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Biodegradable polymer system offers new hope for treating rheumatoid arthritis

A team led by engineers at the University of California San Diego has developed a biodegradable polymer system to treat rheumatoid arthritis, an autoimmune…

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A team led by engineers at the University of California San Diego has developed a biodegradable polymer system to treat rheumatoid arthritis, an autoimmune and inflammatory disease, by working in concert with the power of the human immune system.

Credit: David McBride, UC San Diego

A team led by engineers at the University of California San Diego has developed a biodegradable polymer system to treat rheumatoid arthritis, an autoimmune and inflammatory disease, by working in concert with the power of the human immune system.

The research builds on increasing clinical interest in modulating the immune system to treat cancers and autoimmune disease, as well as previous work with all-trans retinoic acid (ATRA) which is produced naturally in the body and helps cells grow and develop. By approaching these challenges from the perspective of a biomaterials engineering lab, the team adds two key innovations to previous methods: local release and harnessing the joint microenvironment for sustained effectiveness.

With this method, encapsulated ATRA is injected directly into a joint affected by rheumatoid arthritis, where it remains in effect for at least several weeks. During that time, ATRA transforms disease-causing cells into disease-stopping cells, known as regulatory T cells, which can treat or prevent the disease elsewhere in the body.

“Essentially, our system turns the disease site into a factory that produces regulatory T cells,” said David A. McBride, a chemical engineering graduate student at UC San Diego supervised by nanoengineering professor Nisarg Shah. “It uses a biodegradable biomaterial to facilitate the timed release of ATRA, which reprograms T cells so they can treat disease.”

The research was published in the March 8, 2023 issue of Advanced Science. McBride is a coauthor on the paper.

“This is a very promising line of research utilizing the latest and greatest technology in immunoengineering to combat arthritis,” said Iannis Adamopoulous, an associate professor of medicine at Harvard’s Beth Israel Deaconess Medical Center, Department of Medicine, Division of Rheumatology.

What is ATRA?

ATRA is a small molecule currently FDA approved to treat acute promyelocytic leukemia (APML). Research over the last two decades has suggested that it also has promise in treating autoimmune arthritis and relieving inflammation. However, that method relies on ATRA traveling freely throughout the body, which can cause immunosuppression and potentially significant off-target toxicity, along with other unwanted side effects.

“Previous work established that ATRA has potential in treating autoimmune arthritis, but the route of administration precluded the work from being relevant to clinical translation,” said McBride.

When ATRA is encapsulated using biodegradable materials, it can be injected directly into joints at therapeutic concentrations but as it diffuses out of the joint, it enters circulation at much lower concentrations, minimizing or preventing unwanted effects. Without the controlled release afforded by the biomaterial encapsulation, patients would require multiple injections per day to achieve the same effects, which would be impractical in most cases.

How it works

When the human immune system functions properly, helper T cells patrol the body in search of disease-causing pathogens. When a pathogen is detected, a helper T cell can recruit additional cells to help fight it. “It’s kind of similar to how you might have police cars roaming the city, and when one sees a crime occurring, they call for backup to get the situation under control,” said McBride.

Many autoimmune diseases result from cases of “mistaken identity,” in which these cells attack a perceived danger target that is in fact a part of normally functioning cells in the body. The subsequent proliferation of such pathogenic T cells, which McBride calls “bad apples,” can result from a combination of genetic and environmental factors and wreak havoc on the body when they summon large teams of immune cells for unnecessary standoffs.

For example, “in type 1 diabetes, you have bad apples that call in reinforcements against your pancreas,” said McBride. ”In multiple sclerosis, it is against your neurons. In rheumatoid arthritis, it is against your joints. So, your immune system recognizes this as something to be attacked, and it goes and recruits a bunch of additional immune cells to these places and fights a war until all the pathogens are gone. Except that, in this case, it’s not attacking pathogens, but healthy parts of the body.”

Many current approaches block the chemical signals that immune cells use to communicate, effectively preventing the pathogenic T cells from calling in reinforcements without eliminating the “bad apples.” Time-released ATRA reprograms them to act as regulatory T cells, or “good apples.” These cells still have the ability to recognize and activate in the joints, but rather than calling in additional immune cells, they help to resolve the inflammation. In areas such as joints, which aren’t recommended for repeated injections, the sustained-release formulation allows sufficient therapeutic exposure to flip the balance.

