RICHMOND, Va. (WWBT) – Virginia’s emergency expert services are planning for the state’s 2nd key winter season occasion of the yr.
Dominion Vitality suggests it is absolutely staffed and has crews on standby pre-staging assets in places that may possibly be influenced by the storms so that they can be out early to evaluate any damage and restore power immediately.
VDOT has been performing the same factor on the ground stage pre-dealing with big interstates and roadways and salt and brine in advance of Sunday.
Crisis companies proceed to remind folks that your household is the most secure put you can be at the time the storms strike, but area organizations say there are ways you can take right now to be certain that your home is most effective shielded from snow and ice.
“Make certain your dwelling is able to stand up to the chilly climate,” Glenda Flores explained.
Flores is an account supervisor with Rubber Ducky Plumbing in Richmond and will work carefully with Heroes Restoration? Flores says both providers get the greater part of provider phone calls for flooding, but she says they noticed firsthand the damage performed to residences from the final winter party
“It can get really dear,” Flores mentioned. “Repairs can get to the countless numbers and that’s what you really do not want.”
Flores claims a good deal of the problems Rubber Ducky Plumbing and Heroes Restoration sees is from bursting pipes. When temperatures fall to in close proximity to or under freezing Flores states you need to enable your taps drip to maintain them from freezing. Water left in your hose can also freeze and develop, bursting the pipes in your residence if it is however related to your spigot.
“If your pipework or your spigot is a minimal aged and it bursts that can trigger a flood and a great deal much more destruction than people today expect even if the problems is just your property,” Flores said.
Flores claims you can also assistance hold your pipes warmer only by opening your cupboards to make it possible for much more circulation of heat air to the pipes in your partitions.
“Most kitchens and bathrooms have pipework powering the cabinets and walls,” Flores said. “Heat will go in there and hold them in a fantastic placement the place they won’t broaden or burst.”
Flores states you must also continue to keep your crawlspace door closed at all times in particular for the duration of the wintertime months owing to the probable of snow and ice melting and flowing back into your crawlspace.
The Office of Unexpected emergency Management states you should really also have an crisis preparedness package with a couple of days worth of food items and supplies.
“Make certain you have all those objects, your flashlights, your batteries, your bottled water, and meals.” Jason Elmore claimed. “We normally stimulate individuals to be organized for at minimum 72 several hours without ability.”
Copyright 2022 WWBT. All rights reserved.
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US broadcaster SiriusXM has purchased music for organization support, Cloud Address Music.
Cloud Protect operates throughout the United States and Canada, and offers history tunes for enterprises like places to eat and retail suppliers.
For the previous, the enterprise counts foods chains these as Burger King, Taco Bell and McDonald’s as some of its clientele.
It also works with US retail giant Walmart and a many other brand names from telco Sprint, to automobile giants Toyota, BMW and Mercedes.
By obtaining Cloud Address, the agency joins SiriusXM’s other songs for small business divisions SiriusXM Tunes for Organization and Pandora for Enterprise, equally of which drop under SiriusXM’s business music portfolio.
SiriusXM acquired Pandora in a $3.5 billion all-stock transaction back again in 2018.
In accordance to SiriusXM, the expert services accessible in its industrial tunes portfolio supply “comprehensive and complementary choices for companies of all sizes.
The Cloud Go over Tunes staff will carry on to be led by Vice President and Common Manager Mark Lehman.
In accordance to an FAQ site about the buyout on Cloud Cover’s internet site, the organization says that its “music group will continue to include new artists and stations, along with hundreds of hours of new songs each individual month”.
Provides Cloud Protect: “And we will keep on to invest in our item to retain it the best to use and the finest price on the marketplace.
“Of training course, with SiriusXM’s and Pandora’s considerable methods and skills supporting us, we will be capable to do even much more for our clients going forward.”
“We are thrilled to come to be part of the SiriusXM loved ones.”
Mark Lehman
Mark Lehman, stated: “We are thrilled to grow to be section of the SiriusXM family.
“As one of the quickest increasing tunes for company services, we’re proud of the keep track of file that Cloud Cover Music has achieved with our tens of thousands of shoppers.
