Categories
World News

Sturdy Earthquake Rocks Haiti, Killing Lots of

Here’s what you need to know:

Video

transcript

Back

transcript

Hundreds Dead After Magnitude 7.2 Earthquake Hits Haiti

The powerful quake leveled buildings, killing more than 300 people and overwhelming hospitals in at least two Haitian cities.

So they are trying now, if they can save the people, because there’s so much people down there.

The powerful quake leveled buildings, killing more than 300 people and overwhelming hospitals in at least two Haitian cities.CreditCredit…Ralph Tedy Erol/EPA, via Shutterstock

PORT-AU-PRINCE, Haiti — A magnitude 7.2 earthquake violently shook Haiti on Saturday morning, a devastating blow to an impoverished country reeling from a presidential assassination last month and still recovering from a disastrous quake more than 11 years ago.

The quake overwhelmed hospitals, flattened buildings and trapped people under rubble in at least two cities in the western part of the country’s southern peninsula. At least 304 people were killed and more than 1,800 injured, according to Jerry Chandler, the director general of the Civil Protection Agency. An untold number were missing.

“The streets are filled with screaming,” said Archdeacon Abiade Lozama, head of an Episcopal church in Les Cayes, one of the afflicted cities. “People are searching, for loved ones or resources, medical help, water. ”

The disaster could hardly have come at a worse time for the nation of 11 million, which has been in the throes of a political crisis since President Jovenel Moïse was assassinated on July 7.

The unsolved assassination, a leadership vacuum, severe poverty and systematic gang violence in parts of Haiti have left the government dysfunctional and ill prepared for a natural calamity.

Much of the initial information about the quake came via social media postings and phone because of the security dangers in traveling to the affected area, which is at least four hours away by road from Port-au-Prince, the capital.

The United States Geological Survey said the quake struck five miles from the town of Petit Trou de Nippes in the western part of the country, about 80 miles west of Port-au-Prince. Seismologists said it had a depth of seven miles and was felt as far away as 200 miles in Jamaica.

The U.S.G.S. said it was a magnitude 7.2 quake, more powerful than the 7.0 quake that hit Haiti in 2010, which killed nearly a quarter-million people.

The Saturday quake struck in a less densely populated area of the country, but it was impossible to assess the full scope of casualties. Haiti’s embassy in the United States said in a statement that “the Haitian Government believes high casualties are probable given the earthquake’s magnitude.”

The Biden administration, the United Nations and private relief agencies that operate in Haiti promised urgent help.

At least two cities reported major devastation: Les Cayes and Jeremie. Phone lines were down in Petit Trou de Nippes, the epicenter of the quake, and no news emerged immediately from that city, leaving Haitian officials to fear for the worst. A landslide, triggered by the quake, cut off access to the road to Jeremie.

Doctors said the two main hospitals in Les Cayes and the main hospital in Jeremie had been overwhelmed.

“Many houses fell. Many people are trapped under the rubble,” said Widchell Augustin, 35, from Les Cayes, where he lives.

Videos emerged of people still in their pajamas or bath towels, out in the street seeking refuge from their violently trembling homes. Entire three-story buildings were flattened to eye-level; another video showed a group of men sifting through rubble and trying to remove debris to extract someone stuck underneath.

Dr. James Pierre, 38, a surgeon working at the general hospital of Les Cayes, also known as the Hospital Immaculée Conception, said the hospital was in need of the most basic supplies, including surgical gloves and intravenous needles. He added that he may be the only surgeon currently operating in Les Cayes, as many of his colleagues returned to Haiti’s capital for the weekend on Friday.

He also said that a building housing medical students, hospital interns and two doctors had collapsed, trapping those who were most needed to provide aid.

Gabriel Fortuné, a powerful local politician and former mayor of Les Cayes, was among those killed when the hotel he owned collapsed during the quake, according to a local journalist who knew him, Jude Bonhomme.

A satellite image showing the Enriquillo-Plantain Garden fault zone in Haiti in 2010.Credit…NASA

The earthquake that struck Haiti on Saturday morning occurred on the same system of faults as the one that devastated the capital, Port-au-Prince, in January 2010. And the previous quake almost certainly made this one more likely to occur.

Both quakes struck on an east-west fault line at the convergence of two tectonic plates, large segments of the Earth’s crust that slowly move in relationship to each other. At this fault line, called the Enriquillo-Plantain Garden fault zone, the Caribbean plate and the North American plate move laterally, or side by side, at a rate of about a quarter of an inch a year.

The 2010 quake was centered about 30 miles west of Port-au-Prince. The quake on Saturday was about 50 miles further west.

Susan E. Hough, a seismologist with the United States Geological Survey who studied the 2010 earthquake, said there was no doubt that it and the one Saturday were linked.

“It’s well established that you do have this domino concept,” she said, where the energy released by one earthquake alters the stress patterns elsewhere along the fault line. “But we don’t have a crystal ball that tells us which domino is going to fall next.”

Dr. Hough said seismologists had been concerned about a region of the fault zone to the east, closer to the 2010 rupture site. “Now we’ve seen the segment to the west rupture,” she said.

She said that the fault ruptured both vertically and laterally. Preliminary analyses suggested that the fault ruptured to the west, which would mean that most of the energy was directed away from Port-au-Prince and toward the more sparsely populated region along the Tiburon peninsula. If that’s the case, then most of the aftershocks that inevitably follow a large earthquake would most likely occur to the west as well.

“To the extent that anything could be good news for Haiti, those are good signs,” Dr. Hough said.

