Tuesday, August 3, 2021

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Good morning, especially to the early risers watching Simone Biles return to Olympics competition on the balance beam, which began at 4:50am ET.

Woke up at a normal hour and missed it? No worries—NBC is airing the event tonight in primetime. Dare you to try and go the whole day without finding out the results. 

MARKETS


Nasdaq

14,681.07

S&P

4,387.16

Dow

34,838.16

Bitcoin

$38,967.52

10-Year

1.178%

Square

$272.38

*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean.

  • Markets: Bond yields fell yesterday, which may indicate hesitancy on Wall Street toward future economic growth. Investors did give a standing O to Square, which on Sunday announced a $29 billion acquisition of Australian buy now, pay later firm Afterpay.
  • Economy: For the first time in months, supply chain bottlenecks are easing, according to a report from the Institute for Supply Management. As the economy’s opened up, Americans are spending more money on services than goods, putting less pressure on producers.
  • Covid: 70% of US adults are now at least partially vaccinated, a threshold the Biden administration hoped to achieve about a month ago.

Giphy

With the highly contagious Delta variant spreading across the globe, more countries are making plans to offer vulnerable residents an extra layer of vaccine protection. Germany said yesterday it would offer Covid-19 booster shots to older people and those with underlying health conditions starting in September. 

Other governments have made similar moves:

  • Israel began giving a booster shot to people over 60 this past weekend. 
  • Britain will begin offering a booster of a Covid vaccine starting in September, the Telegraph reported.
  • Bahrain is giving Pfizer boosters to some people who received China’s Sinopharm vaccine.

What about the US?  

There's no clear roadmap, but momentum is building to offer some Americans a booster shot.

  • Dr. Amanda Cohn of the CDC’s immunization division said that officials were “actively looking into ways” to give people access to booster shots “earlier than any potential regulatory decisions.” 
  • Former FDA chief Scott Gottlieb told CNBC, “My guess is sometime by September or October we will be giving booster shots to older individuals and certainly immunocompromised.” We should note: Gottlieb is on the Pfizer board.  

Is there any evidence that they're needed? Pfizer and BioNTech released a study (not yet peer-reviewed) that showed their vaccine’s effectiveness drops from 95% to 84% after about six months. Pfizer suggested a third shot would help bolster immunity in vulnerable populations as the Delta variant spreads.

  • Some experts aren't convinced. “I would say right now, there is not evidence that we need to go ahead with boosters in the United States, but that’s an ongoing debate,” NIH Director Dr. Francis Collins said on GMA.

One thing is clear: There's a lot of $$$ in boosters. Pfizer forecasted $33.5 billion in Covid vaccine sales this year, a 29% bump from previous estimates, in anticipation of selling a third dose. It plans to ask for regulatory approval in the US for a booster shot this month. 

Bottom line: When asked about the need for boosters, the medical community repeatedly offers up a big shrug. But given concerns about decreasing vaccine effectiveness against Delta, it sure looks like they may make an appearance for certain populations in the US by the fall. 

        

BANKING

Every Investment Bank Right Now

Meredith Grey saying "So pick me. Choose me. Love me."

Grey's Anatomy

Peer pressure works. Goldman Sachs joined other Wall Street banks and bumped the salary for its first-year analysts to $110k, an increase of nearly 30%. The move comes weeks after Morgan Stanley and JPMorgan also boosted starting salaries to $100k for junior analysts.

The backstory: In March, an internal survey of Goldman analysts revealed they worked 100-hour weeks in a pressure cooker environment. Those young employees warned there was only a 35% chance they’d continue at the firm longer than six months unless working conditions improved.

  • CEO David Solomon responded by saying the bank would hire more analysts, automate what could be automated, and enforce a no-work-on-Saturdays rule.
  • But as other banks hiked salaries and offered perks like free Pelotons, Goldman felt like it had no choice but to one-up its rivals.

Bottom line: Like in many industries, investment banking firms are desperate to fill open roles and, as a result, have raised salaries. Your friends graduating from business school are finding themselves at the center of a very lucrative bidding war.

        

Drew Angerer/Getty Images

America’s infrastructure system, which scored a C- this year, is going to summer school. 

The Senate is expected to pass an infrastructure bill this week that will provide a much-needed upgrade to the US’ bumpy roads, glitchy internet, and 100-year-old water pipes. 

By the numbers: The deal calls for more than $550 billion in new spending, including…

  • $110 billion for roads and bridges 
  • $73 billion to modernize the nation’s energy grid
  • $66 billion for rail and Amtrak 
  • $65 billion for broadband expansion 
  •  $55 billion to improve the country’s drinking water
  •  $39 billion for transit

Virtually no part of the US economy is untouched by the plan. Senate Majority Leader Chuck Schumer said it’s been decades since Congress passed “such a significant, stand-alone investment.”