“We’re energized to have the brand name recognition and toughness of SiriusXM and Pandora behind us as we proceed to concentrate on offering the very best songs and messaging solutions for organizations.”
“SiriusXM and Pandora have generally supplied a exclusive blend of terrific material and good technological know-how.”
Joe Verbrugge, SiriusXM
Joe Verbrugge, Govt Vice President, SiriusXM, added: “Cloud Include Tunes has created an state-of-the-art tech platform with a host of attributes that are incredibly beautiful to enterprises who want an quick-to-put in remedy, want to be completely protected on licensing, and also want to be in a position to create a customized soundtrack for their business enterprise.
“SiriusXM and Pandora have often made available a exclusive mix of terrific information and wonderful technologies.
“The addition of Cloud Address Tunes to our business songs portfolio is anticipated to enable propel us ahead and contribute to the growth of our enterprise.”
In other places in the songs for business enterprise sector, in 2019, Apple partnered with in-retailer songs and leisure company PlayNetwork to start its individual Tunes for Enterprise service.
In Oct 2020, B2B music streaming support Soundtrack Your Brand name renewed its global licensing agreement with Warner Audio.
In August 2020 Soundtrack Your Manufacturer and Common Audio Group (UMG) inked a world licensing offer, excluding China.
SiriusXM recently introduced reveals from the likes of TikTok and SoundCloud.Audio Small business Around the globe
NEW YORK, Jan. 14, 2022 /PRNewswire/ — The medical education market is expected to grow by USD 143.30 bn from 2020 to 2025. The growth momentum of the market will accelerate at a CAGR of 17{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} during this period. The year-over-year growth rate of the market in 2021 is 15.00{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.
Attractive Opportunities in Medical Education Market by Learning Method, Courses, and Geography – Forecast and Analysis 2021-2025
The growth in the number of online medical education programs is driving the growth of the medical education market. Traditional physical classrooms are being replaced with online training modules, which provide access to various course materials and online assessments for both instructors as well as learners. These tools enable educators to have easy access to real-time data on students’ progress based on test scores and student activities. Moreover, students enrolled in online courses can communicate via discussion forums and chat rooms. Therefore, online medical education programs are becoming highly popular in the medical education market, which is expected to drive the growth of the market during the forecast period.
Medical Education Market: Challenges
The presence of free and open-source education resources poses a significant threat to the growth of the medical education market. Vendors in the market offer several open-source medical courses that are free of cost. Therefore, students from the economically weaker sections can opt for such free services. The trend of offering free medical education is more prevalent in North America and Europe when compared to other regions. The fees for medical education in these regions when compared to APAC. These factors are likely to negatively impact the growth of the market in focus in terms of revenue generation during the forecast period.
Learn about additional drivers and challenges impacting the growth of the medical education market. View Our Free Sample Report Now
Medical Education Market: Some Key Vendors and Their Offerings
Harvard University: Some of the key medical courses offered by the university through its Harvard Medical School include HMX Physiology, HMX Immunology, HMX Genetics, and HMX Biochemistry.
Johns Hopkins University: Some of the key medical courses offered by the university through its John Hopkins School of Medicine include Biological Chemistry, Immunology, Medical and Biological Illustration, Biomedical Engineering, Molecular Biophysics, and Functional Anatomy and Evolution.
New York University: Some of the key medical courses offered by the university include Acute Care Surgery, Adrenal Surgery, and Infectious Disease and Immunology.
Stanford University: Some of the key medical courses offered by the university through Stanford Medicine include Biomedical Informatics, Epidemiology, Human Genetics and Genetic Counseling, and Physician Assistant Studies.
University of California: Some of the key medical courses offered by the university through UCSF School of Nursing include Master of Science, Masters Entry Program in Nursing (MEPN), and Doctor of Nursing Practice (DNP).
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Medical Education Market: Segmentation Analysis
This market research report segments the medical education market by courses (graduate courses, certifications and training, and post-graduate courses), learning method (blended learning and online learning), and geography (North America, Europe, APAC, South America, and MEA).