ATRA makes lasting modifications to the ability of cellular machinery to read cell DNA, improving the function of the anti-inflammatory regulatory T cells. This treats T cells at the site of disease and generates regulatory T cells specific to that diseased tissue. Then, when these cells move to other disease locations, they can help resolve inflammation and promote healing. Because the cells are specific to the disease, they don’t interfere with normal immune function, allowing them to supplement existing therapies or provide alternatives for patients who need them.

“The coolest part about this is that the treated site of disease, where the bad apples were previously proliferating, now becomes a place that can generate regulators that can now go patrol the body and actually prevent disease,” said McBride.

The limitations of existing approaches

Patients with rheumatoid arthritis are frequently treated with disease-modifying anti-rheumatic drugs (DMARDs) and in many patients this approach works well. However, about a third of patients don’t adequately respond to front-line DMARDs, and they come with some significant disadvantages. 

First, while using DMARDs, some patients become more susceptible to infectious disease and exhibit weaker responses to vaccines. In this regard, “the COVID-19 pandemic has brought a lot more understanding on the risks of immunosuppression into public awareness,” said McBride.

Additionally, because most immunosuppressives currently used to treat rheumatoid arthritis stay in the system for up to two weeks, there is no option to discontinue treatment if a dangerous infection occurs. This is compounded when patients use two or more treatments simultaneously, which is not uncommon due to the complexity of the disease. Using multiple powerful immunosuppressants can exacerbate the risks of infections or cancer.

“If you can instead have a treatment option that doesn’t have an immunosuppressive effect, you can really reduce the risk for patients that need multiple treatment modalities to keep their autoimmune disease in check,” McBride said.

Finally, for some patients, immunosuppressives work well for a time and then lose their effectiveness. This can happen when their bodies develop antibodies that neutralize the medications or new disease pathways emerge. New treatments like this one could potentially supplement DMARDs, compensating for waning effectiveness or requiring lower doses to start with.

“In well controlled patients, reducing or eliminating the need for immunosuppressive drugs is desirable,” said Shah. “However, when it is attempted, studies have shown that the disease can flare up again. So having a non-immunosuppressive option could go a long way.”

Research methods, challenges and next steps

The team tested its biomaterial-encapsulation method using a combination of mouse and human cells. After this achieved positive results, they transitioned to mouse models of autoimmune arthritis, coming closer to simulating the remarkable complexity of a real-life case of autoimmune disease in a human subject.

The work required multiple models of disease, each designed to demonstrate a specific aspect of the team’s hypothesis, as well as rigorously tracking the cells from their origin points at injection to the other locations where they recirculated and proved effective in fighting disease.

Currently, the researchers are actively working toward commercialization. “As this is my first experience with something like this, it is difficult for me to estimate, but we are currently targeting approval to start clinical trials within five years,” said McBride. To evaluate possible commercialization routes, McBride has participated in the UC San Diego Institute for the Global Entrepreneur (IGE) NSF I-Corps and MedTech Accelerator programs.

The power of a multidisciplinary approach

When he entered graduate school at UC San Diego, McBride was focused on modeling complex signaling patterns in biological systems, for which rheumatoid arthritis provided many intriguing examples. He became more engaged as he gained awareness of the human side of the disease.

“I’m always surprised at how many people know someone fighting an autoimmune disease or are struggling with one themselves,” he said. “These experiences have really moved it from an interesting problem on paper that I’m trying to solve to a real, difficult problem in the lives of friends and family,”

This research required a highly interdisciplinary approach, relying on input from experts in biomaterials design, immunology, clinical rheumatology and beyond. McBride credits the highly collaborative environment on the UC San Diego campus as a crucial factor in its success.

“UC San Diego doesn’t only promote academic collaboration, but also provides several resources for translating our discoveries beyond the lab and into the clinic,” he said. “Most recently, we are excited to have been awarded a UC San Diego internal grant under the Accelerating Innovations to Market program.” 