At a magnitude of 7.2, Saturday’s quake released about twice as much energy as the one in 2010, which was a magnitude-7.0 quake. That quake killed more than 200,000 people.

Damage and casualties from quakes depend on many factors besides magnitude. The depth and location of the rupture, the time it occurred and the quality of construction all can play major roles. In the 2010 earthquake, shoddy construction — especially poorly built masonry buildings — was blamed for many of the deaths and injuries.

The fault zone extends west to Jamaica, which is also at risk of major earthquakes. In addition to the 2010 quake, the fault zone was most likely the source of four major earthquakes in the 18th and 19th centuries, including ones that leveled Port-au-Prince in 1751 and again in 1770.

A satellite image of Tropical Storm Grace, which formed in the eastern Caribbean on Saturday morning.Credit…NOAA

As Haiti reeled from a devastating earthquake on Saturday, the threat of another natural disaster loomed over the island. Tropical Storm Grace, which formed in the eastern Caribbean the same morning, was on a path toward Haiti, according to the National Hurricane Center.

The storm was projected to pass over or near Haiti on Monday, the center said in an update on Saturday afternoon, adding that people on the island should monitor the path of Grace, and that tropical storm warnings for Haiti and other nearby islands could be required later on Saturday or on Sunday.

Over Haiti, the storm could dump four to seven inches of rain, with isolated totals of up to 10 inches, the center said, adding that heavy rainfall could lead to flooding and potential mudslides on Monday and into Tuesday.

Before the center’s afternoon update, Robbie Berg, a hurricane specialist at the center, said the earthquake could increase the chance of mudslides.

“It could have shifted some of the ground and soil, which could make mudslides more common,” he said.

Dennis Feltgen, a spokesman for the center, said the storm was not expected to make landfall in Haiti, which means the center of the storm wouldn’t cross over the island itself.

However, he said, “rain is centered all around the storm, so the center won’t mean a whole lot.”

Grace is expected to strengthen over the next couple of days, and then weaken by Monday or Tuesday, the center said.

Grace, which is the seventh named storm of the 2021 Atlantic hurricane season, follows several days of floods and power outages unleashed this week by Fred.

The Sacred Heart church in Les Cayes was damaged in an earthquake on Saturday.Credit…Delot Jean/Associated Press

A magnitude-7.2 earthquake struck Haiti on Saturday morning. It was stronger than the magnitude-7.0 earthquake that devastated the Caribbean country in 2010. The United States Geological Survey said the quake struck five miles from the town of Petit Trou de Nippes in the western part of the country, about 80 miles west of Port-au-Prince, the capital. Seismologists said it had a depth of seven miles. It was felt as far away as Jamaica, 200 miles away.

The U.S. Tsunami Warning Center reported a tsunami threat because of Saturday’s earthquake, but later rescinded it.

Aftershocks rippled through the region, the U.S.G.S. said, including one at magnitude 5.1.

More than 300 people were killed and 1,800 injured, according to Jerry Chandler, the director general of the Civil Protection Agency. An untold number of others were missing.

Among the dead was the former mayor of Les Cayes, Gabriel Fortuné, who was killed when the hotel he owned collapsed during the quake, according to a local journalist who knew him, Jude Bonhomme.

Two cities, Les Cayes and Jeremie, located in Haiti’s southern peninsula, have reported major devastation with people caught under rubble and buildings collapsed. Phone lines were down in Petit Trou de Nippes, the epicenter of the quake. No news emerged immediately from that city, leaving Haitian officials to fear for the worst.

The full extent of the damage and casualties is not yet known. But doctors said hospitals were overwhelmed.

A building housing medical students, hospital interns and two doctors had collapsed, trapping those who were most needed to provide aid, said Dr. James Pierre, a surgeon at the general hospital of Les Cayes, also known as the Hospital Immaculée Conception.

The State Department’s internal assessment of the earthquake was bleak. Up to 650,000 people experienced “very strong” tremors with an additional 850,000 affected by “strong shaking,” leaving thousands of buildings at risk of damage and potential, eventual collapse, according to the assessment, shared by a State Department official.

This earthquake could not have come at a worst time for Haiti, which is still recovering from a 7.0 magnitude earthquake in 2010 that killed more than 220,000 people and leveled much of Port-au-Prince. The southern peninsula, where the earthquake hit, is also still recovering from Hurricane Matthew, which hit the country in 2016.

The country of 11 million is also recovering from political turmoil. Haiti has been in the throes of a political crisis since President Jovenel Moïse was assassinated on July 7, and the government is not financially equipped to take care of repairs.

A home in Les Cayes damaged in Saturday’s earthquake.Credit…Delot Jean/Associated Press

Archdeacon Abiade Lozama of a regional Episcopal Church in Haiti was welcoming teachers and parents to discuss plans to return to school on Saturday when the earthquake struck Les Cayes. Everyone ran outside, looking for an open space free of trees or buildings that could collapse.

He said he walked from the school to the town center and saw only a handful of houses that did not have damage.

“The streets are filled with screaming,” he said. “People are searching, for loved ones or resources, medical help, water.”

Les Cayes was hit hard by Saturday’s earthquake, which came about a month after the assassination of Haiti’s president, Jovenel Moïse, forced the country into a political crisis.

“People are sitting around waiting for word, and there is no word — no word from their family, no word on who will help them,” he said. “When such a catastrophe happens, people wait for word or some sort of confidence from the state. But there’s nothing. No help.”

Archdeacon Lozama had planned for a joyous day to discuss pandemic reopenings but that was derailed.

