Traders ought to keep the course after Tuesday’s decline

CNBC’s Jim Cramer advised investors Tuesday to stick to their trading strategies and ignore the often-changing prism of the market after stocks enjoyed a five-day winning streak.

“Please don’t go by the daily action, because that just tells you that you are using the filter we all use instead of doing your own homework and making your own judgments”, the “Bad money“Said the host.

“Much of the junk thrown away tonight and tonight could turn out to be the treasure of the market once we get herd immunity,” he said, adding, “We’ll get herd immunity sooner than Wall Street expects we get there. “

The comments come after the major averages all fell from their highs on Monday in the middle of a busy earnings reporting week. That S&P 500 fell by almost 0.5% and the tech-heavy one Nasdaq composite pulled back more than 1% as concerns about the spread of Covid-19 variants and the potential impact on economic recovery continued to grow.

The Centers for Disease Control and Prevention announced on Tuesday that the publicWhether vaccinated or not, face masks should be worn in indoor areas with high transmission rates.

Cramer said the new guidelines helped boost sales of many stocks. Shares in United Parcel Service slipped by almost 7% and Tesla The stock lost 1.9%, despite both companies reporting better-than-expected numbers in the second quarter.

“After two tirelessly positive weeks of profit, we have adapted. Great only becomes good, not so bad just becomes bad… let’s just say things are seen as terrible, ”said Cramer.

“You have to keep in mind that this prism could be temporary … but I suspect the market is in debug mode,” he added.

Meanwhile, recession stocks like utilities, drug and food stocks began to rise, Cramer noted.

“The CDC, NIH, and FDA have all created many moments of pain and hysteria that the market could normally shake,” said Cramer. “This time around, however, the Prism says we’re not going to be able to do this anytime soon, so buy recession-proof stocks that don’t have to worry about the economy like the drugs or the utilities.”

Covid deaths on the rise once more within the U.S. after weeks of decline, CDC says

A nurse disinfects her hands as she leaves a coronavirus disease (COVID-19) patient room in the intensive care unit at SSM Health St. Anthony Hospital in Oklahoma City, Oklahoma on Jan. 28, 2021.

Nick Oxford | Reuters

Coronavirus deaths are picking up again as the Delta variant tears through unvaccinated pockets in the country, the director of the Centers for Disease Control and Prevention said Friday.

“After weeks of declines, the seven-day average daily deaths rose 26% to 211 per day,” said Dr. Rochelle Walensky during a press conference.

New cases are also on the rise, with a current seven-day average of 26,300 cases, according to the CDC. That is around 70% more than the seven-day average of the last week.

The seven-day average for hospital admissions is now 2,790, which is about 36% higher than a week ago after weeks of declines.

In light of the new numbers, Walensky said the pandemic has now become a “pandemic of the unvaccinated”.

“We are seeing outbreaks of cases in parts of the country that have low vaccination coverage because unvaccinated people are at risk and communities that are fully vaccinated are generally doing well,” Walensky said.

Only four states accounted for more than 40% of all new cases in the past week. One in five cases occurred in Florida alone.

The five states with the highest number of cases, Arkansas, Florida, Louisiana, Missouri, and Nevada, all had higher vaccination rates compared to the national average.

The US reports an average of 530,000 vaccinations per day over the past week, according to the CDC. More than 3 million shots per day were reportedly administered at peak levels in mid-April.

According to CDC data, about 65% of Americans 12 and older have received at least one dose of a Covid vaccine, and 56.5% are fully vaccinated.

Walensky claimed that the Pfizer and Modern Vaccines are still highly effective against the Delta strain, although studies have shown reduced effectiveness of the vaccines over the highly transmissible variant.

Israel Ministry of Health released preliminary results showing the effectiveness of the Pfizer vaccine in preventing infection from the Delta variant at 64%. The study also showed similar effectiveness in preventing serious illness from the virus variant after two doses. Some experts have criticized the Israeli study, citing problems with Israeli genome monitoring.

Other Studies by Public Health England and The Lancet put Prevention rates for the Delta variant after two doses of a Pfizer vaccine at much higher numbers. Walensky also cited numbers “exceeding 90%” in mRNA vaccine protection against hospitalization and death against the Delta variant.

CNBC’s Nate Rattner contributed to this report.

This is the latest news. Please check again for updates.

UK dangers Italy-style decline as financial challenges mount – think-tank

Skyscrapers in the financial district of the City of London can be seen from City Hall in London, Britain, on May 8, 2021. REUTERS / Henry Nicholls

Britain faces a decade of major political challenges that could bring economic performance closer to that of Italy than Germany, Europe’s powerhouse, a think tank said Tuesday.

The Resolution Foundation said the UK needs to address Brexit-related issues on top of those of other countries, including the impact of COVID-19, the transition to a net carbon-free economy, an aging population and technological change.

