Abbott Maker of BinaxNOW, Rapid Covid Tests Told Factory to Destroy Inventory

Nick Note: This video was from over a year ago. At that time Abbott offed the test kits commercially for $5.00. After they destroyed millions of kits creating an artificial shortage the price soared.  The kits if you can find them for 3 week delivery  cost $25.00 in quantities of 100 plus ripp off shipping rates

The New York Times– For weeks in June and July, workers at a Maine factory making one of America’s most popular rapid tests for Covid-19 were given a task that shocked them: take apart millions of the products they had worked so hard to create and stuff them into garbage bags. Soon afterward, Andy Wilkinson, a site manager for Abbott Laboratories, the manufacturer, stood before rows of employees to announce layoffs. The company canceled contracts with suppliers and shuttered the only other plant making the test, in Illinois, dismissing a work force of 2,000. “The numbers are going down,” he told the workers of the demand for testing, saying it wasn’t their fault. “This is all about money.”

BinaxNOW, a rapid antigen test made by Abbott, can provide results in 15 minutes. © Abbott,  BinaxNOW, a rapid test made by Abbott, can provantigen ide results in 15 minutes.

As virus cases in the U.S. plummeted this spring, so did Abbott’s Covid-testing sales. But now, amid a new surge in infections, steps the company took to eliminate stock and wind down manufacturing are proving untimely — hobbling efforts to expand screening as the highly contagious Delta variant rages across the country. Nick Bit: In July when i realized that the Delta Mutation was out of control and our vaccines were diminishing in effectiveness i panicked. That is when besides sending out our CoronaVit supplement to subscribers  I frantically tried to get test kits. They had to have FDA approval our I could not import them because they had no approval and frankly all the made in India and China crap I tested was should we say deficient. I settled on the BinaX Now test  kits after Sarah was tested at the airport with this kit. I bought, paid for and ordered 1000 kits… And it was hell to get them to you. I still have another 1000 kits on back order and less then 200 in inventory . We put together a bonus package with test kits and CoronaVit supplements or  ULPA nano filters and  masks. We are loosing money on every order. But its not about the money… I trade for that. Click link below to see offers. SEE DISCOUNT OFFERS ON BINAX NOW CORONA TEST KITS

Demand for the 15-minute antigen test, BinaxNOW, is soaring again as people return to schools and offices. Yet Abbott has reportedly told thousands of newly interested companies that it cannot equip their testing programs in the near future. CVS, Rite Aid and Walgreens locations have been selling out of the at-home version, and Amazon shows shipping delays of up to three weeks. Abbott is scrambling to hire back hundreds of workers. America was notoriously slow in rolling out testing in the early days of the pandemic, and the story of the Abbott tests is a microcosm of the larger challenges of ensuring that the private sector can deliver the tools needed to fight public health crises, both before they happen and during the twists and turns of an actual event. “Businesses crave certainty, and pandemics don’t lend certainty to demand,” said Stephen S. Tang, chief executive of OraSure Technologies, which in the midst of the testing slump in June received emergency F.D.A. authorization for its own rapid test, InteliSwab, long in development. But the company is not yet supplying retail stores. Abbott’s decisions have ramifications even beyond the United States. Employees in Maine, many of them immigrants from African countries, were upset at having to discard what might have been donated. Other countries probably could have used the materials, according to Dr. Sergio Carmona, chief medical officer of FIND, a nonprofit that promotes access to diagnostics. “This makes me feel sick,” he said of the destruction, noting that more than a dozen African nations have no domestic funds to buy Covid tests. In an interview, Robert B. Ford, Abbott’s chief executive, argued that the discarded materials — finished test cards — should not be viewed as tests. Kits for sale also include swabs, liquid buffer and instructions. Nick Bit: This ASSHOLE can eat shit and die!. Who the fuck does he think he is? In a pandemic he starved the market to fuck us on price. They will not supply me direct and i am paying first cost as much as $25 a kit plus rip off shipping rates.. FUCK HIM IN HIS ASS. Ill be damed if i can’t out fox a corporate prick greedy scum bag. I hate them all. I will get us all the test kits we neeed. Testing right now is our best option. Even after the 3rd booster shot you must not let your guard down… In February when they roll out the booster shot tailored to the 3 deadly variants they can we feel safe again. In the mean time fight fight fight and survive………… CLICK HERE TO SEE DISCOUNT OFFERS ON BINAXNOW TEST KITS

