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The application comes after Pfizer released data earlier this month from a small lab study of blood samples from 30 kids in the age group.
The results showed a 36-fold increase in antibody levels against the omicron variant after a third dose compared with two doses of the vaccine.
Only about 28% of children ages 5 to 11 had received their primary series of two doses as of April, according to CDC data.

Dr. Sandra Hughes prepares to administer a first dose of the Pfizer-BioNTech coronavirus vaccine (COVID-19) to Elise Langevina, 6, in Storrs, Connecticut, U.S., November 3, 2021.
Michelle McLoughlin | Reuters

Pfizer and BioNTech on Tuesday asked the Food and Drug Administration to authorize a third dose of its Covid vaccine for children ages 5 to 11.
The application comes after Pfizer released data earlier this month from a small lab study of blood samples from 30 kids in the age group, which showed a 36-fold increase in antibody levels against the omicron variant after a third dose compared with two doses of the vaccine.

The booster shot is a 10-microgram dose, the same level as the primary vaccination series for the age group. The third shot did not demonstrate any new safety concerns in the trial, according to Pfizer.
Only about 28% of children ages 5 to 11 had received their primary series of two doses as of April, according to CDC data.
The FDA in January authorized Pfizer booster doses for teenagers 12 to 15 years old as the omicron variant swept the nation. The protection the vaccines provide against infection has declined over time, particularly in the context of omicron, which is adept at evading the antibodies that block the virus from infecting human cells. However, the vaccines are still providing strong protection against severe illness.
It’s unclear whether the FDA’s advisory committee will meet to discuss the data and make a recommendation. The FDA did not call meetings of the outside expert panel before authorizing third shots for kids ages 12 to 15 in January and fourth shots for people ages 50 and older last month.
Members of the FDA panel as well as the Centers for Disease Control and Prevention’s advisory committee have criticized the agencies for repeatedly moving forward with expanded booster eligibility without consulting them. Several experts on the CDC committee, in a public meeting last week, said trying to stop infections with the current vaccines is an unachievable goal. The CDC committee members largely agreed that public health authorities should tell the public more clearly that the goal of the vaccines is to prevent severe illness, which the shots have largely achieved.
Pfizer is also seeking FDA authorization for its three-shot vaccine for children under 5 years old, the only age group left in the U.S. that is not eligible for vaccination. CEO Albert Bourla, in a podcast interview last week, said he hopes the vaccine for that age group will receive authorization in June. The shots for the youngest kids have a much smaller, 3-microgram dosage level.

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Saudi Arabia, a major investor in Lucid, has agreed to buy up to 100,000 Lucid EVs over the next 10 years.
The deal is for at least 50,000 vehicles over that time, with Saudi Arabia’s Ministry of Finance having an option to purchase up to 50,000 more.
Deliveries will begin next year, the company said.

With 1,050 horsepower, the new Grand Touring Performance edition becomes the most powerful version of Lucid’s electric Air sedan.
Lucid Motors

Lucid Group said that the government of Saudi Arabia has agreed to buy up to 100,000 of its electric vehicles over the next ten years.
Saudi Arabia’s public wealth fund holds an approximately 62% stake in the U.S.-based automaker, which began production of its Air luxury sedan last September.

Lucid’s shares were up more than 5% in after-hours trading following the news.
Saudi Arabia’s Ministry of Finance has agreed to buy at least 50,000 of its vehicles over the next 10 years, with an option to buy an additional 50,000 over the same period, Lucid said.
The purchases will include vehicles built at Lucid’s existing factory in Arizona as well as a new factory it plans to build in Saudi Arabia, and will be a mix of Air sedans and upcoming new models.
Saudi Arabia’s initial orders will be modest, between 1,000 and 2,000 vehicles per year starting in 2023. Deliveries to the oil-rich kingdom will increase to between 4,000 and 7,000 per year starting in 2025, Lucid said.
Supply-chain challenges have hampered Lucid’s efforts to ramp up production at its Arizona factory. The company in February slashed its 2022 production guidance, saying it expects to build just 12,000 to 14,000 vehicles this year, down from the 20,000 it had previously forecast.