Shah, McBride and paper co-senior author Nunzio Bottini, MD, PhD, a former Professor of Medicine at UC San Diego, now with Cedars-Sinai Medical Center, received the Accelerating Innovation to Market (AIM) award for 2023. “By including high-caliber industry and investment experts in the selection process, it provides precious validation of the commercial potential of our idea,” Bottini said. “Plus, it supports the laboratory in completing proof of concept validation work needed to accelerate translation.”

Paper: Immunomodulatory microparticles epigenetically modulate T cells and systemically ameliorate autoimmune arthritis

Coauthors: David A. McBride and Matthew D. Kerr, Department of Nanoengineering and Chemical Engineering Program, UC San Diego; Wade T. Johnson, Department of  nanoengineering, UC San Diego; Anders Nguyen, Department of Rheumatology and Inflammation Research, Sahlgrenska Academy, Institute of Medicine, University of Gothenburg, Sweden; Martina Zoccheddu, Department of Medicine, Division of Rheumatology, Allergy and Immunology, UC San Diego; Mina Yao and Edward B. Prideaux, Department of Chemistry and Biochemistry, UC San Diego; Nicholas C. Dorn, Department of Nanoengineering and Chemical Engineering Program, UC San Diego; Wei Wang, Department of Chemistry and Biochemistry and Department of Cellular and Molecular Medicine, UC San Diego; Mattias N.D. Svensson, Department of Rheumatology and Inflammation Research, Sahlgrenska Academy, Institute of

Medicine, University of Gothenburg, Sweden; Nunzio Bottini*, Department of Medicine, Division of Rheumatology, Allergy and Immunology, UC San Diego; and Nisarg J. Shah*, Department of Nanoengineering and Chemical Engineering Program, UC San Diego.

*These are corresponding authors.

Sources of funding for the research include:

  • National Institutes of Health grant F31AR079921 (DAM)
  • National Institutes of Health grant F31HL164055 (MDK)
  • National Institutes of Health grant T32AR064194
  • National Institutes of Health grant T32CA153915
  • National Institutes of Health grant P30AR073761 (NB)
  • National Institutes of Health grant R03DE031009 (NJS)
  • National Institutes of Health grant S10OD025052
  • National Institutes of Health grant P30CA23100
  • National Institutes of Health grant UL1TR001442
  • National Science Foundation grant ECCS-2025752
  • National Psoriasis Foundation (NJS)
  • Arthritis National Research Foundation (NJS)
  • Hellman Fellowship (NJS)
  • Swedish Society for Medical Research (SSMF) grant S19-0062 (MNDS)
  • Foundation for Research in Rheumatology (MNDS)
  • IngaBritt och Arne Lundbergs Forskningsstiftelse (MNDS)

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Shakira’s net worth

After 12 albums, a tax evasion case, and now a towering bronze idol sculpted in her image, how much is Shakira worth more than 4 decades into her care…

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Shakira’s considerable net worth is no surprise, given her massive popularity in Latin America, the U.S., and elsewhere. 

In fact, the belly-dancing contralto queen is the second-wealthiest Latin-America-born pop singer of all time after Gloria Estefan. (Interestingly, Estefan actually helped a young Shakira translate her breakout album “Laundry Service” into English, hugely propelling her stateside success.)

Since releasing her first record at age 13, Shakira has spent decades recording albums in both Spanish and English and performing all over the world. Over the course of her 40+ year career, she helped thrust Latin pop music into the American mainstream, paving the way for the subsequent success of massively popular modern acts like Karol G and Bad Bunny.

In late 2023, a 21-foot-tall bronze sculpture of Shakira, the barefoot belly dancer of Barranquilla, was unveiled at the city's waterfront. The statue was commissioned by the city's former mayor and other leadership.

Photo by STR/AFP via Getty Images

In December 2023, a 21-foot-tall beachside bronze statue of the “Hips Don’t Lie” singer was unveiled in her Colombian hometown of Barranquilla, making her a permanent fixture in the city’s skyline and cementing her legacy as one of Latin America’s most influential entertainers.

After 12 albums, a plethora of film and television appearances, a highly publicized tax evasion case, and now a towering bronze idol sculpted in her image, how much is Shakira worth? What does her income look like? And how does she spend her money?

