10 Things in Politics: COVID recovery now on shaky ground

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Here’s what we’re talking about:
The Dow had its worst day of the year amid renewed COVID-19 fears3 GOP lawmakers named to the Capitol riot committee voted against certifying election resultsInside the push to help Trump find a new social-media homeWhat we’re watching today: Jeff Bezos has said he isn’t just one of the "rich guys on a joyride" to space. Watch his launch live here at 9 a.m. ET.

The specialist Meric Greenbaum looking at his screen on the floor of the New York Stock Exchange on Monday, one of the worst trading days of 2021.
Richard Drew/AP

1. HITTING THE WALL: Pandemic jitters haven’t left Wall Street. The Dow had its worst day of the year amid fears about the Delta variant, falling just over 725 points, or 2.1%, for its worst close since October. Bond markets and oil prices didn’t fare any better. At the same time, a federal agency declared the pandemic recession was the shortest recession in US history, lasting just two months.
Some experts anticipate trouble ahead, which could mean a larger short-term dip in the markets:
The pain could be born by now-usual suspects: Airlines and cruise companies, cruise operators, and other travel companies further slumped amid the sell-off. Energy stocks struggled too amid concerns about renewed restrictions around the world.
But some experts don’t see a prolonged sell-off: The technical analyst Katie Stockton of Fairlead Strategies said she expected a "short-lived" pullback that could reach its worst by the end of the week.The biggest concern is whether the jitters are about more than COVID-19: Investors were already worried about inflation, The Wall Street Journal points out. Some money managers say the best of the economic recovery may have passed as growth slows from the reopening boom that reverberated throughout much of the world.
Key quote: "High inflation and lower economic growth is not a good combination," Dave Donabedian, the chief investment officer of CIBC Private Wealth Management US, told The Journal.

Republican Rep. Jim Banks of Indiana at a Republican Study Committee press conference.
NICHOLAS KAMM/AFP via Getty Images

2. Three Republicans who voted against certifying election results are nominated to the Capitol riot committee: House Minority Kevin McCarthy has made his five picks to the select Capitol riot panel, multiple outlets reported Monday night. Rep. Jim Banks is said to be McCarthy’s choice to serve as the top Republican on the committee, joined by Reps. Jim Jordan, Rodney Davis, Kelly Armstrong, and Troy Nehls. Banks, Jordan, and Nehls all voted against certifying election results from Arizona and Pennsylvania, raising the possibility Speaker Nancy Pelosi could reject some of them. More on the selections here.
3. Inside the pitch to find Trump’s new Twitter: The former Donald Trump spokesman Jason Miller met with Trump last month to discuss Miller’s new app, Gettr. Trump tested the service by sending out messages to engineers, who replied ​​​​with phrases like "Trump 2024!" and "Where’s Hunter?". Trump and Miller also discussed an undisclosed payment should the former president join the platform. Why aides think Trump finding a new online home is key to seriously considering a 2024 run.
4. Twitter suspended Rep. Marjorie Taylor Greene: Greene was suspended from the social network for 12 hours Monday night after she posted tweets that violated the company’s policy against spreading misinformation about the pandemic. She recently argued on Twitter that COVID-19 was not dangerous to people who were not obese or over the age of 65. (This is not true.) Greene slammed the decision, saying tech companies "are doing the bidding of the Biden regime." The latest on the situation here.
5. A bipartisan infrastructure deal remains uncertain: President Joe Biden issued a not-so-subtle dig at Republicans for in his view reneging on an agreement to pay for part of a roughly $1 trillion plan by beefing up the IRS, The Washington Post reports. Senate Republicans are annoyed by Senate Majority Leader Chuck Schumer’s insistence on holding early votes on the package tomorrow, though a final bill has not yet been written. GOP senators are signaling they could block the early vote if the situation doesn’t improve.
6. Federal judge gives green light to college’s vaccine mandate: Indiana University can keep its policy requiring students to be vaccinated for COVID-19 before returning to campus this fall, according to a federal judge’s ruling. Students "aren’t being forced to take the vaccination against their will; they can go to college elsewhere or forego college altogether," Judge Damon Leichty, a Trump appointee, wrote in his ruling. Here’s how the decision could be a major signal to other universities nationwide.
7. Cluster of cases complicates Olympics: Early COVID-19 cases are the latest hit to an unpopular Olympics. Toyota, one of the games’ biggest sponsors, announced it was pulling ads because of the controversial nature of the event. The United States Olympic and Paralympic Committee confirmed an alternate on the gymnastics team tested positive and was in quarantine. Here are the athletes who will miss the games.
8. Fox News has quietly implemented a vaccine passport: Tucker Carlson and other Fox News hosts may rail against vaccine requirements on a near-nightly basis, but it turns out their own employer has some of the same policies. Fox Corporation employees who don’t disclose whether they have been vaccinated are still required to wear a mask, fill out daily screenings, and distance themselves from others. Fully vaccinated workers who attest to their status don’t have to wear a mask or distance. They get a special pass. More on the contradictions.
9. Canada plans to partially reopen its border to the US: Fully vaccinated Americans may soon be able to travel to Canada, the first time the border would be open in more than 16 months, Reuters reports. The relaxation depends on the pandemic continuing to subside in the country. More on the announcement here.

Yu Tsai/Sports Illustrated

10. A splash of history: Sports Illustrated’s annual swimsuit edition made three firsts when it revealed the three women on this year’s covers. Leyna Bloom became the first transgender cover model. Megan Thee Stallion became the first rapper to have a cover. And the tennis star Naomi Osaka became the first Black female athlete to be on a cover. More on the history behind this year’s issue.
Today’s trivia question: Today marks the anniversary of the Apollo 11 moon landing. What historic relic was Neil Armstrong entrusted with during the moon-landing journey? Email your guess and a suggested question to me at bgriffiths@insider.com.
Yesterday’s answer: The Soviet leader Nikita Khrushchev exploded when he was informed he could not visit Disneyland during a 1959 tour of Hollywood because of security concerns. Don’t feel too bad for him, though. The red carpet was essentially laid out for him in Hollywood as Frank Sinatra served as the unofficial MC for the day.Read the original article on Business Insider

Source: https://www.businessinsider.com/10-things-in-politics-wall-street-covid-delta-variant-economy

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