Stocks trade mixed; banks, energy sectors gain, tech falls
NEW YORK (AP) — Stocks are mixed as gains for banks and energy companies get checked by drops in the technology sector. The S&P 500 fell 0.4%, while the Nasdaq lost 0.8%. The Dow Jones Industrial Average was up 0.3% and a measure of small-company stocks was also higher.
Treasury yields continued to climb. The yield on the 10-year Treasury note rose to 1.48%. That helped send bank stocks higher. Energy companies were also benefiting from a 2.2% rise in the price of crude oil.
NEW YORK (AP) — Pfizer has started testing its potential COVID-19 treatment as a preventive medicine aimed at warding off the virus if a close contact gets it.
The drugmaker says it will study the pill it is developing in combination with a low dose of the HIV drug ritonavir in people who are at least 18 years old and live in the same household with someone who is infected. The pill aims to block a key enzyme that the virus needs to replicate. Pfizer plans to enroll 2,660 people in the late-stage study.
Researchers expect that the use of ritonavir will help slow the breakdown of the potential treatment so it remains active longer to help fight the virus.
DUBAI, United Arab Emirates (AP) — Qatar Airways says it suffered a more than $4 billion loss in revenues over the last year, as lockdowns triggered by the coronavirus pandemic slashed demand for air travel.
The major loss reported Monday, which it said mostly stemmed from the grounding of its fleet of A380 and A330 jets, highlights the dramatic impact of the pandemic on the aviation industry, despite the state-owned airline’s higher earnings before taxes and other costs compared to the previous year.
In the last several months, the flagship carrier has received a boost from an end to a yearslong boycott that locked Qatar Airways out of the airspace of Bahrain, Egypt, Saudi Arabia and the United Arab Emirates.
Facebook puts Instagram for kids on hold after pushback
UNDATED (AP) — Instagram is putting a hold on the development of Instagram kids, geared towards children under 13, so it can address concerns about the vulnerability of younger users.
Adam Mosseri, the head of Instagram, wrote in a blog post Monday that a delay will give the company time to “work with parents, experts, policymakers and regulators, to listen to their concerns, and to demonstrate the value and importance of this project for younger teens online today.”
The announcement follows a investigative series by The Wall Street Journal which reported that Facebook was aware that the use of Instagram by some teenage girls led to mental health issues and anxiety.
Ford family member named head of global brand merchandising
DEARBORN, Mich. (AP) — A member of a new generation of Ford family members is taking on another leadership role at the automaker.
Alexandra Ford English, the daughter of Ford Executive Chairman Bill Ford, was named global brand merchandising director on Monday. The 33-year-old English already serves on the company’s board of directors. She will push for growth in sales of Ford brand merchandise. English says there are passionate Ford fans around the world, and the company wants to offer them merchandise and accessories.
The appointment likely is another step toward ushering in the next generation of company leaders from the Ford family. Bill Ford is 64 and is getting closer to retirement age.
Greyhound Lines settles lawsuit over immigration sweeps
SPOKANE, Wash. (AP) — Greyhound Lines Inc. will pay $2.2 million to settle a lawsuit over the bus line’s practice of allowing U.S. Customs & Border Protection agents to board its buses in Washington state to conduct immigration sweeps. Washington Attorney General Bob Ferguson announced the settlement Monday.
The lawsuit contended the Dallas-based bus company failed to warn customers of the sweeps, misrepresented its role in allowing the sweeps to occur and subjected its passengers to discrimination based on skin color or national origin.
The money will provide restitution to those passengers who were detained, arrested, or deported after immigration agents boarded buses at the Spokane Intermodal Center.