Related: Dwayne 'The Rock' Johnson's net worth: How the new TKO Board Member built his wealth from $7

How much is Shakira worth?

In late 2023, Spanish sports and lifestyle publication Marca reported Shakira’s net worth at $400 million, citing Forbes as the figure’s source (although Forbes’ profile page for Shakira does not list a net worth — and didn’t when that article was published).

Most other sources list the singer’s wealth at an estimated $300 million, and almost all of these point to Celebrity Net Worth — a popular but dubious celebrity wealth estimation site — as the source for the figure.

A $300 million net worth would make Shakira the third-richest Latina pop star after Gloria Estefan ($500 million) and Jennifer Lopez ($400 million), and the second-richest Latin-America-born pop singer after Estefan (JLo is Puerto Rican but was born in New York).

Shakira’s income: How much does she make annually?

Entertainers like Shakira don’t have predictable paychecks like ordinary salaried professionals. Instead, annual take-home earnings vary quite a bit depending on each year’s album sales, royalties, film and television appearances, streaming revenue, and other sources of income. As one might expect, Shakira’s earnings have fluctuated quite a bit over the years.

From June 2018 to June 2019, for instance, Shakira was the 10th highest-earning female musician, grossing $35 million, according to Forbes. This wasn’t her first time gracing the top 10, though — back in 2012, she also landed the #10 spot, bringing in $20 million, according to Billboard.

In 2023, Billboard listed Shakira as the 16th-highest-grossing Latin artist of all time.

Shakira performed alongside producer Bizarrap during the 2023 Latin Grammy Awards Gala in Seville.

Photo By Maria Jose Lopez/Europa Press via Getty Images

How much does Shakira make from her concerts and tours?

A large part of Shakira’s wealth comes from her world tours, during which she sometimes sells out massive stadiums and arenas full of passionate fans eager to see her dance and sing live.

According to a 2020 report by Pollstar, she sold over 2.7 million tickets across 190 shows that grossed over $189 million between 2000 and 2020. This landed her the 19th spot on a list of female musicians ranked by touring revenue during that period. In 2023, Billboard reported a more modest touring revenue figure of $108.1 million across 120 shows.

In 2003, Shakira reportedly generated over $4 million from a single show on Valentine’s Day at Foro Sol in Mexico City. 15 years later, in 2018, Shakira grossed around $76.5 million from her El Dorado World Tour, according to Touring Data.

Related: RuPaul's net worth: Everything to know about the cultural icon and force behind 'Drag Race'

How much has Shakira made from her album sales?

According to a 2023 profile in Variety, Shakira has sold over 100 million records throughout her career. “Laundry Service,” the pop icon’s fifth studio album, was her most successful, selling over 13 million copies worldwide, according to TheRichest.

Exactly how much money Shakira has taken home from her album sales is unclear, but in 2008, it was widely reported that she signed a 10-year contract with LiveNation to the tune of between $70 and $100 million to release her subsequent albums and manage her tours.

Shakira and JLo co-headlined the 2020 Super Bowl Halftime Show in Florida.

Photo by Kevin Winter/Getty Images)

How much did Shakira make from her Super Bowl and World Cup performances?

Shakira co-wrote one of her biggest hits, “Waka Waka (This Time for Africa),” after FIFA selected her to create the official anthem for the 2010 World Cup in South Africa. She performed the song, along with several of her existing fan-favorite tracks, during the event’s opening ceremonies. TheThings reported in 2023 that the song generated $1.4 million in revenue, citing Popnable for the figure.

A decade later, 2020’s Superbowl halftime show featured Shakira and Jennifer Lopez as co-headliners with guest performances by Bad Bunny and J Balvin. The 14-minute performance was widely praised as a high-energy celebration of Latin music and dance, but as is typical for Super Bowl shows, neither Shakira nor JLo was compensated beyond expenses and production costs.

The exposure value that comes with performing in the Super Bowl Halftime Show, though, is significant. It is typically the most-watched television event in the U.S. each year, and in 2020, a 30-second Super Bowl ad spot cost between $5 and $6 million.

How much did Shakira make as a coach on “The Voice?”