“Today was supposed to be a day of hope, of meetings with teachers and students to plan for returning to school,” Archdeacon Lozama said.

In Jérémie, another area hit hard by the quake, the collapse of an old cathedral — a Haitian landmark — was a chilling throwback to 2010, when a cathedral in Port-au-Prince, the capital, was destroyed during an earthquake that has scarred the nation since.

That cathedral, which has yet to be restored, is a symbol of the many devastations the country has faced and of the government’s inability to help its own population, one of the most destitute in the world.

The main supermarket in Les Cayes collapsed, leaving the population of about half a million with dwindling supplies and worries that eventually there would be looting and fighting over basics like drinking water. The local hospitals — already underfunded — were overwhelmed with casualties.

The magnitude-7.2 quake snapped the underground pipes of Les Cayes, flooding the streets.

Dr. Fatima Geralde Joseph said she tried to rush over to the clinic where she works to start helping, but she could not cross the flooded streets and eventually had to return home.

Others interviewed said there were aftershocks as strong as magnitude 5.2 every 10 minutes, setting off panic among the population.

Damage caused by the earthquake on Saturday.Credit…Ralph Tedy Erol/EPA, via Shutterstock

When Gepsie Metellus got the news from a cousin on Saturday morning that a powerful earthquake had rocked Haiti, she made a panicked call from her home in Miami to her husband, who had traveled to Port-au-Prince on Thursday for a visit.

As she dialed his number, her thoughts returned in terror to the 7.0-magnitude earthquake that devastated Haiti 11 years ago.

“It’s taking me back to visions of 2010,” said Ms. Metellus, executive director of Sant La, a Haitian neighborhood center in Miami. “We’re just bracing ourselves, just bracing ourselves for really terrible news.”

She was able to contact her husband, who was safe, but for some, the agony of not knowing the fate of their loved ones continued through the day.

Members of the Haitian diaspora in the United States spoke on Saturday of making anxious calls to relatives and friends in the Caribbean nation, and U.S.-based aid organizations were struggling to assess the scope of the damage and to connect with their people on the ground.

“All circuits are busy — circuits are really, really overwhelmed right now,” said Elizabeth Campa, an adviser with Zanmi Lasante, a health care provider in Haiti, and a sister organization of the Boston-based organization Partners in Health.

“We are still trying to desperately get a hold of the staff,” said Skyler Badenoch, chief executive of Hope for Haiti, a U.S.-based organization that works to reduce poverty in Haiti. By Saturday afternoon, the organization had been able to account for 45 of its 60 staff members in Haiti. Of those who reported themselves safe, many had experienced major damage to their homes.

Commissioner Jean Monestime of Miami-Dade County said he had fielded calls all day from constituents desperately trying to reach family members in Haiti.

“People are still in disbelief that Haiti is experiencing yet another disaster,” he said, adding that he and other Haitian American elected officials were working to organize response efforts.

“What the assessment has been so far in terms of casualty and the effort for search and rescue — there’s not much that we are learning as of yet,” Mr. Monestime said.

For those watching anxiously from the U.S., the political turbulence in the weeks following the assassination of President Jovenel Moïse of Haiti raised additional concerns about the prospect of recovery from Saturday’s earthquake.

“All this against the backdrop of a country where gangs are running amok, a country with no functioning government,” said Ms. Metellus, adding, “Everyone’s feeling this collective sense of anxiety, of frustration, of fear, of déjà vu.”

A damaged building in Les Cayes on Saturday.Credit…Delot Jean/Associated Press

With phone lines down and roadways disrupted or gang-controlled, news organizations and emergency officials scrambled to try to gain access to the parts of Haiti damaged by a powerful earthquake on Saturday morning. Port-au-Prince, the capital, is 80 miles west from the quake’s epicenter, near Les Cayes — and some four and half hours away by car.

The flight time from Port-au-Prince to Les Cayes is only 30 minutes. News services like The Associated Press tried to get reporters on medical or charter flights to document the state of the stricken region.

News photographs and reports began filtering through by Saturday afternoon, but in the interim, social media became a pivotal source of information about the earthquake’s devastation, supplying images and videos.

One video being picked up by multiple reporters and media outlets online shows the destruction of multiple houses and buildings as people try to help those that might be caught under the rubble.

#NEW: Images reveal mass destruction following the 7.2 earthquake in #Haiti. Similar in strength to the catastrophic earthquake that killed more than 160,000 people in the Caribbean country in 2010, according to a study. pic.twitter.com/1RYFlv31af

— Leonardo Feldman (@LeoFeldmanNEWS) August 14, 2021

The posts show people still in their pajamas or bath towels, out in the street seeking safety after fleeing violently trembling homes. Entire three-story buildings were flattened to eye-level. One video showed a group of men sifting through rubble to try to extract someone buried beneath.

This is not the first time that social media has filled an urgent news role in the Caribbean. Climate change has caused stronger storms and hurricanes that hit the area with more force, and suffering and paralyzing hits to infrastructure often hit social media first.

Social media platforms also have sometimes served as a communications network, where families could connect with loved ones when phone lines went down and learn about relief efforts, according to reporting from The Pulitzer Center.

That was true during Hurricane Maria in 2017 and also in 2010, when a 7.0 magnitude earthquake struck Haiti, killing more than 220,000 people.

A building in Les Cayes damaged in Saturday’s earthquake.Credit…Ralph Tedy Erol/EPA, via Shutterstock

Hours after the earthquake hit Haiti, the Biden administration, the United Nations and private relief agencies that operate in Haiti promised urgent help.

