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Stock Market Today: Dow Jones, S&P 500 Rebounds On Powell’s Testimony; Nordstrom (JWN) Stock Surges On Good Earnings

Dow rebounds as investors shake off jitters surrounding the Russia-Ukraine conflict.
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Stock Market Today Mid-Morning Updates

On Wednesday, the Dow Jones Industrial Average rose by over 300 points. Today’s gains are led by energy companies, following the surge in oil prices as the Russia-Ukraine conflict raises concerns about crude supply. Fed Chairman Jerome Powell says that the Fed will move forward with plans to raise interest rates this month to tame high inflation. However, the outbreak of war in Ukraine has made the outlook highly uncertain for U.S. central bank policymakers.

Today, Ford (NYSE: F) is up by over 6% after announcing that it will split its EV business from its legacy autos. The company expects the move to streamline its growing electric vehicle business to maximize profits. Meanwhile, Hewlett Packard (NYSE: HPE) stock is up by 3.8% on today’s opening bell after reporting better-than-expected earnings for its most recent quarter despite missing revenue estimates. It posted earnings per share of $0.53 for the quarter. Revenue on the other hand was $6.96 billion.

Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are up by 0.8% today while Microsoft (NASDAQ: MSFT) is also up by 0.71%. Meanwhile, 3M (NYSE: MMM) and Nike (NYSE: NKE) are also trading higher on Wednesday. Among the Dow financial leaders, Visa (NYSE: V) is down by 0.72% while Goldman Sachs (NYSE: GS) is up by 0.87%.

Shares of EV leader Tesla (NASDAQ: TSLA) are up by 0.81% on Wednesday. Likewise, rival EV companies like Rivian (NASDAQ: RIVN) are down by 9.47%. Lucid Group (NASDAQ: LCID) is also down by 3.46% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) opened lower today.

Dow Jones Today: 10-year Treasury Yield Hovers At 1.77% and Oil Prices Continue To Soar.

Following the stock market opening on Wednesday, the S&P 500, Dow, and Nasdaq are trading higher by 0.61%, 0.74%, and 0.01% respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down by 0.11% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is up by 0.48% today. 

The 10-year Treasury yield hovers around 1.77% today. U.S. oil prices surged to new highs on supply fears. This is despite member states of the International Energy Agency saying that they plan to release 60 million barrels of oil reserves, half of that total from the U.S., in an effort to curb price increases. West Texas Intermediate crude topped $112 per barrel, the highest since May 2011. Global benchmark Brent Crude reached $113 per barrel, its highest since summer 2014.

ADP Reports 475,000 Jobs Added In February 

On Wednesday, ADP released its jobs report for February. Companies added 475,000 positions in February, better than the Dow Jones estimate for 400,000. The payroll processing firm dramatically revised its January count, from a loss of 301,000 to a gain of 509,000 as well. This comes as private job creation rose at a faster-than-expected rate in February. Hiring remains robust but is capped by reduced labor supply post-pandemic.

[Read More] Top Stock Market News For Today March 2, 2022

Nordstrom Jump Following Sizable Earnings Beats Across The Board; Provides Strong Outlook

Among the top gainers in the stock market today would be Nordstrom (NYSE: JWN). In essence, the department store chain operator is likely seeing a positive reaction to its latest fiscal quarter report. Diving in, Nordstrom posted earnings of $1.23 a share on revenue of $4.49 billion in the quarter. For comparison, this is well above consensus estimates of $1.02 and $4.35 billion respectively. Furthermore, the company’s net income is currently looking at a massive year-over-year increase of over 506%. Safe to say, Nordstrom is among the key retailers that made the most of the recent holiday season. Because of all this, JWN stock is currently gaining by over 34% at today’s opening bell.

For the most part, the company attributes success across its core categories for its current performance. According to Nordstrom, this includes its home, active, designer, beauty, and kids categories. Despite its current momentum, the company is not planning to slow down anytime soon. Providing some info on Nordstrom’s plans moving forward is CEO Erik Nordstrom. Namely, he notes that the company is focusing on improving Nordstrom Rack’s performance, boosting profitability, and optimizing supply chain flow.

