Archives for April 2021

How major US stock indexes fared Tuesday

Stocks closed lower on Wall Street, led by drops in technology companies and banks. The S&P 500 gave back 0.7%, pulling the index further below the record high it set on Friday.

Small-company stocks, which have been beating the rest of the market in recent months, fell more than other sectors. Investors are focusing on company earnings reports that are steadily coming out this week. On average, analysts expect profits across the S&P 500 to be up 24% from a year earlier, according to FactSet.

On Tuesday:

The S&P 500 fell 28.32 points, or 0.7%, to 4,134.94.

The Dow Jones Industrial Average fell 256.33 points, or 0.8%, to 33,821.30.

The Nasdaq fell 128.50 points, or 0.9%, to 13,786.27.

The Russell 2000 index of smaller companies fell 43.79 points, or 2% to 2,188.21.

For the week

The S&P 500 is down 50.53 points, or 1.2%.

The Dow is down 379.37 points, or 1.1%.

The Nasdaq is down 266.07 points, or 1.9%.

The Russell 2000 is down 74.46 points, or 3.3%.

For the year:

The S&P 500 is up 378.87 points, or 10.1%.

The Dow is up 3,214.82 points, or 10.5%.

The Nasdaq is up 897.99 points, or 7%.

The Russell 2000 is up 213.36 points, or 10.8%.

Hitting latest vaccine milestone, Biden pushes shots for all

WASHINGTON (AP) — The U.S. is set to meet President Joe Biden’s latest vaccine goal of administering 200 million COVID-19 shots in his first 100 days in office, as the White House steps up its efforts to inoculate the rest of the public.

With more than 50% of adults at least partially vaccinated, Biden on Wednesday will reflect on his efforts to expand vaccine distribution and access in his first three months in the White House. But with all those 16 and older now eligible for shots, the president is expected to outline his administration’s plans to drive up the vaccination rate even further.

With roughly 28 million vaccine doses being delivered each week, demand has eclipsed supply as the constraining factor to vaccinations in much of the country. While surveys have shown that vaccine hesitancy has declined since the rollout of the shots, administration officials believe they have to make getting vaccinated easier and more appealing.

Maximizing the number of Americans vaccinated in the coming months is critical for the White House, which is aiming to restore a semblance of normalcy around the July Fourth holiday and even more so by the beginning of the next school year.

Biden was not expected to set new public targets for vaccinations, and administration officials have been careful to avoid predicting when they project the country will have vaccinated enough people to reach herd immunity. The U.S. is on track to have enough vaccine supply for every adult by the end of May and for every American by July, but administering them will be another matter.

In recent weeks the White House has launched a massive outreach campaign to Americans to get vaccinated, relying on funding from the $1.9 trillion virus relief package passed last month to launch ads and fund direct community engagement to under-vaccinated constituencies.

Biden set his 200 million shot goal last month after meeting his 100 million-in-100 days goal just over a month ago. At the time the U.S. was well on pace to meet the higher target, and the pace of vaccinations has only accelerated, to about 3 million shots per day.

The 100 million-dose goal was first announced on Dec. 8, days before the U.S. had even one authorized vaccine for COVID-19, let alone the three that have now received emergency authorization. Still, it was generally seen within reach, if optimistic.

By the time Biden was inaugurated on Jan. 20, the U.S. had already administered 20 million shots at a rate of about 1 million per day, bringing complaints at the time that Biden’s goal was not ambitious enough. He quickly revised it upward to 150 million doses in his first 100 days.

It a deliberate effort by Biden to set clear — and achievable — metrics for success as part of a strategy of underpromising, then overdelivering. Aides believe that exceeding his goals breeds trust in government after the Trump administration’s sometimes fanciful rhetoric on the virus.

Foxconn deal with Wisconsin lowers tax breaks to $80 million

MADISON, Wis. (AP) — Foxconn Technology Group will be eligible for just $80 million in taxpayer subsidies under a new contract signed Tuesday, down from nearly $3 billion it could have received under the original deal that envisioned a much larger project in southeastern Wisconsin.

Democratic Gov. Tony Evers, who ran in 2018 as a critic of the deal that his Republican predecessor struck with the world’s largest electronics manufacturer, announced details of the new contract after it was approved by the Wisconsin Economic Development Corp. during a closed session.

“The last deal didn’t work for Wisconsin, and that doesn’t work for me,” Evers said. “Today I’m delivering on that promise with an agreement that treats Foxconn like any other business and will save taxpayers $2.77 billion, protect the hundreds of millions of dollars in infrastructure investments the state and local communities have already made, and ensure there’s accountability for creating the jobs promised.”

Under the original deal, signed in 2017, Taiwan-based Foxconn would have qualified for $2.85 billion in state tax credits if it invested $10 billion and created 13,000 jobs. Under the new deal, Foxconn will qualify for $80 million if it employs 1,454 people with an average wage of $53,875 and invests $676 million by 2026. Under the original deal, when taking into account local government incentives, the taxpayer subsidies for Foxconn totaled more than $4 billion.