North America led the medical education market in 2021, followed by Europe, APAC, South America, and MEA, respectively. During the forecast period, North America is expected to register growth due to factors such as increasing enrollments in distance-learning medical degrees in countries such as the US and Canada.
Education Consulting Market by Type and Geography – Forecast and Analysis 2021-2025: The education consulting market share is expected to increase by USD 579.19 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 5.01{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. Download Free Sample Report
Edtech Market by Sector and Geography – Forecast and Analysis 2021-2025: The Edtech market has the potential to grow by USD 112.39 billion from 2020 to 2025, and the market’s growth momentum will decelerate at a CAGR of 17.85{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. Download Free Sample
Medical Education Market Scope
Report Coverage
Details
Page number
120
Base year
2020
Forecast period
2021-2025
Growth momentum & CAGR
Accelerate at a CAGR of 17{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
North America, Europe, APAC, South America, and MEA
Performing market contribution
North America at 34{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Key consumer countries
US, UK, Germany, Australia, and Canada
Competitive landscape
Leading companies, Competitive strategies, Consumer engagement scope
Companies profiled
All India Institute of Medical Sciences, Grand Canyon University, Harvard Medical School, Johns Hopkins University, Kaiser Permanente School of Medicine, Mayo Foundation for Medical Education and Research, National University of Singapore, New York University, Stanford University, Texas Tech University Health Sciences Center, The Tamil Nadu Dr.M.G.R. Medical University, The University of Alabama, Universidade Anhembi Morumbi, University of California, University of Cambridge, University of Eastern Finland, University of Liverpool, University of New England, University of Oxford, University of Washington, Western Governors University, Yale University
Market Dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, Market condition analysis for the forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
About Technavio
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Are severe climate functions resulting in farmers to shed access to credit? Are they creating worldwide enterprises to shift business enterprise destinations to dodge physical and economic catastrophes? Will a sudden transform in financial investment tendencies absent from carbon industries lead to a important economic crisis? These questions are guiding the research professor Galina Hale, Ph.D., is checking out together with her Ph.D. learners. They are also driving contemplative discussions in her undergraduate and graduate lessons in the Office of Economics, which has been ranked sixth in the environment amongst tutorial departments in worldwide finance.
“The worlds of economics and local weather modify science are colliding,” suggests Hale, who used 14 several years as an economist with the Federal Reserve Bank of San Francisco and held teaching positions at Yale, Stanford, and UC Berkeley. She started her vocation in Russia as a expert for the Russian Ministry of Finance. She joined the UC Santa Cruz faculty in 2020.
Her interest in get the job done that intersects local weather change and economics was impressed a several a long time in the past by her presence at the 2nd Network for Green Economical Programs (NGFS) meeting, the place she was the sole consultant from the Federal Reserve Procedure.
“I was just amazed by how persons ended up ready to consider about local climate-similar threats in the context of monetary and money coverage and bank supervision,” reported Hale, whose revealed exploration up to that second concentrated on knowing patterns of intercontinental cash flows and intercontinental financial crises, worldwide banking, and security of fiscal networks. Right after the NGFS convention, she was attempting to uncover a way to link her analysis with her enthusiasm for the defense of the atmosphere.
“I appreciate becoming outdoor, and I’m passionate about the atmosphere. My partner and I are hunting for ways we can support reduce the use of animals for human foodstuff use, a important contributor to weather change” claimed Hale, who also serves as a board member for Animal Charity Evaluators and is a cofounder of Foods Program Improvements, a group of industry experts who volunteer to support organizations functioning to make the world’s foodstuff system additional environmentally sustainable, compassionate, and well being-selling.
Tapping into these pursuits and her desire to aid fix international issues, Hale turned her interest to figuring out prospects for the money method to mitigate weather challenges and to deciding means in which economists can notify policymakers on how to make the food items system additional sustainable.
Through her investigate, in which she invites undergraduate and graduate learners to take part, she is exploring for an response to whether or not monetary markets are well prepared for weather dangers. She is investigating no matter whether economic agents—financial markets specifically—realize the pitfalls, and if they are putting sufficient chance on people items going on.
