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U.S. states face steep decline in J&J vaccine

Vials labeled “COVID-19 Coronavirus Vaccine” and syringe can be seen in front of the displayed Johnson & Johnson logo in this illustration dated February 9, 2021.

Given Ruvic | Reuters

Johnson & Johnson is reducing shipments of its single-dose Covid-19 vaccine next week by 86% as it grapples with manufacturing issues at a large Baltimore facility.

The government allocated just 700,000 J&J shots to the states next week, up from 4.9 million the week before. This is based on data from the Centers for Disease Control and Prevention.

J&J is awaiting regulatory approval for a facility in Baltimore operated by Emergent BioSolutions Inc and is working with the U.S. Food and Drug Administration to obtain approval.

Workers at the Baltimore plant mixed the ingredients for the J&J and AstraZeneca vaccines a few weeks ago, resulting in around 15 million J&J doses being ruined. The Biden administration hired J&J to manufacture vaccines at the factory and stopped producing the AstraZeneca vaccine there.

Once approved, J&J could dispense up to eight million doses a week, White House Covid-19 coordinator Jeff Zients said during a news conference on Friday. And the company remains on track to deliver 100 million cans by the end of May.

Michigan Governor Gretchen Whitmer has urged the Biden administration to increase vaccines in her state, which is grappling with the country’s worst outbreak. Michigan is expected to receive 17,500 J&J cans next week, an 88% decrease from the previous week.

The government said it will continue to assign shots based on population and has no plans to increase doses to more affected states as it cannot predict where infections might rise next.

“There are tens of millions of people across the country in every state and county who have not yet been vaccinated,” Zients said Friday. “And the fair and just way to distribute the vaccine is based on the adult population by state, tribe and territory. That is how it was done, and we will continue to do it.”

“The virus is unpredictable. We don’t know where the next surge in cases might be,” he added.

New York Governor Andrew Cuomo said in a statement Friday that the state will only receive 34,900 doses, an 88% decrease from the previous week.

“As has been the case since our vaccination efforts began, the X-Factor is supply, supply, supply, and like any other state, our Johnson & Johnson dose allocation will be significantly lower next week,” said Cuomo.

In California, the J&J grant will decrease from 572,700 to 67,600. Florida from 313,200 to 37,000; and Texas from 392,100 to 46,300.

Some states have also temporarily suspended J&J vaccinations in certain facilities after people suffered side effects. The Georgia Department of Health stopped all recordings in one location after reactions occurred in eight people, and other locations in North Carolina and Colorado also stopped giving doses due to reactions.

However, according to a statement from the North Carolina Department of Health and Human Services, the CDC has found no safety issues or cause for concern regarding the J&J doses. The Colorado Department of Public Health and Environment also said there was “nothing to worry about.”

“After reviewing each patient’s symptoms, analyzing other vaccinations from the same vaccine lot, and speaking with the CDC to confirm our results, we are confident that there is no cause for concern,” said Dr. Eric France, chief medical officer of the department’s officer, said in a statement.

The J&J vaccine was the third vaccine approved in the United States, after vaccines from Pfizer and Moderna. According to CDC data, the company shipped nearly 15 million cans in the US on Friday night.

The US delivers an average of 7 million vaccine doses per day over a seven-day period. One in five Americans is now fully vaccinated, according to the CDC.

The rate of new Covid cases and deaths in the US has fallen dramatically since the winter summit, when hundreds of thousands of new infections and thousands of deaths were reported daily.

According to the Johns Hopkins University, the 7-day average of new cases in the US was 67,000 on Saturday. This is comparable to the upswing that hit the nation last summer. The US reports an average of 982 deaths daily.

New infections are increasing in 23 states as the more infectious variant first identified in Great Britain has become the dominant strain. US President Joe Biden has urged states to grant vaccine appointments to all adults by April 19 as the nation struggles to immunize as many people as possible, people as good as the virus mutates.

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World News

Inventory futures dip after a steep sell-off on Wall Avenue amid surging bond yields

Stock futures fell overnight on Thursday after a tech-driven price on Wall Street amid a surge in bond yields.