Who’s paying for it? Is a tax hike on the horizon? Nope. The White House said the money will come from reclaiming unused Covid aid funds, collecting unpaid taxes on cryptocurrency investments, and selling billions of dollars worth of oil from reserves.

Zoom out: Corporate winners include Amazon, FedEx, UPS, and airlines, while losers are the crypto industry and electric vehicle companies, which received significantly less funding than initial plans showed.

        

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GRAB BAG

Key Performance Indicators

Lord of the Rings still from Amazon

Amazon Studios

Stat: After years of speculation, Amazon’s Lord of the Rings TV series finally has a release date—September 2, 2022, just in time for the Theta wave. With a first season that will cost $465 million, it’s the most expensive television show of all time.

Quote: “I am very glad I was vaccinated because without vaccination I am certain I would not feel as well as I do now.”

Sen. Lindsey Graham, a Republican from South Carolina, revealed that he tested positive for Covid-19 despite being fully vaccinated. Graham is the first “breakthrough” case in the Senate.

Read: Who actually gets to create Black pop culture? (Current Affairs

        

ENTERTAINMENT

Hello Black Sunstone

NEW YORK, NY - NOVEMBER 28:  Actress and Founder of Hello Sunshine Reese Witherspoon

Dave Kotinsky/Getty Images

Reese Witherspoon’s production company, Hello Sunshine, has been sold for an estimated $900 million to a new, unnamed media firm with lots of big names attached to it. Two former Disney execs, Kevin Mayer and Tom Staggs, are the fearless leaders, and it’s backed by private equity giant Blackstone. 

  • Their goal: scoop up smaller, high-quality content companies like Witherspoon’s and monetize through distribution partnerships and commerce. 

The backstory: Reese Witherspoon, the only actress with the range to play both Elle Woods and June Carter Cash, founded Hello Sunshine in 2016, and went on to produce some mega TV hits like Little Fires Everywhere, The Morning Show, and Big Little Lies. Witherspoon told the WSJ that her company's success shows that viewers crave more stories centered on women. 

Looking ahead...Blackstone is bankrolling the media venture with $2 billion, so Mayer and Staggs are on the hunt for other acquisitions. One potential target: LeBron James and Maverick Carter's SpringHill production company. 

        

WHAT ELSE IS BREWING

  • A US labor board official recommended a re-run vote in an Amazon union election in Alabama, an effort that failed back in April.
  • The Biden administration said the CDC was powerless to extend the eviction moratorium that expired on Saturday, and urged state and local jurisdictions to help renters from getting kicked out. 
  • Equinox and SoulCycle will require members to show proof of vaccination starting in September.
  • Google teased its new Pixel 6 and Pixel 6 Pro phones.

Olympics links

  • Poland granted a humanitarian visa to Belarusian sprinter Krystsina Tsimanouskaya, who had been pressured to return to Belarus after criticizing team officials. 
  • US women’s soccer lost 1-0 to Canada in the semifinal and will play Australia for the bronze medal.
  • Laurel Hubbard, a New Zealand weightlifter, became the first openly transgender woman to compete at the Olympics.

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Tech Tip Tuesday: You’re going to be asked to prove your vaccination status. Here’s how to do it on your phone.

Marvelous machines: This robot can set up a butt-ton of dominoes really, really fast.

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Big company trivia

Fortune released its list of the 500 global companies that brought in the most revenue in 2020. Five US companies are in the Top 10—can you name them?

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ANSWER

Walmart (which is #1), Amazon, Apple, CVS, UnitedHealth Group


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1 big thing — Scoop: Biden stiffs left on Breyer


Justice Breyer at the Supreme Court in April. Photo: Erin Schaff via Getty Images

 

President Biden and his top aides are rebuffing activists who want the White House to pressure Supreme Court Justice Stephen Breyer to retire, sources with direct knowledge of the situation tell Jonathan Swan.

Behind the scenes: Both Biden and White House chief of staff Ron Klain believe applying such pressure — publicly or even privately — would politicize and damage the institution of the Supreme Court.

  • They're also afraid it could backfire.

Why it matters: Anxiety is rising on the left about Breyer, who turns 83 on Aug. 15 and has shown no inclination to vacate his seat for a younger liberal justice.

  • Progressives have PTSD about Ruth Bader Ginsburg's fateful decision to hang on through the Obama era. She died during Donald Trump's presidency, giving Republicans the power to choose her replacement.

Biden would be perfectly happy if Breyer chooses to step down soon.

  • But the president and Klain disagree strongly with progressive activists who are urging a presidential pressure campaign on Breyer to retire, according to sources with direct knowledge.
  • They also think it's tactically stupid. They believe that pressuring Breyer could cause the justice to stay in his job longer to prove he's unmoved by political interference.
  • Breyer appears to be relishing his new role as the court's most senior liberal justice. It's far from clear that he would give this up because of presidential pressure.

