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Stock Market Today: Dow Jones, S&P 500 Ticked Higher Ahead Of Fed Decision; AMD Stock Up On Solid Earnings

Markets open higher as investors eagerly await the Federal Reserve’s latest monetary policy decision
The post Stock Market Today: Dow Jones, S&P…



Stock Market Today Mid-Morning Updates

On Wednesday, the Dow Jones Industrial Average is up by 30 points as investors brace for the Fed’s decision on its monetary policy later in the afternoon. The Fed has taken a more hawkish position in recent months against rising inflation and a tightened U.S. labor market. Coupled with global supply chain woes and the Russia-Ukraine war, the central bank certainly has a lot on its plate right now. The European Union today proposed a gradual ban on Russian oil in its sixth round of sanctions. Russia’s unprovoked invasion and evidence of war crimes have further pushed the EU to take bolder steps against Moscow.

Shares of Airbnb (NASDAQ: ABNB) are up today by over 4% after reporting a revenue beat of $1.5 billion. Impressively, this was 80% higher than Q1 2019, at pre-pandemic levels. The company also reported a narrower than expected loss of $0.03 per share against consensus estimates of $0.29 per share. Livent Corporation (NYSE: LTHM) is up by over 20% today after posting better-than-expected earnings. The lithium technology company also raised its 2022 revenue forecast.

Among the Dow Jones leaders, shares of Apple are up by 0.54% today while Microsoft (NASDAQ: MSFT) is up by 0.68%. Meanwhile, Disney (NYSE: DIS) and Nike (NYSE: NKE) are trading lower on Wednesday. Among the Dow financial leaders, Visa (NYSE: V) is up by 0.23% while JPMorgan Chase (NYSE: JPM) is also up by 0.16%.

Shares of EV leader Tesla (NASDAQ: TSLA) are up by 0.24% on Wednesday. Rival EV companies like Rivian (NASDAQ: RIVN) are down by 2.31%. Lucid Group (NASDAQ: LCID) is also down by 3.21% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) are trading lower today. 

Dow Jones Today: U.S. Treasury Yields Steady Ahead Of Fed Decision

Following the stock market opening on Wednesday, the S&P 500, Dow, and Nasdaq are trading higher at 0.10%, 0.10%, and 0.02%. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is up by 0.07% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also up by 0.09%. 

The benchmark 10-year U.S. Treasury yield trades at 2.96% today ahead of the Federal Reserve interest rate decision later in the day. Many analysts expect the central bank to hike interest rates by half a percentage point. They also believe that the Fed’s aggressive tightening of monetary policy could end in a recession. The Federal Open Market Committee will release its policy decision statement at 2:00 p.m. ET on Wednesday. Fed Chair Jerome Powell is scheduled to hold a press conference at 2:30 p.m. ET.

Private Payrolls Increased In April, But Are Well Below Estimates

On Wednesday, payrolls processing firm ADP reports that companies added fewer jobs than expected. Companies continue to struggle to find workers to fill open positions. Diving in, private payrolls increased by 247,000 in the month of April, below the 390,000 Dow Jones estimate. A chunk of this came from a drop in small business hirings, where companies with fewer than 50 workers saw a decline of 120,000.

[Read More] Top Stock Market News For Today May 3, 2022 

AMD Stock Gains After Blowout Earnings And Sizable Guidance Lift

In the news today, we have AMD (NASDAQ: AMD) with its eye-opening earnings. Following yesterday’s market close, the semiconductor chip titan posted stellar figures across the board. Getting straight to it, AMD is sitting on earnings of $1.13 per share on revenue of $5.89 billion for the quarter. To put things into perspective, this is versus Wall Street forecasts of $0.91 and $5.52 billion respectively. Year-over-year, this translates to sizable jumps of over 117% and 71%. In fact, AMD’s latest quarterly revenue also marks a new all-time high for the company as well.