With this plan in mind, Nordstrom also has a rather upbeat outlook on its performance for the year ahead. As it stands, the company is expecting annual credit card sales to increase by between 5% to 7%. To point out, this would translate to a sizable lead over Wall Street’s forecasts of 3.7%. Moreover, Nordstrom also sees an annual earnings per share within the range of $3.15 to $3.50. Similarly, this too exceeds consensus approximations of $2.01. As such, some would argue that the current attention on JWN stock is understandable.

JWN stock
Source: TradingView

[Read More] What Stocks To Buy During War? 4 Retail Stocks To Watch

SoFi Jumps After Issuing Impressive Outlook For Current Fiscal Year

At the same time, SoFi Technologies (NASDAQ: SOFI) also appears to be in the spotlight today. Similar to Nordstrom, the company’s latest quarterly earnings call has investors tuning in to its shares. If anything, this would be due to SoFi posting notable figures. For starters, it saw a record revenue of $286 million for the quarter. To put things into perspective, this translates to a sizable 67% year-over-year jump. If that wasn’t enough, SoFi also added a record 523,000 new members to its ecosystem in the fourth quarter. To top that off, it is also looking at an impressive improvement in terms of net income. The company posted a loss per share of $0.15, a noticeable reduction from its loss per share of $1.85 the same quarter last year.

Explaining SoFi’s stellar quarterly performance is CEO Anthony Noto. According to Noto, the company has three main reasons for its current success. First, would be SoFi’s strong growth through great execution across its core operations. Second is success in its Financial Services Productivity Loop strategy, which continues to drive growth in the company’s member pool. This is evident as SoFi topped its 2021 targets by 40%. Third, Noto also highlights SoFi’s focus on growing its brand awareness via SoFi Stadium affiliations.

Not forgetting, the company remains busy as ever expanding its portfolio now. Among its latest plays would be the introduction of SoFi Checking and Savings alongside its $1.1 billion acquisition of cloud banking platform, Technisys. By and large, Noto had this to say, “Today, SoFi is in its strongest position ever to differentiate our offerings and ensure that we’re delivering for our members and enhancing their experience with each new product they adopt.” As a result, SOFI stock is trading higher by over 7% today.

SOFI stock
Source: TradingView

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The post Stock Market Today: Dow Jones, S&P 500 Rebounds On Powell’s Testimony; Nordstrom (JWN) Stock Surges On Good Earnings appeared first on Stock Market News, Quotes, Charts and Financial Information | StockMarket.com.

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CCP-Linked Virologist Fired After Transferring Ebola From Winnipeg To Wuhan Resurfaces In China – And Is Collaborating With Military Scientists

CCP-Linked Virologist Fired After Transferring Ebola From Winnipeg To Wuhan Resurfaces In China – And Is Collaborating With Military Scientists

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CCP-Linked Virologist Fired After Transferring Ebola From Winnipeg To Wuhan Resurfaces In China - And Is Collaborating With Military Scientists

A virologist who had a "clandestine relationship" with Chinese agents and was subsequently fired by the Trudeau government has popped back up in China - where she's conducting research with Chinese military scientists and other virology researchers, including at the Wuhan Institute of Virology, where she's allegedly studying antibodies for coronavirus, as well as the deadly Ebola and Niaph viruses, the Globe and Mail reports.

Xiangguo Qiu and her husband Keding Cheng were fired from the National Microbiology Laboratory in Winnipeg, Canada and stripped of their security clearances in July of 2019.

Declassified documents tabled in the House of Commons on Feb. 28 show the couple had provided confidential scientific information to China and posed a credible security threat to the country, according to the Canadian Security Intelligence Service.

