Markets open mostly lower after gloomy holiday shopping report
From CNN’s Matt Egan
A Christmas tree stands in front of the New York Stock Exchange in New York City on December 9. Michael Nagle/Bloomberg/Getty Images
US stocks started Wednesday mostly lower after a weak retail sales report that underscored the need for another round of federal Covid relief.
Here's where things opened:
The Dow fell 50 points, or 0.2%.
The S&P 500 lost 0.1%.
The Nasdaq dropped 0.1%.
The weaker open comes after a government report showed that US retail sales tumbled in November by more than economists had feared.
The bleak holiday shopping report adds to evidence that the recovery is losing momentum as the pandemic intensifies. After months of failure, Congressional leaders appear to finally be closing in on an agreement for a Covid-19 relief package.
The Federal Reserve is scheduled to issue a new policy statement and updated economic projections at 2 pm. Fed Chairman Jerome Powell has forcefully called for lawmakers to provide more fiscal stimulus.
10:05 a.m. ET, December 16, 2020
Here's what the latest Covid-19 stimulus deal could include
From CNN's Manu Raju and Clare Foran
Congressional leaders, after months of a bitter stalemate and as millions of Americans have been eager for relief, are finally indicating they're nearing a deal on a new rescue package that could pass both chambers within days.
The deal is expected to include a new round of stimulus checks, but no money for state and local aid, a priority Democrats had pushed for, and no lawsuit protections, which Republicans wanted, according to a source briefed on the talks.
The source cautioned that nothing is final until it is unveiled, but that's where this is headed at the moment.
Once details are unveiled, Hill leaders will have to sell the plan to their caucuses and try to ram it through Congress quickly — all with the threat of a shutdown looming at the end of the week.
The price tag for a stimulus deal could be close to $900 billion, a source familiar tells CNN, though more details could be out later Wednesday morning.
While Hill leaders would not confirm what they have agreed to, both sides are likely to have made some significant concessions, including potentially dropping demands for money for state and city governments — a priority Democrats have been pushing —and a liability shield that the GOP had been seeking.
A $748 billion bipartisan proposal released this week could serve as a ready-made starting point for what might be included. That package proposes:
Masks and social distancing are still needed while Covid-19 vaccine rolls out, White House testing czar says
From CNN's Aditi Sangal
Admiral Brett Giroir, Assistant Secretary For Health, United States Department of Health and Human Services, in. September 2020. Alex Edelman/Pool/AFP/Getty Images
Although the US has began rolling out the coronavirus vaccine, Americans still need to wear masks and take other safety measures, White House coronavirus testing czar Admiral Brett Giroir said Wednesday.
"Although we're very positive about the vaccine, it is absolutely imperative that we continue our work to wear masks, to avoid crowded spaces, to physically distance, to avoid travel if you can," he said. "Because until the vaccine gets widespread, this is still our best measures to flatten the curve and save lives."
While urging people to observe these safety measures and listed to public health messages, he emphasized that the US is "still at a dangerous and critical part of this pandemic and tens of thousands of American lives are at stake."
The current vaccine rollout will create an impact on the number of new Covid-19 cases, hospitalizations and deaths in the US. This will be seen "almost immediately," Giroir said, but cautioned that widespread immunity through vaccination will not come until the late spring or early summer.
Meanwhile, the White House testing czar is hoping to increase testing availability in the country.
"You're going to hear more good news from the FDA very soon about other home tests that are not exactly the over-the-counter type, but are in the same ballpark," he said. "You'll see more and more tests get authorized, and them ramping up very soon, in the early part of the year."
Watch more:
9:00 a.m. ET, December 16, 2020
Costa Rica authorizes emergency use for Pfizer/ BioNtech vaccine against Covid-19
From CNN's Djenane Villanueva and Mohammed Tawfeeq
A vial of Pfizer-BioNTech Covid-19 vaccine. Justin Tallis/Pool/Getty Images
Costa Rica has authorized the emergency use of the Pfizer/BioNtech vaccine against Covid-19 after the US Food and Drug Administration (FDA) gave the vaccine emergency use authorization on Friday, according to a statement released by Costa Rica’s Ministry of Health on Tuesday.
Through social media, Costa Rica's president, Carlos Alvarado, said the agreement with the company guarantees coverage for 1.5 million people.