Without proper planning, Britain risked the slowest productivity growth in over 120 years in the past decade and higher inequality than any other country in the European Union except Bulgaria.

“The UK’s recent record of poor productivity, stagnant living standards and high inequality makes a new economic approach desirable,” said Clive Cowdrey, founder of the Resolution Foundation.

“What makes a new approach essential is the extent of the changes to come.”

Prime Minister Boris Johnson has pledged to “level” the UK economy by targeting investment and jobs in areas lagging behind London and in areas around the capital. He also speaks of a “global Great Britain” after leaving the European Union.

However, the Resolution Foundation said the UK has no plan to meet these goals over the next decade and the country is risking wasting economic strengths such as high employment levels that are now being jeopardized by increasing automation.

When the Resolution Foundation launched an investigation with the London School of Economics’ Center for Economic Performance, it said Italy had seen no growth in GDP per capita in the past two decades, while Britain had recently fallen further behind Germany.

“If the UK’s pace of underperformance against Germany continues at the same pace in the 2020s, it will end this decade with a GDP per capita much closer to Italy than Germany,” the think tank said.

The research is funded by the Nuffield Foundation, a charity that funds social policy research.

Our standards: The Thomson Reuters Trust Principles.

Gottlieb says instances will decline, vaccinations monumental achievement

New cases of Covid-19 are falling sharply in the US as millions of people are vaccinated every day. This fuels optimism that the nation may have averted the surge in infections in other parts of the world and is finally turning the corner for worse outbreaks worldwide.

As of Saturday, the 7-day average daily new cases fell below 50,000 for the first time since October and is down 17% from the previous week, according to a CNBC analysis of data from Johns Hopkins University. Hospital stays and deaths due to the disease are also decreasing.

The cases are falling as more Americans get vaccinated. To date, more than 100 million people in the US have been fully vaccinated against Covid-19. according to to the Centers for Disease Control and Prevention or to almost a third of the population. Approximately 146 million people, or 44% of the population, have received at least one dose of vaccine.

Former Food and Drug Administration Commissioner Scott Gottlieb said Sunday that the steep decline in new Covid-19 cases in the US is likely to continue and predicted a “relatively calm summer in terms of the spread of coronavirus” .

“Look, the situation in the US continues to improve, and I think the decline in cases will accelerate in the coming weeks,” Gottlieb said on CBS News’ Face the Nation.

The doctor credited the mass vaccination campaign launched under President Donald Trump and continued under President Joe Biden to help stem the spread of the disease.

The rate of vaccine administration has decreased somewhat In the past few weeks, after having stood up for months, most of the people who were most likely to want a shot got one. However, Gottlieb said that continued vaccination, even in a slower location, will lower virus transmission.

“This was a monumental achievement – the introduction of this vaccine, the vaccination of so many Americans – and it will go on,” said Gottlieb. “We will keep working on it. The vaccination rate will slow down in the coming weeks. But we will continue to take in more people when we come into the summer.”

Dr. Anthony Fauci, White House Pandemic Advisor, recommended last week he expected a “significant reduction in the number of infections per day and a significant reduction in all parameters, namely hospitalizations and deaths” in a few weeks.

The CDC has revised its public health guidelines and said fully vaccinated people can attend small outdoor gatherings without wearing a mask.

“Today is another day when we can take a step back to normal,” said CDC director Rochelle Walensky during a press conference on the announcement. “When you are fully vaccinated things are much safer for you than those who are not fully vaccinated.”

Celebrating the fall in cases, Biden predicted that Americans could potentially get together with friends and family to celebrate July Fourth.

“After a long, tough year, this will make this Independence Day very special – where we not only mark our independence as a nation, but also begin to mark our independence from this virus,” he said in March.

Cities and states have moved in different paces in response to advances in controlling the spread of Covid-19. New York City Mayor Bill de Blasio said he intends to fully reopen the city on July 1. A prospect some experts thought plausible, while Governor Andrew Cuomo said he hoped the city could open even sooner.

Optimism has spread to the stock market, where US indices have hit near record highs.

To get a feel for what might be coming up for the US, Gottlieb said it might be helpful to check out heavily vaccinated San Francisco.

“About 71% of the people in San Francisco had at least one dose of the vaccine, 47% were fully vaccinated. They record about 20 cases a day. You have about 20 people hospitalized,” Gottlieb said.

“They have dramatically reduced Covid in this city and it is largely the result of vaccinations,” he added.

From a financial point of view, Gottlieb suggested that the profits from vaccination were “stalled” and “fairly sustainable”.

“We are entering warm months in which this will create a setback against the spread of the coronavirus, and we are securing these profits,” said Gottlieb.

More than 577,000 people have died of Covid-19 in the United States and more than 32 million have been infected. In December and January, health officials reported an average of more than 200,000 new infections per day.

