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Genetic Counseling for All

Genetic Counseling for All

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3 years ago

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In the 1990s, Elissa Levin proposed a master’s thesis on using the Internet to extend the reach of genetic counselors. Quickly, her committee shut down that idea. In those “old days”—just a few decades ago—many genetic counselors believed that only face-to-face assessments could be useful. In the midst of the COVID-19 pandemic, the shortsightedness of such thinking couldn’t be more clear.

Elissa Levin, vice president, clinical and policy, Helix

“The pandemic could fast-forward—probably 5 to 10 years—the patient receptivity of virtual platforms,” says Levin, now vice president, clinical and policy at population-genomics company Helix. Although current healthcare conditions might be driving the push to telemedicine in genetic counseling, it’s far from a new idea. “Some of the first studies 10 years ago of genetic counseling by telephone showed we can provide it well in a remote way,” says Gillian Hooker, current president of the National Society of Genetic Counselors (NSGC) and vice president of clinical development at Concert Genetics. “The uptake was slow until now, and suddenly it’s really fast.”

Even with a growing number of genetic counselors ready to provide virtual consultations, some obstacles remain, including financial ones (See “Restructuring reimbursement” page 24). Nonetheless, some technical advances create new opportunities to expand the field’s reach.

Building the breadth

The growth in telemedicine aside, Hooker sees an expanding spectrum of people who could benefit from genetic counseling. “The early days of genetic counseling focused on hereditary cancer, which is still a big area, and prenatal issues, which is also still a big area,” she says, “but we’re seeing genetic counseling branching out to cardiology, endocrinology, nephrology, neurology, and other areas.” Increasingly, these patient populations need genetic counseling to find the best ways to treat their diseases.

As Leigha Senter—associate director of The Ohio State University division of human genetics—explains it: “In addition to discussing hereditary conditions, we find ourselves in discussions about genetics-focused treatments, as well.” In cancer care, for example, an increasing number of treatments target specific genetic markers. Consequently, Senter notes, “A broader application of genetics in clinical medicine, especially with regard to targeted therapies, has really exploded in recent years and continues to change at a rapid pace.”

Furthermore, genetic counseling keeps extending into new areas of healthcare. One example involves brain disorders. For instance, scientists at the Autism & Developmental Medicine Institute, of Geisinger Health reported that patients with developmental brain disorders (DBD)—such as autism spectrum disorder, intellectual disability, and schizophrenia—often have single nucleotide polymorphisms (SNPs) and pathogenic copy-number variations. The Geisinger scientists state: “Incorporating genetic testing into the care of adult patients with DBD, paired with targeted genetic counseling and family cascade testing, may increase self-advocacy and decrease stigma.”

With increasing genomic sequencing, much of it driven by decreasing costs, even more molecular markers will be found in an even wider range of diseases and paired with diagnostic tests and targeted medications. Plus, people beyond patients are taking advantage of genetic information.

Empowering people

Erynn Gordon, vice president of clinical operations, Genome Medical

“Historically patients were referred to genetics by their healthcare provider, but now there are a rising number of people who are seeking genetic testing on their own,” says Erynn Gordon, vice president of clinical operations at Genome Medical. “This significantly increases the demand for genetic services—beyond the current capacity—and means that the healthcare ecosystem needs to reconsider how patients access genetic services and genetic testing.” As Gordon points out, this raises various questions: Should patients decide on genetic testing on their own; does everyone need to see a genetic counselor to help guide patients to the right testing given their medical needs; or is there a hybrid technology solution that can support greater use of genetic testing in healthcare with expert guidance—without a consultation?