President Joe Biden and Vice President Kamala Harris received a briefing on Saturday morning about the Haiti earthquake while they were at a meeting discussing Afghanistan, according to the White House. The president authorized an immediate response, The Associated Press reported, and named the USAID administrator, Samantha Power, as the senior official coordinating the effort.

Ms. Power said in a Twitter post that USAID was “moving urgently to respond” and that experts were on the ground assessing damage and needs. In a tweet, the United Nations secretary-general, António Guterres, said that the U.N. “is working to support rescue and relief efforts.” There was no outline of what the responses might look like as damage on the ground continues to be evaluated and the death toll continues to rise.

“While it will take days to assess the full scale of the damage, it is clear that this is a massive humanitarian emergency,” said Leila Bourahla, Save the Children’s Haiti country director. “We must respond quickly and decisively.”

UNICEF, a branch of the U.N., said in a statement that it was working with government and non-goverment organizations to evaluate what was needed. The agency said it has offices in the south of Haiti and staff members on the ground were making assessments in order to prioritize urgent needs and provide assistance to affected populations. Much of the assistance right now seems to be medical.

Nonprofit organizations like Community Organized Relief Effort, or CORE, which was founded by Sean Penn in 2010 after another earthquake hit Haiti, are also on the ground. CORE deployed two teams Saturday, one of which is a mobile medical team, according to a statement from the organization.

But getting aid to those who need it in Haiti isn’t easy. An influx of foreign aid and peacekeeping forces after the 2010 earthquake appeared to only worsen the country’s woes and instability. The international community has pumped $13 billion of aid into the country over the last decade, and instead of the nation-building the money was supposed to achieve, Haiti’s institutions have become further hollowed out in recent years.

The aid has propped up the country and its leaders, providing vital services and supplies in a country that has desperately needed vast amounts of humanitarian assistance. But it has also left the government with few incentives to carry out the institutional reforms necessary to rebuild the country, allowing corruption, violence and political paralysis to go unchecked.

A home damaged by an earthquake in Les Cayes on Saturday.Credit…Delot Jean/Associated Press

After a powerful earthquake hit Haiti early Saturday, the U.S. Tsunami Warning Center initially reported a tsunami threat and warned of waves between three to 10 feet high.

The threat was then rescinded.

A video circulating on social media showed residents of Les Cayes fleeing a flooded street, splashing through murky, knee-deep water, but it wasn’t clear what caused the flooding.

Earthquakes with a magnitude between 6.5 and 7.5 generally do not produce deadly tsunamis, but they can cause a small sea change level close to a quake’s epicenter, according to the United States Geological Survey.

Categories
Health

Pfizer-BioNTech’s vaccine will get barely weaker over time, firm knowledge exhibits, however stays robust in stopping extreme illness.

The Pfizer-BioNTech vaccine’s effectiveness wanes slightly over time, according to newly released data from the companies, but remains strong in preventing severe disease. With coronavirus cases surging again in many states, the findings may influence the Biden administration’s deliberations about delivering a booster shot.

The vaccine had a sky-high efficacy rate of about 96 percent against symptomatic Covid-19 for the first two months, the study showed, but then declined about 6 percent every two months after that, falling to 83.7 percent after six months. Against severe disease, its efficacy held steady at about 97 percent. The data was posted online on Wednesday and has not been published in a scientific journal.

Despite the decline, the data confirm that the vaccine gives potent protection against Covid-19. Still, the study raises questions about how much protection two doses will provide in the months to come. Adding to these concerns is the rise of the Delta variant, which makes vaccines somewhat less effective against infection. The variant became dominant only after the study ended. But recent studies have also shown that vaccines remain strongly protective against the worst outcomes of Covid-19 caused by the Delta variant.

The findings come from 42,000 volunteers in six countries who participated in a clinical trial that Pfizer and BioNTech began last July. Half of the volunteers got the vaccine while the other half got a placebo. Both groups received two shots spaced three weeks apart. The researchers compared the number of people in each group who developed symptoms of Covid-19, which was then confirmed by a P.C.R. virus test.

When the companies announced their first batch of results, the vaccine showed an efficacy against symptomatic Covid-19 of 95 percent. In other words, the risk of getting sick was reduced by 95 percent in the group that got the vaccine compared to the group that got the placebo.

That result — the first for any Covid-19 vaccine — brought an exhilarating dose of hope to the world in December when it was riding what had been the biggest wave of the pandemic. Since then, the Pfizer-BioNTech vaccine has made up the majority of shots that Americans have received, with more than 191 million doses given so far, according to the Centers for Disease Control.

After the first analysis, the Pfizer and BioNTech researchers continued to follow the volunteers. The research became more challenging as time passed, because volunteers who got the placebo could ask to get the vaccine once it was authorized in their country.

Understand the State of Vaccine Mandates in the U.S.

For the new study, the researchers followed the volunteers for six months after vaccination, up to a cutoff date of March 13. Looking over that entire period, the researchers estimated the vaccine’s efficacy at 91.5 percent against symptomatic Covid-19. (The study did not measure the rate of asymptomatic virus infections.)

But within that period, the efficacy did gradually drop. Between one week and two months after the second dose, the efficacy was 96.2 percent. In the period between two and four months, the efficacy fell to 90.1 percent. And between four months and six months, the efficacy hit 83.7 percent.

Each estimate came with a margin of uncertainty. But over the six months of the trial, there was a clear decline in efficacy.