Shakira served as a team coach on the popular singing competition program “The Voice” during the show’s fourth and sixth seasons. On the show, celebrity musicians coach up-and-coming amateurs in a team-based competition that eventually results in a single winner. In 2012, The Hollywood Reporter wrote that Shakira’s salary as a coach on “The Voice” was $12 million.

Related: John Cena's net worth: The wrestler-turned-actor's investments, businesses, and more

How does Shakira spend her money?

Shakira doesn’t just make a lot of money — she spends it, too. Like many wealthy entertainers, she’s purchased her share of luxuries, but Barranquilla’s barefoot belly dancer is also a prolific philanthropist, having donated tens of millions to charitable causes throughout her career.

Private island

Back in 2006, she teamed up with Roger Waters of Pink Floyd fame and Spanish singer Alejandro Sanz to purchase Bonds Cay, a 550-acre island in the Bahamas, which was listed for $16 million at the time.

Along with her two partners in the purchase, Shakira planned to develop the island to feature housing, hotels, and an artists’ retreat designed to host a revolving cast of artists-in-residence. This plan didn’t come to fruition, though, and as of this article’s last update, the island was once again for sale on Vladi Private Islands.

Real estate and vehicles

Like most wealthy celebs, Shakira’s portfolio of high-end playthings also features an array of luxury properties and vehicles, including a home in Barcelona, a villa in Cyprus, a Miami mansion, and a rotating cast of Mercedes-Benz vehicles.

Philanthropy and charity

Shakira doesn’t just spend her massive wealth on herself; the “Queen of Latin Music” is also a dedicated philanthropist and regularly donates portions of her earnings to the Fundación Pies Descalzos, or “Barefoot Foundation,” a charity she founded in 1997 to “improve the education and social development of children in Colombia, which has suffered decades of conflict.” The foundation focuses on providing meals for children and building and improving educational infrastructure in Shakira’s hometown of Barranquilla as well as four other Colombian communities.

In addition to her efforts with the Fundación Pies Descalzos, Shakira has made a number of other notable donations over the years. In 2007, she diverted a whopping $40 million of her wealth to help rebuild community infrastructure in Peru and Nicaragua in the wake of a devastating 8.0 magnitude earthquake. Later, during the COVID-19 pandemic in 2020, Shakira donated a large supply of N95 masks for healthcare workers and ventilators for hospital patients to her hometown of Barranquilla.

Back in 2010, the UN honored Shakira with a medal to recognize her dedication to social justice, at which time the Director General of the International Labour Organization described her as a “true ambassador for children and young people.”

On November 20, 2023 (which was supposed to be her first day of trial), Shakira reached a deal with the prosecution that resulted in a three-year suspended sentence and around $8 million in fines.

Photo by Adria Puig/Anadolu via Getty Images

Shakira’s tax fraud scandal: How much did she pay?

In 2018, prosecutors in Spain initiated a tax evasion case against Shakira, alleging she lived primarily in Spain from 2012 to 2014 and therefore failed to pay around $14.4 million in taxes to the Spanish government. Spanish law requires anyone who is “domiciled” (i.e., living primarily) in Spain for more than half of the year to pay income taxes.

During the period in question, Shakira listed the Bahamas as her primary residence but did spend some time in Spain, as she was dating Gerard Piqué, a professional footballer and Spanish citizen. The couple’s first son, Milan, was also born in Barcelona during this period. 

Shakira maintained that she spent far fewer than 183 days per year in Spain during each of the years in question. In an interview with Elle Magazine, the pop star opined that “Spanish tax authorities saw that I was dating a Spanish citizen and started to salivate. It's clear they wanted to go after that money no matter what."

Prosecutors in the case sought a fine of almost $26 million and a possible eight-year prison stint, but in November of 2023, Shakira took a deal to close the case, accepting a fine of around $8 million and a three-year suspended sentence to avoid going to trial. In reference to her decision to take the deal, Shakira stated, "While I was determined to defend my innocence in a trial that my lawyers were confident would have ruled in my favour [had the trial proceeded], I have made the decision to finally resolve this matter with the best interest of my kids at heart who do not want to see their mom sacrifice her personal well-being in this fight."

How much did the Shakira statue in Barranquilla cost?

