Shares fall…Another engine emergency…Ready to vote
BANGKOK (AP) – Shares have fallen in Europe and Asia today but U.S. futures have turned higher after a rout in technology companies pulled the Nasdaq 3.5% lower Thursday in the steepest loss for the tech-heavy index since October. Tokyo fell 4% today, while European benchmarks saw modest losses. Shares have taken a hit as investors sell to lock in profits from recent gains, anticipating that rising bond yields may cap the prolonged rally that began in mid-2020. Bond yields have been rising as investors anticipate more stimulus from Washington, stronger economic growth and possibly a pickup in inflation.
MOSCOW (AP) – Russian media report that a Boeing 777 made an emergency landing in Moscow early this morning after a pilot reported a problem with the engine. The Interfax news agency cites an anonymous source saying that the pilot of the Hong Kong-Madrid flight reported a failure of one of the left engine control channels and requested an emergency landing at Moscow’s Sheremetyevo airport. The plane reportedly landed safely and no one was injured. Earlier this month, a Boeing 777 operated by United Airlines had to make an emergency landing in Denver after one of its engines blew apart, spewing huge chunks of wreckage that landed in neighborhoods and sports fields.
WASHINGTON (AP) – Democrats are ready to shove a $1.9 trillion COVID-19 relief package through the House today. That win is expected despite a setback on Thursday that means a minimum wage boost is unlikely to be in the final version that reaches President Joe Biden. A near party-line vote seems certain on the relief measure in the House. It represents Biden’s first crack at his initial legislative goal of acting decisively against the pandemic. In the year since the coronavirus has taken hold, it has stalled much of the economy, killed half a million Americans and reshaped the daily lives of virtually everyone.
NEW YORK (AP) – Costco is increasing its starting wage to $16 an hour, surpassing most of its main competitors at a time when efforts to raise the minimum wage are gaining traction in the U.S. Costco CEO Craig Jelinek says the starting wage for Costco employees will rise to $16 next week, up from $15 the company instituted two years ago. The starting wage scale puts Costco above competitors including Amazon, Target and Best Buy, which have $15 minimum wages. Walmart’s starting pay is $11 an hour.
BEIJING (AP) – With coronavirus well under control in China, moviegoers are heading to cinemas that are running at half capacity and require masks and registration with a tracking app. That’s smashing China’s box office records, setting a new high mark for ticket sales in February, with domestic productions far outpacing their Hollywood competitors. China overtook the U.S. as the world’s biggest market for movie ticket sales last year as the American box office took a massive hit from the pandemic. Chinese theaters were able to reopen by midyear and have seen steady audience growth since then.