In October, Costa Rica announced an agreement with Pfizer/BionNtech for the purchase of 3,000,000 doses.
Costa Rica’s Ministry of Health announced that vaccinations in the country could start during the first quarter of 2021, without mentioning an exact date, according to the same statement.
8:57 a.m. ET, December 16, 2020
Hill leaders are closing in on a stimulus deal. Here's how the process could unfold.
From CNN's Manu Raju and Clare Foran
Al Drago/Getty Images
Congressional leaders, after months of a bitter stalemate and as millions of Americans have been eager for relief, are finally indicating they're nearing a deal on a new rescue package that could pass both chambers within days.
But first they need to unveil the details, sell it to their caucuses and try to ram it through Congress quickly — all with the threat of a shutdown looming at the end of the week.
It won't be an easy task. But top Democrats and Republicans expressed confidence Tuesday evening after the big four leaders met for the first time in months, emerging to say that a deal is finally in sight. But they refused to share any details.
Here's how the legislative process could play out:
Negotiators are likely to introduce a $1.4 trillion government funding package later Wednesday. Then, when the House Rules Committee meets to tee up a House vote, an amendment will be offered to tack on the Covid relief deal before sending the full package to the floor.
Once a vote takes place in the House, there will be little time left on the calendar before a potential shutdown is triggered.
With such a narrow margin for error, get ready for rank-and-file members to attempt to exert influence on the process in an effort to win concessions. Ultimately, leadership is likely to shut down such efforts, but that won't stop lawmakers from trying. Take, for example, a tweet from prominent progressive Democratic Rep. Alexandria Ocasio-Cortez of New York on Tuesday evening, calling for stimulus checks, which is uncertain to be included in the final deal. Other progressives are echoing that sentiment — as are Sens. Bernie Sanders and GOP Sen. Josh Hawley.
If a quick Senate vote is blocked, there could be a brief government shutdown over the weekend. And if lawmakers fail to imminently finalize a massive government spending bill for a new fiscal year, there is also a chance they could be forced to revert to a short-term funding patch instead, though lawmakers in both parties have made clear they don't want that to happen.
WHO warns "high risk of further resurgence" of Covid-19 across Europe in early 2021
From CNN's Jacqueline Howard
A healthcare worker conducts antigen rapid tests for COVID-19 during a mass coronavirus screening at a hospital in Barcelona, on December 14. Lluis Gene/AFP/Getty Images
The World Health Organization's European office has warned that "there is a high risk of further resurgence" of Covid-19 across Europe early next year.
"Annually across Europe, we see a massive increase in gatherings that bring together people of all ages, including families, religious groups and friends. This brings a significant risk of increased COVID-19 transmission during the upcoming holiday season," according to a WHO Europe announcement on Wednesday.
"Despite some fragile progress, COVID-19 transmission across the European Region remains widespread and intense," the announcement notes. "There is a high risk of further resurgence in the first weeks and months of 2021, and we will need to work together if we are to succeed in preventing it."
The announcement urges people to take precautions during the winter holidays to minimize the risk of Covid-19, such as by postponing or reducing gatherings, keeping gatherings outdoors if possible, wearing masks, maintaining physical distancing and avoiding any transportation that might be crowded.
The announcement says: "During the upcoming holidays, WHO recommends that countries carefully consider adapting the setup of seasonal activities to remove the possibility of crowding, especially in confined or closed settings, including during travel."
7:26 a.m. ET, December 16, 2020
Actor Tom Cruise scolds "Mission: Impossible 7" crew members for violating social distancing measures -- The Sun
From CNN’s Chandler Thornton and Mick Krever
Actor Tom Cruise looks on during the shooting of the movie "Mission Impossible: Lybra" in Venice, Italy, on October 20. Andrea Pattaro/AFP/Getty Images
Tom Cruise, lead actor of the upcoming film "Mission: Impossible 7," was heard reprimanding crew members for reportedly not adhering to social distancing measures, the UK's Sun reported, citing an exclusive audio tape from the set.
"I don’t ever want to see it again, ever! And if you don’t do it you’re fired, if I see you do it again you’re f**king gone. And if anyone in this crew does it -- that’s it, and you too and you too," Cruise can be heard saying in The Sun's exclusive audio tape.