The Globe found that Dr. Qiu’s name appears on four Chinese patent filings since 2020, two with the Wuhan Institute of Virology whose work on bat coronaviruses has placed it at the centre of concerns that it played a role in the spread of COVID-19 – and two with the University of Science and Technology of China, or USTC. The patents relate to antibodies against Nipah virus and work related to nanobodies, including against coronaviruses. -Globe and Mail

Canadian authorities began questioning the pair's loyalty, as well as the potential for coercion or exploitation by a foreign entity, according to more than 600 pages of documents reported by The Counter Signal.

Highlights (via CTVNews.ca):

  • Qiu and Cheng were escorted out of Winnipeg's National Microbiology Laboratory in July 2019 and subsequently fired in January 2021.
  • The pair transferred deadly Ebola and Henipah viruses to China's Wuhan Institute of Virology in March 2019.
  • The Canadian Security Intelligence Service assessed that Qiu repeatedly lied about the extent of her work with institutions of the Chinese government and refused to admit involvement in various Chinese programs, even when evidence was presented to her.
  • [D]espite being given every opportunity in her interviews to describe her association with Chinese entities, "Ms. Qiu continued to make blanket denials, feign ignorance or tell outright lies."
  • A November 2020 Public Health Agency of Canada report on Qiu says investigators "weighed the adverse information and are in agreement with the CSIS assessment."
  • A Public Health Agency report on Cheng's activities says he allowed restricted visitors to work in laboratories unescorted and on at least two occasions did not prevent the unauthorized removal of laboratory materials.
  • Cheng was not forthcoming about his activities and collaborations with people from government agencies "of another country, namely members of the People's Republic of China."

Following their firings, Qiu returned to China despite it being under a pandemic travel lockdown until January, 2023.

"It’s very likely that she received quite preferential treatment in China on the basis that she’s proven herself. She’s done a very good job for the government of China," said Brendan Walker-Munro, senior research fellow at Australia’s University of Queensland Law School. "She’s promoted their interests abroad. She’s returned information that is credibly useful to China and to its ongoing research."

More via the Globe and Mail;

Documents reviewed by The Globe show that Dr. Qiu is most closely aligned with the University of Science and Technology of China (USTC) in Hefei. In March, 2023, a document posted by a Chinese pharmaceutical company listed Dr. Qiu as second amongst “major completion personnel” on a project awarded by the Chinese Preventive Medicine Association for study related to an anti-Ebola virus therapeutic antibody. Most of the other completion personnel were associated with the Chinese People’s Liberation Army.

USTC was founded by the Chinese Academy of Sciences and initially established to build up Chinese scientific expertise useful to the military, which at the time was pursuing technology to build satellites, intercontinental ballistic missiles and atomic bombs. The university has continued to maintain close military ties.

The document says Dr. Qiu works for USTC. Jin Tengchuan, the principal investigator at the Laboratory of Structural Immunology at USTC, lists her as a co-inventor on a patent. Mr. Jin did not respond to requests for comment.

A person who answered the phone at USTC told The Globe, “I don’t have any information about this teacher.”

In 2012, USTC signed a strategic co-operation agreement with the Army Engineering University of the People’s Liberation Army, designed to strengthen research on cutting-edge technology useful for communications, weaponry and other national-defence priorities.

Dr. Qiu is also listed as a 2019 doctoral supervisor for students studying virology at Hebei Medical University.

Well, that makes me wonder what circumstances she was under when she emigrated to Canada. Why did she come?” asked Earl Brown, a professor emeritus of biochemistry, microbiology and immunology at the University of Ottawa’s faculty of medicine who has worked extensively in China in the past. “People leave for more freedom from China, or to make more money. But China keeps tabs on most people so I am not sure if she came over to infiltrate or whether she came and the infiltration happened later through contact with China.”

It may be impossible to answer that question. Three former colleagues at the National Microbiolgy Lab have indicated that Dr. Qiu and her husband were diligent and pleasant to deal with, but largely kept to themselves outside of work. They say Dr. Qiu was a brilliant scientist with a strong work ethic, although her English was weak. The Globe is not identifying the three who did not want to be named.