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It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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Fluor Corp: “Under no circumstance do you want to buy Fluor. That business is way too hard.”

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Tilray Brands Inc: “Until we get federal legislation [legalizing cannabis], period, these stocks are impossible to own.”

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Veru Inc: “We need to see a little bit more. … It could be a very big drug.”

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Chipotle Mexican Grill CEO Brian Niccol told CNBC’s Jim Cramer on Tuesday that the company’s staffing levels are back where they were before the Covid-19 pandemic.
“Our staffing is actually at levels pre-pandemic and frankly, our turnover is probably the best it’s been in, I don’t know, a couple years, especially at the manager level,” Niccol said in an interview on “Mad Money.”

Chipotle Mexican Grill CEO Brian Niccol told CNBC’s Jim Cramer on Tuesday that the company’s staffing levels are back where they were before the Covid-19 pandemic.
“Our staffing is actually at levels pre-pandemic and frankly, our turnover is probably the best it’s been in, I don’t know, a couple years, especially at the manager level,” Niccol said in an interview on “Mad Money.”

Chipotle reported better-than expected earnings and revenue on Tuesday, according to Refinitiv, but saw higher costs related to labor.
The CEO’s comments come as employers have struggled to hire and retain a full staff as roaring inflation, unemployment benefits and Covid safety concerns have kept potential employees out of the workforce during the pandemic.
The March jobs report revealed that the U.S. economy added slightly fewer jobs than expected last month, with a 3.6% unemployment rate.
Chipotle used a host of tactics in an attempt to entice applicants last year, including increasing wages, introducing referral bonuses and recruiting on TikTok.
Niccol said that the company also views automating the more unsavory parts of work as beneficial to retaining workers. Chipotle said last month that it is working with Miso Robotics to customize a device, “Chippy,” to cook and season the burrito maker’s signature tortilla chips.

“We’re looking for additional ways to [automate]. How do we eliminate dishwashing? How do we cut and core avocados? Our guys love mashing the avocados into guacamole, so we’re not looking to replace that,” Niccol said.
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Global coronavirus deaths have fallen to their lowest level since March 2020, the World Health Organization said.
WHO Director-General Tedros Adhanom Ghebreyesus said several countries have also reduced their Covid testing, which limits the WHO’s ability to track the virus’ effects and its evolution.
Global cases have fallen overall, but Europe and China have seen recent spikes in infections.

A woman and child look at the “Naming the Lost Memorials,” as the U.S. deaths from the coronavirus disease (COVID-19) are expected to surpass 600,000, at The Green-Wood Cemetery in Brooklyn, New York, U.S., June 10, 2021.
Brendan McDermid | Reuters

The World Health Organization on Tuesday said weekly new Covid deaths have fallen to the lowest level since March 2020, but warned a global decline in testing for the virus could hinder its efforts to fight the pandemic.
The world recorded 15,668 new deaths in the last seven days, with Europe and the Americas representing a bulk of that number, according to WHO data. The figure dropped from more than 18,000 new deaths reported during the week that ended on April 17, the WHO’s latest epidemiological report said.

Both new deaths and cases recorded worldwide have declined since late March, the report said.
The decline in deaths is good news that “we must welcome with some caution,” WHO Director-General Tedros Adhanom Ghebreyesus told reporters at a press briefing. He warned that several countries have reduced Covid testing, which limits the WHO’s ability to track the virus’ effects and patterns of transmission and evolution.
“This virus won’t go away just because countries stopped looking for it. It’s still spreading, it’s still changing, and it’s still killing,” Tedros said. “Although deaths are declining, we still don’t understand the long-term consequences of infection in those who survive. When it comes to a deadly virus, ignorance is not bliss.”
He said the WHO calls on all countries to maintain Covid surveillance systems, which include testing and genome sequencing.
Covid testing rates worldwide have plummeted by 70% to 90% in the last four months, said Dr. Bill Rodriguez, CEO of global diagnostics nonprofit FIND.