A White House spokesman, Andrew Bates, said: "The president's view is that any considerations about potential retirements are solely and entirely up to justices themselves."

State of play: Most Democrats in Congress — even staunch progressive senators like Elizabeth Warren — have held back from publicly calling for Breyer to retire.

  • Public pressure on Breyer has come mainly from advocacy groups. The most aggressive has been Demand Justice, led by Brian Fallon, a former spokesman for Obama's Attorney General Eric Holder.

Demand Justice first called for Breyer to step down in January. The group has run an online petition and digital ads, and hired a billboard truck to circle the Supreme Court.

  • Fallon told Axios: "For Democrats to sit on their hands and be content to potentially watch a slow-motion replay of the RBG situation play out just goes to show the folly of our party's passive approach to the courts over the years."

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2. COVID hospitalizations surge to last summer's level
Data: Our World in Data. Chart: Will Chase/Axios

Coronavirus hospitalizations are surging again, threatening to overburden some local health care systems just as badly as the waves that hit last spring and summer, Axios' Caitlin Owens reports.

  • More than 40,000 patients are currently hospitalized for COVID-19 infections.
  • Florida is setting new COVID-19 hospitalization records, forcing the state's largest hospital systems to limit visitors, expand coronavirus units and prepare for staffing shortages, ABC News reports.

Share this graphic.

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3. Axios-Ipsos poll: Blame goes to unvaccinated, foreigners, Trump
Data: Axios/Ipsos Coronavirus Index. (July 30-Aug. 2 poll of 999 U.S. adults. Sampling error: ±3.3 points.) Chart: Connor Rothschild/Axios

Americans blame rising COVID cases on the unvaccinated, people from other nations traveling to the U.S. and Donald Trump, Axios managing editor Margaret Talev writes from the Axios/Ipsos Coronavirus Index.

  • Vaccinated Americans overwhelmingly blame the unvaccinated as the central problem.
  • The unvaccinated aren't so sure who to blame — and are more likely to buy conspiracy theories involving the media or President Biden.

When asked whether they'd take the shots if their employer mandated it, only one in three unvaccinated Americans said yes.

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A message from AT&T

AT&T is connecting communities to their American Dream
 

 

AT&T is making a $2 billion, 3-year commitment to help ensure broadband is more accessible and affordable for more people in the U.S., so low-income families like Susana’s have the opportunity to succeed and thrive.

Find out how.

 
 
4. Business travel stays grounded


Illustration: Annelise Capossela/Axios

 

Big companies are considering permanently cutting travel to slash costs and carbon emissions, Erica Pandey writes for Axios What's Next.

  • Why it matters: Business travel is a massive part of the global economy — with trillions of dollars and millions of jobs at airlines, hotels and travel agencies hinging on its return.

Corporate travel is projected to remain at 30% of 2019 levels by the end of 2021, according to a Deloitte survey of travel managers.

  • 76% of surveyed companies say they're going online for internal meetings that used to require flying.

Some parts of business travel are expected to bounce back, including conferences and trade shows.

  • The bottom line: Ya can't network on Zoom.

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5. Benefits of the new space race


Illustration: Shoshana Gordon/Axios

 

With billionaires in a new space race, Morgan Stanley estimates the global space industry could generate $1 trillion+ by 2040, up from roughly $350 billion now, Axios Future correspondent Bryan Walsh writes.

  • Competition among commercial space companies, including SpaceX and Blue Origin, has helped bring down the cost of reaching low-Earth orbit by a factor of 20, according to NASA.

Reductions in launch costs have helped make it possible to cheaply put thousands of satellites into orbit, with the number projected to rise from 3,400 now to as many as 100,000 over the next decade.

  • Ardent proponents of space dream of asteroid mining and lunar manufacturing facilities. But the most immediate offshoots of the new space age will come in far cheaper satellite broadband internet access.

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6. Vaccine misinfo spreads to every medium


Illustration: Shoshana Gordon/Axios

 

Nearly every type of media — newspapers, social media, websites, apps, online stores and television — shares some blame for the proliferation of anti-vax misinformation, Axios Media Trends expert Sara Fischer writes.

Local news, experts told the N.Y. Times (subscription), is more likely to publish repurposed online material, due to a lack of resources.

  • TV is also a key driver of vaccine misinformation, according to a recent study from the Annenberg Public Policy Center at the University of Pennsylvania. The research found that people who say they rely on conservative media are more likely to believe vax conspiracies.

Keep reading.

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7. 🥊 SEC eyes crypto

SEC Chair Gary Gensler signaled in a Bloomberg interview that he's contemplating a robust cryptocurrency oversight regime, centered on safeguards for investors.

