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Covid-19 roundup: Kate Bingham to lead UK taskforce; Federal judge to Shkreli: You’re not going to save the world, stay in prison

Covid-19 roundup: Kate Bingham to lead UK taskforce; Federal judge to Shkreli: You’re not going to save the world, stay in prison

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Kate Bingham Crick

A top biotech venture capitalist has been named to chair a UK government taskforce on developing and equitably distributing a vaccine.

Kate Bingham, managing partner of SV Health Ventures, will lead the taskforce, helping coordinate efforts across industry, academia and government. Those efforts are now backed by 250 million (£303 million) in commitments from the UK government.

As one of five managing partners at SV, Bingham founded the £250 million Dementia Discovery Fund five years. She has also at times been a voice for a change in biopharma, in 2016 penning an open letter eventually signed by dozens of scientists and executives pillorying a biotech for hosting a party that used women to woo male clients.

The taskforce, announced at the end of last month, also includes noted immunologist John Bell and executives from Wellcome Trust and AstraZeneca. AstraZeneca is leading the UK’s principal vaccine effort, manufacturing a vaccine developed at Oxford, with the promise of giving the country early access to the vaccine should it prove effective.

World summit to play host to vaccine and treatment fight

The simmering fight over access to existing and eventual Covid-19 drugs and vaccines will get another arena today.

Officials from every country will meet via link today for a summit that is widely expected to center on a single issue: A voluntary patent pool where companies and research institutes could place their Covid-19 inventions, allowing other countries to make cheap versions. Although voluntary, the pool could put pressure on vaccine and drug developers to put their intellectual property accessible.

The resolution is expected to be approved, but with softer wording after pushback from countries with major pharmaceutical companies, including US, the UK and Switzerland, The Guardian reported.  A similar debate emerged 20 years ago as the first AIDS drugs became available, leading to a declaration from the World Trade Organization to reaffirm the rights of countries in some situations to circumvent patents for essential medicines.

The summit comes days after Sanofi CEO Paul Hudson set off a firestorm in France with his comments that
the US would have “the right to the largest pre-order” of their experimental Covid-19 vaccine because the federal government invested millions into the effort. UNAIDS and Oxfam released a letter calling for a “people’s vaccine” distributed globally to the peopl of highest need first, but other countries, including the UK have also taken steps to secure early access.

Gilead ending trials on Covid-19

Three months after they started testing remdesivir in China, Gilead is ending its remaining clinical trials for the Covid-19 antiviral, Reuters reported. They will reportedly wind down by the end of the month.

The two open-label trials have enrolled over 8,000 patients. The yawning number that attracted critics, who said the drugmaker was pulling patients from randomized controlled trials that could yield data fasters, but Gilead said was designed to assure greater access.

Now, per Reuters, hospitals are concerned the end of the trials will cut off access to the drug.

Although with the data from a randomized NIH trial, the the drug has now been authorized by the FDA – in theory obviating part of the need for clinical trials – doctors have raised concerns about how the Trump administration has distributed the drug so far. First, they did not announce criteria or a plan for which hospitals would receive the drug,, and the first shipments overlooked some hospitals that with a high number of patients and gave to hospitals with few patients. Later, HHS announced state governments would be responsible for deciding which hospitals in their state would receive the drug, but they did not outline how they would decide how many doses to give to each state.

Those doses are from Gilead, which has pledged to donate 1.5 million doses of remdesivir – about 40% of which are for patients in the US. The company has said it is actively ramping manufacturing.

Federal judge to Shkreli: You’re not going to save the world, stay in prison

Last month, Martin “Pharma Bro” Shkreli posted a paper online with an unusual addendum.

“I am asking for a brief furlough (3 months) to assist in research work on Covid-19,” Shkreli wrote in a PDF published to the otherwise empty site of a company he founded in 2015, Prospero Pharma. “As a successful two-time biopharma entrepreneur, having purchased multiple companies, invented multiple new drug candidates, filed numerous INDs and clinical trial applications, I am one of the few executives experienced in ALL aspects of drug development from molecule creation and hypothesis generation.”

At the time, few in the industry were impressed with either the quality of Shkreli’s scientific paper — which detailed an effort to screen compounds for ones active to Covid-19, a practice already commonplace — nor his capacity to make unique contributions in a coronavirus fight that was already enlisting some of the country’s top scientists and biotech executives.

And now, it seems, a judge was similarly unimpressed with his plea.

In a 9-page ruling Saturday, US District Judge Kiyo Matsumoto sided with prosecutors who described Shkreli’s plea for release as indicative of the  “delusional self-aggrandizing behavior” that landed him in jail to begin with.

”The court does not find that releasing Mr. Shkreli will protect the public, even though Mr. Shkreli seeks to leverage his experience with pharmaceuticals to help develop a cure for Covid-19 that he would purportedly provide at no cost,” Matsumoto wrote. “In any event, Mr. Shkreli’s self-described altruistic intentions do not provide a legal basis to grant his motion.”

