Here are the headlines you Need2Know for Wednesday, June 24, 2020:
EU TRAVEL BAN: The European Union is reportedly planning to ban Americans from flying into E.U. bloc countries because of how poorly the United States has controlled the spread of coronavirus. That would put the U.S. in the same category as Brazil and Russia, on a list of nations whose citizens would be barred from traveling to Europe when its borders reopen on July 1. NY TIMES
FAUCI ON THE HILL: Dr. Fauci says he is “cautiously optimistic” that a COVID-19 vaccine will be ready by the end of the year or early 2021. Fauci testified to Congress about the country’s pandemic response, calling it a “mixed bag” so far and noting a “disturbing surge” in new infections. He also said he was never told to slow down virus testing. CNN
PRIMARY RESULTS: There’s no final calls in many of the biggest primaries given how many people voted absentee, but there are still several takeaways the morning after: N.Y.’s Rep. Eliot Engel is likely to be defeated by progressive newcomer Jamaal Bowman; AOC easily won her primary; and President Trump’s iron grip on the GOP is slipping. A 24-year-old newcomer won in the N.C. district vacated by Mark Meadows, who is now the White House chief of staff. Madison Cawthorn easily beat Meadows’ handpicked replacement, who was also endorsed by Trump. POLITICO
MACY'S FIREWORKS A GO: The famous Macy’s Fourth of July Spectacular will happen in NYC this year, though there will be some significant changes. Starting next week, there will be a series of short fireworks shows in each of the city’s five boroughs, followed by a grand finale on the 4th that will be televised - but the city is keeping the sites secret in order to keep people from congregating. ABC NY
SAVINGS SKYROCKET: Americans are saving more money than ever. U.S. banks have seen a record $2 trillion in deposits since the pandemic started and the personal-saving rate hit a record 33 percent in April, up from 7.5 percent at the end of 2019. The influx of cash from the PPP, enhanced unemployment benefits and stimulus checks are part of the reason, combined with people pausing big purchases. But with rates so low, any money you have sitting in a savings account isn’t going to be earning much in the way of interest for a long time. BI
R.I.P. SEGWAY: Segway, the company behind the two-wheeled self-balancing people mover popular with mall security guards, is shutting down its namesake product, 20 years after launching amid a frenzy of hype that it would be the next big thing in personal transport. Segway originally anticipated selling 100,000 a year, but it only ever sold about 140,000 in total. The last Segway will roll off the line on July 15. FAST COMPANY
PLAY BALL! Major League Baseball will hold a shortened season, with Opening Day set for July 23 or 24. The league and players agreed on safety protocols for the 60-game season, effectively ending the stalemate. Players report to camp on July 1. CBS SPORTS
BUBBA WALLACE UPDATE: The FBI has determined that the 'noose' that was found hanging in NASCAR driver Bubba Wallace’s garage stall had been there since October, and Wallace was not the victim of an intentional hate crime. YAHOO SPORTS
DJOKOVIC COVID POSITIVE: Novak Djokovic and his wife have tested positive for COVID-19 after hosting a series of exhibition matches in Europe without any social distancing guidelines. Previously, the No. 1 ranked tennis player in the world had not committed to play the U.S. Open, saying he didn’t want to deal with the safety protocols put in place. ESPN
'THRONES' BOOK PROGRESS: One good thing to come out of the pandemic, at least for Game of Thrones fans: George R.R. Martin has been writing. The author has updated Thrones fans on the progress of The Winds of Winter, his highly anticipated sixth installment in the series. Martin says he’s been holed up, writing away, and expects the book to be done next year. EW
SPOTTED...Timothée Chalamet and his new girlfriend, actress Eiza González, vacationing in Mexico: SEE PICS
LEFTOVERS: IT HAPPENED AGAIN: Another art conservation effort in Spain went horribly wrong, drawing comparisons to the infamous and widely mocked “Monkey Christ” painting. A private collector hired a furniture restorer to clean and restore a priceless painting of the Virgin Mary by the Spanish artist Bartolomé Esteban Murillo. It did not go well: SEE PIC
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Daniel Madrzykowski, research director at the UL Fire Safety Research Institute, joins Cheddar News to discuss the deadly Bronx fire that killed 19 people and fire safety tips that people need to know about.
