Raphael Stevens

Dr. Ashish Jha, the White House Covid response coordinator, said the administration is looking at how a public health emergency declaration might bolster the U.S. response to the monkeypox outbreak.
“There’s no final decision on this that I’m aware of,” Jha said. “It’s an ongoing, but a very active conversation at HHS.”
The U.S. has reported more than 2,500 monkeypox cases so far across 44 states, Washington, D.C., and Puerto Rico, according to the Centers for Disease Control and Prevention.

A Northwell Health staff member holds the monkeypox vaccine, at Cherry Grove on Fire Island, New York, where monkey pox vaccines were administered on July 14, 2022.
James Carbone | Newsday | Getty Images

The Biden administration is considering declaring a public health emergency in response to the growing monkeypox outbreak, a senior White House health official said on Friday.
Dr. Ashish Jha, the White House Covid response coordinator, said the administration is looking at how a public health emergency declaration might bolster the U.S. response to the outbreak.

“There’s no final decision on this that I’m aware of,” Jha said. “It’s an ongoing, but a very active conversation at HHS.”
Health and Human Services Secretary Xavier Becerra has the authority to declare a public health emergency under the Public Health Services Act. A declaration can help mobilize federal financial assistance to respond to a disease outbreak.
The U.S. has reported more than 2,500 monkeypox cases so far across 44 states, Washington, D.C., and Puerto Rico, according to the Centers for Disease Control and Prevention. The largest outbreaks are in New York, California, Illinois, Florida, D.C. and Georgia.
The Biden administration’s response to the outbreak has come under scrutiny from Congress as infections rise. Fifty House Democrats, in a letter to President Joe Biden this week, called for the administration to declare a public health emergency in response to the outbreak.

Senate Health Committee Chair Patty Murray, in a letter to HHS Secretary Becerra, said she is worried about the U.S. response to the outbreak. Murray said some patients and health-care providers do not have the information and resources they need to test for monkeypox and respond to the outbreak.

CDC Director Rochelle Walensky said last week that demand for the vaccines is outstripping the available supply. Many people are struggling to get vaccinated amid long lines outside clinics.
The U.S. has shipped more than 300,000 doses of the monkeypox vaccine, called Jynneos, to city and state health departments so far, Jha told reporters Friday. The Food and Drug Administration is in the process of authorizing an additional 786,000 doses stored at the manufacturer Bavarian Nordic’s facility in Denmark for distribution in the U.S.
Jha said some of those shots have started shipping and will arrive in the U.S. this week and next week. The doses can be delivered to city and state health departments once FDA authorization is complete, Jha said. The U.S. has also ordered another 5 million doses that will be delivered through the middle of 2023, according to HHS.
Monkeypox is primarily spreading through skin-to-skin contact during sex. Right now, men who have sex with men are at the highest risk of infection, but anyone can catch the virus through close physical contact. People generally recover in two to four weeks, but the virus causes lesions that can be very painful. No deaths have been reported in the U.S.
The CDC on Friday confirmed the first two cases of monkeypox in children. One case is a toddler in California, and the other is an infant who is not a U.S. resident. The cases are not related and the children likely caught the virus due to transmission within their household, according to CDC.
The children are both in good health and are receiving the antiviral treatment tecovirimat, according to the CDC. Dr. Jennifer McQuiston, a CDC official, told reporters Friday that the health agency is working to make it easier for clinicians to prescribe tecovirimat to patients.
Prescribing tecovirimat for monkeypox comes with an additional layer of bureaucracy right now because it is only FDA approved for smallpox. Monkeypox is in the same virus family as smallpox, but it causes milder disease.
McQuiston said more than 97% of patients with monkeypox who provide demographic information are gay, bisexual or other men who have sex with men.
“While this outbreak is spreading in a particular social network right now, I think we’ve messaged from the start that there could be cases that occur outside those networks and that we need to be vigilant for it and ready to respond and message about it,” McQuiston told reporters.
The U.S. has the capacity to conduct 80,000 monkeypox tests a week after bringing on several commercial labs this month, according to the CDC. But the tests swab the lesions that caused by the virus, which can take weeks from the initial exposure to develop. This means the U.S. likely does not have an accurate picture of how many people are infected because patients can only get tested once symptoms develop.