Mitigating climate possibility is an existential requirement. But, Hale states, if some variations are unanticipated, they can pose a sizeable hazard to world-wide markets. The United Kingdom’s pledge to cut down coal, and the commitment by the United States to remove large-emission-producing automobiles, are two illustrations of such transition hazards that could most likely trigger immediate and detrimental financial repercussions. She is checking out sustainable investing (ESG or Environmental, Social, and Governance), how markets are reacting to or making ready for enterprises that are shifting toward greener strategies of generation and the manufacturing of environmentally pleasant goods.
“There is a serious risk of asset rates changing quickly once it dawns on individuals that they cannot have coal or that vehicles that really don’t run on energy are of minor worth,” clarifies Hale. “If economic marketplaces are not well prepared for that immediate fall in some asset values, it could have a catastrophic ripple outcome on the markets regionally and globally.”
Hale has also brought to mild the multi-billion-greenback effects local weather modify is acquiring on all spots of the financial state. As she explains in a current review, “What are the Fiscal Risks from Local weather Transform?” (Econofact, January 21, 2020), “Agriculture, infrastructure, human overall health and productiveness, tourism, corporations, and financial markets are currently influenced by extreme temperature activities getting more regular.” The new PG&E bankruptcy submitting in the aftermath of devastating wildfires in California is a single illustration she takes advantage of to make her stage.
Hale incorporates her investigation into her classes, which have spurred many local climate-linked investigate theses from her learners. She is the director of the Master’s Used Economics and Finance method, which is unique in that it presents extra training in economics, stats, and econometrics than most regular M.B.A. systems.
“Silicon Valley firms depend on large info evaluation, AI, and equipment understanding, but they also need to have talent who can question the right inquiries, who are qualified to have an understanding of the fundamentals of financial methods and can program statistical styles,” Hale mentioned. “Most M.B.A. packages do not get as specialized as we do with econometrics and facts science.”
Hale and her colleagues are working on research that is dispersed by the university’s Centre for Analytical Finance (CAFIN), which engages in chopping-edge evaluation supposed to resolve real-environment issues of finance in a globalized monetary procedure. The inspiration for CAFIN came from the 2008 monetary crisis, and its main themes of comprehension systemic risks, the impacts of technological innovation in finance, and the problems of advertising greater monetary inclusion, all had their roots in that international shock. Hale is co-directing the centre with Professor of Economics Nirvikar Singh.
“As founding director of the Middle for Analytical Finance (CAFIN) at UC Santa Cruz, I was delighted when, in 2020, Galina accepted the invitation to provide as co-director of the center,” suggests Singh. “Galina has performed a guide intellectual and organizational part in turning CAFIN’s consideration to the worth of finance in the area of setting, sustainability, and governance (ESG): for instance, knowing the risks of climate improve and approaches of funding avoidance and mitigation will be central to generating development in the experience of the looming menace. With Galina’s management, CAFIN will be on the frontier of the two most critical elements of world wide finance—Fintech and ESG—for the coming many years.”UC Investments, which manages University of California expense resources and provides fiduciary oversight, also values the contributions of CAFIN.“More than 7 years in the past, UC Investments developed a sustainable expenditure framework for the University of California that has assisted manual our thinking about the difficulties, and prospects, of our period and further than. Our collaboration with CAFIN has assisted us preserve existing on the most recent exploration and improvements that pertain not only to investing, but to how we assess our altering world,” claims Jagdeep Bachher, main expenditure officer and vice president of investments for UC Investments.
This March, CAFIN is collaborating with neighborhood universities and monetary establishments to present The Fintech: Innovation, Inclusion and Threats Meeting 2022that will choose area at San Francisco State College (SFSU) and will deliver together academicians, money economists, and coverage and compliance experts. The meeting is co-organized by CAFIN, SFSU, and Federal Reserve Bank of San Francisco.
“Universities require to be at the table in buy to recognize the significant-photograph demands of money establishments and policymakers, so they can engage their college and learners in function that will deal with related unsolved difficulties,” explained Hale, who has a vision for developing the middle and the master’s software in means that can join students with alumni and more Silicon Valley enterprises.