 

Inexpensive anti-depressant could be best COVID treatment yet, Canadian-led trial finds

An inexpensive anti-depressant curbed the number of COVID-19 patients ending up in hospital by 30 per cent, making it a potential breakthrough treatment for a virus that continues to spread widely, a Canadian-led clinical trial is reporting. The researchers looked at the rate of hospitalization among patients with test-confirmed infection. Most of the eight studied drugs, including much-debated candidates such as hydroxychloroquine and ivermectin, showed no detectable benefit.  But the study found that 77 of the 739 subjects who were randomly selected to receive fluvoxamine ended up spending more than six hours in an emergency department or being admitted to hospital, compared to 108 of the 733 who were administered a placebo. The trial’s independent data-safety monitoring board, which keeps an eye on results that are blinded to the actual researchers, ordered the trial stopped after seeing the positive numbers, said Mills. It confirms smaller, earlier studies that had shown promise for the drug — used to treat obsessive-compulsive disorder — and its anti-inflammatory properties. “This is among the most important findings since the COVID pandemic began,” said Mills, a part-time professor at McMaster. “There is no other treatment for early COVID that has been shown to prevent serious disease progression.” “You have a Canadian-led study that has the potential to change guidance around the world for a very cheap treatment,” he said. “This is a massive finding of benefit to public health.” Costing about $4 per 10-day course, fluvoxamine could be especially important in poorer countries with low vaccination rates and that lack the ability to acquire more expensive therapies, he said. The researchers — including co-principal investigator Dr. Gilmar Reis of Brazil’s Pontificia Universidade Catòlica de Minas Gerais — plan to post a paper outlining their results on a pre-print site and submit it to a journal for publication within days, but so far it has yet to be peer-reviewed. They did, however, present their findings to a meeting of the National Institutes of Health (NIH) in the U.S. last week and to World Health Organization experts. And the team includes world-renowned clinical trial experts from McMaster, including Dr. Gordon Guyatt, credited with coining the term “evidence-based medicine.” Scientists not associated with the trial voiced cautious optimism about the results, while suggesting more research would be helpful before giving the green light for the medicine’s widespread use against COVID.“This is really the first large trial that shows a benefit for fluvoxamine — or any oral medication,” said Dr. David Boulware, an infectious disease specialist at the University of Minnesota and national co-chair of the NIH’s own trial investigating potential COVID treatments. “It’s inexpensive, it’s generic and it’s going to be used. So in that sense it’s a world-wide drug.” Boulware, who was co-author of one of the earlier, small studies of fluvoxamine and COVID, said some of the monocolonal antibody treatments given emergency approval by regulators have greater effectiveness, but their high cost and mode of administration limit how widely they are used. Dr. Gerald Evans, head of the infectious disease department at Queen’s University’s medical school, said he’d like to see even larger trials conducted in other parts of the world to confirm the findings. But Evans noted the trial did back up those earlier studies and was headed by respected researchers. He called the findings “impressive.” “Everything that I’ve seen does suggest it’s an honest, true signal,” he said. “This is the first drug that has shown a consistent benefit for COVID 19, which separates it from others being studied.” Fluvoxamine is part of the widely used selective serotonin-reuptake inhibitor (SSRI) family of anti-depressants, but was found previously to also have anti-inflammatory properties. COVID-19 patients get most severely ill when their immune systems go haywire in response to the infection, causing what’s called a cytokine storm. Fluvoxamine does not attack the SARS-CoV-2 virus itself, but addresses that immune response. The idea of using it was first tested by Drs. Eric Lenze and Angela Reiersen at Washington University in St. Louis. They published a paper last November involving a total of about 150 subjects randomly assigned to either fluvoxamine or a placebo, suggesting the drug curbed the rate of patients suffering serious clinical deterioration. An observational “cohort” study published in February, where patients themselves chose whether to take fluvoxamine, found that those who did were much less likely be hospitalized or have symptoms after 14 days. The Together trial, being carried out in Brazil’s Minas Gerais region, is an adaptive platform trial, where different drugs are added or removed depending on ongoing results. Fluvoxamine was added to the trial just this January in light of the results of the smaller studies, said Mills. Nick Note: we are all looking for the silver bullet. I have a prescription and hope to fill it this weekend.

