As Americans continue to get vaccinated every day, they're rushing to get back to pre-pandemic activities, from eating out at restaurants to going back to movie theaters.
Many are also rushing out to get a new tattoo.
The pandemic proved nearly fatal for many businesses across different sectors. Anything that brought a worker and a customer into close proximity was especially challenging to reopen.
Tattoo shops checked all of those shutdown boxes, and getting a tattoo is one of the most pandemic un-friendly activities out there. The close contact, the collaboration with the artist, and of course the needles going in and out of your skin for hours on end.
The pandemic itself has been unfriendly to the tattoo industry. Lockdowns forced artists to cancel months of appointments and created industry-wide chaos.
Hannah Everhart, a Maryland tattoo artist, is among those professionals rocked by the pandemic. Once the shop she worked in reopened, she was limited in the number of people she could see each week. And since many of the 30,000 tattoo artists in the U.S. are essentially independent contractors and don't own their own shop, they need regular business to get by.
Everhart knew the pandemic would forever change the industry, so she started thinking seriously about opening her own studio.
"A shop was always the long term goal with tattooing," Everhart said. "It's something that I was really thinking for the five-year plan. But during the pandemic, everything was shut down. It gave me time to sit down and evaluate my situation as far as, like, money, and would this be something I could make work?"
It turns out opening her own shop in a year when small businesses faced a major downturn wasn't as hard as she might have expected. She opened Raven and Rose Studios in Savage, Md., in January.
"When I started running the numbers, it kind of made sense," she said. "It was like, oh, I could actually make this work. I could make this happen."
Everhart's move has proven to be an opportune one as the tattoo industry is seeing incredibly high demand. She has seen so much interest that she's booked until October.
(Note: I got to jump the line for my new ink, as you can see above.)
"Everyone's getting tattooed. This is honestly the furthest I've been booked out ever in my eight year career," Everhart said. "I have never been booked out this far so, and a lot of other artists are also experiencing the same thing."
The surge in interest has kept up even as Everhart and other tattoo artists across the industry shifted to digital consultations and appointment-only tattooing.
While she says the increased demand will eventually plateau, some things from the pandemic will stick around. Everhart plans to continue wearing masks while tattooing so she and her customers don't get even a little bit sick.
"I just don't have time to get sick," she said. "People are scheduling appointments three months in advance. And if it gets to be the week of their appointment, and I have to call and reschedule 'cause I have the sniffles, that's not a good look. So, I'm definitely going to keep wearing masks."
Post-pandemic realities aside, Everhart's work isn't stopping any time soon.
"You have people who have been wanting to get tattooed for a really long time. And now they're just like, I'm going to pull the trigger on this. Life is too short. I've survived this pandemic. I can't stay at my house anymore. I need to get out. I want to do this thing," she said.
Ukrainian President Volodymyr Zelenskyy has signed an application for Ukraine's membership in the European Union, pleading with the bloc to accept this request. It comes as Russian forces push further into Ukraine, forcing at least half a million refugees to flee. Benjamin Schmitt, Postdoctoral Research Fellow at Harvard University and Senior Fellow at the Center for European Policy Analysis, breaks down the latest in Ukraine.
A growing wave of major U.S. companies have taken steps to cut ties with Russia or offer support to Ukraine, as tensions escalate in the region. Exxon, Apple and Boeing are just the latest companies to make the move, following the likes of Google, Meta and BP who have all announced plans to exit the region in response to the conflict. Courtney Vinopal, Breaking News Reporter, Quartz joined Cheddar's Opening Bell for more.
Uber is rolling out a new feature on its app called Explore that will allow users to discover things to do in their area such as dining. The new service is now available in 14 U.S. cities.
Traci Gusher, EY Americas data and analytics leader, joins Cheddar News to discuss how companies have made strides within data and analytics throughout the pandemic and what the chief information officers of today need to focus on and dedicate resources to.
Wall Street took another sharp swing Wednesday, this time back to rally mode, as stocks and Treasury yields rose even as U.S. crude oil prices climbed to the highest level in more than a decade.
The S&P 500 rose 1.9%, recouping its losses from earlier in the week, after Federal Reserve Chair Jerome Powell said he supports a more modest rise in interest rates this month than some investors had feared. He also said he still expects inflation, which is at its highest level in 40 years, to moderate through the year.
“Although we’ve had some Fed governors lately saying ‘Oh my God, this is such a huge crisis,’ the conventional wisdom is slow and steady wins the race right now,” said J.J. Kinahan, chief strategist with TD Ameritrade.