Although the conditions in some prisons during the pandemic have become the subject of significant criticism, with many inmates unable to secure home transfers despite outbreaks within the facility and urgings from the Justice Department, Matsumoto determined that wasn’t the case for Shkreli, who was “healthy” and whose low-security prison in Allenwood, PA has not experienced an outbreak.

“Defendant requests to be released into, among other places, an apartment in New York City, the epicenter of the covid-19 pandemic,” Matsumoto wrote.

Shkreli, 37, was given a 7-year sentence in 2017 for defrauding investors.

UK unveils plan to get early access to 30 million vaccines by September

Forget 12-18 months. The British government is hoping to vaccinate half its population by September, or 9 months after the initial outbreak — an aggressive timeline that is among the fastest put forward by world leaders or public health officials.

Business Secretary Alok Sharma said Sunday that the government would fund AstraZeneca with an additional £84 million ($102 million) as part of an agreement that will see the British drugmaker give the UK 30 million doses by September, should it prove effective in trials over the summer.

”The UK will be first to get access,” Sharma said. “We can also ensure that in addition to making the vaccine available to developing countries at the lowest possible cost.”

The UK plan slots into a larger debate over how to distribute the vaccine when it becomes available. The US has funded companies’ vaccine efforts at a larger scale, and have similarly secured rights to make certain orders as part of those funded agreements. AstraZeneca, which is producing a vaccine developed at Oxford University, had already announced that the UK would get early timeline.

These plans have so far not sat well with other world leaders. Last week, Sanofi CEO Paul Hudson caused a stir among his board and in the French government when he told Bloomberg that the US would get “the right to the largest pre-order.” And UNAIDS and Oxfam released a letter from current and former world leaders, calling for a “people’s vaccine” that was accessible “first for front-line workers, the most vulnerable people, and for poor countries with the least capacity to save lives.”

The UK–AstraZeneca plan is of course contingent on the vaccine proving effective — no sure thing. A study in non-human primates showed the vaccine appeared to elicit an immune response and protect the monkeys from serious lung damage, but it did not entirely stop infection. The developers are now in Phase I, but have said they plan to move into a combined Phase II/III this month. Public health officials have warned a vaccine could take 12-18 months, or significantly longer, and that some vaccine candidates are likely to fail in the clinic.

The new funding includes £38 million pounds for the erection “rapid-deployment facility” to begin manufacturing over the summer, before a larger factory, the Vaccines Manufacturing and Innovation Centre, opens at Oxford next summer.

Europe nears remdesivir okay

The US authorized it, Japan has approved it, and now Europe may soon clear it as well.

The head of the EMA, Guido Rasi, said that an initial authorization for remdesivir could come in the next few days, Reuters reports. The Gilead antiviral was shown in an NIH trial last month to reduce the time it takes patients to recover from Covid-19.

The EMA began their review process for remdesivir a day after the NIH results became public on April 29, but indicated the process could take time — a contrast with the FDA, who was rumored to be nearing an emergency use authorization the day the trial came out and ultimately issued one two days later. The drug is already authorized on the continent to be given under compassionate use.

Okaying remdesivir, though, will only be half the battle. Acquiring and distribution will be the rest. In the US, that process has been marred by confusion, as the federal government failed to detail a criteria for which hospitals got access and an inadequate supply left some doctors scrambling. Gilead, though, has been working since the early days of the outbreak to scale up production and have accelerated their efforts since the NIH trial.

Last week, the California company signed deals with 5 generics manufacturers in Pakistan and India, although those contracts are largely for distribution in low and middle income countries.

Vir Biotechnology publishes antibodies in Nature

Vir Biotechnology, the George Scangos-led infectious disease company, published in Nature the details for the monoclonal antibody they are bringing into the clinic for Covid-19 this summer.

The paper, published initially as a preprint last month, is the first by one of the three major companies developing monoclonal antibodies against Covid-19 to detail their lead candidate. It describes an antibody called S309 that neutralizes both SARS-CoV-2, the virus that causes Covid-19, and the SARS virus that caused a major outbreak in East Asia and other parts of the world in 2002 and 2003. The idea is that by targeting an epitope — a part of the spike protein — that is present in multiple different viruses, you’re likely targeting an essential part that won’t change as the virus mutates. Vir will bring two versions of the antibody forward, one with edits to make it last longer and one with edits to make it both longer lasting and generate a stronger T cell response

Vir, along with Abcellera and Regeneron, are expected to enter the clinic with their antibodies this summer, testing them both as a prophylaxis and as a protection against Covid-19. Antibodies from Regeneron and Humabs — now a subsidiary of Vir — were the two drugs that proved effective last year against Ebola.

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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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March 14, 2024

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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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March 14, 2024

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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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March 14, 2024

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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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