  • "While I’m neutral on the technology, even intrigued — I spent three years teaching it, leaning into it — I'm not neutral about investor protection," said Gensler, who speaks about crypto today.
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8. Former intel chief pushes to move Beijing Games


The Winter Games emblem is installed in Beijing on Sunday. Photo: VCG via Getty Images

 

John Ratcliffe, President Trump's final director of national intelligence, tells Axios that the U.S. should push to move the Winter Olympics, scheduled to open in Beijing in six months, on national-security grounds.

  • In a statement to Axios, Ratcliffe cited the Chinese Communist Party's "mass cover-up of COVID's origins and its initial outbreak, in addition to its crimes against humanity in Xinjiang."

This week, Ratcliffe said in an op-ed for Fox News that the world and the IOC "should not allow Beijing to enjoy the benefits of hosting a massive global event while rejecting transparency."

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9. Ina's Tokyo diary
Photo: Ina Fried/Axios

In Tokyo, Axios' Ina Fried swapped her reporter credential for a photographer's pass.

Between the lines: Photographers get access to more places than writers. But with a photog pass, you can still write! Ina tells me:

I have always enjoyed photography and have tried to learn as I go, taking any opportunity to learn. ... The Olympics are a great place to do that, as I first experienced when covering bobsled at the 2010 winter games for CNET.

Axios Olympics dashboard ... In photos: Tokyo Olympics day 11 highlights.

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10. 1 swipe thing: How COVID changed dating apps


Photo: FilippoBacci via Getty Images

 

Dating apps have boomed in the COVID era: 2020 was Tinder's busiest year. This year, users set two monthly records. Hinge tripled revenue from 2019 to 2020, and expects to double that this year, AP reports.

  • Tinder is adding tools to let you get to know people better online: You can add videos to your profile, and chat before matching.
  • The dating apps say video chats are here to stay: Almost half of Tinder users video-chatted with a match in the past 18 months.

Tinder, Hinge, OkCupid and Bumble all let you add a badge to profiles indicating that users have been vaccinated.

  • The catch: Like so much on the apps, there's no verification process.
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A message from AT&T

AT&T is connecting communities to their American Dream
 

 

AT&T is making a $2 billion, 3-year commitment to help ensure broadband is more accessible and affordable for more people in the U.S., so low-income families like Susana’s have the opportunity to succeed and thrive.

Find out how.

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Take A Knee, Then Take A Seat

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Perhaps the Dumbest Democrat Emails Yet

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CNN Runs the Defense Communications for D.C. Mayor Muriel Bowser

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We Should NOT Comply!

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What's Ripping American Families Apart? Responses From the Bizarre World of New York Times Readers

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Covidstan Strikes Back

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American Tech Sector Keeps Blowing Away the Rest of the World

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Tipsheet
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Oh, So That's How Some Outlets Protected the DC Mayor Who Violated Her Own COVID Mask Mandate

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These Two Liberal Media Outlets Partner with Twitter to Combat Online 'Misinformation'

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EXCLUSIVE: America First Legal Filing FOIA to Reveal UCLA Professor's Close Role with UN Racism Investigation

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The GOP Might Have Found Their Winning Midterm Message...Thanks to the CDC

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Biden Admin Finally Reaches 70% Vaccinations... a Month After Target Date

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DeSantis Slams Psaki for Alleging He Followed Politics Over Public Health Guidance

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America's 'Great Leap Forward' Into Socialism

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Cuban Uprising – Can Biden Do What's Right?

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An Invitation to Anarchy

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America Needs Heroes Now More Than Ever

D.W. Wilber


The Post-War Silence Can be Deafening. Combat Veterans Finally Have a Platform to Share Their Voice

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COVID Panic, Round 2

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From Youth at Risk to Children of Promise

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CALVID, Not COVID, Is Real Threat to Arizona from California

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We Were Here When Medical Science Lost Its Mind

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Return of Momma Grizzly? Sarah Palin Mulls Challenging RINO Traitor Murkowski

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D.C. Mayor Denies Violating Her Mask Mandate at Indoor Wedding, Photos Show Otherwise

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Psaki Insists Biden Isn't Shutting Down America Again, But Says He Won't 'Take Options Off the Table'

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Political Cartoons
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Gun Rights Battle Continues In South Africa | Tom Knighton

How Gun Control Swung Ohio Red | Tom Knighton

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Trans Weightlifter Laurel Hubbard Flops At Olympics Women’s Competition

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Upset: U.S. Women’s Soccer Loses To Canada, Ending Shot At Gold

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Matt Damon Faces Backlash After Admitting He Only Recently Stopped Referring To Gay Men As The “F-Slur”

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Top Republican Calls For Impeaching Biden And DHS Chief Over Border Crisis

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White House Blasts Back At Pelosi: CDC Cannot Reinstitute Eviction Ban

 

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