The futures on the Dow Jones Industrial Average fell 41 points. S&P 500 futures and Nasdaq 100 futures also traded in negative territory. Previously, Dow futures were down 200 points.

All eyes will be on the February job report due to be released on Friday morning. Economists expect 210,000 people to be hired in February, compared with just 49,000 in January, according to Dow Jones.

The futures move followed a sharp sell-off triggered by comments from Federal Reserve Chairman Jerome Powell about rising bond yields. He said the recent attempt caught his attention but gave no indication of how the central bank would rein it. Some investors would have expected the Fed chairman to signal his willingness to adjust the Fed’s asset purchase program.

The economic reopening could “put some upward pressure on prices,” Powell said in a Wall Street Journal webinar Thursday. Even if the economy “sees a temporary spike in inflation … I assume we’ll be patient,” he added.

“The market translation of ‘patient’ is that patient does not mean ‘never’ and that Powell indicates that easy money will come to an end at some point,” said Mike Loewengart, managing director of investment strategy at E-Commerce Financial. “While the phrase isn’t too far removed from the Fed’s previous stance, it is enough to move a nervous market south.”

The yield on 10-year government bonds rose again above 1.5% after Powell’s comments. The key rate had stabilized earlier this week after rising to 1.6% last week on higher inflation expectations.

Tech stocks led the market decline as growth companies tend to be more vulnerable to higher interest rates. The Nasdaq Composite fell 2.1% on Thursday, bringing its losses to 3.6% this week. The tech-heavy benchmark also turned negative for the year, falling into correction territory or 10% from its recent high over the course of the day.

The S&P 500 and Dow both fell more than 1% on Thursday, heading for a lost week. With an increase in oil prices, the energy outperformed the previous session with an increase of 2.5%.

“Interest rates rose again, which opened the door to more technology stocks,” said Ryan Detrick, chief marketing strategist at LPL Financial. “The good side is that the economy continues to improve and the finance and energy leadership is suggesting this is not the time everything will be sold.”

Categories
World News

Inventory futures fall after a steep sell-off on Wall Avenue, Apple and Tesla drop after earnings

Stock futures, pegged to major US stock indices, fell early Thursday as the market appeared poised to extend a sharp sell-off amid concerns over increased speculative trading.

Futures on the Dow Jones Industrial Average indicated an opening decline of more than 100 points. S&P 500 and Nasdaq 100 futures also traded in negative territory.

In its earnings report for the first quarter of fiscal 2021, Apple achieved its highest revenue in its history of $ 111.4 billion. Sales for each product category increased by double-digit percentage points. However, the tech giant’s shares were down 3.26% in expanded trading.

Tesla fell 5.07% in expanded retail after the electric automaker posted worse-than-expected earnings last quarter. The company expects average annual delivery growth of 50% in the future.

Wall Street suffered heavy losses on Wednesday, with the S&P 500 and Dow recording their worst day since October as the speculative spending spree on sharply shortened stocks kept investors on their toes. Some fear that hedge funds could be forced to reduce their holdings in order to raise cash.

“Brief bottlenecks that lead to implosions in some hedge funds join SPACs, IPOs and Bitcoin as data points supporting a bubble thesis,” said Scott Knapp, chief market strategist at CUNA Mutual Group, in an email . “This is a time of caution for investors.”

The trading volume exploded in the previous session with 23.7 billion shares changing hands. This was the heaviest trading day since at least 2007.

Brick and mortar video game retailer GameStop, a target on the Reddit wallstreetbets chat room, rose another 134% on Wednesday and boosted its profits to a whopping 1,744% in January. AMC Entertainment was up over 300% on Wednesday alone, posting the highest volume ever.

GameStop fell 23% in expanded trading while AMC Entertainment fell 38%. Other heavily shortened names that had bounced back this week, including Bed Bath & Beyond and National Beverage, also fell after hours.

Facebook stock remained relatively unchanged in over-the-counter trading after the company warned that a reversal in pandemic trends could hurt its advertising business. The social media company prevailed in the upper and lower ranges in the fourth quarter.

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