a statement Wednesday that the effectiveness of mRNA vaccines declines over time, especially in those with compromised immune systems. They said the US would start distributing booster shots to the public in September.

Read the full New York Times report here.

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Health

5 issues to know earlier than the inventory market opens Monday, Aug 9

5 things to know before the stock market opens Monday, Aug 9

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Dow and S&P 500 set to open lower to start the week

Traders works at the New York Stock Exchange (NYSE), August 4, 2021.

Andrew Kelly | Reuters

Dow Jones Industrial Average and S&P 500 futures indicated a lower open for the benchmark indexes to kick off the new week. Dow futures dipped 81 points, or 0.2%, pointing to a decline of 83 points for the 30-stock index. S&P 500 futures lost 0.1%, indicating a slight opening loss. Nasdaq 100 futures pointed to marginal gains for the tech-heavy benchmark. Wall Street ended last week on a high note, as the Dow notched a record closing high on the back of a stronger-than-expected U.S. jobs report. To be sure, signs of the economy recovering at a fast pace could lead the Federal Reserve to start tapering its massive bond-buying program, which could pressure the market.

2. Judge rules Norwegian Cruise Line can require Florida travelers to show Covid vaccination proof

The Norwegian Cruise Line Holdings Ltd. Norwegian Bliss ship sits docked at the Ogden Point Cruise Terminal in British Columbia, Canada.

James MacDonald | Bloomberg | Getty Images

A federal judge granted a temporary injunction on a Florida law that prohibits businesses from requiring customers to show vaccination proof against Covid-19. The ruling allows Norwegian Cruise Line to require passengers to present proof they are fully vaccinated against the virus. The ruling comes as the Norwegian Gem cruise is set to depart Miami on Sunday. It will be the company’s first trip leaving from Florida since the pandemic began. New infections have been rising in the U.S. as the highly contagious delta variant spreads across the country.

3. Berkshire Hathaway operating earnings jump 21%

Warren Buffett at Berkshire Hathaway’s annual meeting in Los Angeles California. May 1, 2021.

Gerard Miller | CNBC

Warren Buffett’s Berkshire Hathaway posted an operating profit of $6.69 billion for the second quarter, marking a 21% surge from the same period a year prior. Those results were driven in part by Berkshire’s railroads, utilities and energy businesses seeing an earnings jump of more than 27% to $2.26 billion. The conglomerate also saw improvements in other businesses, such as homebuilders. To be sure, Berkshire acknowledged its second-quarter numbers look stellar because they are rebounding from a low base amid the pandemic. The company also said: “The extent of the effects over longer terms cannot be reasonably estimated at this time.”

4. Covid pandemic nowhere near over, epidemiologist says

Kim Dimaunahan, RN, left, and Courtney Herron, RN, right, are working in the covid unit inside Little Company of Mary Medical Center Friday, July 30, 2021 in Torrance, CA.

Francine Orr | Los Angeles Times | Getty Images

The world still has a long way to go before the Covid pandemic is over, since only a small portion of the global population has been vaccinated, epidemiologist Dr. Larry Brilliant CNBC’s told “Squawk Box Asia.” “I think we’re closer to the beginning than we are to the end [of the pandemic], and that’s not because the variant that we’re looking at right now is going to last that long,” said Brilliant, who was part of a World Health Organization team that helped eradicate smallpox. “Unless we vaccinate everyone in 200-plus countries, there will still be new variants.” Brilliant added that the delta variant is potentially “the most contagious virus” ever.

5. Lionel Messi reportedly gets two-year deal offer from French club PSG

Lionel Messi holds an emotional FC Barcelona press conference.

Albert Gea | REUTERS

Soccer superstar Lionel Messi has received a two-year deal offer from French team PSG, Sky Sports reported. The deal, which is being reviewed by Messi’s camp, is thought to be worth 25 million pounds ($35 million) per year after tax, the report said. Messi himself said Sunday that “nothing is confirmed,” but added that a deal with PSG was “one possibility.” Messi’s departure from Spanish club FC Barcelona was confirmed Thursday by the team. Messi played on Barcelona’s top team for 17 years, notching a record 474 goals in La Liga matches. On Sunday, a tearful Messi said he did not want to leave the only team he has played for as a professional.

— Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.

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Health

5 issues to know earlier than the inventory market opens Monday, Aug. 2

5 things to know before the stock market opens Monday, Aug. 2

Here are the most important news, trends and analysis that investors need to start their trading day:

1. S&P 500 set to start August higher after six straight monthly gains

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, July 15, 2021.

Brendan McDermid | Reuters

2. July employment report, quarterly earnings dominate week ahead

A worker wields hinges to the company’s largest commercial asphalt paver at the Calder Brothers’ facility in Taylors, South Carolina, U.S., July 19, 2021.

Brandon Granger | Calder Brothers Corporation | Reuters

In the week ahead, jobs data and earnings are the major events that could move markets. Three reports looking at the health of the labor market kicks off Wednesday with the ADP’s July private-sector jobs report. The government’s weekly look at initial jobless claims and July employment report are out Thursday and Friday, respectively. More than a quarter of S&P 500 companies are set to issue quarterly earnings in the coming week. Investors will be watching for signs of wage inflation in the jobs numbers and signs of higher prices in those profit reports. The Federal Reserve has said it believes the sharp jump in inflation will be temporary.

3. Senate finishes text of bipartisan infrastructure legislation

An aerial view shows construction continuing on the Sixth Street Viaduct replacement project, connecting Boyle Heights with downtown, on July 28, 2021 in Los Angeles, California.

Mario Tama | Getty Images

In a rare weekend session, senators finalized the text of their $1 trillion bipartisan infrastructure bill, which will next be introduced to the Senate. The measure, a top legislative priority for President Joe Biden, includes $550 billion in new spending over five years to build roads and electric vehicle charging stations, as well as replace lead water pipes. Many Democrats including Senate Majority Leader Chuck Schumer and House Speaker Nancy Pelosi want to pass the infrastructure bill alongside a much larger go-it-alone $3.5 trillion budget reconciliation package.

4. Covid cases spike again; federal evictions moratorium expires

A healthcare worker at a drive-thru site setup by Miami-Dade and Nomi Health in Tropical Park prepares to administer a COVID-19 vaccine on July 26, 2021 in Miami, Florida.

Joe Raedle | Getty Images

The delta-driven increase of Covid infections around the country is being felt particularly hard in Florida. A day after recording the most new daily cases since the start of the pandemic, Florida on Sunday broke a record for current hospitalizations set more than a year ago, before vaccines were available. The latest seven-day average of new daily infections in the U.S. increased 54% from a week ago.

Tenants and housing rights activists protest for a halting of rent payments and mortgage debt, during the coronavirus disease (COVID-19) outbreak, in Los Angeles, California, U.S., October 1, 2020.

Lucy Nicholson | Reuters

Evictions, which have mostly been on pause during the pandemic, are expected to ramp up Monday after a federal moratorium expired over the weekend. House lawmakers on Friday attempted but failed to pass a bill to extend eviction relief even for a few months. More than 15 million people live in households that owe as much as $20 billion to their landlords, according to the Aspen Institute think tank.

5. Jack Dorsey’s Square to buy Australia’s Afterpay in $29 billion deal

Jack Dorsey, CEO of Twitter and co-founder & CEO of Square, speaks during the crypto-currency conference Bitcoin 2021 Convention at the Mana Convention Center in Miami, Florida, on June 4, 2021.

Marco Bello | AFP | Getty Images

Square plans to buy Australian fintech Afterpay as it looks to expand into the booming installment loan market. Jack Dorsey’s payments company announced the $29 billion, all-stock deal on Sunday evening. The price tag marks a roughly 30% premium to Afterpay’s closing price Friday. Shares of Afterpay in Australia closed nearly 19% higher Monday. Square shares fell 1% in Monday’s premarket trading in the U.S. Afterpay lets customers pay in four interest-free installments and pay a fee if they miss an automated payment. Square also announced its second-quarter results Sunday, ahead of its previously planned release on Wednesday.

— The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.