Dr. Qiu is a medical doctor from Tianjin, China, who came to Canada for graduate studies in 1996. She started at the University of Manitoba, but began working at the national lab as a research scientist in 2006, working her way up to become head of the vaccine development and antiviral therapies section in the National Microbiology Laboratory’s special pathogens program.

She was also part of the team that helped develop ZMapp, a treatment for the deadly Ebola virus, which killed more than 11,000 people in West Africa between 2014 and 2016.

“My sense is this was part of a larger strategy by China to get access to our innovation system,” said Filippa Lentzos, an associate professor of science and international security at King’s College London. “It was a way for them to to find out what was going on in Canada’s premier lab.”

Initially trained as a medical doctor, Dr. Qiu graduated in 1985 from Hebei University in the coastal city of Tianjin, which lies southeast of Beijing. Dr. Qiu went on to obtain her master of science degree in immunology at Tianjin Medical University in 1990.

Her career at Canada’s top infectious disease lab in Winnipeg began in 2003, only four years after Ottawa opened this biosafety level 4 facility at the Canadian Science Centre for Human and Animal Health.

Over time, she built up a reputation for academic collaboration, particularly with China. It was welcomed by management who felt her work was helping build a name internationally for the National Microbiology Lab.

By the time Canadian officials intervened in 2018 and began investigating, documents show, Dr. Qiu was running 44 separate projects at the Winnipeg lab, an uncommonly large workload.

Her work with former colleague and microbiologist Gary Kobinger vaulted Dr. Qiu into the international spotlight. The pair developed a treatment for Ebola, one that in its first human application led to the full recovery of 27 patients with the infection during a 2014 outbreak in Liberia.

Mr. Kobinger’s career continued to soar and he is now director of the Galveston National Laboratory, a renowned biosafety level 4 facility in Texas. In 2022, he told The Globe that it was “heartbreaking” to see what had happened to his colleague. He declined to speak for this article.

“She had lost a lot of weight with all the stress. She was so convinced that this was all a misunderstanding … and she would go back to her job,” he said in 2022. “ Her career has been destroyed with all this. She was one of the top female Canadian scientists of virology and Canada has lost that.”

Over a period of 13 months, though, the Chinese-Canadian microbiologist and her biologist husband’s lives were turned upside down.

She went from being feted at Ottawa’s Rideau Hall with a Governor-General’s Award in May, 2018, to being locked out of the Winnipeg lab in July, 2019 – the high-security facility where she had made her name as a scientist in Canada. By January, 2021, she and Mr. Cheng were fired.

Last month, after being pressed into explaining what happened, the Canadian government finally disclosed the reasons for this extraordinary dismissal: CSIS found the pair had lied about and hid their co-operation with China from Ottawa.

A big question remains following their departure: Why would Dr. Qiu risk her career, including the stature associated with developing an Ebola treatment, for China?

Read the rest here...

Tyler Durden Thu, 03/21/2024 - 18:40

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You can now enter this country without a passport

Singapore has been on a larger push to speed up the flow of tourists with digital immigration clearance.

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In the fall of 2023, the city-state of Singapore announced that it was working on end-to-end biometrics that would allow travelers passing through its Changi Airport to check into flights, drop off bags and even leave and exit the country without a passport.

The latter is the most technologically advanced step of them all because not all countries issue passports with the same biometrics while immigration laws leave fewer room for mistakes about who enters the country.

Related: A country just went visa-free for visitors with any passport

That said, Singapore is one step closer to instituting passport-free travel by testing it at its land border with Malaysia. The two countries have two border checkpoints, Woodlands and Tuas, and as of March 20 those entering in Singapore by car are able to show a QR code that they generate through the government’s MyICA app instead of the passport.

A photograph captures Singapore's Tuas land border with Malaysia.

Here is who is now able to enter Singapore passport-free

The latter will be available to citizens of Singapore, permanent residents and tourists who have already entered the country once with their current passport. The government app pulls data from one's passport and shows the border officer the conditions of one's entry clearance already recorded in the system.