Going into the specifics, the company is experiencing broad-based strength across its core business divisions. Notably, the company’s Enterprise, Embedded, and Semi-Custom segment saw its total revenue soar by 88% year-over-year to $2.5 billion. At the same time, AMD’s Computing and Graphics business raked in total sales of $2.8 billion, a 33% increase year-over-year. While all this is great, AMD is also issuing strong guidance for the current quarter and fiscal year ahead. For its second fiscal quarter, the company is expecting revenue of between $6.3 billion to $6.7 billion. To compare, consensus expectations are currently at around the $6.38 billion mark. 

In terms of its fiscal year outlook, AMD is raising its full-year revenue target to $26.3 billion, a massive 60% year-over-year increase. Accordingly, this would mark a notable increase over its previous guidance of a 31% increase. According to CEO Dr. Lisa Su, AMD has and continues to see significant strength across its core business and demand remains strong for its leadership products. As a result, AMD stock is now up by over 4% at today’s market open.

AMD stock
Source: TradingView

[Read More] 4 Top Oil Stocks To Watch In The Stock Market Today

Moderna In Focus After Tripling Covid Sales And Topping Quarterly Earnings Estimates

Meanwhile, coronavirus vaccine developer Moderna (NASDAQ: MRNA) is also turning heads after its latest quarterly earnings update. Overall, the company is looking at earnings of $8.58 per share on revenue of $6.07 billion for the quarter. For reference, this is against Wall Street estimates of $5.21 and $4.62 billion respectively. Namely, a key highlight from Moderna would be its latest vaccine sales figures. The company raked in a whopping $1.7 billion from vaccine sales, more than triple year-over-year. In fact, Moderna’s net income of $3.66 billion also marks a similar year-over-year surge from $1.2 billion.

All in all, it seems that Moderna remains hard at work in its fight against the coronavirus pandemic. Looking forward, the company is maintaining its $21 billion full-year guidance for vaccine sales. On top of that, CEO Stephane Bancel also expects orders for Moderna’s shot to increase in the second half of the year. Bancel argues that governments will likely do so amidst efforts to fortify fall vaccination campaigns. Not to mention, Moderna also recently initiated an FDA application for the use of its vaccine in children aged 6 months to 5 years old. 

MRNA stock
Source: TradingView

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Repeated COVID-19 Vaccination Weakens Immune System: Study

Repeated COVID-19 Vaccination Weakens Immune System: Study

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

Repeated COVID-19…



Repeated COVID-19 Vaccination Weakens Immune System: Study

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

Repeated COVID-19 vaccination weakens the immune system, potentially making people susceptible to life-threatening conditions such as cancer, according to a new study.

A man is given a COVID-19 vaccine in Chelsea, Mass., on Feb. 16, 2021. (Joseph Prezioso/AFP via Getty Images)

Multiple doses of the Pfizer or Moderna COVID-19 vaccines lead to higher levels of antibodies called IgG4, which can provide a protective effect. But a growing body of evidence indicates that the “abnormally high levels” of the immunoglobulin subclass actually make the immune system more susceptible to the COVID-19 spike protein in the vaccines, researchers said in the paper.

They pointed to experiments performed on mice that found multiple boosters on top of the initial COVID-19 vaccination “significantly decreased” protection against both the Delta and Omicron virus variants and testing that found a spike in IgG4 levels after repeat Pfizer vaccination, suggesting immune exhaustion.

Studies have detected higher levels of IgG4 in people who died with COVID-19 when compared to those who recovered and linked the levels with another known determinant of COVID-19-related mortality, the researchers also noted.

A review of the literature also showed that vaccines against HIV, malaria, and pertussis also induce the production of IgG4.

“In sum, COVID-19 epidemiological studies cited in our work plus the failure of HIV, Malaria, and Pertussis vaccines constitute irrefutable evidence demonstrating that an increase in IgG4 levels impairs immune responses,” Alberto Rubio Casillas, a researcher with the biology laboratory at the University of Guadalajara in Mexico and one of the authors of the new paper, told The Epoch Times via email.

The paper was published by the journal Vaccines in May.

Pfizer and Moderna officials didn’t respond to requests for comment.

Both companies utilize messenger RNA (mRNA) technology in their vaccines.

Dr. Robert Malone, who helped invent the technology, said the paper illustrates why he’s been warning about the negative effects of repeated vaccination.

