What does business want from the new U.S. administration? We asked that question in our latest CEO survey, done in collaboration with Deloitte. We allowed each CEO to choose their top three issues (which is why the percentages below don’t add up to 100%.) Their responses:
Restoring trust in government: 59%
COVID relief and economic recovery: 55%
Climate change: 32%
Education/workforce training: 30%
Trade policy/tariffs: 21%
Reducing national debt/deficit: 20%
Health care affordability/coverage: 20%
Racial equity: 19%
Foreign policy: 17%
Immigration policy: 5%
Corporate tax policy: 4%
A number of interesting things about these responses. A decade ago, reducing the national debt was the favorite policy hobby horse of business. Since then, the federal debt has grown substantially, passing the 100% of GDP benchmark. But business leaders clearly recognize that in today’s economy—where capital is plentiful and interest rates close to zero—other priorities deserve more attention.
Tax policy, meanwhile, has dropped to dead last on the list. That’s less surprising. These folks know if this administration addresses corporate taxes, it will only be to push them up.
But what I find most interesting is that—after addressing the nation’s political, economic, and health crises—the CEOs have their collective sights set on three critical areas for collaboration with government: infrastructure, climate change, and workforce training. Let’s hope the new administration doesn’t exhaust its political and financial capital on the economic recovery bill, so it can work with business to address these three critical areas for building a better future.
We’ll be discussing these priorities later today, when members of Fortune’s CEO Initiative gather virtually (in lieu of our annual dinner in Davos.) Among the roughly 100 CEOs attending will be CEOs of Pfizer, CVS, Marriott, GM, Verizon, L’Oreal, Bank of America, Dassault, FedEx, Northrup Grumman, Ikea, Workday, Hyatt, Occidental, Albertson’s
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Good morning. With the exception of the dollar, the screens are a blur of red this morning. Bitcoin, crude, gold, global stocks, U.S. futures—they’re all faltering. Not even Reddit bulls can muster the magic to extend the GameStop rally.
At the close of trading yesterday there were mounting worries that the GameStop squeeze was hitting the wider markets. As futures plunge this morning, that concern is morphing into legit fears.
In today’s essay, I dig deeper into the phenomenon of viral stocks like GameStop, and what it means to your portfolio.
But first, let’s see what’s moving the markets.Markets update Asia The major Asia indexes are slumping in afternoon trading, with Hang Seng down 2.6%.The GameStop effect is going global with retail investors from Sydney to Amsterdam bidding up stocks to catch out short investors. One winner from the increased volatility this morning is the previously undervalued Japanese e-commerce giant Rakuten, up 7.5% in Tokyo.Could the once high-flying fintech Ant Group really remake itself into a stodgy bank holding company? That’s the plan being floated to appease Chinese authorities. Europe The European bourses were lower out of the gates with the Stoxx Europe 600 down 0.8% at the open, before falling further. Shares in Volkswagen were down 1% in early trading after the German automaker slipped to the world’s second biggest car company behind Toyota, handing over the crown after a five-year run.COVID vaccine shots are running out fast in Europe, putting huge pressure on Brussels to find a fix. It won’t come from AstraZeneca any time soon. The EU tried and failed yesterday to force the drugmaker to divert supplies from its U.K. factories across the English Channel. Reminder: the EU hasn’t yet granted regulatory approval for even a single dose of the AZ vaccine. U.S. U.S. futures point to another weak open. That’s after the S&P 500 and Dow yesterday suffered their worst losses since October on a mixed batch of earnings.Shares in Apple are down 3.3% in pre-m
In the race against the spread of more difficult to control coronavirus variants, the U.S. is making steady progress in its nationwide vaccine rollout. Through Tuesday, Jan. 26, 24.7 million people, or about 6% of the U.S. population had received at least one dose of a COVID vaccine according to data from the Centers for Disease Control and Prevention; that number is up from 15.2 million Americans a week ago. Another 3.8 million people, or 1.1% of the population, have now received both doses.
Progress with the vaccine drive is increasingly varied across the states, with the percent of population vaccinated ranging from 4.5% in Idaho and Missouri to 11.4% in Alaska, America’s largest and least dense state. West Virginia, which has outpaced others in administering shots for weeks, is the only other state to have vaccinated more than 9% of its population.
2.9 million doses have been given at long-term care facilities through the federal government’s partnership with private pharmacies, up from 1.7 million a week ago.
The country has administered 52.3% of the vaccines that have been distributed. California, the state which has received the most doses, has administered 45.3% of their 5.3 million doses. Texas, Florida, and New York, which have also received large distributions, have administered 57% , 48%, and 63%, respectively.SHARE OF THE POPULATION THAT RECEIVED AT LEAST ONE SHOT State or territoryShare vaccinated Alabama4.7% Alaska11.4% Arizona5.3% Arkansas6.9% California5.5% Colorado6.6% Connecticut8.5% Delaware6.7% District of Columbia7.6% Florida6.8% Georgia5.9% Hawaii5.6% Idaho4.5% Illinois4.8% Indiana6.4% Iowa5.2% Kansas4.8% Kentucky6.4% Louisiana6.7% Maine6.4% Maryland5.6% Massachusetts5.7% Michigan6.3% Minnesota5.3% Mississippi5.8% Missouri4.5% Montana6.2% Nebraska5.9% Nevada4.9% New Hampshire6.2% New Jersey6.0% New Mexico8.4% New York6.6% North Carolina6.0% North Dakota7.7% Ohio5.6% Oklahoma7.5% Oregon6.5% Pennsylvania5.4% Rhode Island5.7% South Carolina5.3% South Dakota7.4% Tennessee5.5% Texas5.7% Utah6.3% Vermont7.1% Virginia6.1% Washington5.8% West Virginia9.5% Wisconsin4.