In late 2023, a 21-foot-tall bronze likeness of Shakira was unveiled on a waterfront promenade in Barranquilla. The city’s then-mayor, Jaime Pumarejo, commissioned Colombian sculptor Yino Márquez to create the statue of the city’s treasured pop icon, along with a sculpture of the city’s coat of arms.

According to the New York Times, the two sculptures cost the city the equivalent of around $180,000. A plaque at the statue’s base reads, “A heart that composes, hips that don’t lie, an unmatched talent, a voice that moves the masses and bare feet that march for the good of children and humanity.” 

Related: Taylor Swift net worth: The most successful entertainer joins the billionaire's club

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Delta Air Lines adds a new route travelers have been asking for

The new Delta seasonal flight to the popular destination will run daily on a Boeing 767-300.

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Those who have tried to book a flight from North America to Europe in the summer of 2023 know just how high travel demand to the continent has spiked.

At 2.93 billion, visitors to the countries making up the European Union had finally reached pre-pandemic levels last year while North Americans in particular were booking trips to both large metropolises such as Paris and Milan as well as smaller cities growing increasingly popular among tourists.

Related: A popular European city is introducing the highest 'tourist tax' yet

As a result, U.S.-based airlines have been re-evaluating their networks to add more direct routes to smaller European destinations that most travelers would have previously needed to reach by train or transfer flight with a local airline.

The new flight will take place on a Boeing 767-300.

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Delta Air Lines: ‘Glad to offer customers increased choice…’

By the end of March, Delta Air Lines  (DAL)  will be restarting its route between New York’s JFK and Marco Polo International Airport in Venice as well as launching two new flights to Venice from Atlanta. One will start running this month while the other will be added during peak demand in the summer.

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“As one of the most beautiful cities in the world, Venice is hugely popular with U.S. travelers, and our flights bring valuable tourism and trade opportunities to the city and the region as well as unrivalled opportunities for Venetians looking to explore destinations across the Americas,” Delta’s SVP for Europe Matteo Curcio said in a statement. “We’re glad to offer customers increased choice this summer with flights from New York and additional service from Atlanta.”

The JFK-Venice flight will run on a Boeing 767-300  (BA)  and have 216 seats including higher classes such as Delta One, Delta Premium Select and Delta Comfort Plus.

Delta offers these features on the new flight

Both the New York and Atlanta flights are seasonal routes that will be pulled out of service in October. Both will run daily while the first route will depart New York at 8:55 p.m. and arrive in Venice at 10:15 a.m. local time on the way there, while leaving Venice at 12:15 p.m. to arrive at JFK at 5:05 p.m. on the way back.

According to Delta, this will bring its service to 17 flights from different U.S. cities to Venice during the peak summer period. As with most Delta flights at this point, passengers in all fare classes will have access to free Wi-Fi during the flight.

Those flying in Delta’s highest class or with access through airline status or a credit card will also be able to use the new Delta lounge that is part of the airline’s $12 billion terminal renovation and is slated to open to travelers in the coming months. The space will take up more than 40,000 square feet and have an outdoor terrace.

“Delta One customers can stretch out in a lie-flat seat and enjoy premium amenities like plush bedding made from recycled plastic bottles, more beverage options, and a seasonal chef-curated four-course meal,” Delta said of the new route. “[…] All customers can enjoy a wide selection of in-flight entertainment options and stay connected with Wi-Fi and enjoy free mobile messaging.”

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Stock Market Today: Stocks turn lower as factory inflation spikes, retail sales miss target

Stocks will navigate the last major data releases prior to next week’s Fed rate meeting in Washington.

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Check back for updates throughout the trading day

U.S. stocks edged lower Thursday following a trio of key economic releases that have added to the current inflation puzzle as investors shift focus to the Federal Reserve's March policy meeting next week in Washington.

Updated at 9:59 AM EDT

Red start

Stocks are now falling sharply following the PPI inflation data and retail sales miss, with the S&P 500 marked 18 points lower, or 0.36%, in the opening half hour of trading.

The Dow, meanwhile, was marked 92 points lower while the Nasdaq slipped 67 points.

Treasury yields are also on the move, with 2-year notes rising 5 basis points on the session to 4.679% and 10-year notes pegged 7 basis points higher at 4.271%.