The new contract is good for six years rather than 15. It also allows the state to recover 100% of incentives paid each year in the event of a default.

Both Evers and Missy Hughes, secretary of the state economic development agency, said the amended contract would treat Foxconn the same as other businesses.

“By right-sizing the contract, our state is in a position where we can ensure that all businesses – everywhere – have the resources they need to grow and prosper,” Hughes said.

Foxconn, best known for making Apple iPhones, said in a statement that the new contract will give it the “flexibility to pursue business opportunities in response to changing global market conditions.” Foxconn said the original projections for the project have “changed due to unanticipated market fluctuations.”

The Evers’ administration had informed Foxconn that the project was no longer in compliance with its original contract and therefore would not qualify for tax incentives tied to job creation and investments by the company. The two sides have been working on a new deal for more than a year.

Its sprawling campus is 2,500 acres (1,012 hectares).

Then-President Donald Trump heralded the original deal as a sign of a revitalized American manufacturing economy, calling the envisioned plant “transformational” and the “eighth wonder of the world.” But skeptics, citing other Foxconn promises that never came to pass, questioned whether the Wisconsin project would be as massive as planned.

What exactly Foxconn will make in Wisconsin has changed since it signed the first contract in 2017 under then-Gov. Scott Walker. At that time, Foxconn said it planned to build large, flat screen panels at the plant. However, the company’s chairman said earlier this year might make electric vehicles at the facility.

The new contract allows Foxconn to earn the incentives with no specific requirement on what it makes. The original contract was tied to Foxconn producing the flat screens it initially said would be made there.

State Sen. Dan Feyen, a Republican who is also on the economic development board of directors, said the Wisconsin plant will be used “for the manufacturing of data infrastructure and other operations related to high-performance computing, cloud computing, and artificial intelligence.”

“This project and commitment to our state is a transformational opportunity for our Wisconsin, and I am proud to support these family supporting jobs,” Feyen said. “The contract amendment will protect taxpayers while providing state incentives that make the Foxconn’s changing future in Wisconsin possible.”

Luzardo follows Manaea’s stellar start, A’s beat Twins twice

OAKLAND, Calif. (AP) — The Oakland Athletics are surging after struggling mightily at the start. The Minnesota Twins are reeling yet celebrating finally getting back on the diamond.

Matt Olson hit a grand slam, Mitch Moreland homered twice to back Sean Manaea’s shutout, and Jesús Luzardo followed with his own Game 2 gem as Oakland swept a doubleheader against the depleted Twins, 7-0 and 1-0 on Tuesday to run their winning streak to 10 games.

“We’re on a wave,” Luzardo said, quoting the A’s latest winning catchphrase, “and we’re just riding it.”

The nightcap featured a delay of nearly 25 minutes because of a light bank in left field that lost power. Luzardo stayed loose under the (limited) lights and the ballpark DJ played Simon & Garfunkel’s “Sound of Silence” and Journey’s “When the Lights Go Down in the City.” Only part of the light bank eventually came back on.

“We got out of our way to not look at things like that, because we’ve got to look at what we need to do to win,” Twins manager Rocco Baldelli said of the lights.

The left-handed Luzardo allowed two hits over 5 1/3 innings, struck out six and walked one.

Lou Trivino retired former A’s star Josh Donaldson on a called third strike to end the sixth with the tying run on third following a wild pitch. Jake Diekman finished for his first save with two runners on, getting a great catch from Mark Canha at the warning track in left to finish it on a deep fly by Willians Astudillo.

“I’m just glad it wasn’t too dark for Mark to catch that ball right there,” A’s manager Bob Melvin said.

Although both games were only seven innings, the A’s earned shutouts in both ends of a doubleheader for the first time since Vida Blue and Catfish Hunter did so facing the Royals on Sept. 9, 1974. The Dodgers were the last to accomplish it in the majors, on Aug. 27 last year against the Giants.

In the opener, Moreland connected for a two-run homer in the second inning and a solo drive in the fourth off Matt Shoemaker (1-1).

Manaea (2-1) allowed six hits, struck out seven and walked one over seven innings, throwing 95 pitches for his second career complete game and shutout — the lefty no-hit the Red Sox at home on April 21, 2018.

This outing was right up there with his best, and Manaea has become more comfortable with his distinct pitching style.

“As much as I want to be a guy throwing 100, that’s not me,” Manaea said. “I got to utilize what I have and what I bring to the table. That’s kind of freeing in a way, just accepting who I am as a pitcher. Just utilizing what I have, and what I have is pretty good.”

Luzardo (1-1) — the eighth lefty starter Minnesota has faced in 11 games — brilliantly followed Manaea, and the A’s got Seth Brown’s RBI single in the fourth off right-hander José Berríos (2-2).

“To be honest we don’t want to be in the position we are right now but tomorrow’s another day, we have another chance to play like a team,” Berríos said.

In Game 1, Olson made it 7-0 with his fourth-inning slam through a blustery wind.