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World Wrestling Entertainment CEO Vince McMahon is retiring after decades of leading the company on the heels of allegations of sexual misconduct.
The Wall Street Journal has reported that McMahon paid more than $12 million to four women, all of who had been affiliated with the WWE, to cover up sexual misconduct and infidelity claims.
McMahon’s daughter Stephanie McMahon and WWE President Nick Khan are taking over as co-CEOs. Stephanie will be chairman of the pro wrestling giant.

Vince McMahon attends a press conference at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey.
Michael N. Todaro | Getty Images

World Wrestling Entertainment CEO Vince McMahon announced Friday that he was fully retiring after decades of leading the company founded by his father, a move that comes after it was revealed in June that the WWE’s was investigating allegations of sexual misconduct against him.
Earlier this month, The Wall Street Journal reported that the married McMahon had paid more than $12 million to four women, all of who had been affiliated with the WWE, over the past 16 years to cover up claims of sexual misconduct and infidelity.

McMahon is by far the best-known promoter of professional wrestling in the United States, following in the footsteps of his father Vince McMahon Sr., and his grandfather Jess McMahon, who had been leading promoters of the heavily scripted events in the northeast United States.
The younger McMahon, upon taking over control of the WWE from his father in 1982, transformed what had been a regional promotion into an international, multi-billion-dollar phenomenon, featuring stars including Hulk Hogan and Dwayne “The Rock” Johnson.
On the heels of a Journal report in June that he paid a former WWE paralegal $3 million to keep her quiet about a relationship with him, McMahon had said he was stepping back from his role as CEO and chairman of Stamford, Connecticut-based company while the board’s probe proceeded. His daughter Stephanie McMahon was installed as interim CEO.
But he said at the time that he would retain control over creative content at the company, where he remains the majority shareholder, with about 32% of its stock.
On Friday, McMahon announced that Stephanie and WWE President Nick Khan were taking over as co-CEOs, and that his daughter would become chairman of the company.

McMahon also will no longer have any role involving creative content.
“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” McMahon said in a statement.
“I would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present Superstars and employees for their dedication and passion for our brand,” he said.
“Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment.”
McMahon’s wife Linda, a former WWE CEO herself, served as head of the Small Business Administration under then-President Donald Trump from 2017 through 2019.
Trump is a WWE Hall of Fame inductee. Before becoming president, he participated in wrestling shows put on by the company.
In 2007, at WrestleMania 23 in Detroit, Trump and McMahon picked a wrestler apiece to “fight” on their behalf in what was dubbed “The Battle of the Billionaires.”
After Trump’s wrestler, Bobby Lashley, bested McMahon’s proxy, Umaga, Trump used electric clippers to shave McMahon’s head.
On the heels of Vince McMahon’s retirement announcement, WWE’s stock price did not markedly change in after-hours trading, which saw a low volume of shares changing hands.
At the close of regular trading Friday, WWE had a market capitalization of about $4.9 billion.
– Additional reporting by CNBC’s Alex Sherman

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After battling downturns in the stock and bond markets, more advisors are turning to alternative investments, according to a Cerulli Associates survey.
Cerulli sees a “Goldilocks moment” for these assets amid demand for income, higher returns and volatility protection as more products become available.

Marko Geber | DigitalVision | Getty Images

After battling downturns in the stock and bond markets, more financial advisors looking to further diversify their clients are turning to alternative investments, according to a recent survey from Cerulli Associates.
Falling outside of traditional asset classes, alternative investments are typically added to portfolios for more diversification, income generation and the possibility of higher returns. 

The report, surveying 100 advisors during the first half of 2022, found average alternative allocations of 14.5%, with advisors aiming to boost percentages to 17.5% in two years. 
More from Personal Finance:The wealthy now have more time to avoid estate taxesHere are 6 strategies to recession-proof your finances at any ageWhat the Fed’s next major interest rate hike means for youWhile average industry allocations for alternatives and commodities may be closer to 10%, Cerulli sees a “Goldilocks moment” for these assets amid demand for income, higher returns and volatility protection as more products become available.
Almost 70% of respondents said the top reason for alternative allocations was to “reduce exposure to public markets” and 66% aimed for “volatility dampening” and “downside risk protection,” according to the report. Other top reasons for alternatives were income generation, diversification and growth.  