Markets closed the day mixed, and well off their lows of the day following a market meltdown earlier in the session. The Nasdaq staged a comeback late in the day, even amid ongoing worries about the Federal Reserve raising interest rates. Doug Flynn, certified financial planner and co-founder of Flynn Zito Capito, joined Cheddar News' Closing Bell to discuss the markets' close and what's driving the major indexes.
Two companies recently announced a new partnership aimed at addressing the growing demand to borrow against crypto - digital assets capital markets firm CrossTower is partnering with commercial bank, BankProv. The companies are launching a crypto lending platform that will allow Bitcoin miners to receive loans to invest in crypto mining equipment. The companies say the program also addresses the difficulty of breaking into crypto mining due to the high cost. CrossTower research analyst Martin Gaspar joins Cheddar News' Closing Bell to discuss.
Next-gen social sports platform Break the Love recently raised $2.5 million in seed funding. Break the Love's platform and iOS app allows users to discover and book group-based tennis activities, to either learn, train, or compete. The new company has already gotten support from a few big names in the world of tennis, including the coach of Naomi Osaka, as well as the United States Tennis Association and the brand Wilson. Break the Love founder and CEO Trisha Goyal joins Cheddar News' Closing Bell to discuss.
As the Omicron variant continues to sweep across the country. The US Supreme Court is expected to hear arguments at the end of this week on whether or not the Biden administration can force private companies to vaccinate or test millions of their employees. In addition, the National Nurses United has spearheaded legal action to protect nurses and health care workers, patients, and the public while on the job. President of the National Nurses Union, Zenei Cortez, joined Cheddar to discuss more.
China's ongoing crackdown of its own entertainment industry has been raising eyebrows for once now. With the ruling Communist Party instructing media companies to boycott immoral and overly entertaining stars. But the country has gone even further. Now experts warn that this could lead to further issues such as gender-based violence. Professor at the Institute of Sociology at National Tsinghua University, Hsiu-Hua Shen, and Associate Professor of Politics at Keough School of Global Affairs at the University of Notre Dame Joshua Eisenman, joined Cheddar to discuss more.
Today marks one year since the January 6 Attack on the United States Capitol. The Country watched as supporters of then-President Trump stormed what was assumed to be the most secure building in the country in an attempt to stop the certification of the 2020 Election. Several lawmakers, including the Vice President, could be seen ducking down as they feared for their lives. Democratic Michigan Representative Dan Kildee, joined Cheddar to discuss more.
Bed Bath & Beyond delivered disappointing fiscal third-quarter results for 2022. Shares initially dove more than 9% in premarket trading on the news but finished the day up nearly 8%. Bed Bath & Beyond has been a meme-stock target for online investors in the past -- so was meme-stock mania a factor in the recent stock movement for the company? Jaime Rogozinski, the founder of the subreddit WallStreetBets, joins Cheddar News' Closing Bell for more, as his forum helped spark the meme stock phenomena. He also discussed some decentralized finance services and trends for the retail investor to watch for in 2022.
Digital medical care provider Pear Therapeutics rang the closing bell on the Nasdaq Friday and President and CEO Dr. Corey McCann, joined Cheddar to talk about how the company plans to grow the business of software-based therapeutics and how the first FDA authorized prescription digital therapeutics company will go about treating illnesses like insomnia and addiction. "These really are pieces of software. In many cases, they're apps and in the cases of our addiction products, these are based on something called cognitive behavioral therapy or CBT," he said. "These products change the patient's brain circuitry to help them be abstinent, to help them stay in treatment, and that's exactly what we see in randomized clinical trials and that's what we see in the real world." He also addressed the ongoing mental health crises brought on by the pandemic. **copy updated to remove IPO information as Pear Therapeutics went public in December**