Even if the health situation in the USA is on the verge of normal, it is deteriorating in other countries with fewer resources. In India, new daily events exceeded 400,000 on Saturday, a record.

Disclosure: Scott Gottlieb is a CNBC employee and a member of the boards of directors of Pfizer, genetic testing startup Tempus, health technology company Aetion Inc., and biotech company Illumina. He is also co-chair of the Healthy Sail Panel for Norwegian Cruise Line Holdings and Royal Caribbean.

Subscribe to CNBC Pro for the TV livestream, deep insights and analysis of how to invest during the next presidential term.

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 reduces deliveries of its single dose Covid-19 Vaccine up 86% next week as it struggles with manufacturing issues at a large facility in Baltimore.

The government allocated just 700,000 J&J shots to the states next week, up from 4.9 million the week before. according to dates 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 did commissioned J&J to manufacture vaccines at the plant and stopped production of the AstraZeneca vaccine there.

Once approved, J&J could dispense up to eight million doses weekly, according to Jeff Zients, Covid-19 coordinator for the White House said during a press 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.

Andrew Cuomo, Governor of New York said in a statement on 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 also have temporary In certain facilities, J&J vaccinations were stopped 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, the CDC said it did not find any safety issues or cause for concern about the J&J doses. according to a statement from the North Carolina Department of Health and Human Services. 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 Physician of the Officer Department, said in a statement.

The J&J vaccine was the third vaccine approved in the United States, after vaccines from Pfizer and Moderna. As of Friday evening, the company had shipped nearly 15 million cans in the United States. according to CDC data.

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 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 the UK, has become the dominant strain that US President Joe Biden has urged states to adopt Open vaccination appointments for all adults until April 19 as the nation tries to immunize as many people as possible, the virus mutates.

WHO warns of uptick in Covid instances globally after weeks of decline

Medical workers move a patient to the intensive care unit of Sotiria Hospital as part of the coronavirus disease (COVID-19) pandemic on March 1, 2021 in Athens, Greece.

Giorgos Moutafis | Reuters

World Health Organization officials said Wednesday that scientists are trying to understand why Covid-19 After weeks of infection, cases suddenly appear in large parts of the world.

2.6 million new cases were reported worldwide last week, up 7% from the previous week, the WHO said in its weekly epidemiological update, which reflects data received on Sunday morning. That follows six consecutive weeks of declining new cases around the world.

The reversal could be caused by the emergence of several new, more contagious variants of the coronavirus, easing public policies and what is known as pandemic fatigue, where people are tired of taking precautionary measures, the WHO said in its weekly report. Maria Van Kerkhove, WHO director of emerging diseases and zoonosis, said Wednesday during a question and answer session at the organization’s headquarters in Geneva that the global health agency is trying to better understand what is reversing the trend in each region and each Land caused.

“I can tell you that we are concerned about the introduction of vaccines and vaccinations in a number of countries. We still need people to do their actions on an individual level,” she said, urging people to exercise physical distancing practice and continue wearing masks when they are around others.

“Given this week-long increase in trends, it’s a pretty stern warning to all of us that we need to stay on course,” said Van Kerkhove. “We must continue to adhere to these measures.”

Dr. Mike Ryan, executive director of the WHO’s health emergencies program, suggested the increase could be because “we may relax a little before we get the full effect of vaccination”. He added that he understood the temptation to socialize and return to more normal behavior, but “the problem is every time we did that before the virus took advantage of it.”

Ryan reiterated that the cause of the surge in the cases remains unclear, but added that the tried and tested public health measures highlighted during the pandemic are still in effect.

“When the cases are decreasing it’s never all we do and when they are increasing it’s never all a mistake,” he said.

Ryan noted that deaths have not yet risen with the cases, but that could change in the coming weeks. Hopefully, vaccinating those most severely affected by the disease could prevent an increase in deaths.

While the introduction of vaccines in some countries gives cause for optimism, Ryan noted that many nations around the world have not yet received doses. He said 80% of the doses were given in just 10 countries.

WHO’s remarks are consistent with those recently made by federal officials in the United States. Dr. Rochelle Walensky, director of the Centers for Disease Control and Prevention, has been warning for days that the decline in new cases every day in the United States has stalled and increased.

In the past seven days, the United States reported an average of more than 65,400 new cases a day, according to Johns Hopkins University. That’s well below the high of about 250,000 new cases per day the country reported in early January, but it’s still well above the infection rate the US saw the summer when the virus swept the sun belt.

“At this level of instances where variants spread, we will completely lose the hard-earned ground we have gained.” Walensky said Monday. “With these statistics, I’m really concerned that more states are rolling back the exact public health measures we have recommended to protect people from Covid-19.”

“Please listen to me clearly: at this level of cases with spreading variant, we are going to completely lose the hard-earned ground we have gained,” she said.