Israeli doctors find severe COVID-19 breakthrough cases mostly in older, sicker patients

ERUSALEM, Aug 20 (Reuters) – In Israel’s COVID-19 wards, doctors are learning which vaccinated patients are most vulnerable to severe illness, amid growing concerns about instances in which the shots provide less protection against the worst forms of the disease. Around half of the country’s 600 patients presently hospitalized with severe illness have received two doses of the Pfizer Inc (PFE.N) shot, a rare occurrence out of 5.4 million fully vaccinated people. The majority of these patients received two vaccine doses at least five months ago, are over the age of 60 and also have chronic illnesses known to exacerbate a coronavirus infection. They range from diabetes to heart disease and lung ailments, as well as cancers and inflammatory diseases that are treated with immune-system suppressing drugs, according to Reuters interviews with 11 doctors, health specialists and officials. Such “breakthrough” cases have become central to a global debate over whether highly vaccinated countries should give booster doses of COVID-19 vaccines, and to which people. Israel began offering booster doses to people age 60 and up in July, and has since expanded that eligibility. The United States, citing data out of Israel and other findings, said on Wednesday it would make booster doses available to all Americans beginning in September. Other countries, including France and Germany, have so far limited their booster plans to the elderly and people with weak immune systems. “The vaccinated patients are older, unhealthy, often they were bedridden before infection, immobile and already requiring nursing care,” said Noa Eliakim-Raz, head of the coronavirus ward at Rabin Medical Centre in Petach Tikva. In contrast, “the unvaccinated COVID patients we see are young, healthy, working people and their condition deteriorates rapidly,” she said. “Suddenly they’re being put on oxygen or on a respirator.” Israel’s Health Ministry raised new alarm this week with a report showing the effectiveness against severe disease of the Pfizer vaccine, developed with Germany’s BioNTech, appeared to have dropped from more than 90% to 55% in people age 65 and up who received their second jab in January. Disease experts say it is not clear how representative the figures are, but agree it is concerning given evidence that overall vaccine protection against infection is waning. They cannot say whether that is due to the amount of time that has passed since inoculation, the ability of the highly contagious Delta variant to evade protection, the age and underlying health of the people vaccinated, or a combination of all of these factors. Health officials in the UK and United States, two other nations with high vaccination rates and a spike in Delta infections, have reported similar trends. In the UK, about 35% of the people hospitalized with a Delta case in recent weeks had received two doses of a COVID-19 vaccine. Nearly three-quarters of U.S. breakthrough infections that led to hospitalization or death were among people age 65 or older, according to federal data. U.S. officials said their booster plan is based on concern that over time, the vaccines will provide less protection against severe disease, including among younger adults. “We are watching other countries carefully and (are) concerned that we too will see what Israel is seeing, which is worsening infections over time” among vaccinated people, U.S. Centers for Disease Control and Prevention Director Rochelle Walensky said at a press conference on Wednesday. The World Health Organization has repeatedly urged wealthy nations to refrain from providing boosters while much of the world has yet to access their first COVID vaccine doses. The Delta variant, first identified in India, has become the dominant version of the SARS-CoV-2 virus globally, accelerating a pandemic that has killed more than 4.4 million people. In Israel, daily new cases have increased from the single digits in June to around 8,000 since the arrival of Delta. Approximately half of the cases – the majority of them mild to moderate – are in vaccinated people. Those vaccinated first in Israel were at high-risk, including people age 60 and up. The immune response of some may have weakened by the time Delta hit Israel. But for others with underlying health conditions, the vaccine may have not kicked in at all. “For some of them the vaccine did not trigger an immune response, they had no antibodies, because of the illness itself or because they are treated with medication that suppresses the immune system,” said Dror Mevorach, who heads the coronavirus ward at Hadassah hospital in Jerusalem. He cited examples such as chronic lymphocytic leukemia and lymphoma. Among 3 million vaccinated Israelis covered by Clalit, the country’s largest healthcare provider, 600 have suffered severe breakthrough cases since June. Around 75% of them were above the age of 70 and were at least 5 months after their second dose, according to Ran Balicer, Clalit’s chief innovation officer. Nearly all of them have chronic illnesses. “We are hardly seeing young vaccinated people in severe condition,” said Balicer. In the UK, doctors described similar characteristics among vaccinated patients who fall severely ill. “In those people who come in, because of their age, because of their co-morbidities, they might be people that you would expect that the vaccine is not quite so efficacious as other age groups,” said Tom Wingfield, a clinical lecturer at the Liverpool School of Tropical Medicine. A new surge in U.S. coronavirus cases and deaths has been fueled by Delta, particularly in states where vaccination rates remain low. Among vaccinated patients who become infected, there is evidence of older people being hit harder.

