Wall Street set to drop after hot inflation data, ahead of Fed meeting

Wall Street set to drop after hot inflation data, ahead of Fed meeting

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Pfizer (PFE) said Tuesday that final analysis of its antiviral Covid pill still showed near 90% efficacy in preventing hospitalizations and deaths in high-risk patients. Recent lab data also suggested the drug retains effectiveness against omicron. Nobody in the trial who received the Pfizer treatment died. (Retuers)

In results of a large-scale study in South Africa released Tuesday, Pfizer’s two-shot Covid vaccine provided 70% protection against hospitalization from the new variant. The study has been conducted in the weeks since omicron was first announced in November by scientists in South Africa and Botswana. (AP)

The Senate is expected to vote Tuesday to raise the federal government’s $28.9 trillion debt ceiling, avoiding the risk of an default later this month. Senate Republicans wanted to link the borrowing limit hike to President Joe Biden’s proposed $1.75 trillion Build Back Better domestic spending bill, a measure they oppose. (Reuters)

Democratic Sen. Joe Manchin has signaled he’s still not ready to back his party’s Build Back Better plan. The West Virginia lawmaker spoke to Biden on Monday, saying only that the president and he are “talking about different iterations” and that “anything’s possible” when asked if they could reach a deal by Christmas. (AP)

Tesla (TSLA) — up around 35% in 2021 — fell 1% early Tuesday after CEO Elon Musk sold another $906.5 million worth of shares. Musk, who is the wealthiest person in the world and who was just named Time magazine’s 2021 Person of the Year, still has millions of stock options that he needs to exercise by August 2022. (CNBC)

* Dogecoin spikes 20% after Musk says Tesla will accept it for merch (CNBC)

Ford (F) dropped 1%, hit by plans from Toyota to invest $35 billion into battery-powered EVs, an area that Ford wants to establish itself as a leader. Toyota (TM) aims to increase global sales of battery electric vehicles by 3.5 million units a year by 2030. (CNBC)

Starbucks (SBUX) baristas at two Boston cafes filed for union elections on Monday, becoming the coffee giant’s third U.S. market this year to organize. It comes after a historic win for Starbucks workers last week, when employees at one Buffalo cafe voted to form a union. (CNBC)

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