“It really helps when guys are hitting bombs like that and getting on base and then hitting bombs just makes it even better,” Manaea said. “It makes the game a little bit easier what that’s going on.”

The A’s own the longest winning streak in the majors this year, topping Boston, which won nine in a row from April 5-14. Oakland is 11-1 since starting the season 0-6.

Minnesota finally got back on the field following three postponements because of COVID-19 protocols.

The Twins’ scheduled series opener in Oakland was delayed, forcing the doubleheader. Minnesota missed games Saturday and Sunday against the Angels in Anaheim.

The Twins have had at least four positive coronavirus tests in the past week — Andrelton Simmons, Kyle Garlick, Max Kepler and a team staff member.

The games drew 3,322 fans on a chilly Bay Area night.

TRYING TIMES

Minnesota, which also spent pregame time Tuesday closely monitoring the Derek Chauvin verdict back home in the case of George Floyd’s killing last year, was eager to get back to playing baseball.

During this trying stretch, the Twins also dealt with the death of bench coach Mike Bell last month.

Baldelli called this “one of the most emotional periods of time that I’ve spent in the game, and I mean that in a pretty broad-spanning way.”

TRAINER’S ROOM

Twins: 1B Miguel Sanó dealt with a tight right hamstring from the first game and he was being evaluated. … DH Nelson Cruz was sore from being hit by a pitch and also was scheduled to be examined. … Kepler is out with COVID-19, Baldelli said before the doubleheader. Kepler and others remain quarantined in Anaheim hotel. LHP Caleb Thielbar is there and out as a close contact. Those with positive tests are experiencing only mild symptoms, according to Baldelli.

Athletics: Oakland reinstated LHP Reymin Guduan from the injured list and he was added as the 27th man for the doubleheader. … OF Piscotty returned from the paternity list. The A’s designated OF Ka’ai Tom for assignment. “We’d like to keep him obviously but at this time there just weren’t very many at-bats for him,” Melvin said. … LHP A.J. Puk has played catch but “hasn’t felt great yet, he’s felt some lingering stuff,” Melvin said. Puk is yet to throw off a mound as he works back from a strained biceps in his pitching arm. … RHP Mike Fiers (right hip) was set to throw for the last time with the club’s alternate site and if all goes well could be activated soon. … OF/INF Chad Pinder, sidelined by a sprained left knee, is still working to add more baseball activities.

UP NEXT

On Wednesday, RHP Kenta Maeda (1-1, 3.07) pitches for Minnesota and the A’s counter with RHP Frankie Montas (2-1, 4.91).

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More AP MLB: https://apnews.com/hub/MLB and https://twitter.com/AP_Sports

Apple unveils new products, schedules privacy crackdown

SAN RAMON, Calif. (AP) — Apple spruced up its product line at an event Tuesday while slipping in quiet notice of a software update, now due next week, designed to enhance the privacy of iPhone users at the expense of digital advertisers such as Facebook.

Timing for the software upgrade trickled out during a series of announcements for new iPads, iMac computers and more during a pre-recorded event that sometimes seemed like a one-hour infomercial for Apple.

Apple also unveiled a new subscription option for podcasts and a gadget called AirTags — coin-sized devices that can be attached to keys, backpacks, purses and other items to help people track them down via iPhone if they’re misplaced.

The AirTags, due in stores April 30, will require the iPhone software update called iOS 14.5. That update will also include a new feature requiring apps to obtain explicit permission from users before tracking their activity and whereabouts. Apple said in a footnote to its AirTags announcement that the update will be released at some point next week.

Apple had previously only said that the update would be available in the spring. A similar software update is coming out for iPads as well.

The new privacy tool could drain billions of dollars of revenue from apps such as Facebook, which rely on following people around on iPhones to collect personal information that helps them sell targeted ads.

That feature, called App Tracking Transparency, will force apps to obtain permission before collecting such surveillance data, even those that are already installed on the device. To date, such apps have been free to track iPhone users automatically unless people take the time and trouble to prevent the snooping.

Apple originally planned to released the ant-tracking feature last September, but delayed it to give apps that ad-dependent “free” apps to adjust to the changes. Facebook spent part of the delay blasting Apple for a change that it says could make it difficult for smaller apps to survive without charging consumers. At the same time, Facebook has acknowledged to investors that its own ad revenue could also be hurt.

On the product front, Apple is rolling out new iMacs with better cameras and speakers for improved video meetings and sound and new iMac keyboards with the same fingerprint ID sensor that unlocks iPhones and iPads. The latest iPad Pros will work on ultrafast 5G wireless networks that are still being built out.

Apple’s new paid podcast option will join an increasingly crowded field of digital antertainment and information subscription services. Those already include several from Apple, including music and video streaming options that feed off the nearly 1.6 billion devices currently in use by the company’s mostly affluent customers.

The popularity of those products and services have turned Apple into one of the world’s most profitable companies with a market value of $2.2 trillion, twice where it stood when the pandemic began.

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AP Technology Writers Tali Arbel and Barbara Ortutay contributed to this report.

Archives for April 2021

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