The new study comes on the heels of data from Israel suggesting that the Pfizer-BioNTech’s protection may be waning there. But experts have pushed back against a rush to approving a booster there. The data have too many sources of uncertainty, they say, to make a precise estimate of how much effectiveness has waned. For example, the Delta-driven outbreak hit parts of the country with high vaccination rates first and has been hitting other regions later. “Such an analysis is still highly uncertain,” said Doron Gazit, a physicist at Hebrew University who analyzes Covid-19 trends for the Israeli government.

Categories
World News

S&P 500 hits new file after sizzling inflation information, sturdy earnings

The S&P 500 inched out a new high on Tuesday as investors weighed a hotter-than-expected inflation report and a strong start to second-quarter earnings season.

The broad index traded 0.12% higher, reaching an intraday record. The Dow Jones Industrial average shed about 41 points, or 0.12%. The measure closed at a record just below 35,000 the day prior.

The Nasdaq Composite gained about 0.4% and also hit another intraday high as investors went back into their favorite tech stocks amid the competing market crosscurrents. Apple and Amazon each gained more than 1% and both are outperforming the market this month.

Inflation rose at its fastest pace in nearly 13 years, the Labor Department reported Tuesday. The consumer price index increased 5.4% in June from a year ago; economists surveyed by Dow Jones expected a 5% gain. Core CPI, excluding food and energy, jumped 4.5%, the sharpest move for that measure since September 1991 and well above the estimate of 3.8%.

“A white-hot June CPI print has the markets jittery this morning,” Cliff Hodge, chief investment officer at Cornerstone Wealth, said. “Moving forward we expect these inflation numbers to begin to cool. June 2020 was the absolute low for Core CPI during the pandemic shutdown, so the comparisons get tougher from here. Used car prices soared 45% year over year which is not likely to persist in coming months.”

The latest inflation data came after big banks and PepsiCo posted blowout second-quarter earnings reports. But with stocks at record highs and the Dow Jones Industrial Average just shy of 35,000, expectations likely ran higher than the official estimates reflected.

JPMorgan Chase shares dipped even after posting second-quarter earnings of $11.9 billion, or $3.78 per share, which exceeded the $3.21 estimate of analysts surveyed by Refinitiv.

Banks set aside billions of dollars for loan losses amid the pandemic, but have been releasing those reserves as consumers performed better than expected. JPMorgan released $3 billion in loan loss reserves after taking just $734 million in charge-offs. That gave the firm a $2.3 billion benefit, allowing the bank to top earnings expectations. Investors may be giving less credit to JPMorgan’s earnings beat due to this loan loss reserve release.

Goldman Sachs also shares edged lower after the firm reported second-quarter earnings of $15.02 per share, topping analysts’ expectation of $10.24 earnings per share. The bank posted its second-best ever quarterly investment banking revenue as a rush of IPOs hit Wall Street last quarter.

PepsiCo shares added more than 2% after the company crushed estimates for its second-quarter earnings and revenue, fueled by returning restaurant demand. The drink and snack giant also raised its forecast.

Meanwhile, shares of Boeing fell more than 3%, weighing on Dow sentiment, after the plane maker cut 787 Dreamliner production following the detection of a new flaw.

Overall earnings reports are expected to be stellar for the second quarter over the coming weeks with profit growth estimated at 64% year-over-year for the quarter, according to FactSet. That would be the biggest quarterly profit increase since 2009.

Banks’ earnings are expected to more than double for the second quarter, with an estimated 119.5% estimated year-over-year growth rate, according to analysts polled by FactSet.

In the regular trading session on Monday the Dow rose 126.02 points to close just below 35,000. The blue-chip measure is up 14% this year. The S&P 500 and Nasdaq Composite gained 0.3% and 0.2%, respectively, to record closes.

“High expectations for earnings and each companies’ forward guidance will push markets higher or disappointment may create a small pullback in equity markets,” said Jeff Kilburg, chief investment officer at Sanctuary Wealth. “Eyes will be on the major banks to set the tone for the next few weeks of earnings.”

Bank of America, Citigroup, Wells Fargo and Morgan Stanley all ended Monday higher as well. They will report their earnings later in the week.

Federal Reserve Chairman Jerome Powell is scheduled to appear in front of Congress Wednesday and Thursday to provide an update on monetary policy. He has maintained that the Fed’s easy policies will remain intact until there’s more progress on its employment and inflation goals.

Categories
Health

Mixing Pfizer, AstraZeneca Vaccines Provides Sturdy Covid Safety, Research Finds

Initial results from a UK vaccine study suggest that mixing different brands of vaccine can produce a protective immune response against Covid-19. In the study, volunteers produced high levels of antibodies and immune cells after receiving a dose of the Pfizer BioNTech vaccine and a dose of the AstraZeneca Oxford shot.

Giving the vaccines in any order will likely provide effective protection, said Dr. Matthew Snape, a vaccines expert at Oxford University, at a news conference Monday. “Any of these schedules I think could be argued and expected to be effective,” he said.

Dr. Snape and his colleagues began the study called Com-COV in February. In the first wave of the study, they gave 830 volunteers one of four vaccine combinations. Some received two doses from Pfizer or AstraZeneca, both of which have been shown to be effective against Covid-19. Others got a dose of AstraZeneca, followed by one from Pfizer, or vice versa.

With the first wave of volunteers, the researchers waited four weeks between doses. Studies have shown that the AstraZeneca vaccine offers greater protection when the second dose is delayed for up to 12 weeks. Therefore, the researchers are also conducting a separate 12-week study that should provide results over the next month.