“I warned that more jabs can result in what’s called high zone tolerance, of which the switch to IgG4 is one of the mechanisms. And now we have data that clearly demonstrate that’s occurring in the case of this as well as some other vaccines,” Malone, who wasn’t involved with the study, told The Epoch Times.

So it’s basically validating that this rush to administer and re-administer without having solid data to back those decisions was highly counterproductive and appears to have resulted in a cohort of people that are actually more susceptible to the disease.”

Possible Problems

The weakened immune systems brought about by repeated vaccination could lead to serious problems, including cancer, the researchers said.

Read more here...

Tyler Durden Sat, 06/03/2023 - 22:30

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Study Falsely Linking Hydroxychloroquine To Increased Deaths Frequently Cited Even After Retraction

Study Falsely Linking Hydroxychloroquine To Increased Deaths Frequently Cited Even After Retraction

Authored by Jessie Zhang via Thje Epoch…



Study Falsely Linking Hydroxychloroquine To Increased Deaths Frequently Cited Even After Retraction

Authored by Jessie Zhang via Thje Epoch Times (emphasis ours),

An Australian and Swedish investigation has found that among the hundreds of COVID-19 research papers that have been withdrawn, a retracted study linking the drug hydroxychloroquine to increased mortality was the most cited paper.

Hydroxychloroquine sulphate tablets. (Memories Over Mocha/Shutterstock)

With 1,360 citations at the time of data extraction, researchers in the field were still referring to the paper “Hydroxychloroquine or chloroquine with or without a macrolide for treatment of COVID-19: a multinational registry analysis” long after it was retracted.

Authors of the analysis involving the University of Wollongong, Linköping University, and Western Sydney Local Health District wrote (pdf) that “most researchers who cite retracted research do not identify that the paper is retracted, even when submitting long after the paper has been withdrawn.”

“This has serious implications for the reliability of published research and the academic literature, which need to be addressed,” they said.

Retraction is the final safeguard against academic error and misconduct, and thus a cornerstone of the entire process of knowledge generation.”

Scientists Question Findings

Over 100 medical professionals wrote an open letter, raising ten major issues with the paper.

These included the fact that there was “no ethics review” and “unusually small reported variances in baseline variables, interventions and outcomes,” as well as “no mention of the countries or hospitals that contributed to the data source and no acknowledgments to their contributions.”

A bottle of Hydroxychloroquine at the Medicine Shoppe in Wilkes-Barre, Pa on March 31, 2020. Some politicians and doctors were sparring over whether to use hydroxychloroquine against the new coronavirus, with many scientists saying the evidence is too thin to recommend it yet. (Mark Moran/The Citizens’ Voice via AP)

Other concerns were that the average daily doses of hydroxychloroquine were higher than the FDA-recommended amounts, which would present skewed results.

They also found that the data that was reportedly from Australian patients did not seem to match data from the Australian government.

Eventually, the study led the World Health Organization to temporarily suspend the trial of hydroxychloroquine on COVID-19 patients and to the UK regulatory body, MHRA, requesting the temporary pause of recruitment into all hydroxychloroquine trials in the UK.

France also changed its national recommendation of the drug in COVID-19 treatments and halted all trials.

Currently, a total of 337 research papers on COVID-19 have been retracted, according to Retraction Watch.

Further retractions are expected as the investigation of proceeds.

Tyler Durden Sat, 06/03/2023 - 17:30

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Complying, Not Defying: Twitter And The EU Censorship Code

Complying, Not Defying: Twitter And The EU Censorship Code

Authored by ‘Robert Kogon’ via The Brownstone Institute,

So, word has it that…



Complying, Not Defying: Twitter And The EU Censorship Code

Authored by 'Robert Kogon' via The Brownstone Institute,

So, word has it that Twitter has withdrawn from the EU’s Code of Practice on Disinformation, a fact that appears only to be known thanks to a couple of pissy tweets from EU officials. I cannot help but wonder if this is not finally Elon Musk’s response to the question I asked in my article here several weeks ago: namely, how can a self-styled “free-speech absolutist” be part of a “Permanent Task-Force on Disinformation” that is precisely a creation of the EU’s Code?