Virtual platforms like the Genome Care Navigator help people explore their own options in genetic counseling. Genome Medical Institute

To help with this, Genome Medical developed a virtual platform. “We combine telegenetics with our Genome Care Delivery technology platform to drive efficiency in the identification and assessment of high-risk patients, the navigation to appropriate genetic testing, and the integration of test results into healthcare to improve outcomes,” Gordon explains. The company’s Genome Care Navigator includes self-guided education. “While some patients can and want to proceed to genetic testing without pre-test genetic counseling, our platform uses technology to optimize patient preference and high-quality clinical care by offering patients the option for one-to-one counseling and by using clinical algorithms that allow us to flag patients and direct them to one-to-one counseling as needed—based on patient information—to ensure an optimal clinical experience,” she adds.

As more people use this technology, Gordon expects to learn that “patient needs are diverse and can be met in many different ways.” From some perspectives, many “ways” already exist in genetic counseling.

Tests and taxonomy

Genetic counselors already cover a lot of information. There are about 150,000 genetic tests available in healthcare today. Although some tests look for the the same thing, serving as similar tests from different vendors, the number still grows by tens to hundreds a day. As Senter says, “Our patients will count on us to know when the new tests and technologies should be used.”

No genetic counselor’s brain stores information on 150,000 tests. That takes technology. “At Concert Genomics,” Hooker says, “We supply tools and technologies that providers can use to pick the right test and see if it’s covered by a patient’s insurance.” This technology puts tests in an organized taxonomy, an arrangement that groups similar tests. “The more complex the testing gets, the more you need an infrastructure that includes genetic counseling,” Hooker says.

AI in GC

Rupert Yip
Rupert Yip, director of clinical genomics, QIAGEN

Collecting more data demands thinking more deeply about how to use it. As clinicians screen across more of a person’s genome, says Rupert Yip, director of clinical genomics at QIAGEN, “the panel sizes are so large that almost every patient is guaranteed a hit as a carrier of a genetic condition—even if the risk is exceedingly small or inactionable.” It will be up to a genetic counselor to “either allay patient anxiety or appropriately recommend further testing,” Yip says. “Also, as more esoteric conditions get tested, even seasoned general practitioners will need to consult genetic counselors on conditions they’re not familiar with.”

Yip envisions demand outstripping supply. “We’re seeing an increase in demand for genetic counseling for not just hereditary genetic testing but also for hereditary cancers and in some cases somatic testing as well,” he says. “As a result, we’re seeing a rise in the use of AI and chatbots to assist human genetic counselors in addressing the ‘easy’ GC cases.” The simpler cases that he has in mind are people asking if genetic testing is right for them or what risks are implied with a given test result. The ongoing accumulation of data, experience, and knowledge help AI-driven platforms work better. Yip says, these AI-based tools provide “a great way to triage the difficult cases for human genetic counselors to tackle.”

The extent of applying AI to genetic counseling is just getting started, but it could reach even further in combination with other technologies. For example, Yip describes combining facial-recognition software with a virtual genetic counselor to diagnose some genetic conditions. “Using a smartphone and an app, users could take a selfie, then the app would apply proprietary image algorithms to rank a series of possible phenotypes or syndromes,” he explains.

These advances arise from technological improvements across computer science, including voice and pattern recognition, natural language processing (NLP), and AI. These tools can also keep up with the avalanche of information that impacts modern genetic counseling. As an example, Yip, says, “NLP technologies can be used to automatically curate scientific literature from review articles, historical cases, et cetera to improve the accuracy of genetic-counseling interactions.”

Improving that accuracy, though, depends on accruing enough data. In using facial recognition to diagnose rare conditions, for instance, Yip says, “The challenge is getting a large enough dataset to train the algorithms, and this is difficult since by definition these real-world cases are rare.”

Even as AI-based and other computer-related tools improve, human interaction will stay part of the genetic-counseling process. As Yip says, “Recommended follow-up action is very customized for each patient and, whenever you’re addressing patient anxiety, the human touch can never be replaced by any virtual experience.”