The rant comes after two crew members reportedly were standing within two meters (about six feet) of one another while on set for the film, the British tabloid reported.
"We are the gold standard. They’re back there in Hollywood making movies right now because of us! Because they believe in us and what we’re doing," Cruise can be heard saying in the audio recording. "We are creating thousands of jobs you m*ther f**kers. I don't ever want to see it again!"
Paramount Pictures is producing the film. It is currently being shot at Warner Bros. Studio in Leavesden, Hertfordshire, outside of London, where the recording was allegedly made. Warner Bros., like CNN, is owned by WarnerMedia.
"Mission: Impossible 7" had previously faced delays from the Covid-19 pandemic. In February, a three-week shoot was set to take place in Venice, Italy, but the country had a surge of coronavirus cases, putting the production on hold. British media reported that 12 members tested positive for Covid-19 on set in Italy in October.
British media also reported that Cruise has tried to ensure there are no more delays, even paying 500,000 British pounds ($676,000) out of his own pocket for a ship that cast and crew could isolate on during film production.
“You can tell it to the people who are losing their f**king homes because our industry is shut down. It’s not going to put food on their table or pay for their college education," Cruise continued in the audio obtained by The Sun. "That’s what I sleep with every night – the future of this f**king industry!”
"Mission: Impossible 7" is currently being filmed in the UK and is set to release in November 2021.
CNN has contacted Cruise's publicist and Paramount Pictures for comment. The New York Times reports that Paramount declined its request for comment.
8:26 a.m. ET, December 16, 2020
It's been seven days since the UK started its vaccine program. Here's how it's going so far.
From CNN's Kara Fox
Olive Talender receives an injection at a COVID-19 vaccination center in Chertsey, England on December 16. Leon Neal/Getty Images
It’s been a week since the UK became the first country in the world to deploy Pfizer/BioNTech’s Covid-19 vaccine.
So far, a total of 137,897 people in the UK have been vaccinated, according to Nadhim Zahawi, who is overseeing the coronavirus vaccine rollout.
On Wednesday, Zahawi tweeted that the vaccine program had gotten off to a "really good start" and gave a breakdown of the numbers.
Zahawi added that the number of vaccinated people would continue to rise as distribution in primary care networks takes effect.
But its possible that only around half of the population in England will be able to get vaccinated next year, according to a new report from the National Audit Office.
The report estimates that only 25 million people -- less than half of England's population of around 56 million -- could be vaccinated in 2021. That's if, and when, sufficient vaccines are available.
The UK government has signed five contracts for potential Covid-19 vaccines, including Pfizer/BioNTech's offering, which is currently being deployed.
The contracts will provide access to 267 million potential doses at an expected cost of £2.9 billion (US $3.9bn), according to a report released Wednesday by the National Audit Office.
They include:
100 million doses from Astra Zeneca/Oxford
60 million doses from Valneva
40 million doses from Pfizer/BioNTech
60 million doses from Novavax
7 million doses from Moderna
The report also said an estimated 46,000 staff may be needed to support the deployment of the vaccines, noting the challenge of current staff shortages.
7:13 a.m. ET, December 16, 2020
Saudi Arabia receives its first shipment of the Pfizer/BioNTech vaccine
From CNN’s Mostafa Salem in Abu Dhabi
Saudi Arabia received the first shipment of the coronavirus Pfizer/BioNtech vaccine on Wednesday morning, with more than 100,000 people registered to receive the vaccine so far, Health Minister Tawfiq Al Rabiah told Saudi state TV.
The Kingdom’s Food and Drug Authority approved the registration of the Pfizer/BioNtech coronavirus vaccine last week in preparation for importing and distributing, state news agency SPA said.
Al Rabiah showed a vial of the vaccine on Saudi TV and said: "I am happy to bring the positive news to the citizens and residents [of Saudi Arabia] that the first batch of the coronavirus vaccine has arrived this morning."
Saudi Arabia opened registration for those willing to receive the vaccine on Tuesday, with the number of people signing up surpassing 100,000 so far, Al Rabiah said.
The vaccine will be administered for free and will be prioritized for those above the age of 65, those with chronic illnesses and frontline medical workers, he added.