In Texas, 92% of the vaccine breakthrough cases that resulted in death were in people over the age of 60 and 75% had a known underlying condition that put them at high risk from COVID-19, according to a public health department spokesperson.

Initial data in Israel suggests the booster shots administered in the last few weeks are reducing the risk of infection in older people compared with those who have received only two doses.

Even without boosters, Israeli doctors say that vaccinated patients tend to recover more quickly. “The vaccinated patients I’ve treated usually left the ICU in about three days. The unvaccinated patients took a week or two until they stabilized,” said Yael Haviv-Yadid, head of the critical care ward at Sheba Medical Centre near Tel Aviv. Even if the vaccine did not stop them getting ill, it may have mitigated their illness, said Alex Rozov, head of the coronavirus ward at Barzilai Medical Centre in Ashkelon. “Our cautious impression is that the vaccinated patients suffer an easier course of illness – the treatment is more effective among those who have antibodies.”

Starlink Sweater then Honey and faster too

SpaceX adding capabilities to Starlink internet satellite

  • Elon Musk’s SpaceX revealed new details about plans for the next-generation of satellites in its Starlink internet system in federal filings on Wednesday.
  • The company intends to use its massive Starship rocket as the primary vehicle to deliver the spacecraft to orbit.
  • SpaceX says the Gen2 Starlink satellites are heavier and “will be somewhat larger and generate more power than originally” designed.

Elon Musk’s SpaceX revealed new details about plans for the next-generation of satellites in its Starlink internet system in federal filings on Wednesday, including that the company intends to use its massive Starship rocket as the primary vehicle to deliver the spacecraft to orbit. SpaceX filed an amendment with the Federal Communications Commission that included descriptions of its plan, known as the Starlink “Gen2 System.” “This Gen2 System was designed to complement the first-generation constellation SpaceX is currently deploying,” SpaceX wrote in the filing. “While the original constellation provides unprecedented capacity for a satellite system, the demand for more broadband continues to grow unabated and the need for user connectivity has never been more important.” Starlink is the company’s capital-intensive project to build an interconnected internet network with thousands of satellites, known in the space industry as a constellation, designed to deliver high-speed internet to consumers anywhere on the planet. SpaceX first rolled out the service with a beta program for select consumers for $99 a month, and in the past year has begun looking to test the network for aviation service inflight and expand the service to large moving vehicles, like ships and trucks. While Starlink service is still in beta, the company recently said that the network has about 90,000 users in 12 countries so far, with over half a million orders or refundable deposits placed by potential customers. SpaceX has launched 1,740 Starlink satellites to date, with its first generation system beginning launches in November 2019. Gen2 is planned to have nearly 30,000 satellites in total. Nick Note: We installed the Starlink system in the London office yesterday. Including drilling 1 hole and the cable run took about a hour……. Could not be simpler….. We are on the waiting list at all our offices…. It is really fast. See the speed test below.

It never made sense to run a cable or a glass fiber to every home, office,  business in the world. It might work in cities but now its possible to have high speed internet everywhere. I urge you to sign up today and get on the waiting list.