More Travel:

While not truly passport-free since tourists still need to link a valid passport to an online system, the move is the first step in Singapore's larger push to get rid of physical passports.

"The QR code initiative allows travellers to enjoy a faster and more convenient experience, with estimated time savings of around 20 seconds for cars with four travellers, to approximately one minute for cars with 10 travellers," Singapore's Immigration and Checkpoints Authority wrote in a press release announcing the new feature. "Overall waiting time can be reduced by more than 30% if most car travellers use QR code for clearance."

More countries are looking at passport-free travel but it will take years to implement

The land crossings between Singapore and Malaysia can get very busy — government numbers show that a new post-pandemic record of 495,000 people crossed Woodlands and Tuas on the weekend of March 8 (the day before Singapore's holiday weekend.)

Even once Singapore implements fully digital clearance at all of its crossings, the change will in no way affect immigration rules since it's only a way of transferring the status afforded by one's nationality into a digital system (those who need a visa to enter Singapore will still need to apply for one at a consulate before the trip.) More countries are in the process of moving toward similar systems but due to the varying availability of necessary technology and the types of passports issued by different countries, the prospect of agent-free crossings is still many years away.

In the U.S., Chicago's O'Hare International Airport was chosen to take part in a pilot program in which low-risk travelers with TSA PreCheck can check into their flight and pass security on domestic flights without showing ID. The UK has also been testing similar digital crossings for British and EU citizens but no similar push for international travelers is currently being planned in the U.S.

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This country became first in the world to let in tourists passport-free

Singapore has been on a larger push to speed up the flow of tourists with digital immigration clearance.

Published

on

In the fall of 2023, the city-state of Singapore announced that it was working on end-to-end biometrics that would allow travelers passing through its Changi Airport to check into flights, drop off bags and even leave and exit the country without a passport.

The latter is the most technologically advanced step of them all because not all countries issue passports with the same biometrics while immigration laws leave fewer room for mistakes about who enters the country.

Related: A country just went visa-free for visitors with any passport

That said, Singapore is one step closer to instituting passport-free travel by testing it at its land border with Malaysia. The two countries have two border checkpoints, Woodlands and Tuas, and as of March 20 those entering in Singapore by car are able to show a QR code that they generate through the government’s MyICA app instead of the passport.

A photograph captures Singapore's Tuas land border with Malaysia.

Here is who is now able to enter Singapore passport-free

The latter will be available to citizens of Singapore, permanent residents and tourists who have already entered the country once with their current passport. The government app pulls data from one's passport and shows the border officer the conditions of one's entry clearance already recorded in the system.

More Travel:

While not truly passport-free since tourists still need to link a valid passport to an online system, the move is the first step in Singapore's larger push to get rid of physical passports.

"The QR code initiative allows travellers to enjoy a faster and more convenient experience, with estimated time savings of around 20 seconds for cars with four travellers, to approximately one minute for cars with 10 travellers," Singapore's Immigration and Checkpoints Authority wrote in a press release announcing the new feature. "Overall waiting time can be reduced by more than 30% if most car travellers use QR code for clearance."

More countries are looking at passport-free travel but it will take years to implement

The land crossings between Singapore and Malaysia can get very busy — government numbers show that a new post-pandemic record of 495,000 people crossed Woodlands and Tuas on the weekend of March 8 (the day before Singapore's holiday weekend.)

Even once Singapore implements fully digital clearance at all of its crossings, the change will in no way affect immigration rules since it's only a way of transferring the status afforded by one's nationality into a digital system (those who need a visa to enter Singapore will still need to apply for one at a consulate before the trip.) More countries are in the process of moving toward similar systems but due to the varying availability of necessary technology and the types of passports issued by different countries, the prospect of agent-free crossings is still many years away.

In the U.S., Chicago's O'Hare International Airport was chosen to take part in a pilot program in which low-risk travelers with TSA PreCheck can check into their flight and pass security on domestic flights without showing ID. The UK has also been testing similar digital crossings for British and EU citizens but no similar push for international travelers is currently being planned in the U.S.

Read More

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