Month: July 2021

The U.S. stock market closed down on Tuesday following a report detailing surging consumer prices, reversing gains from the start of the week. The Dow Jones Industrial Average fell 107.39 points, or 0.31%, while the S&P 500 dipped 0.4% and the Nasdaq Composite slid 0.46%.

The losses came after the Department of Labor issued a report Tuesday stating that consumer prices in the United States increased 5.4% between June 2020 and June 2021, the steepest 12-month increase in more than a decade.

Tuesday also marked the start of second-quarter earnings reports, with JPMorgan Chase falling 1.72% after posting earnings of $11.9 billion, or $3.78 per share, while Goldman Sachs stock dipped 1.19% reporting earnings of $15.02 per share.

On Tuesday, United Airlines announced plans to purchase 100 electric planes as part of an effort to reduce its greenhouse gas emissions. The airline’s venture fund announced that it invested in electric aircraft startup Heart Aerospace while conditionally agreeing to purchase 100 of the company’s ES-19 aircraft. The ES-19 is a 19-seat electric aircraft with the capability of flying customers up to 250 miles before the end of the decade. The acquisition will also help United in “deepening its bold commitment” to reduce its greenhouse gas emissions by 100% by 2050.

Michael Leskinen, president of United Airlines Ventures, said: “Breakthrough Energy Ventures is the leading voice of investors who are supporting clean-energy technology creation. We share the view that we have to build companies who have real potential to change how industries operate and, in our case, that means investing in companies like Heart Aerospace who are developing a viable electric airliner.”

United said that the ES-19 will have “zero operational emissions” by utilizing electric motors instead of jet engines and batteries instead of jet fuel. It will also be able to operate on more than 100 of United’s regional routes and out of most of its hubs including Chicago O’Hare International Airport to Purdue University Airport and San Francisco International Airport to Modesto City-County Airport.

Editorial credit: Philip Pilosian / Shutterstock.com

Democrats in the Texas House of Representatives left the state Monday afternoon heading to Washington, D.C., in a bid to deny Republicans the quorum needed to pass new voting restrictions. With 26 days left in a special legislative session, most House Democrats boarded two planes out of Austin headed for the U.S. capital without a set return date. At least 51 of the 67 Democratic representatives — the number needed to break quorum — were in the process of leaving Monday afternoon, most arriving at Austin-Bergstrom International Airport Monday to board chartered flights that departed around 3:10 p.m.

The House is set to reconvene Tuesday morning, but the absent Democrats would mean there will not be enough members present to conduct business under House rules. Democratic leaders said in a joint statement released Monday: “Today, Texas House Democrats stand united in our decision to break quorum and refuse to let the Republican-led legislature force through dangerous legislation that would trample on Texans’ freedom to vote.”

The House and Senate proposals resemble failed legislation, known as Senate Bill 7, from the spring regular legislation session — the demise of which Texas Democrats used last month to make their pitch on Capitol Hill for action on voting rights. The House voting bill as passed by committee over the weekend would rein in local voting initiatives like drive-thru and 24-hour voting, further tighten the rules for voting by mail, bolster access for partisan poll watchers and ban local election officials from proactively sending out applications to request mail-in ballots.

On Monday, the U.S. Food and Drug Administration (“FDA”) warned of an increased risk of Guillain-Barre, a rare neurological disorder, following the Johnson & Johnson vaccine after 100 preliminary cases of the syndrome were reported among the 12.5M doses administered. The agency noted that 95 of the cases were serious and required hospitalization, including one death. The FDA is updating vaccination materials for health care providers and patients to note an “association” between the vaccine and a risk of GBS, however, they said the data are “insufficient to establish a causal relationship.” Similar issues have not been reported tied to the Pfizer or Moderna vaccines.

The FDA still recommends the vaccine to prevent the serious health risks posed by COVID-19, stating:  “Importantly, the FDA has evaluated the available information for the Janssen COVID-19 Vaccine and continues to find the known and potential benefits clearly outweigh the known and potential risks. The chance of having this occur is very low, and the rate of reported cases exceeds the background rate by a small degree.”

According to the CDC, the majority of people who develop Guillain-Barre report the symptoms after having a respiratory illness, including the flu or getting sick with diarrhea. According to the FDA, patients should seek medical attention if they experience a weakness or tingling sensations, especially in the legs or arms, and that might worsen or spread to other parts of the body. Other symptoms might include difficulty walking or making facial movements; double vision or inability to move eyes; or difficulty with bladder control or bowel function.