Updated at 9:44 AM EDT

Under Water

Under Armour  (UAA)  shares slumped firmly lower in early trading following the sportswear group's decision to bring back founder Kevin Plank as CEO, replacing the outgoing Stephanie Linnartz.

Plank, who founded Under Armour in 1996, left the group in May of 2021 just weeks before the group revealed that it was co-operating with investigations from both the Securities and Exchange Commission and the U.S. Department of Justice into the company's revenue recognition accounting.

Under Armour shares were marked 10.6% lower in early trading to change hands at $7.21 each.

Source: Under Armour Investor Relations

Updated at 9:22 AM EDT

Steely resolve

U.S. Steel  (X)  shares extended their two-day decline Thursday, falling 5.75% in pre-market trading following multiple reports that suggest President Joe Biden will push to prevent Japan's Nippon Steel from buying the Pittsburgh-based group.

Both Reuters and the Associated Press have said Biden will express his views to Prime Minister Kishida Yuko ahead of a planned State Visit next month at the White House. 

Related: US Steel soars on $15 billion Nippon Steel takeover; United Steelworkers slams deal

Updated at 8:52 AM EDT

Clear as mud

Retail sales rebounded last month, but the overall tally of $700.7 billion missed Street forecasts and suggests the recent uptick in inflation could be holding back discretionary spending.

A separate reading of factory inflation, meanwhile, showed prices spiking by 1.6%, on the year, and 0.6% on the month, amid a jump in goods prices.

U.S. stocks held earlier gains following the data release, with futures tied to the S&P 500 indicating an opening bell gain of 10 points, while the Dow was called 140 points higher. The Nasdaq, meanwhile, is looking at a more modest 40 point gain.

Benchmark 10-year Treasury note yields edged 3 basis points lower to 4.213% while two-year notes were little-changed at 4.626%.

Stock Market Today

Stocks finished lower last night, with the S&P 500 ending modestly in the red and the Nasdaq falling around 0.5%. The declines came amid an uptick in Treasury yields tied to concern that inflation pressures have failed to ease over the opening months of the year.

A better-than-expected auction of $22 billion in 30-year bonds, drawing the strongest overall demand since last June, steadied the overall market, but stocks still slipped into the close with an eye towards today's dataset.

The Commerce Department will publish its February reading of factory-gate inflation at 8:30 am Eastern Time. Analysts are expecting a slowdown in the key core reading, which feeds into the Fed's favored PCE price index.

Retail sales figures for the month are also set for an 8:30 am release as investors search for clues on consumer strength, tied to a resilient job market. Those factors could give the Fed more justification to wait until the summer months to begin the first of its three projected rate cuts.

"The case for a gradual but sustained slowdown in growth in consumers’ spending from 2023’s robust pace is persuasive," said Ian Shepherdson of Pantheon Macroeconomics. 

"Most households have run down the excess savings accumulated during the pandemic, while the cost of credit has jumped and last year’s plunge in home sales has depressed demand housing-related retail items like furniture and appliances," he added.

Benchmark 10-year Treasury yields are holding steady at 4.196% heading into the start of the New York trading session, while 2-year notes were pegged at 4.628%.

With Fed officials in a quiet period, requiring no public comments ahead of next week's meeting in Washington, the U.S. dollar index is trading in a narrow range against its global peers and was last marked 0.06% higher at 102.852.

On Wall Street, futures tied to the S&P 500 are indicating an opening bell gain of around 19 points, with the Dow Jones Industrial Average indicating a 140-point advance.

The tech-focused Nasdaq, which is up 7.77% for the year, is priced for a gain of around 95 points, with Tesla  (TSLA)  once again sliding into the red after ending the Wednesday session at a 10-month low.

In Europe, the regionwide Stoxx 600 was marked 0.35% higher in early Frankfurt trading, while Britain's FTSE 100 slipped 0.09% in London.

Overnight in Asia, the Nikkei 225 gained 0.29% as investors looked to a key series of wage negotiation figures from key unions that are likely to see the biggest year-on-year pay increases in three decades.

The broader MSCI ex-Japan benchmark, meanwhile, rose 0.18% into the close of trading. 

Related: Veteran fund manager picks favorite stocks for 2024

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