Rodriguez, who was a guest expert at the briefing, said the decline in testing undermines the world’s ability to treat Covid with new therapeutics.
Pfizer’s Paxlovid, for instance, is an oral antiviral treatment that requires “prompt and accurate testing” before administration, which is recommended within five days of when symptoms start, according to Tedros. He said testing is one of several challenges that limit the effect of the treatment that is otherwise easy to administer and can prevent hospitalizations.
Maria Van Kerkhove, WHO’s technical lead on Covid-19, also said the global decline in testing gives her “little confidence in the number of cases being reported around the world.”
“The sheer fact that we have had massive changes in testing strategies and huge reductions in the numbers of tests being used around the world, we have very little confidence in what we are actually seeing,” Van Kerkhove said.
The world reported over 4 million new cases in the last seven days, according to WHO data. That number is down from the more than 5 million new cases reported worldwide during the week that ended on April 17, the WHO’s latest epidemiological report said.
Van Kerkhove said the lack of testing limits the world’s ability to monitor newer variants of concern, particularly sublineages of the omicron variant.
The more contagious omicron BA.2 subvariant is now the dominant strain worldwide and has fueled new Covid surges in Europe and China, which is battling its worst outbreak since 2020.
BA.2 is also rapidly spreading across the U.S., representing 68.1% of all cases circulating in the country during the week that ended on April 23, according to data from the Centers for Disease Control and Prevention. Another subvariant, BA.2.12.1, is gaining traction in the U.S. as well, making up 28.7% of new cases, CDC data said.
“The uncertainty that we have about the next variant will remain a significant cause of concern for us because we need to plan for many different types of scenarios,” Van Kerkhove said.
— CNBC’s Spencer Kimball contributed to this report
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U.S. stock futures were mixed on Tuesday night after the major averages continued their April sell-off amid concerns of an economic slowdown, and Wall Street considered earnings that came in after the bell.
Dow Jones Industrial Average futures rose 65 points, or 0.2%. S&P 500 futures were flat. Nasdaq 100 futures declined 0.3%.

Major tech stocks continued their declines in after hours trading. Alphabet’s stock price dropped more than 4% after the company reported earnings. Shares for Meta Platform, which is reporting earnings on Wednesday, dropped 4%.
Meanwhile, shares of Robinhood also dropped more than 5% in extended trading after the retail brokerage said it is cutting back on staff. The company cited “duplicate roles and job functions” after its rapid expansion last year.
Earlier in the day, the tech-heavy Nasdaq Composite dropped further into bear market territory, losing 3.95% and hitting a fresh 52-week low. The index is now sitting now roughly 23% off its high. The Dow Jones Industrial Average shed 809.28 points, or 2.4%. The S&P 500 lost 2.8%.
In April, the S&P 500 is down 7.8%, the Nasdaq lost 12.2%, and the Dow has declined 4.2%.

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Those moves came as fears of a global economic slowdown spurred investors to ditch tech stocks ahead of their quarterly results.

“It’s a high volatility, low volume market that’s concerned about two things,” said Art Hogan, chief market strategist at National Securities. “One is, you know, Federal Reserve policy, and the other is the China lock downs and how long they last.”
Facebook parent Meta is set to report earnings on Wednesday, with Apple and Amazon reporting earnings on Thursday. T-Mobile, Boeing, PayPal and Ford are also reporting earnings on Wednesday.
On the economic front, investors will be watching for the latest data on weekly mortgage applications, international trade and pending home sales.

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CNBC’s Jim Cramer on Tuesday said that while there are three economic and geopolitical issues currently roiling the market, only one needs to resolve for the market to bottom.
“I think we need to start preparing ourselves for the possibility that something may actually go right. That’s been the usual trajectory of these horrifying sell-offs,” the “Mad Money” host said.

CNBC’s Jim Cramer on Tuesday said that while there are three economic and geopolitical issues currently roiling the market, only one needs to resolve for the market to bottom.
“There are three culprits behind our decline: The [Federal Reserve], Russia and China. Any one of them could put an end to this meltdown,” the “Mad Money” host said.

Cramer’s comment referred to the Fed’s plan to initiate several interest rate hikes this year and tighten its balance sheet to control soaring inflation, the Russia-Ukraine war and China’s Covid-related lockdowns.
“We’ve been worrying about them for weeks or months at this point, and I think we need to start preparing ourselves for the possibility that something may actually go right. That’s been the usual trajectory of these horrifying sell-offs,” he added.