“At UC Santa Cruz, we want the academic strategies to appear to the surface area and have an impact on what is taking place in Silicon Valley,” she claimed. “We’d enjoy to have graduate pupils attending international conferences and arranging shows and functions at community conferences. We’d like to engage alumni and policymakers and target on the requires of our group in finance, instruction, attaining Environmental, Social, and Governance (ESG) sustainability—issues that normally are not the concentration of educational financial centers. There is so considerably probable for us to hook up and interact, which would reward the pupils, faculty, alumni, and the neighborhood.”
The offer will settle litigation brought by quite a few state lawyers typical that claimed that Navient, a single of the most significant college student loan servicing corporations in the US, engaged in unfair techniques and manufactured predatory financial loans to pupils who have been unlikely to be able to pay them again.
About 350,000 federal pupilmortgage borrowers whom Navient put in long-expression forbearance — which authorized them to briefly quit generating payments —will acquire about $260 each, totaling $95 million in restitution.
In addition, Navient have to totally cancel the remaining balances of non-public financial loans borrowed by about 66,000 students, totaling $1.7 billion. These financial loans ended up mostly created involving 2002 and 2010.
“Navient knew that people today relied on their financial loans to make a greater lifetime for by themselves and for their little ones and instead of supporting them, they ran a multibillion dollar rip-off,” said Pennsylvania Lawyer Basic Josh Shapiro at a push convention Thursday. He co-led the litigation with attorneys typical from Washington, Illinois, Massachusetts, and California.
The point out attorneys standard claimed that Navient steered federal student financial loan borrowers into forbearance fairly than directing them to enroll in small-cost repayment strategies. As a result, some of these debtors fell deeper into personal debt as fascination accrued.
The lawsuit also allegesthat Navient created personal financial loans to pupils attending for-earnings colleges and colleges with reduced graduation fees, even while it realized that a higher proportion of all those borrowers would be not able to repay the loans.
Navient denied violating any legislation in the settlement.
“The firm’s conclusion to solve these issues, which were being dependent on unfounded promises, enables us to keep away from the added burden, price, time and distraction to prevail in courtroom,” Navient’s main legal officer Mark Heleen explained in a assertion.
Till lately, Navient had a contract with the US Department of Training to services federal university student financial loans, but the business made the decision to conclude that contract late final year. Previously this month, it transferred its federal university student bank loan portfolio to a servicer identified as Aidvantage. Navient proceeds to originate private student loans.
The settlement addresses borrowers who are living in 38 states and Washington, DC. These who qualify for reduction underneath the settlement don’t want to consider any action and can hope to quickly get notification from Navient later this calendar year just after the court docket approves the agreement. Federal mortgage borrowers can update or create an on line account with the Department of Education to guarantee the agency has their present-day address.
Stocks declined on Friday at the end of a volatile week, with investors monitoring a mixed set of bank earnings and a bigger-than-expected drop in U.S. retail sales.
The S&P 500 and Dow dropped. The Nasdaq fluctuated between gains and losses after a 2.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} drop on Thursday.
The Dow underperformed, dropping more than 1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} at session lows as the index’s bank stock components declined after delivering earnings. JPMorgan Chase (JPM) shares fell more than 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} after the company posted lower-than-expected fourth-quarter trading revenues and rising costs as compensation expenses increased. The stock drop marked JPMorgan’s worst post-earnings decline since 2011, based on Bloomberg data. Citigroup (C) shares also fell after posting a similar miss on fixed-income and equities trading revenues for the quarter.
Peer bank Wells Fargo (WFC) shares rose, on the other hand, after posting quarterly revenue that topped estimates as both commercial and consumer loans picked up at the end of last year.
New economic data came in weaker-than-expected on Friday, adding to the risk-off tone in markets. U.S. retail sales fell 1.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in December month-on-month, missing estimates for an only 0.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} dip and marking the biggest drop since February 2021. November’s sales were also downwardly revised to show 0.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} monthly increase, compared to the 0.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} rise previously reported.
Investors this week have been weighing concerning signs of lingering price pressures across the U.S. economy against assertions from key central bank officials that the Federal Reserve is ready to take action to bring down inflation.