Starlink Gen2

 

 

 

 

 

 

 

 

 

 

We Installed the Internet Starling System at Our London Office Yesterday

Japan to ramp up COVID-19 tests as it battles worst wave of infections

TOKYO, Aug 20 (Reuters) – Japan plans to dramatically ramp up daily COVID-19 tests, borrowing from anti-contagion measures used in the recent Tokyo Olympics, as it battles its worst wave of infections, driven by the Delta variant. New infections exceeded 25,000 on Thursday for the first time, a tally by national broadcaster NHK showed, with the surge mainly among those in their 40s and 50s, most of whom are unvaccinated..

The speed and severity of Japan’s Delta-driven infections are overtaking the strategy of targeted cluster tracing it has favoured over the mass testing used by many nations.

The cabinet office said Japan intends to employ its full daily capacity of about 320,000 polymerase-chain reaction (PCR) tests, or about triple the use now. “At least in a big city like Tokyo, the cluster methodology won’t work anymore,” said Kazuaki Shindai, a doctor and public health researcher at Kyoto University.

“If individuals can get more PCR testing, it may be helpful to find out their condition and isolate themselves and then prevent them going about.”

The government wants to use the full capacity of public and private testing “as much as possible,” said Makoto Shimoaraiso, a cabinet official guiding the pandemic response. Free PCR screenings are being offered to passengers on some airline flights, and local governments plan to use high-speed antigen tests in shopping areas, he added. Nick Bit: One of my daughters just flew in from London. Mandatory testing 190 Pounds… Landed France 150 Euros mandatory testing…… Using the same 15 minute Antigen teste we supply for less then $15 a test….. Who is fucking who! Although Japan widened a state of emergency this week over Tokyo and much of the country, the effect on public behaviour is diminishing in its fourth emergency of the pandemic. Top national health adviser Shigeru Omi urged the government to step up testing and add hospital beds, suggesting that the law may have to be amended for tougher lockdowns. Japan’s COVID-19 testing, or the lack of it, has been a controversial topic throughout the pandemic, standing at just 150 tests per 1,000 people now, versus 230 in South Korea and 1,520 in the United States, website Our World in Data shows. But massive, regular testing, with close to 600,000 tests, was a key feature of infection control at the recently completed Tokyo Olympics  It was a “double standard” that mass testing figured at the Games but not more widely for Japan, said Kenji Shibuya, the former director of the Institute for Population Health at King’s College London. It is never too late to increase testing in the virus battle, however, he said, adding, “This should also be combined with the efforts to isolate and monitor the infected people.”  Nick Note: Mask up, Vitamin up, Isolate, Get your 3rd booster shot as soon as you can and test yourself at least once a week and test everyone that is entering your airspace….

Two US senators test positive for COVID-19

Sens. Roger Wicker and Angus King, who are both vaccinated for the coronavirus, tested positive for Covid-19 on Thursday after experiencing symptoms. Wicker, a Republican from Mississippi, and King, an independent from Maine, are the latest in a string of prominent politicians to announce positive coronavirus tests in recent weeks despite being fully vaccinated. Others include Republicans Sen. Lindsey Graham of South Carolina and Gov. Greg Abbott of Texas. “Senator Wicker is fully vaccinated against COVID-19, is in good health, and is being treated by his Tupelo-based physician,” Phillip Waller, Wicker’s communications director, said in a statement. The 70-year-old Wicker “is isolating, and everyone with whom Senator Wicker has come in close contact recently has been notified.” The Senate is in recess this week, and many of the chamber’s members are in home states either preparing for 2022 elections or checking in with district offices. “Despite all my efforts, when I began feeling mildly feverish yesterday, I took a test this morning at my doctor’s suggestion, and it came back positive,” King, 77, said in a statement. “While I am not feeling great, I’m definitely feeling much better than I would have without the vaccine.” Sen. Angus King (I-Maine) holds a chart as bipartisan members of the Senate and House gather to announce a framework for fresh coronavirus relief legislation at a news conference on Capitol Hill on Dec. 1, 2020. Wicker’s and King’s positive tests came as the Biden administration ramps up efforts to encourage Americans to seek booster shots starting next month amid a growing pool of data that shows vaccine protections fade over time. Three of Washington’s top health experts on Wednesday provided further details on how the immune system’s protections wane over time.

It’s now “very clear” that immunity starts to fall after the initial two doses, and with the dominance of the delta variant, “we are starting to see evidence of reduced protection against mild and moderate disease,” according to a statement signed by CDC Director Dr. Rochelle Walensky, acting FDA Commissioner Dr. Janet Woodcock, White House chief medical advisor Dr. Anthony Fauci and other U.S. health leaders.