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Health

5 issues to know earlier than the inventory market opens Monday, July 26

5 things to know before the stock market opens Monday, July 26

Here are the key news, trends, and analysis investors need to start their trading day:

1. Dow futures reduced heavy overnight losses after Friday’s records

Trader on the New York Stock Exchange, July 20, 2021.

Source: NYSE

Dow futures fell about 150 points on Monday, halving overnight losses as stocks plunged in Hong Kong and China on concerns over government crackdown on education and real estate.

A big week ago for tech stocks on Wall Street, the Dow Jones Industrial Average closed above 35,000 for the first time on Friday. Four days in a row with profits more than offset the slump of more than 2% last Monday when heightened concerns about an increase in Covid cases due to the Delta variant briefly hit the market. The S&P 500 and the Nasdaq also closed at record highs on Friday.

The Fed’s two-day July meeting is slated to begin on Tuesday. Investors will be looking for signals about when central bankers may start tightening monetary policy and how they view rising inflation. The yield on 10-year government bonds fell to around 1.25% on Monday. The yield, which is contrary to the price, hit a 5½-month low of almost 1.13% last week.

2. Asian stocks fueling Chinese regulatory concerns, US talks

A person wearing a protective mask walks past the sign for Hong Kong Exchanges & Clearing Ltd. (HKEX) on display at the Exchange Square complex in Hong Kong, China on Wednesday August 19, 2020.

Roy Liu | Bloomberg via Getty Images

Hong Kong’s Hang Seng stock index fell more than 4% overnight. Mainland China stocks also plummeted, with the Shanghai Composite and Shenzhen Component each dropping over 2%.

Many Chinese education stocks listed in Hong Kong and the US lost about half their value after Beijing announced new rules on Friday that exclude for-profit tuition in core school subjects to ease financial pressures on families. Chinese regulators also took steps on Friday to clean up irregularities in the real estate market.

In addition to the uncertainty, there was a bumpy start at a meeting of high-ranking Chinese and US representatives. During talks with US Secretary of State Wendy Sherman on Monday, Chinese Vice Secretary of State Xie Feng said relations between the two nations were in a “state” and urged America to “change its highly misguided mindset.”

3. Bitcoin is trading to a six-week high of nearly $ 40,000

An illustration showing physical imitation banknotes and coins of the cryptocurrency Bitcoin.

Ozan Kose | AFP via Getty Images

Bitcoin rose to its highest level since mid-June on Monday, flirting at $ 40,000 before falling back below $ 39,000. Traders hoped last week’s positive comments from cryptocurrency enthusiasts, including Tesla CEO Elon Musk and Twitter CEO Jack Dorsey, would get Bitcoin back on track. Bitcoin hit an all-time high of nearly $ 65,000 in mid-April. On June 22nd, Bitcoin briefly went negative for the year, dropping below $ 29,000. The inventors will see how Bitcoin’s wild ride can affect Tesla’s quarterly results. Musk’s Tesla, which owns the crypto on its corporate balance sheet, will be reporting profits after the closing bell on Monday.

4. The Delta variant leads to an increase in Covid cases in all 50 states and DC

The intensive care nurse Emily Boucher, who works in the intensive care unit at Johnston Memorial Hospital, takes care of Covid patient Hannah Church (25), who was first diagnosed with the coronavirus on May 30, June 16, 2021 in Abingdon, VA.

Kathernine Frey | The Washington Post | Getty Images

Covid cases are increasing in all 50 states and the District of Columbia as the Delta variant spreads rapidly in the US. Cases hit a 15-month low in late June before infections began to rise. Vaccination rates peaked in April and have declined significantly in recent months. White House senior medical advisor Dr. Anthony Fauci said Sunday that Americans with compromised immune systems may need booster shots for Covid vaccines. Fauci told CNN that health officials are considering revising mask guidelines for vaccinated people in the US

5. Senators say they are entering into a bipartisan infrastructure deal

U.S. President Joe Biden speaks to the press after meeting with the Senate Democrats to support his infrastructure and business investment goals during a Democratic lunch at the U.S. Capitol on July 13, 2021 in Washington, DC, July 14, 2021 to win.