In Fed Governor Lael Brainard’s hearing before the Senate Banking Committee on Thursday, she suggested the central bank could begin raising interest rates — a move that would tighten financial conditions and help bring down inflation — “as soon as asset purchases are terminated.” The Federal Reserve is currently set to end its asset-purchase tapering process in March.
JPMorgan Chase CEO Jamie Dimon said during this morning’s earnings call that he expected that on interest rate hikes this year, “there’s a pretty good chance there will be more than four — there could be six or seven.”
“What we’re seeing right now is a repricing of the markets, given anticipated rate hikes… That’s going to be the catalyst driving down the market,” WealthWise Financial CEO Loreen Gilbert told Yahoo Finance Live on Thursday. “It’s going to be a wild ride.”
And the bevy of recent inflation data has so far helped strengthen the case for a near-term move on monetary policy, many economists suggested. Thursday’s Producer Price Index (PPI) showed the biggest annual rise in wholesale prices on record, in data going back to 2010, even as monthly price gains moderated slightly. And this report came just a day following the December Consumer Price Index (CPI) showing the biggest surge in inflation since 1982. Many economists suggested inflationary pressures would continue at least through the first months of this year before gradually easing.
“Two of the biggest things have been the supply chain disruptions and the fiscal stimulus,” Matthew Miskin, John Hancock Investment Management co-chief investment strategist, told Yahoo Finance Live. “As the pandemic comes more under control this year, as the Omicron wave hopefully dissipates, we likely see the supply chain disruptions come off, and then we’re not going to get more fiscal stimulus … That in our view does cause inflation to come down over the course of the year.”
Rising prices have also been hitting companies’ profits as labor costs jump. Of the nearly two dozen S&P 500 companies that had reported fourth-quarter earnings results as of mid-week, 60{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of these cited a negative impact from higher labor costs or shortages to sales or profits, according to FactSet.
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11:35 a.m. ET: Biden administration names three nominees to fill spots on Fed Board of Governors
The Biden administration announced its nominees to fill out the Federal Reserve Board of Governors, tapping Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson for the roles. Each nominee must still go before the Senate Banking Committee for confirmation.
Earlier this week, Federal Reserve Chair Jerome Powell appeared before the Senate Banking Committee in his renomination hearing to remain as Fed Chair for second term. Current Fed Governor Lael Brainard also had her nomination hearing to become Fed Vice Chair.
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10:15 a.m. ET: Manufacturing production unexpectedly falls in December
The U.S. manufacturing sector showed more signs of slipping amid the latest surge in COVID-19 cases and materials shortages.
According to new Federal Reserve data Friday, manufacturing output declined by 0.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in December to reverse course after a 0.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} rise in November. Consensus economists were looking for a 0.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} monthly rise in production in December, based on Bloomberg data. Manufacturing accounts for about 12{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of overall economic activity in the U.S.
A drop in auto production contributed heavily to the headline decline, with ongoing chip shortages impacting the industry. Vehicle production was down 1.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in December following a rise of 1.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in November.
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10:11 a.m. ET: University of Michigan sentiment index drops to 68.8 in January, in second-lowest reading in a decade
Consumer sentiment fell more than expected in early January to reach one of its lowest readings in 10 years, as concerns over the inflation outlook and COVID-19 weighed on optimism.
“While the Delta and Omicron variants certainly contributed to this downward shift, the decline was also due to an escalating inflation rate,” Richard Curtin, chief economist for t he Surveys of Consumers, wrote in a statement. “Three-quarters of consumers in early January ranked inflation, compared with unemployment, as the more serious problem facing the nation.”
“Given that inflation’s impact is regressive, the Sentiment Index fell by 9.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} among households with total incomes below $100,000 in early January, but rose by 5.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} among households with incomes over that amount,” he added.
Overall, consumers’ one-year inflation expectations edged back up to 4.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, or the highest level since 2008, from December’s 4.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.