Where advisors are investing

Alternative investments may fall into four categories: hedge funds, private equity, “real assets” like real estate or commodities and pre-packaged investments known as “structured products.”
“We have been using alternatives for a while,” said Ashton Lawrence, a certified financial planner with Goldfinch Wealth Management in Greenville, South Carolina, whose firm has used assets focused on events and company mergers, along with funds offering downside protection through put options. 

“When interest rates were extremely low, we wanted to have something that would anchor the portfolio but not be tied to interest rates,” he said.

Scott Bishop, executive director of wealth solutions at Houston-based Avidian Wealth Solutions, said his firm used private equity, private debt, some hedge funds and some “smaller investments” that are less attractive to Wall Street banks.
The most popular alternative assets are so-called liquid alternative mutual funds and exchange-traded funds, offering hedge fund-like strategies to everyday investors, according to the Cerulli survey, along with non-traded real estate investment trusts, that aren’t bought and sold on a stock exchange.

The risks of alternative investing

Gerenme | E+ | Getty Images

With a range of assets falling under the alternative investing umbrella, it’s easy to misunderstand what you own and what is designed to do, Lawrence said.
Before diving into alternative investments, you need a clear understanding of the underlying asset and the environment where it may perform the best. Otherwise, you may have mismatching expectations, he said.
“A hammer is a tool and a spatula is a tool,” he said. “But if I take a hammer and try to flip pancakes in the kitchen, I’m going to have a bad experience.”

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Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Friday’s key moments. 1. Mixed earnings signals on consumer strength 2. Social media stocks get slammed 3. Get ready for the most important week of earnings season 1. Mixed earnings signals on consumer strength The major indices were down Friday, but stocks are still looking to close the trading week with gains. It was a busy five days for earnings, which helped us get more insight into consumer strength. AT & T (T) reported on Thursday and while the telecom giant provided strong wireless subscriber growth, it lowered its free cash flow guidance from $16 billion to $14 billion, flagging consumer credit as a potential early-stage concern. AT & T still outperformed Verizon (VZ), which reported on Friday. VZ had a disappointing quarter with flat revenues and lower-than-expected subscriber numbers. The wireless network operator cut its full-year EPS outlook from $5.40 to $5.55 down to $5.10 to $5.25. Most notable for Verizon was a year-over-year increase in churn, which is the rate at which consumers discontinue service with the company. American Express (APX) on the other hand beat expectations for the second quarter with record spending from card members, stemming from strong appetite for traveling and entertainment. Based on the company’s performance year to date, Amex raised its full year revenue growth guidance to 23% to 25%, from 18% to 20%. The Federal Reserve’s Federal Open Market Committee meeting is on deck next week from July 26 and 27. Investors will be gauging the central bank’s decision on how far it will move interest rates. Analysts expect the Fed will hike rates 75 basis points. 2. Social media stocks crushed The big story Friday morning came from Snap (SNAP)’s second quarter earnings, which missed on the top and bottom lines. Despite the company’s May warning that its second-quarter results would come in below expectations, the company’s evaporating growth can be seen in the numbers. Snap’s sales growth was 42% in the fourth quarter of 2021, slowing to 38% in the first quarter and then plunging to 13% year-over-year in the second quarter. SNAP didn’t provide guidance for the third quarter and said it plans to slow hiring. SNAP is down more than 35% Friday after revenue growth slowed due to challenges related to a difficult macro environment and growing competition. Twitter (TWTR) added to bad news for the sector with its revenues falling 1% compared to last year, while the Street expected a 10.5% growth. Just like Snap, Twitter cited advertising as its main challenge — along with the battle over Elon Musk’s pending Twitter acquisition. Meta (META) and Alphabet (GOOGL) fell on these earnings, roughly 7% and 5% respectively. But Snap, Meta and Alphabet are very different companies, said Jeff Marks, the Investing Club’s director of portfolio analysis in Friday’s Investing Club ‘Morning Meeting.’ Snap is not profitable while Meta and Alphabet are highly profitable companies that trade at a reasonable valuations with larger platforms that offer higher return on investments to advertisers. If an advertiser needs to slash its advertising budget, we believe they are less likely to cut from Alphabet and Meta. Plus, they are great long-term companies to hold. Both Big Tech companies, and Club holdings, will be reporting earnings next week. 3. Get ready for the most important week of earnings season Microsoft (MSFT) reports Tuesday after the bell. Foreign exchange rate headwinds and lockdowns in China could hit earnings but its cloud computing business, Azure, is doing very well. Alphabet will report reporting Tuesday after the bell, and Meta reports Wednesday after the bell. Humana (HUM) reports Wednesday before the bell. The stock is up 5% year to date. While there were challenges with Medicare Advantage growth earlier this year, we like Humana because it’s a defensive name that will perform in a recession. Qualcomm (QCOM) will report after the bell on Wednesday. While the stock has had a nice run over the past couple weeks, QCOM is down 15% this year. But shares are still cheap and pay a dividend. On earnings, we will be looking to confirm whether Apple (AAPL) is using Qualcomm’s 5G modems in their iPhones — which would be a win for the company. Ford (F) earnings will come in after the bell on Wednesday. The chip shortage is limiting the company’s production, but volumes are offset with higher prices. The stock has a reasonable valuation and comes with a 3% dividend yield. We believe Ford has a bright future in the electric vehicle business, especially following news this week about batteries . (Jim Cramer’s Charitable Trust is long META, GOOGL, MSFT, QCOM, HUM, F, AMZN, AAPL. See here for a full list of the stocks.) “As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade” THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.”