Andrew Caballero-Reynolds | AFP | Getty Images

Senators are rushing to finalize a bipartisan infrastructure deal as early as Monday as pressure increased on all sides to show progress on President Joe Biden’s top priority. Leading Republican negotiator, Ohio Senator Rob Portman, said the two sides would have “about 90% of the way to get there” in an agreement. A senior Democrat, Senator Mark Warner of Virginia, said he was confident a final bill would be in by Monday afternoon. The White House wants a bipartisan agreement for this first phase of infrastructure. But as the talks drag on, concerned Democrats, who have little control over the House and Senate, could leave Republicans behind and try to go it alone.

– Reuters and The Associated Press contributed to this report. Follow all market activity like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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World News

Your Monday Briefing – The New York Occasions

Your Monday Briefing - The New York Times

In the UK, an average of nearly 45,000 cases of the coronavirus per day were reported over the past week, an 83 percent increase from the average two weeks ago. The death toll has risen 141 percent as England’s chief medical officer warned hospital admissions could double every three weeks and hit “scary numbers”.

Despite these troubling statistics, England is set to lift its final restrictions today, even though more than 500,000 people were quarantined by the National Health Service’s test-and-trace app after coming in contact with someone who had positive for the coronavirus.

Prime Minister Boris Johnson and his chief financial officer, who both had contact with an infected cabinet minister, are among the quarantined. Downing Street originally said yesterday that they would avoid quarantine, which sparked a quick and violent backlash from critics accusing them of double standards.

British Politics: Johnson is under fire for refusing to condemn crowds who booed England’s national football team for kneeling in protest against racial injustice. His refusal is a strong echo of former President Donald Trump’s targeting NFL players kneeling in the U.S. for the same cause

Here are the latest updates and maps of the pandemic.

For other developments:

  • Indonesia, the fourth most populous nation, now has the highest number of new coronavirus infections in the world, with 57,000 new cases reported on Friday. Experts estimate that the real number is three to six times as high.

  • American tennis star Coco Gauff has tested positive for the coronavirus and will not be participating in the Tokyo Olympics, which is contributing to the first cases in the athletes’ village.

  • After scandals and outrages, congested host cities, and now a pandemic, some are wondering if the games are worth the effort.

  • Some local governments in China have begun requiring all students – and their families – to be vaccinated before students can return to school this fall.

First person: “The flash floods brought so much with them – cars and containers and torn trees – that it was impossible to launch lifeboats,” said one witness. “I’ve never seen such a raging, rushing river.”

Destruction: Videos, photos and a map show the extent of the damage.

Floods in Europe are just one sign of a global warming crisis, which highlights the reality that the world’s richest nations are unprepared for its aftermath. However, whether mounting disasters in developed countries, including forest fires in Canada and scorching weather in California’s wine country, will affect climate policy remains to be seen.

The extreme weather disasters come a few months before the UN-led Glasgow climate negotiations in November, which is practically a moment of reckoning whether the nations of the world will agree on ways to contain emissions enough to mitigate the worst effects of climate change.

The European Commission last week presented an ambitious roadmap for change that includes a tax on imports from countries with less stringent climate policies. However, it is widely expected that the proposals will meet with fierce objections both inside and outside Europe.

Quotable: “Although not everyone is equally affected, this tragic event is a reminder that no one is safe in a climate emergency, whether they live on a small island nation like mine or a developed Western European country,” Mohamed Nasheed, former president of the Maldives, said of the flood .

Scenes in Siberia: The people of northeast Siberia are suffering from the worst forest fires they can remember. Thick smoke hung over Yakutsk, the coldest city in the world. Outside the city, villagers were digging trenches to keep fires away from their homes and fields.

Four months after the mega-ship Ever Given got stuck in the Suez Canal, neither the canal nor the shipping industry addressed some of the most critical problems that led to the bottoming out. Our investigation examines what went wrong.

Emmanuelle Polack is a 56-year-old art historian and archivist who tries to uncover the difficult history of some of the Louvre’s precious works – and to help them find their way back to their rightful owners.

France has been criticized for lagging behind countries like Germany and the United States in identifying and returning works of art looted during World War II. The Louvre has recently tried to change its image and examine the provenance of its works more thoroughly.