The researchers found that volunteers reported more chills, headaches, and muscle aches than people who received two doses of the same vaccine. But the side effects were short-lived.

Dr. Snape and his colleagues then took blood samples to measure the immune response in the volunteers. They found that those who received two doses of Pfizer-BioNTech produced antibody levels about 10 times higher than those who received two doses of AstraZeneca. Volunteers who received Pfizer followed by AstraZeneca showed antibody levels about five times higher than those who received two doses of AstraZeneca. And volunteers who received AstraZeneca followed by Pfizer achieved antibody levels about as high as those who received two doses of Pfizer.

Dr. Snape said the differences would most likely decrease in the volunteers who received a second dose after 12 weeks when the AstraZeneca vaccine had more time to intensify its effects.

The study also found that using different vaccines produced higher levels of immune cells prepared to attack the coronavirus than when giving two doses of the same vaccine. Dr. Snape said it was not yet clear why mixing had this advantage. “It’s very fascinating, let’s say so much,” he said.

Dr. Snape and colleagues have started a similar study, adding Moderna and Novavax vaccines to their list of possibilities.

For now, he said, the best course of action remains to get two doses of the same vaccine. Large clinical studies have clearly shown that this strategy reduces the likelihood of developing Covid-19. “Your default should be what has been shown to work,” said Dr. Snape.

But there are many cases where that is not possible. Vaccine deliveries are sometimes delayed due to manufacturing issues, for example. Younger people in some countries have been advised not to receive a second dose of AstraZeneca due to concerns about the low risk of blood clots. In situations like this, it’s important to know if people can switch to another vaccine.

“This provides reassuring evidence that should work,” said Dr. Snape.

Categories
Business

Nucor CEO expects sturdy 2021 after posting document quarterly revenue

Leon Topalian, CEO of Nucor, told CNBC on Friday that he expected the good times to continue for the rest of the year after the steelmaker reported record results in the last quarter.

“Nucor expects the next quarter to be strong, but honestly, for all of the indicators we look at, we assume that 2021 will remain strong all year round,” he said in an interview with Jim Cramer “Mad Money”.

The Charlotte, North Carolina-based company announced Thursday that it had posted earnings of $ 942.4 million, or $ 3.10 per share, for the first three months of 2021. The company had $ 7 billion in revenue, up 25% year over year and up 15% over the same quarter before the Covid-19 pandemic.

Strong demand and rising prices are a boon for Nucor’s steel mill segment. Steel making accounted for almost two thirds of the company’s sales.

The results cap a nearly $ 4 billion investment strategy that spans Nucor’s nine projects over several years, Topalian said.

Much of that investment went into building a plate mill in Brandenburg, Kentucky. The factory in which Nucor intends to produce steel plates for the end market of wind farms is scheduled to go into operation at the end of next year.

“This investment is incredibly strategic and positioned not only where it is in the geography but also when we think about what is happening in the renewable offshore wind market,” said Topalian.

“This mill will be a unique, differentiated value supplier for our customers now and in the future. We are therefore geared towards the long term, we will continue to invest and continue to grow.”

Nucor’s shares rose 2.29% to trade at $ 77.83.

Categories
Business

Whirlpool CEO sees robust house tendencies boosting equipment gross sales whilst costs rise

The demand for housewares and appliances is growing and the trend is not going to go away anytime soon, according to Mark Bitzer, CEO of Whirlpool.

“People have a strong focus on house and home,” said Bitzer in an interview with CNBC’s “Closing Bell” on Wednesday. “If you listen to all the companies posting their work guidelines, I would say that many consumers, on average, stay home an extra day or two. That just drives device usage and won’t go away anytime soon.”

On Wednesday, Whirlpool announced that the company made $ 433 million, or $ 6.81 per share, a sharp increase from earnings of $ 154, or $ 2.45 per share, a year ago. Without items, Whirlpool made $ 7.20 per share.

Revenue increased nearly 24% from $ 4.33 billion a year ago to $ 5.36 billion.

The company also raised its guidance for the year. Sales growth of 13% is now expected, more than double its previous estimate of 6% sales growth. Earnings per share are projected to be between $ 23.10 and $ 24.10.

Shares rose more than 2% in trading after the market closed on Wednesday.

Bitzer said sales of its products will continue to be aided by increased demand in the real estate market, which will fuel the industry’s growth in the years to come. In the short term, he said, Covid stimulus checks will help boost consumer spending.

Recent cost inflation in commodities like steel, plastic, oil, and freight has forced the company to raise prices, but that hasn’t deterred Bitzer’s optimism.

“Obviously we are facing an environment where we only see cost inflation. I don’t think cost inflation will go away overnight,” he said. “We saw the need to develop price increases and … price increases in the range of 5% to 12%.”

Categories
World News

Market hits an all-time excessive after blowout financial information and powerful financial institution earnings

US stocks rose to record levels Thursday after major companies reported strong gains and new economic data suggested a rebound in consumer spending and the labor market.

The Dow Jones Industrial Average rose 300 points to hit an all-time high. The S&P 500 gained 0.9% and also reached an intraday record. The Nasdaq Composite gained 1.1%.

Technology stocks rallied as bond yields fell. Netflix, Facebook, and Alphabet each rose more than 2%, while Amazon, Microsoft, and Apple each gained at least 1%. The 10-year government bond yield fell 9 basis points to 1.54%. Higher rates tend to undermine future profits for growth-oriented companies.

Retail sales rose 9.8% in March as additional incentives boosted consumer spending, the Commerce Department reported Thursday. That number beat the Dow Jones estimate of 6.1%.