The comments helped drive the market higher, adding to modest gains from earlier in the morning. Other areas of the market also gained ground a day after worries about Russia’s invasion of Ukraine sent the S&P 500 tumbling 1.5% and prices soaring for all kinds of commodities.
Treasury yields jumped to recover some of their steep losses from the past week. Gold receded, and a measure of nervousness among stock investors on Wall Street eased after swinging sharply in recent days.
“We’ve seen wild swings, but not major changes in the indexes,” said Jeff Kleintop, chief global investment strategist at Charles Schwab. “Geopolitical conflicts can be very unsettling, but you don’t tend to get bear markets from these, just periods of volatility.”
Markets have been spinning wildly as investors try, sometimes blindly, to gauge how high Russia's attack on Ukraine will push prices for oil, wheat and other commodities where the region is a major producer. On top of that are worries about what upcoming hikes in interest rates by the Federal Reserve and other central banks around the world will do to the economy and inflation.
Powell said in testimony to Congress that the Fed is set to raise its key interest rate for the first time since 2018. But he also said the attack on Ukraine may have muddied conditions, with its impact on the U.S. economy “highly uncertain,” adding that “we're never on autopilot.”
The Fed is balancing a tightrope where it needs to raise interest rates enough to rein in the highest inflation in generations but not so much that it pushes the economy into a recession. All the while, higher interest rates tend to put downward pressure on stocks and most other investments.
The yield on the 10-year Treasury leaped to 1.89% from 1.72% late Tuesday, while the two-year Treasury surged to 1.53% from 1.31%. Yields, though, remain well below where they were before Russia’s invasion. The 10-year yield was above 2% last month, before it plunged as investors plowed into investments seen as safer amid worries about war.
The price of U.S. oil jumped another 7% to $110.60 per barrel, the highest level in just over a decade. Brent crude, the international standard, climbed 7.6% to $112.93 per barrel.
Leaders of OPEC and other major oil-producing countries decided Wednesday to stick with their plan to gradually increase oil production. The OPEC+ coalition of oil producers, made up of OPEC members led by Saudi Arabia and non-cartel members led by Russia, chose to increase oil production by 400,000 barrels per day in April.
The move follows a perhaps less impactful decision by the United States and other major governments in the International Energy Agency to release 60 million barrels from strategic reserves to boost supplies.
“Markets dismissed the notion that 60 million barrels of strategic reserves released will be consequential to the risks of Russian supply jeopardized,” Tan Boon Heng of Mizuho Bank said in a report. “Russia pumps more than that in just six days.”
In the stock market, all the uncertainty about oil prices and inflation has led to big swings not only by the day but also by the hour. The S&P 500 swung between gains of 0.4% and 2.2% Wednesday. It closed 80.28 points higher to 4,386.54.
The Dow Jones Industrial Average rose 596.40 points, or 1.8%, to 33,891.35, while the Nasdaq composite gained 219.56 points, or 1.6%, to 13,752.02.
More than 90% of stocks in the S&P 500 rose, with technology, financial and health care companies accounting for a big share of the rally. Bank stocks led the gainers, climbing 2.6%, as higher longer-term interest rates can mean bigger profits for them making loans. Energy stocks also helped lift the index as they rode higher energy prices.
Ross Stores climbed 6.1% after the retail chain reported stronger profit for its last quarter than analysts expected.
Ford jumped 8.4% after it said it was accelerating its transformation into an electric-vehicle company and split its EV and internal combustion operations into two individual businesses.
Stock markets around the world were mixed. France’s CAC 40 rose 1.6%, Germany’s DAX returned 0.7% and Japan’s Nikkei 225 fell 1.7%.
Russia’s central bank said stock trading on the Moscow exchange would remain closed Wednesday for a third day, though trading of currencies and precious metals would resume for the first time this week.
Late Tuesday, President Joe Biden announced he was joining U.S. allies in closing the country’s air space to Russian aircraft, the latest in a set of sanctions and other measures meant to isolate Russia.
But Biden also said in his annual State of the Union speech that he would try to cushion Americans against the impact of higher oil prices. “I will use every tool at our disposal to protect American businesses and consumers,” Biden said.
To kick off Women's History Month, Luminary will be hosting its first annual #InThisTogether Summit. Cate Luzio, founder and CEO of Luminary, joins Cheddar News to discuss the event.
