Bad timing... Last week, Pfizer and Moderna reported chunky Covid vaccine earnings. Also: the Biden admin supported a proposal to temporarily waive IP protections for Covid-19 vaccines. Vax-makers' recipes would be public. Pharma companies say that won't help curb rising global Covid cases short-term, because of production challenges. Pfizer's CEO said patent-sharing would discourage innovation. On Friday, EU countries pushed back on the proposal, too.
Broke the streak... After falling for nearly 12 months straight, the US unemployment rate unexpectedly jumped to 6.1% in April. 266K jobs were added last month — economists were expecting 1M (womp). Millions of Americans are unemployed, but companies in industries like construction, manufacturing, and restaurants still can't find enough people to hire. Potentially holding workers back: child-care burdens, Covid fears, and boosted unemployment benefits.