A stuffed ghost rests on a trader’s screen above the floor of the New York Stock Exchange after Snap listed its IPO in New York, March 2, 2017.
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SAN FRANCISCO, CA – APRIL 28: Deanna Sison takes a break from preparing preordered lunches to check the status of her federal small business loan application at Little Skillet restaurant in San Francisco, Calif. on Tuesday, April 28, 2020. Most Covid financial relief to small business has now ended, but the need for more funding remains.
San Francisco Chronicle/hearst Newspapers Via Getty Images | Hearst Newspapers | Getty Images

For many small businesses, access to funding can be a matter of life and death. 
The stakes are especially high given that 18.4% of U.S. businesses fail within the first year, 49.7% after five years and 65.5% after 10 years, according to a LendingTree analysis of data from the U.S. Bureau of Labor Statistics. One of the top reasons businesses go under is lack of funding, so it’s especially important to know where to turn if you need a lifeline. 

While the options can depend on factors such as size, industry, amount needed, time frame and purpose, here are eight possibilities to consider:
1. Family and friends
This can be a great place to turn because it doesn’t generally come with a lot of financial background requirements or other pre-requisites. “Uncle Charlie is going to be more willing to believe in you without requiring extensive financial documentation,” said Joshua Oberndorf, a manager in the private business services group at EisnerAmper.
Pros: Easier access to needed funds without high interest rates.
Cons: Failure to pay back the funds in a timely manner, or reneging completely, could sour family relationships. “Money is as much accounting as it is psychological,” Oberndorf said.
What else to know: According to the IRS, family members are supposed to charge a minimum interest rate to avoid adverse gift tax consequences. The IRS publishes these Applicable Federal Rates (AFRs) on a monthly basis.