A separate report dated Thursday showed that initial unemployment insurance claims had dropped to their lowest level since March 2020. The Department of Labor reported 576,000 new jobless claims for the week ending April 10. The economists polled by Dow Jones expected a total of 710,000.

Shares of UnitedHealth, a Dow member, rose 4% after results beat predictions on the road and health insurer raised its guidance for 2021.

Pepsi stock rose 0.3% after the snacks and beverages maker posted a nearly 7% increase in sales in the most recent quarter, beating estimates.

The market has continued to improve in recent sessions, given the economic reopening and trillion dollar incentives to hit new records. The S&P 500 was up nearly 10% in 2021, with Energy and Finance being the most recent year to date.

“I am incredibly optimistic about the markets and you are right to be concerned about our shortcomings,” said Larry Fink, CEO of BlackRock, in an interview on Squawk Box. “If we don’t have sustained economic growth that is sustainable for the next 10 years, our deficits will play a role and raise interest rates … I believe, due to monetary incentives, tax incentives and cash on the verge of profits, markets are fine. The Markets will continue to be stronger. “

Citigroup shares erased previous gains, most recently trading 0.4% lower. The bank posted results that exceeded analysts’ estimates for first quarter earnings, with strong investment banking revenues and a higher than expected release of loan loss provisions.

Bank of America stocks rose as profits spilled over the last quarter on booming trade and investment banking results and the release of credit risk reserves. However, stocks fell 2%.

The new public crypto exchange Coinbase gained 1.7% in volatile trading after it was revealed that Ark Invest’s Cathie Wood was charged on the first day of trading.

On Tuesday, the Food and Drug Administration called for a break in J & J’s Covid-19 vaccine administration after six people in the United States developed a rare blood clot disorder. The announcement sparked a sell-off when the Games reopened earlier this week, but is not expected to have a material impact on the pace of U.S. vaccine rollouts.

Did you like this article?
For exclusive stock selection, investment ideas and CNBC Global Livestream
Sign up for CNBC Pro
Start your free trial now

Categories
Business

Chipotle’s digital gross sales stay sturdy as eating rooms reopen: CFO

Chipotle Mexican Grill is encouraged by the strength of its digital sales even with its dining rooms open due to coronavirus-related closures, CFO Jack Hartung told CNBC on Friday.

“The pandemic has really put some turbochargers behind our digital business, of course, but as we start to see Covid behind us – and we still have a long way to go – we keep most of that digital business, around 80%,” said Hartung in an interview on “Closing Bell”.

“Then when the restaurants reopened … we regained about 60% of what we lost when the pandemic started,” added Hartung, who joined Chipotle nearly two decades ago. “So, really, we’ll be ahead of the game in the end, though [the] The pandemic is completely behind us. We are very optimistic about where we are going from here. “

During the Covid crisis, customers flocked to Chipotle’s online ordering options. The fast casual chain saw digital sales jump 174% year over year in 2020, resulting in a 7.1% increase in total sales. Digital sales accounted for 46.2% of the California-based company’s sales last year, compared to 18% of sales in 2019.

In November, Chipotle opened its first restaurant entirely digital. More recently, quesadillas have been added to the menu, but the long-awaited addition is only available for online orders.

Earlier this week, Chipotle announced an expansion of its debt-free college degree for employees. It now includes degrees in agriculture, food and hospitality.

According to Hartung, Chipotle has seen positive results since the educational initiative was launched almost two years ago.

“When our employees use these debt-free programs, they are three and a half times more likely to stay with us and seven times more likely to be in leadership positions. We see this as an investment in our people.” Said Hartung.

Chipotle’s shares closed the session modestly on Friday at around $ 1,531 apiece. The stock is up 10.4% since the start of the year and nearly 100% over the past 12 months.

Categories
Business

GM’s first-quarter gross sales up 3.9% on robust client demand

A customer looks at a General Motors Co. Chevrolet vehicle on sale at a Colma, Calif. Car dealership on Monday, February 8, 2021.

David Paul Morris | Bloomberg | Getty Images

DETROIT – General Motors’ vehicle sales were driven by strong consumer demand in the first quarter as fleet sales cratered and a persistent shortage of semiconductor chips shut down some assembly plants.

The Detroit-based automaker announced Thursday that it had sold 642,250 vehicles in the first three months of the year, up 3.9% year over year when Covid-19 began forcing dealerships and auto plants to close in March .

GM and the majority of the other major automakers in the US are expected to report first-quarter sales on Thursday. Analysts expect sales across the industry to grow 8% or 9% compared to the first quarter of 2020.

According to GM, retail sales to individual consumers rose 19% in the first quarter, while fleet sales to corporate and government customers declined 35% year over year. The automaker expects consumer demand to remain stable this year.

“Consumer confidence and spending will continue to rise due to incentives, rising vaccination rates and the gradual reopening of the economy,” said Elaine Buckberg, GM’s chief economist, in a press release. “Demand for automobiles should remain strong all year round.”

GM’s Buick, Cadillac, and GMC brands saw double-digit sales increases in the first quarter, while Chevrolet – the largest brand – fell 1.7%. Chevrolet’s decline was due to a 12.5% ​​decline in sales of Silverado vans.

Hyundai’s record month

Automakers that are less reliant on fleet sales in the US saw larger gains than GM in the first quarter. These include: Volkswagen, up 21%; Toyota Motor, up 21.6%; Hyundai Motor, up 28%; and Kia Motors by 22.8%.