From rare to routine

The field of genetic counseling started by serving a few select groups, but that is expanding as health systems launch population health programs. To improve the health of an entire population, says Kimberly Foss, assistant professor in the University of North Carolina at Chapel Hill’s Program for Precision Medicine in Health Care, “presumedly healthy individuals from the general population are screened for the presence of inherited conditions with recommended preventive health actions.”

The U.S. Centers for Disease Control and Prevention (CDC) developed its Tier 1 Genomic Applications, which it describes as “those having significant potential for positive impact on public health based on available evidence-based guidelines and recommendations.” These applications apply to various conditions, including Hereditary Breast and Ovarian Cancer Syndrome (HBOC) and familial hypercholesterolemia (FH), which increase the risk for various cancers and heart disease or stroke, respectively.

Kimberly Foss
Kimberly Foss, assistant professor, University of North Carolina, Program for Precision Medicine in Health Care

So far, estimates suggest that 1–3% of the U.S. population has an inherited condition on the CDC’s Tier 1, but ongoing screenings could change that prevalence. As Foss says, “Several population health-screening projects are underway across the U.S., including at our own institution through the UNC Program for Precision Medicine in Healthcare.”

Like enhancing some uses of genetic counseling with AI, population-health applications rely on technology. “Massively parallel sequencing or next generation sequencing technology have spurred tremendous advances in diagnostic testing accompanied by precipitous drops in sequencing costs and increased coverage in policies from many health insurers,” Foss explains. “The result is that access to genetic testing has expanded to enable testing of broader groupings of genes as opposed to targeting only one or two genes at a time.” As a result, scientists learn more about the clinical relevance of gene variations across larger groups of people.

Doing more

“There’s still a big gap between what we can do and we do do,” says Hooker. One group of investigators, including Hooker, examined the coverage of genomics testing in the United States and reported four general findings: genomic testing is used inconsistently across the country, coverage of testing by payers varies, having coverage doesn’t mean more use of genomic testing, and inconsistent reimbursement is a challenge.

Computational and molecular biology methods allow faster and more complete genetic analysis [CREDIT: Helix]
To drive ahead in resolving these obstacles to getting the most from genetic counseling, many approaches should be considered. “We need more economic studies to see if there’s evidence that genetic testing and genetic counseling are cost-effective over time,” Levin says. “We’re still in the early stages for those.”

Nonetheless, ongoing advances will spur even more uses of genetic counseling. From Gordon’s perspective, “Over the next five years, we are likely to see demand for genetic services surge—driven by an increase in understanding of the role of genetics in healthcare beyond rare disease and supported by changes in technology, such as integrated risk-assessment tools in patient portals and use of artificial intelligence to mine medical records and prioritize patients who need referrals to genetic counseling.”

Soon, genetic counselors will be called to help people make healthcare decisions at nearly every stage of life. That will, hopefully, reduce the gap between what can and does get done. Most important, specialists across healthcare and patients could then better work as a team. Then, the old and the young and those in between could all live higher quality lives.

Restructuring reimbursement

To provide wider service, genetic counselors need to be recognized more widely as healthcare providers. Currently, that is not the case with the U.S. Centers for Medicare & Medicaid Services (CMS). “Under Medicare, we can’t bill as independent providers,” Hooker explains. Instead, a genetic counselor can only bill Medicare under a physician.

Genetic counselors hope that H.R. 3235, the “Access to Genetic Counselor Services Act of 2019,” will change that. If made into law, H.R. 3235 will give genetic counselors status as healthcare providers by CMS. “This bill is critical as demand and interest in genetic counseling increase,” Hooker says.

Without this bill, many people cannot get genetic-counseling services. “Reimbursement of genetic counselors is the key to building the infrastructure that can make genetic medicine, personalized medicine work,” Hooker says. “We need to invest in the workforce and serve the population equally.”

The post Genetic Counseling for All appeared first on Clinical OMICs - Molecular Diagnostics in Precision Medicine.

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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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6 hours ago

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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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6 hours ago

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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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7 hours ago

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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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