The museum houses more than 1,700 stolen works of art that were returned to France after the Second World War and for which no legal owners have yet reported.

For Polack, the key to uncovering the secret stories of works of art suspiciously changed hands during the Nazi occupation is to follow the money. She sifts through the Louvre’s voluminous files to see how works of art have been bought and sold over the years. The backs of paintings often give clues of sales, restorations, and framers that could lead back to their owners.

“During the occupation, I kept a secret garden above the art market for years,” she says. “And finally, it is recognized as a crucial study area.”

Read more about the Louvre’s restitution efforts.

This icebox cake adds a twist to banana pudding by using chocolate waffles instead of the classic vanilla.

Naomi Osaka, a new three-part miniseries on Netflix, cleverly explores the psychology of the tennis star rather than focusing on her technical skills.

In “The Cult of We”, Eliot Brown and Maureen Farrell investigate how Adam Neumann, a co-founder of WeWork, built a billion dollar company from renting joint workspaces.

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Health

Pfizer to make case to U.S. officers Monday

Pfizer to make case to U.S. officials Monday

Long Beach City Department of Health & Human Services is hosting an evening COVID-19 Vaccination Clinic on Long Beach City College Pacific Coast Campus. on Tuesday, July 6, 2021 in Long Beach, CA.

Francine Orr | Los Angeles Times | Getty Images

Pfizer meets with federal health officials on Monday to discuss the need for Covid-19 vaccine booster vaccinations as the drug company prepares for U.S. approval for a third vaccination, the company confirmed.

The meeting comes amid a public dispute between the drug maker and U.S. officials as to whether and when Americans will need additional doses of the Covid vaccines. Pfizer announced on Thursday that its two-dose vaccine, developed with German partner BioNTech, has seen a decrease in immunity and is now planning to apply for approval for a booster dose.

But shortly after Pfizer’s announcement, the Centers for Disease Control and Prevention and the Food and Drug Administration issued a joint statement condemning the company’s comments saying that Americans who were fully vaccinated against Covid are currently do not need a booster vaccination.

The debate about booster vaccination comes as the public becomes increasingly concerned about the highly communicable Delta variant – which is already the predominant form of the disease in the US – and whether current regimens of approved vaccines provide adequate protection.

Invitees include White House Chief Medical Officer Dr. Anthony Fauci, Dr. Francis Collins, Director of the National Institutes of Health, CDC Director Dr. Rochelle Walensky and Acting FDA Commissioner Dr. Janet Woodcock.

The White House and the Department of Health declined to comment.

“It’s very unusual and frustrating,” said Dr. Paul Offit, who advises the FDA on Covid vaccines, about the meeting on Monday. “Pfizer is a pharmaceutical company. You are not a public health agency. It is not up to them to determine how this vaccine will be distributed in terms of booster doses. That depends on the epidemiological work of the CDC. “

Offit said there is currently no data to suggest that most Americans still need booster doses. If officials see an increase in the percentage of fully vaccinated people who go to hospital or die, it could be time for the booster, he said.

“Right now that percentage is less than 1%,” he said. “Maybe over a year it’s 5% and a year later it’s 10-20%” of hospital admissions and deaths are fully vaccinated people.

Pfizer has cited data from Israel showing that its vaccine continues to be highly effective in serious illness and death, but wears off in mild cases.

Last week, Israeli officials reported a decrease in the effectiveness of the Pfizer BioNTech vaccine in preventing infections and symptomatic diseases, but said it remained highly effective in preventing serious diseases.

Dr. Isaac Bogoch, professor of infectious diseases at the University of Toronto, called Israel’s report on vaccine effectiveness “flawed” because it was an observational study from a single source.

People want to say, “Delta is going into vaccines,” he said. “That is not the case. This is quickly becoming the disease of the unvaccinated. We have to learn to differentiate between infection and disease.”

He said the vaccines in the US offer “excellent protection against” variants, including Delta.

“There may be a need for boosters in select populations, such as the immunocompromised, and we should be receptive to the need for boosters in the general population. But there doesn’t seem to be a need right now, ”he said hey.