New Covid-19 cases are emerging at their highest rates since winter as the delta variant of the coronavirus sweeps across the U.S. Health experts blame its rapid spread for the uptick in case counts and deaths as a growing number of so-called “breakthrough” cases show fully vaccinated people are still at risk. More than 140,000 new cases and 822 deaths were reported in the U.S. on Monday, according to the Centers for Disease Control and Prevention. The number of new daily deaths has more than doubled since the start of August. The situation in Florida and Texas is especially grim, with case counts in both states blowing past records and overwhelming hospital systems.

Bolton: Taliban could turn Afghanistan into terror haven

  • The Taliban’s return to power could once again turn Afghanistan into a haven for terror groups operating in the region, former U.S. national security advisor John Bolton said on Thursday.
  • He said the U.S. had gone into Afghanistan in 2001 to oust the Taliban and the “sanctuary they had provided to Al Qaeda.”
  • The U.S. should have maintained its military presence in Afghanistan as long as the threat from terror groups existed, said Bolton who was national security advisor to Donald Trump from April 2018 to September 2019.

The Taliban’s return to power could once again turn Afghanistan into a haven for terror groups operating in the region, former U.S. national security advisor John Bolton told CNBC. As the U.S. withdrew its military presence ahead of an Aug. 31 deadline, the Taliban made lightning advances to seize control of more territory — despite being outnumbered by the Afghan military. President Joe Biden issued an order in April to completely withdraw about 3,000 U.S. troops from Afghanistan by Sept. 11.  Bolton said the U.S. had gone into Afghanistan in 2001 to oust the Taliban and the “sanctuary they had provided to Al Qaeda.”  “We stayed there for an equally valid strategic reason,” said Bolton, who is widely considered a foreign policy hawk. “Which is to keep Taliban, Al Qaeda and other threatening terrorist groups from regaining a capability, to have a privileged sanctuary from which they could plan and direct attacks against the U.S. and our friends and allies.” The U.S. should have maintained its military presence in Afghanistan as long as the threat from terror groups remained, said Bolton, who was national security advisor to Donald Trump from April 2018 to September 2019. But critics point to the growing cost of America’s longest war, both in terms of the number of lives lost and the amount of money spent. In two decades of fighting, more than 6,000 Americans were killed, over 100,000 Afghans died and the United States spent more than $2 trillion on operations in Afghanistan and Pakistan. Biden this week defended his decision to pull out U.S. troops amid mounting criticism of his administration’s handling of the situation, as parts of Kabul descended into chaos following the government’s collapse.

“What Taliban-controlled Afghanistan provides is potential for a regime that enables terrorist groups — unlike other regimes which try and hunt them down and eliminate them,” Bolton said.

“They can now go to Afghanistan under Taliban and expect a more hospitable reception. I think that endangers us all,” he added.

 

Futures slide on taper, growth fears; oil slump hits energy stocks

(Reuters) – U.S. stock index futures fell on Thursday on concerns the Federal Reserve could begin to rein in its massive monetary stimulus, while energy stocks tracked a slide in oil prices to their lowest in about three months.

Minutes released on Wednesday from the Fed’s meeting last month showed officials felt the employment benchmark for decreasing support for the economy “could be reached this year”, sending the S&P 500 sliding 1% in its worst day in a month.