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9:30 a.m. ET: Stocks open lower after disappointing economic data, mixed bank earnings
Here’s where markets were trading just after the opening bell Friday morning:
S&P 500 (^GSPC): -28.25 (-0.61{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to 4,630.78
Dow (^DJI): -337.64 (-0.76{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to 35,775.98
Nasdaq (^IXIC): -51.93 (-0.34{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to 14,756.56
Crude (CL=F): +$0.56 (+0.68{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to $82.68 a barrel
Gold (GC=F): +$3.90 (+0.21{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to $1,825.30 per ounce
10-year Treasury (^TNX): +2.5 bps to yield 1.734{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
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8:32 a.m. ET: Retail sales drop 1.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in December, missing estimates
Retail sales posted a large-than-expected drop in December, as consumer spending pulled back from earlier in 2021.
The total value of U.S. retail sales was down 1.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in December compared to November, the Commerce Department said Friday. This was the first monthly drop since July, and the biggest decline since February 2021. Consensus economists had looked for a dip of just 0.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, according to Bloomberg data. In November, retail sales rose 0.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, with this figure also downwardly revised. from the 0.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} rise previously. reported.
By category, non-store retailers, or e-commerce stores, saw by far the biggest drop in monthly retail sales, with these falling 8.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in December. Department stores also posted a 7.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} drop in sales, and furniture and home furnishing sales declined by 5.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. Still, the weakness was broad-based in December, and nearly every category of retailer saw a monthly drop in sales. Notably, building material stores saw a nearly 1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} sales rise during the month, and miscellaneous store retailers’ sales rose by 1.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.
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7:43 a.m. ET: ‘The economy continues to do quite well despite headwinds related to the Omicron variant’: Dimon
JPMorgan Chase CEO Jamie Dimon struck an upbeat tone about the trajectory of the economic recovery even given the latest disruptions caused by the rapidly spreading Omicron variant.
“The economy continues to do quite well despite headwinds related to the Omicron variant, inflation and supply chain bottlenecks,” Dimon said in the bank’s fourth-quarter earnings report on Friday. “Credit continues to be healthy with exceptionally low net charge-offs, and we remain optimistic on U.S. economic growth as business sentiment is upbeat and consumers are benefiting from job and wage growth.”
Both JPMorgan Chase and Wells Fargo cited an increase in loans as contributing to results at the end of last year, suggesting consumers and businesses were remaining confident in borrowing and spending.
However, JPMorgan’s fixed-income and stock-trading businesses saw sales fall over last year. Fixed income sales and trading revenue declined 16{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} over last year to $3.33 billion, which the bank attributed to “a challenging trading environment in rates, as well as lower revenues in credit and currencies & emerging markets compared to a strong prior year.” Equities sales and trading revenue dipped 1.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $1.95 billion.
Overall, adjusted revenue grew 0.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} over last year to reach $30.35 billion, topping estimates for $30.01 billion, according to Bloomberg data. Earnings per share were $3.33, exceeding expectations for $2.99.
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7:32 a.m. ET Friday: Stock futures give up earlier gains, point to a lower open
Here’s where markets were trading before the opening bell:
S&P 500 futures (ES=F): -5 points (-0.11{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), to 4,647.00
Dow futures (YM=F): -37 points (-0.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), to 35,952.00
Nasdaq futures (NQ=F): -30.75 points (-0.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to 15,459.50
Crude (CL=F): +$0.58 (+0.71{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to $82.70 a barrel
Gold (GC=F): +$0.90 (+0.05{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to $1,822.30 per ounce
10-year Treasury (^TNX): +3.3 bps to yield 1.742{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
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6:01 p.m. ET Thursday: Stock futures open slightly higher
Here’s where markets were trading Thursday evening:
S&P 500 futures (ES=F): +4.25 points (+0.09{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), to 4,656.25
Dow futures (YM=F): +37 points (+0.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), to 36,026.00
Nasdaq futures (NQ=F): +18.75 points (+0.12{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) to 15,509.00
NEW YORK, NEW YORK – JANUARY 11: Traders work on the floor of the New York Stock Exchange (NYSE) on January 11, 2022 in New York City. After yesterdays sell off, the Dow was down only slightly in morning trading. (Photo by Spencer Platt/Getty Images)
/cloudfront-us-east-1.images.arcpublishing.com/gray/MJPO76BLCVA3VKBCWZNLS7YDTM.jpg "Business gives tips to keep pipes from bursting during Sunday’s winter storm")