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The S&P 500 fell 2.8% on Tuesday while the Nasdaq Composite tumbled 3.95%. The Dow Jones Industrial Average dropped 2.4%.
“I never want to be sanguine about a sell-off, especially this one. The damage is severe, especially in the technology stocks, and there are real reasons for the fear. But … you have no idea whether we could have a snapback,” Cramer said.
He added that even if all three of the issues he highlighted don’t resolve soon, there are benefits to being ready if even one or two of the problems settle.

“If one of them gets solved, we might find a bottom worth testing a month from now. … If two get solved, we’re going to get a massive rally,” he said.

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CNBC’s Jim Cramer said Tuesday that the market will likely move sideways instead of experiencing a monster rally when it recovers, leaning on analysis from DeCarley Trading market strategist Carley Garner.
“The charts, as interpreted by Carley Garner, suggest that the near-term pain might soon be over, but you can’t expect us to go back into turbo-charged rally mode,” the “Mad Money” host said.

CNBC’s Jim Cramer said Tuesday that the market will likely move sideways instead of experiencing a monster rally when it recovers, leaning on analysis from DeCarley Trading market strategist Carley Garner.
“The charts, as interpreted by Carley Garner, suggest that the near-term pain might soon be over, but you can’t expect us to go back into turbo-charged rally mode. Instead, she expects a long period of sideways consolidation as we work off the froth created in 2020 and 2021,” the “Mad Money” host said.

He highlighted two important facts to remember when considering the current market:

We are currently at the heart of earnings season. Garner believes “declining markets often find support from quarterly earnings, especially when the seasonal trends are on your side, which they are supposed to be now,” according to Cramer.
Commodity prices have moderated and the bond market shows some signs of stability. Garner’s “not predicting blue skies from now on, but she at least believes this market’s headed for a holding pattern where we could see some surprising strength,” Cramer said.

To support his interpretation of Garner’s chart analysis, Cramer first showed the daily chart of the CBOE Volatility Index, also known as a fear gauge, going back to 2020.

Arrows pointing outwards

“What the VIX directly measures is how urgently traders are buying put options on the S&P 500 to hedge their positions. … Because the VIX and the S&P 500 tend to move in opposite directions, you can expect a peak in the volatility index is good news for the stock market,” Cramer said.
He said that Garner sees the VIX making a head-and-shoulders formation, which is a reliable pattern showing signs of a potential peak.
“While the VIX is currently over 30, as long as it doesn’t break 35 and start again — completing the head-and-shoulders pattern — Garner sees it heading much lower, perhaps back down to the teens. Again, that would be hugely bullish for the market because when the VIX goes down, the S&P almost always goes up,” Cramer said.

Cramer then reviewed the Nasdaq 100’s monthly chart. “This is … the worst start for these stocks since 2008,” he said.

Arrows pointing outwards

The index has pulled back significantly over the last five months, but the current correction is still small compared to the 20-month-long rally from March 2020, according to Cramer.
“Let’s put it this way: From the bottom in 2009 to the peak in 2020, the Nasdaq 100 rallied 7,000 points. … If the index had stuck to its old uptrend, where would it be? Garner points out that it would probably be around 8,000 points higher, not 13,000,” he said.
“While she doesn’t expect to see a sell-off of that magnitude, she can’t completely rule it out either,” he added.
Zooming in on the Nasdaq 100 daily chart shows that the index went below a trendline going back to the lows of March 2021, Cramer said.

Arrows pointing outwards

“Unfortunately it broke down below that trendline just today. To Garner … we are now at a make-or-break moment,” Cramer said. “If it stays stuck below this key support line … the next floor is 12,500. And if we do get that kind of pullback, though, she thinks it would be an attractive opportunity,” he added.
Lastly, Cramer took a look at the daily chart of the S&P 500.

Arrows pointing outwards

“According to Garner, Monday’s daily price bar was a textbook key reversal pattern: The market opened sharply lower and ultimately closed higher. … It’s a coin toss whether or not this reversal pattern the other day will mean anything,” Cramer said.
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