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Health

5 issues to know earlier than the inventory market opens Monday, June 21

5 things to know before the stock market opens Monday, June 21

Here are the top news, trends, and analysis investors need to start their trading day:

1. The Dow is set to rise again after its worst weekly loss since October

Traders on the floor of the New York Stock Exchange.

Source: NYSE

Dow futures rebounded about 200 points on Monday after the 30-stock average posted its worst weekly drop since October as investors and traders sold on concerns the Federal Reserve might start rate hike earlier than expected. The Dow lost 533 points, or nearly 1.6%, on Friday, ending a five-session losing streak of nearly 3.5%. The S&P 500, which was down 1.3% on Friday, declined for four consecutive days, down 1.9% weekly. The Nasdaq was down less than 1% on Friday but only lost about 0.3% for the week.

Federal Reserve Chairman Jerome Powell during a House Financial Services Committee hearing in Washington on December 2, 2020.

Swimming pool | Getty Images News | Getty Images

The Fed raised its inflation forecast last Wednesday and announced two rate hikes for 2023. Fed chairman Jerome Powell said central bankers are considering scaling back their massive Covid-era bond purchases. Fed spokesmen will get a lot of attention this week, including Powell’s congressional statement on Tuesday. The US 10-year Treasury yield continued to decline from last week’s Fed-driven surge, trading just above 1.4% early Monday. It fell briefly to 1.354%, the lowest level since the end of February.

2. Bitcoin drops as China expands crackdown on crypto mining

A bitcoin mine near Kongyuxiang, Sichuan, China on August 12, 2016.

Paul Ratje | The Washington Post | Getty Images

Bitcoin fell 7% on Monday, trading below $ 33,000 for the first time in nearly two weeks after reports that China’s crackdown on cryptocurrency mining extended to southwestern Sichuan province. This follows similar developments in China’s Inner Mongolia and Yunnan regions, as well as calls from Beijing to end crypto mining amid concerns about massive energy consumption. The Communist Party-backed Global Times estimates that more than 90% of China’s bitcoin mining capacity has been shut down.

3. Prime Day begins as retailers face supply chain disruptions

Amazon’s Prime Day started on Monday. Prime Day 2020, postponed to October due to the pandemic, pulled in $ 10.4 billion, according to Digital Commerce 360, a 45% increase from the two-day event last year. This year’s Prime Day takes place as retailers grapple with widespread global supply chain disruptions. Several other major retailers – including Walmart, Target, Kohl’s, Macy’s, and Costco – are holding competing sales events this week.

4. American Airlines will cancel 100 more flights on Monday

American Airlines planes at LaGuardia Airport

Leslie Josephs | CNBC

As travel demand soars to pre-pandemic levels, American Airlines canceled 100 more flights on Monday after hundreds were scrapped over the weekend due to staff shortages, maintenance, and other issues. American said it was cutting its overall plan by about 1% by mid-July to take the pressure off operations. The airline made some of its recent problems due to scheduling complications stemming from the bad weather at its Charlotte and Dallas / Fort Worth hubs in the first half of June. American is also rushing to train any pilots it has put on leave between two state aid packages banning layoffs, as well as Airmen due for regular recurring training.

5th Tokyo Olympics to allow 10,000 local fans in the venues

Visitors try to take photos in front of the Olympic Rings monument in front of the Japan Olympic Committee (JOC) headquarters near the National Stadium, the main stadium for the 2020 Tokyo Olympics which is due to coronavirus disease (COVID-19) 2021) outbreak, in Tokyo, Japan, May 30, 2021.

Issei Kato | Reuters

The Tokyo Olympics will allow some local fans to compete in the Summer Games if they open in just over a month. Foreign fans were banned a few months ago. For all Olympic venues, the organizers set a capacity limit of 50% to a maximum of 10,000 fans. The decision contradicts the country’s top medical adviser, who recommended last week that the Olympics be the safest way to hold the Olympics without fans during the pandemic. Japan’s prime minister, who favored admitting fans, said ahead of the official announcement that local fans would be banned if conditions change. The Tokyo Games are slated to open on July 23rd.

Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics owns the U.S. broadcast rights to all Summer and Winter Games through 2032.