Concerns about the sudden tapering at a time when macroeconomic data was signaling a slowdown in U.S. economic growth have knocked Wall Street’s main indexes off record highs this week. With the S&P 500 still up more than 100% from its pandemic-lows hit in March 2020, investors have also said stocks might be due for a significant drop. Focus on Thursday will be on the Labor Department’s weekly jobless claims report, before turning to the Fed’s annual research conference in Jackson Hole, Wyoming, next week for any read about the central bank’s next steps. Many analysts expect the Fed to announce its plan to taper asset purchases as early as the Sept. 21-22 policy meeting. At 6:18 a.m. ET, Dow e-minis were down 0.73%, S&P 500 e-minis lower by 0.65% and Nasdaq 100 e-minis off 0.53%. Shares of Robinhood Markets Inc tumbled 12% on Thursday, after the owner of the popular trading app warned a trading frenzy among small-time investors that boosted its second-quarter revenue would slow down in the coming months. Travel-related stocks including cruiseliners and airlines fell nearly 3% on fears the spread of the Delta variant of the coronavirus could spark more travel restrictions. Technology-related stocks Apple Inc, Amazon.com Inc and Facebook Inc were among the smallest decliners in early trading. The stocks far outperformed the S&P 500 last year as their products saw higher demand during widespread COVID-19 lockdowns. Energy stocks Chevron Corp and Exxon Mobil Corp fell 1.6% as oil sank to its lowest since May 21, pressured partly by a stronger U.S. dollar and a surprise increase in U.S. gasoline inventories. Nick Note: IS this the start of the wipe out: Or is this the usual 5% correction? That is the question. If its the 5% we want to stand aside… And if its the start of the big one we want to jump in……

US lower premarket, Dow falls 350 points

S&P 500

Dow Jones

Nasdaq 100

Equities on Wall Street traded lower in the premarket session on Thursday, as yesterday’s comments on tapering and the state of the economy by the United States Federal Reserve continue to move markets. Meanwhile, Cisco, Nvidia, and Robinhood all reported increases in their total revenues for the latest quarter, with Macy’s due to unveil its earnings report before the opening bell rings. In other news, US health officials stated that the country will start offering COVID-19 vaccine booster shots from September 20, as they assured the public that the vaccine is effective in preventing severe cases of the virus. Lastly, Afghanistan continues to dominate the news, with questions arising about the accuracy of the intelligence on the ground. The Dow Jones lost 1.00% or 350 points at 4:23 am ET. Meanwhile, the Nasdaq 100 and the S&P 500 dropped 0.91% and 0.94% respectively a minute later. The euro fell 0.21% against the dollar at 4:25 am ET trading for $1.16869.

Dow loses over 350 pts at close on Fed tapering comments

Materials-related stocks led the losses as the Fed’s move to eventually raise rates, along with a current campaign by China to tamp down metals prices, took the air out of a surge in commodity prices this year. Losses in the overall market were tame however and the S&P 500 was still just 1% below an all-time high as the central bank still maintained its asset-buying program, which some investors argued would support equities some more in the short term. The Dow Jones Industrial Average dropped about 400 points, weighed down by 4% losses in Dow Inc. and Caterpillar as most commodity prices took a hit for a second day. The S&P 500 fell about 0.5%. The Nasdaq Composite gained 0.3% as investors huddled in some Big Tech stocks with Tesla and Snowflake up about 2%. Shopify and Twilio gained more than 5%. The closely-watched Federal Reserve meeting Wednesday spurred a sell-off in equities after the central bank moved up its timeline for rate hikes, seeing two increases in 2023. The Fed also hiked its inflation forecast to 3.4% for the year, a percentage point higher than the FOMC’s forecast in March. Materials stocks were weaker Thursday as higher rates may further deflated big commodities rally in 2021. China is also cracking down on the commodities surge to ease inflation fears. Freeport-McMoRan led materials stocks lower, down about 7%. Copper futures were off by 5%. U.S. oil prices fell more than 2.7% and dipped below $70 per barrel, while the international benchmark fell nearly 3%. Bank stocks rolled over as the 10-year yield gave up its post-Fed gains and then some. The rollover in commodities dragged on yields. “Commodities have been a popular investment in the last year as investors have been adding some portfolio protection against inflation. So many investors were probably overexposed going into the Fed meeting and the U.S. dollar’s response is forcing some reconsideration,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. Hedge fund legend David Tepper told CNBC’s Scott Wapner that the Fed did a good job on Wednesday and that “the stock market is still fine for now.” The S&P 500 is less than 0.8% from an all-time high. The Labor Department reported that initial jobless claims rose last week to 412,000, up from the previous week’s 375,000. Economists polled by Dow Jones expected jobless claims of 360,000. Nick Note: Forget the hype this decision is Powell and Powell’s alone decision to make. As you are seeing the market is spooked and rightly so….the markets will lose thousands and thousands of points when he pulls the trigger…