Hyundai’s sales were particularly impressive. For the quarter, the South Korean automaker’s results relied on a 38% increase in retail sales, including the best monthly retail and total sales ever in March.

“We had a great month. I mean, almost unexpected all-time records,” said Jose Munoz, CEO of Hyundai North America, on CNBC’s “Squawk on the Street” on Thursday. “I have to be optimistic, but there are a lot of challenges in the automotive industry these days.”

Ford, America’s second largest automaker after GM in the US, won’t report its first-quarter domestic sales until Monday.

Categories
Business

Godzilla vs. Kong China field workplace headed for sturdy opening weekend

A still image from Warner Bros. “Godzilla vs. Kong.”

Source: Warner Bros.

“Godzilla vs. Kong” is on its way to a monster opening weekend at the Chinese box office. This is welcome news for an industry ravaged by the coronavirus pandemic.

According to initial estimates, the film, in which two of the cinema’s most famous monsters compete against each other, secured around US $ 21.5 million on the country’s opening day.

The sequel is currently running just before its predecessor “Godzilla: King of the Monsters”, which brought in around 18 million US dollars on its first day of cinema in China in 2019. Ultimately, $ 66.7 million was raised for the entire weekend.

The film will be released internationally this weekend, but will be available in North American theaters and on HBO Max on March 31st. “Godzilla vs. Kong” will be on the streaming service for 31 days after its release and then switch to premium video by demand.

“The release of this film is very welcome news for the film industry, even if the domestic streaming element is involved,” said Shawn Robbins, chief analyst at Boxoffice.com. “Overall, the Asian markets were strong drivers of the franchise’s box office expertise, with China alone contributing around a third of global revenues to ‘Kong: Skull Island’ and ‘Godzilla: King of the Monsters’.”

At the beginning of the weekend, analysts were optimistic that Godzilla vs. Kong could deliver strong results in China. After all, the country is currently the leading box office manager for ticket sales in 2021, and has been instrumental in driving ticket sales for the latest Godzilla and King Kong films.

Strong ticket sales in China

According to Comscore, China’s box office made $ 2.64 billion in ticket sales between January 1 and March 21, most of all territories.

By comparison, Japan, the second largest cash collector, made just $ 292.6 million in ticket sales in the first three months of the year. The domestic box office, which ranks third, has just under $ 200 million in ticket sales.

Domestically, the film industry has been hard hit by the pandemic, leading to long-term closings of major theaters and the postponement of blockbuster films. Only recently, theaters in key cities like Los Angeles and New York City received local permits to reopen.

With movie theaters now open and a steady surge in vaccinations, the industry is hoping box offices in the US and Canada will rebound.

“With much of the world waiting for theaters to reopen more stably and for vaccine implementation to further boost consumer sentiment, the film’s current presence in Chinese cinemas is one of the most important steps to take in the long-term industry global upswing, “said Robbin.

The Chinese box office has accelerated over the past decade, threatening to overtake North America as the highest-earning area in the world. In 2012, China had ticket sales of just $ 2.7 billion. By 2019, that number was $ 9.2 billion, just two billion behind North America.

Because of the pandemic, China overtook North America last year, raising $ 3.1 billion, compared to $ 2.25 billion domestically.

China’s strong ticket sales in 2021 are particularly due to the fact that more theaters are open, the audience capacity is higher, and more new films are being released.

While theaters in the US and Canada are 25% to 50% full, many theaters in China are allowed to open at 75%. This enables them to generate a significantly higher amount every weekend at the box office.

“What the Chinese market is telling me is not necessarily that it is outperforming, but it shows the performance that an open film market should be,” said Josh Grode, CEO of Legendary. “It’s a strong sign around the world that people really enjoy going to the movies and enjoying a social experience.”

Legendary co-produced “Godzilla vs. Kong” alongside Warner Bros. and has distribution rights in China.

“There is something to be said about the shared experience.” Said Grode. “Go inside, let the lights go out, scream and shout and be entertained and fed on the energy of the person next to you.”

A monster showdown

Audiences in China are also leaning towards premium ticketing for upgraded seating and screens that cost more. IMAX, for example, has a massive presence in China and continues to increase the number of screens operated in the region.

In 2014, when Godzilla was released, IMAX had fewer than 150 screens in China. Now that Godzilla vs. Kong is out there are around 700 screens.

“There’s a big appetite for the right film and a special appetite for premium,” said Richard Gelfond, CEO of IMAX. “You want to see something very special.”

Godzilla and King Kong fight in Warner Bros.’s “Godzilla vs. Kong.”

Source: Warner Bros.

Hollywood action films tend to draw large crowds to Chinese theaters and often make up a significant portion of ticket sales, especially in recent years.

Looking at “Godzilla” from 2014, domestic ticket sales reached $ 200.6 million, or about 39% of the movie’s total worldwide sales. Ticket sales in China were under $ 80 million, or 15%.

Fast forward to 2019 when Godzilla: King of the Monsters was released, China accounted for 36% of the movie’s global box officer at $ 137.6 million, and North America accounted for $ 110.5 million in ticket sales 29% off.

“The legendary monster film genre has had a special resonance in the international market for decades,” said Paul Dergarabedian, Senior Media Analyst at Comscore. “China, in particular, has been an incredibly important source of revenue and fan-based enthusiasm for the franchise and has been appropriately at the center of the marketing and sales effort for the film.”

“There’s no denying that the sheer size and scale of these two larger-than-life characters makes it necessary to see the film best on the largest screen possible,” he said.