– CNBC’s Leslie Josephs and The Associated Press contributed to this report. Follow the whole market like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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5 issues to know earlier than the inventory market opens Monday, June 14

5 things to know before the stock market opens Monday, June 14

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Wall Street set to open steady after another S&P 500 record

Traders on the floor of the New York Stock Exchange.

Source: NYSE

U.S. stock futures were flat Monday after the S&P 500 eked out another record close Friday. The S&P 500 rose 0.4% for the week, notching a three-week winning streak. The Nasdaq’s gain Friday put the tech-heavy index within 0.5% of its record close in late April. The Nasdaq soared nearly 1.9% for the week, logging its fourth straight weekly gain. The Dow’s slight advance Friday inched the 30-stock average less than 1% closer to last month’s record close. However, the Dow dropped 0.8%, breaking a two-week winning streak.

The 10-year Treasury yield was steady early Monday, firmly below 1.5%, ahead of Federal Reserve’s June meeting on Tuesday and Wednesday. Inflation will be front and center on investors’ minds after last week’s hotter-than-expected consumer price index reading for May. The Fed has been promising to keep its extraordinary Covid-era easy money measures in place — massive asset buying and near zero interest rates — claiming any price pressures will be transitory.

2. Novavax says its Covid vaccine is 90% effective overall

A woman holds a small bottle labeled with a “Coronavirus COVID-19 Vaccine” sticker and a medical syringe in front of displayed Novavax logo in this illustration taken, October 30, 2020.

Dado Ruvic | Reuters

Biotech firm Novavax said Monday its Covid vaccine was shown to be safe and 90.4% effective overall in a phase three clinical trial of nearly 30,000 participants across the U.S. and Mexico. Additionally, the two-dose vaccine was found to be 100% effective in preventing moderate and severe disease and 93% effective against some variants. Novavax plans to file for authorization with the Food and Drug Administration in the third quarter. If allowed for emergency use, it would join shots from Pfizer, Moderna and Johnson & Johnson that already received U.S. approval. Shares of Novavax rose 5% in premarket trading.

3. Bitcoin jumps after Tudor Jones endorsement, Musk tweet

Bitcoin popped back above $40,000 on Monday, shortly after investor Paul Tudor Jones endorsed it in a CNBC interview and one day after Tesla CEO Elon Musk tweeted that the electric auto maker could accept bitcoin transactions again in future. Musk said Sunday that Tesla will resume allowing bitcoin transactions “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.” Tesla halted car purchases with bitcoin in mid-May, citing concerns over the climate impact of cryptocurrency mining.

4. Biden to attend NATO summit after G-7 gathering, ahead of Putin meeting

US President Joe Biden attends the G7 summit in Carbis Bay, Cornwall on June 11, 2021.

Leon Neal | AFP | Getty Images

President Joe Biden is set to attend a NATO summit in the Belgium capital Brussels on Monday, aiming to consult European allies on efforts to counter provocative actions by China and Russia. Biden will also highlight the United States’ commitment to the 30-nation alliance, which was frequently maligned by former President Donald Trump. Biden’s trip to Europe started with a G-7 meeting, which ended Sunday with promises to enact measures on Covid vaccines and a global corporate tax as well calls for China “to respect human rights and fundamental freedoms.” Biden is set to sit down with Russian President Vladimir Putin in Geneva, Switzerland, on Wednesday.

5. Israel’s new government gets to work after Netanyahu ouster

Leader of the Israeli Yemina party, Naftali Bennett, delivers a political statement at the Knesset, the Israeli Parliament, in Jerusalem, on May 30, 2021.

YONATAN SINDEL | AFP | Getty Images

For the first time in 12 years, Israelis woke up to a new prime minister after 49-year-old Naftali Bennett late Sunday secured the backing of parliament and ousted longtime leader Benjamin Netanyahu. Under a coalition agreement, Bennett, a former ally of Netanyahu turned rival, will hold office of the premier for the first two years of the term, and then Foreign Minister Yair Lapid, the architect of the coalition, will become prime minister. Netanyahu, the longest to hold office, will now serve as the opposition leader. The 71-year-old has made clear he has no intention of exiting the political stage.

— The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.