Why it matters: After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.
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Arrival of the first vehicle from the high-profile, soon-to-be public EV startup Lucid Motors will take longer than the company planned.
Driving the news: Lucid CEO Peter Rawlinson said in an open letter that COVID-19 is forcing a delay in production of the luxury Lucid Air sedan.
A Rossiya Airlines Boeing 777 in 2020. Photo: An Yeongmin\TASS via Getty Images
A Boeing 777 plane made an emergency landing in Moscow on Friday due to a warning of possible engine failure, the New York Times reports.
Why it matters: Boeing planes still face a degree of public doubt following two deadly 737 Max crashes in 2018 and 2019. Two additional Boeing planes have experienced issues this month, with a Boeing 747 cargo plane malfunctioning in Europe and a Boeing 777's engine failing over the Denver area.
Illustration: Annelise Capossela/Axios
Warning bells about a slowdown in the white-hot housing market are ringing louder thanks to an uptick in mortgage rates and new weakness in pending home sales.
Why it matters: Mortgage rates plummeted in 2020 as the economy buckled under the pressure of the coronavirus pandemic. Now that trend is reversing, putting a damper on consumer appetite for homebuying.
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The CEO of the Canada Pension Plan Investment Board has resigned after the Wall Street Journal revealed that he traveled to the United Arab Emirates to obtain the first dose of a coronavirus vaccine.
Why it matters: Mark Machin, who managed $375 billion in assets as head of Canada's largest pension fund, reportedly used his connections to jump over millions of Canadians waiting in line for a vaccine.
The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%
But, but, but: That's not the full story, experts say.
A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500
Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.
Business Roundtable, the voice of America's top CEOs, today launched "Move the Needle," a campaign to support President Biden in rolling out COVID vaccines, increasing vaccine uptake and encouraging masks.
What they're saying: "Masks and vaccines are working. Now is the time to keep at it, overcome pandemic fatigue, and double down on the measures that will end this public health and economic crisis, said Business Roundtable president and CEO Josh Bolten.
Illustration: Aïda Amer/Axios
Facebook's 3 billion monthly active users, its mountain of money and its control over the flow of information all put the company on an equal footing with governments around the world — and, increasingly, it's getting into fights with them.
Why it matters: Facebook's power alarms governments fearful that the tech giant could tilt the political scales inside their borders, and regulators around the world are seeking ways to rein the company in.
Illustration: Aïda Amer/Axios
Nearly half of employers say they're at least considering the idea of requiring proof of vaccination as a condition for employees return to in-person work, according to a survey from Willis Towers Watson.
Why it matters: The gradual upticks in mass vaccinations has allowed America's workforce to begin to picture reopened office buildings.
Illustration: Sarah Grillo/Axios
Passenger rail could be the big winner if Congress moves ahead with President Biden's ambitious infrastructure plan.
Why it matters: There's long been bipartisan support for rebuilding America's crumbling infrastructure, but under Biden, the focus has shifted to sustainable projects that fulfill both his climate and equity goals, such as rail transit.
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The Senate parliamentarian ruled Thursday that the provision to increase the minimum wage to $15/hour cannot be included in the broader $1.9 trillion COVID relief package.
Why it matters: It's now very likely that any increase in the minimum wage will need bipartisan support, as the provision cannot be passed with the simple Senate majority that Democrats are aiming to use for President Biden's rescue bill.