2. Banks
Pros: Trusted and well-established source of funding. May be lower cost than other options and offers the ability to grow the lending and banking relationship over time.
Cons: Banks can have rigid lending requirements, including a good personal credit score and ample cash flow and income, that may be out-of-reach for some credit borrowers, and the process can be slow, sometimes several weeks to secure a loan.
What else to know: Rates can range from around 3% to about 7%, according to LendingTree. Consider a smaller bank, which may be more willing to grant credit and walk you through some of your options, said Matt Barbieri, a certified public accountant with Wiss & Co., who provides business advisory services.
3. Online lenders or funders
Pros: Offers quick access to capital, generally through a simple, online process.
Cons: It can be hard to discern actual cost of capital, especially with a merchant cash advance, which is an upfront sum that a business is on the hook to repay using a percentage of debit and credit card sales, plus a fee. Some online lenders and funders may not have long-standing track records, and the option may be more expensive than others. An online loan, for instance, has an APR of between 7% and 99%, whereas the approximate APR of a merchant cash advance runs between 40% and 350%, according to NerdWallet.
What else to know: Do your due diligence on any online lender or funder you plan to use, said Craig Palubiak, president of Optim Consulting Group. Make sure the company has a good reputation and multiple good reviews, and be sure to compare multiple options. It’s also important to drill down to the total cost of capital, taking into account the interest rate, if applicable, fees, and early payment penalties, if any.
For help understanding the true cost of a merchant cash advance, use an online calculator.  
4. SBA loans
Pros: Federal-backing provides access to low-rate bank financing for small and large loans. There are different types of loans and lenders and programs have unique eligibility requirements. Resource centers are available to help business owners, including those in underserved communities.
Cons: The approval process can be slow. The timeline depends on the loan, but generally it can take a few months. A down payment or collateral may be required. Low-credit applicants may not be approved.
What else to know: There are different types of SBA loans, and maximums vary. The most common SBA loan type is called 7(a), and you might expect to pay somewhere in the range of 7% to 9.5%. “Be prepared to work on a refinance as soon as the agreement allows,” Barbieri said. This will allow you to remove personal guarantees and restrictive covenants that can stifle growth, he said. An SBA loan may offer a longer repayment term — under the 7(a) program, up to 10 years for equipment and working capital; 25 years for real estate — and may offer competitive interest rates compared with conventional bank loans.
5. Credit cards
Pros: Quick access to capital with the possibility of rewards. It could be a good option for short-term funding needs, if you are certain you can pay off the debt before interest starts to accrue. Business cards tend to carry higher credit limits than personal cards.
Cons: Interest rates can be high. Cards that are well-ranked by Creditcards.com offer APRs in the range of close to 10% to nearly 35%, and some cards charge an annual fee. Generally not a good option for large funding needs.
What else to know: “Don’t rely on this as a sole source for funding growth; if you are too high risk for the other categories, seriously consider that before taking on consumer credit as a business,” Barbieri said.
6. Investor equity
Private grants, private equity and individuals with money to invest can serve as sources of funding. 
Pros: Positive cash flow, as well as expertise to help propel the business forward. 
Cons: Dilution of capital, difficult to find the right match. 
What else to know: Palubiak recommends owners tap their network and affiliate with start-up communities and local organizations to make investor connections.
“Spend as long as you can dating before picking your mate,” Barbieri said. “Make sure their goals are aligned with your goals or it will end badly.”
7. Federal, state and economic development grants
Pros: Typically non-dilutive, can be small or large.
Cons: There can be administrative hassles and restrictive eligibility requirements. 
What else to know: This could be a good option if you are a company that can be deemed “important” to the infrastructure of your region, Barbieri said. Start your research by researching resources on the website of the U.S. Economic Development Administration to find EDA regional office contacts, state government contacts and other information. 
8. Crowdfunding
Pros: Allows you access to capital without piling on debt, and the ability to raise money and increase awareness of your brand among potential investors and customers while test-marketing an idea.
Cons: May have a low success rate. Could be fees associated with certain platforms. Also, launching a successful campaign takes marketing resources and time.
What else to know: There are a growing number of available equity crowdfunding websites. Before choosing a provider, make sure you understand how the platform works, the fees, who can invest and how it could accomplish your specific funding needs.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns. More

VW CEO Herbert Diess will leave the company at the end of August.
He will be succeeded by Oliver Blume, currently CEO of VW subsidiary Porsche.
Diess is credited with leading the company past its Dieselgate scandal into a new era, driving massive investments in electric vehicles.

Herbert Diess, CEO of Volkswagen
Sean Gallup | Getty

Volkswagen CEO Herbert Diess will leave the company at the end of August, the company said Friday. Oliver Blume, currently the CEO of Volkswagen subsidiary Porsche, will succeed Diess as of Sept. 1.
The automaker didn’t provide a reason for Diess’ departure.

Diess joined Volkswagen from BMW in 2015, stepping into the top job in the wake of the Dieselgate scandal. He is credited with leading the company past the scandal into a new era, driving massive investments in electric vehicles with a goal of selling millions of EVs per year by mid-decade.
In a statement, Volkswagen chair Hans Dieter Potsch thanked Diess for playing a key role in advancing the transformation of the company.
“Not only did he steer the company through extremely turbulent waters, but he also implemented a fundamentally new strategy,” Potsch said.
His successor will be charged with keeping that transformation on course. A career Volkswagen executive, Blume held manufacturing roles at Audi, the Spanish auto brand SEAT and at the VW brand before becoming Porsche’s production chief in 2013. He became the sports car brand’s CEO in 2015.
Blume will have help as he transitions into the new role. Volkswagen said that its chief financial officer, Arno Antlitz, will take on the additional title of chief operating officer to “assist Blume with day-to-day operations.”

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