But does it matter? The answer is no. The withdrawal of Twitter’s signature from the Code is a highly theatrical, but essentially empty gesture, which will undoubtedly serve to shore up Musk’s free speech bad-boy bona fides, but has virtually no practical consequences. 

This is because: (1) as I have discussed in various articles (for instance, here and here), the effect of the EU’s Digital Services Act (DSA) is to render the hitherto ostensibly voluntary commitments undertaken in the Code obligatory for all so-called Very Large Online Platforms (VLOPs) and (2) as discussed here, the European Commission just designated a whole series of entities as VLOPs that were never signatories of the Code.

Twitter is thus in no different a position than Amazon, Apple and Wikipedia, none of which were ever signatories of the Code, but all of which will be expected by the EU to comply with its censorship requirements on the pain of ruinous fines. 

As EU officials like to put it, the DSA transformed the “code of practice” into a code of conduct: i.e. you had better do it or else.

Compliance is thus not a matter of a signature. The proof of the pudding is in the eating. And the fact of the matter is that Musk and Twitter are complying with the EU’s censorship requirements. Much of the programming that has gone into the Twitter algorithm is obviously designed for this very purpose.

What, for instance, are the below lines of code?

They are “safety labels” that have been included in the algorithm to restrict the visibility of alleged “misinformation.” Furthermore – leaving aside the handy “generic misinfo” catch-all – the general categories of “misinformation” used exactly mirror the main areas of concern targeted by the EU in its efforts to “regulate” online speech: “medical misinfo” in the context of the COVID-19 pandemic, “civic misinfo” in the context of issues of electoral integrity, and “crisis misinfo” in the context of the war in Ukraine.

Indeed, as Elon Musk and his lawyers certainly know, the final version of the DSA includes a “crisis response mechanism,” (Art. 36) which is clearly modeled on the European Commission’s initially ad hoc response to the Ukraine crisis and which requires platforms to take special measures to mitigate crisis-related “misinformation.” 

In its January submission to the EU (see reports archive here), in the section devoted precisely to its efforts to combat Ukraine-war-related “misinformation,” Twitter writes (pp. 70-71): 

“We … use a combination of technology and human review to proactively identify misleading information. More than 65% of violative content is surfaced by our automated systems, and the majority of remaining content we enforce on is surfaced through regular monitoring by our internal teams and our work with trusted partners.”

How is this not compliance? Or at least a very vigorous effort to achieve it? And the methodology outlined is presumably used to “enforce on” other types of “mis-“ or “disinformation” as well.

Finally, what is the below notice, which many Twitter users recently received informing them that they are not eligible to participate in Twitter Ads because their account as such has been labeled “organic misinformation?”

Why in the world would Twitter turn away advertising business? The answer is simple and straightforward: because none other than the EU’s Code of Practice on Disinformation requires it to do so in connection with the so-called “demonetization of disinformation.” 

Thus, section II(d-f) of the Code reads:

(d) The Signatories recognise the need to combat the dissemination of harmful Disinformation via advertising messages and services.

(e) Relevant Signatories recognise the need to take granular and tailored action to address Disinformation risks linked to the distribution of online advertising. Actions will be applicable to all online advertising.

(f) Relevant Signatories recognise the importance of implementing policies and processes not to accept remuneration from Disinformation actors, or otherwise promote such accounts and websites.

So, in short, vis-à-vis the EU and its Code, Twitter is complying, not defying. Removing Twitter’s signature from the Code when its signature is no longer required on the Code anyway is not defiance. Among other things, not labeling content and/or users as “misinformation,” not restricting the visibility of content and/or users so labeled, and accepting advertising from whomever has the money to pay would be defiance.

But the EU’s response to such defiance would undoubtedly be something more than tweets. It would be the mobilization of the entire punitive arsenal contained in the DSA and, in particular, the threat or application of the DSA fines of 6 percent of the company’s global turnover.

It is not enough to (symbolically) withdraw from the Code of Practice to defy the EU. Defying the EU would require Twitter to withdraw from the EU altogether.

Tyler Durden Sat, 06/03/2023 - 10:30

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