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Its a deal set that is set to use hundreds of billion dollars over the coming decade to reshape the fight against climate change, how Obamacare works, the price of prescription drugs, and the U.S. tax code's treatment of big corporations.

Sens. Chuck Schumer (D-NY) and Joe Manchin (D-WV) surprised the world on July 27 when they released their sweeping bill known as the Inflation Reduction Act (IRA). Then on August 4, Sen. Kyrsten Sinema (D-AZ) propelled the deal closer to the finish line when she announced she would support the bill after of course making a few tweaks.

The so-called IRA which still has plenty of hurdles to overcome before it becomes law is a far cry from some early Democratic ambitions but nonetheless marks a potentially giant win for Biden and Democrats just a few months before November's midterm elections.

The rapid turnaround on the bill has left Democrats celebrating and Republicans shell-shocked. On August 4, Biden said in a statement that Sinema's support was "another critical step toward reducing inflation and the cost of living for Americas families."

Republicans are expected to line up en masse against the proposal but it can pass with only the votes of all 50 Democratic senators because of the rule of reconciliation.

The bill has gained the support of figures like former Treasury Secretary Larry Summers, who notably predicted the Biden administration's post-pandemic stimulus efforts would stoke inflation. He reportedly helped shape this deal and said in a recent Yahoo Finance interview, "I think that the total effects of this bill could very likely be positive."

Here's what the IRA will do:

The centerpiece of the bill is a giant allocation toward climate change and energy efforts. Schumer has noted repeatedly that this bill will be the largest action on climate change ever passed by the Congress.

If enacted, it will spread money all around the green economy, from $9 billion toward a program to retrofit homes to $20 billion to manufacture more electric vehicles. Automakers like GM (GM), Tesla (TSLA), and Toyota (TM) are expected to benefit from the money as well as the expansion of a $7,500 EV tax credit included in the deal.

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Approximately $385 billion in total will fund clean manufacturing, agriculture efforts, and other sectors.

Advocates for the package say it will reduce U.S. carbon emissions by roughly 40% by 2030. The news has climate activists, who had largely given up on the chances of action from Washington D.C. this year, ecstatic. As one example, Evergreen Action Executive Director Jamal Raad said in a statement that the bill could mitigate the worst impacts of climate change, reduce energy costs for working families, and save countless lives.

The bill also has provisions that would impact the energy industry more widely, including new rules around federal land sales that may lead to oil drilling and a fund to permanently extend the Black Lung Disability Trust Fund. That will help many former coal miners in Manchins home state of West Virginia. In total, the bill has many provisions that even the oil industry has gotten behind.

Late in the process, according to multiple news reports, Sinema secured an additional $5 billion in the bill to combat droughts around the country. The provision will be welcomed in her home state of Arizona and others in the Southwest that are suffering a drought that, by one measure, is the worst in 12 centuries.

Sens. Joe Manchin (D-WV). and Kyrsten Sinema (D-AZ) on Capitol Hill in Nov. 2021. (Jabin Botsford/The Washington Post via Getty Images)

The bill also makes significant changes to the health care system. One key provision will allow Medicare to negotiate for prescription drug prices. Current law prohibits Medicare from intervening in the talks between drug makers and health plan sponsors. The new rules would allow the government to weigh in to push down prices and save consumers and the government billions.

The bill also would add an inflation cap on drug prices to stabilize monthly costs and cap out-of-pocket drug expenses through new rules on rebates. All told, budget experts expect the combined changes will bring $320 billion into the U.S. Treasury in the coming decade.

The IRA also extends subsidies for health insurance costs that began in the 2010 Affordable Care Act for an additional three years. That provision comes with a price tag of about $64 billion. The subsidies had previously been extended in the American Rescue Plan and are currently set to expire this fall. If the bill doesn't pass, millions of Americans could see price increases in the fall.

A cherry on top for advocates of the package is that the bill will reduce the deficit by over $300 billion over the coming decade through a series of pay fors (more on that below).

Manchin made deficit reduction a must-have portion of the bill to earn his support and noted it is past time for America to begin paying down our $30 trillion national debt in announcing his support for the deal.

Questions have been raised about the actual inflation-fighting powers of the bill, most notably in the Penn Wharton Budget Model. Their first estimate of the bill and found little inflation impact. It would very slightly increase inflation until 2024 and decrease inflation thereafter," it stated.

During his conversation with Yahoo Finance, Summers cited deficit reduction as the key reason he expects the bill will reduce inflation and push back hard on the Wharton analysis, saying it "takes no account of lower prescription drug prices [and] takes no account of increased energy supply" but, even then, he noted "the Wharton analysis acknowledges that this legislation is doing great things for the environment, great things for health access, great things for fairness, without contributing to inflation."

Other estimates have found slightly higher inflation impacts, leading to partisan sniping on the issue and whether the bill is misnamed.

To pay for it all, in addition to health care savings, the bill makes three changes to the tax code.

There is a new minimum corporate tax that would apply to corporations that have made over $1 billion in book profits in recent years. That idea was initially projected to raise $313 billion, but a change from Sinema around rules about depreciation that manufacturers had loudly complained about is expected to lower the returns by about $40 billion.

The deal also will put aside billions to help the IRS chase down tax dodgers. Experts predict a hefty return on investment: The $80 billion added to the IRS budget is expected to bring in $203 billion in taxes.

The Internal Revenue Service headquarters in Washington. (Chip Somodevilla/Getty Images)

Finally, the deal would reportedly add a new 1% excise tax on stock buybacks. That provision, another late addition to gain Sinema's support, will reportedly bring in $73 billion to the U.S. Treasury. Removed from the deal was a plan to lessen the so-called carried interest loophole, which wealthy money managers can use to pay lower taxes on their capital gains.

Some figures, including the investor Kevin O'Leary, contend that things like the new minimum corporate tax could make the U.S. less competitive. Thats not a good move because you want to keep our economy competitive," he told Yahoo Finance,

But from the perspective of Democrats in Washington, the overall tax effort will "begin to restore fairness to the tax code," as Biden put it recently.

He and others note that the minimum tax would target the biggest companies in America, including the 55 members of the Fortune 500 that paid no federal income tax in 2020.

Ben Werschkul is a writer and producer for Yahoo Finance in Washington, DC.

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Inflation Reduction Act: What's in the (now Sinema approved) bill aimed at lowering costs for Americans - Yahoo Finance

The MLB trade deadline rocked the fantasy world, altering the rest-of-season value of so many players. Todays edition of waiver wire tips is full of those who saw their value increase at the deadline. And I managed to sneak in a few other players who are included due to favorable upcoming schedules. One note before we start: while MLB fans mostly focus on the acquisitions by contending teams who loaded up at the deadline, wise fantasy managers know that the best values in early August are typically players on losing teams who now have an enhanced role due to the departure of certain teammates.

Voit has undeniable power, having led the Majors in long balls during the shortened 2020 season. He had some success with the Padres (13 HR) but could fare better now that he is the regular cleanup hitter on a losing team that will likely face many mediocre relievers late in games down the stretch. At the very least, those who need power numbers should give Voit a bench spot.

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Segura returned from the 60-day IL just in time to for a weekend series against a Nats pitching staff that ranks last in the Majors with a 5.17 ERA. The 32-year-old has a balanced skill set (6 HR, 8 SB, .272 AVG in 169 AB) that is needed to contribute in multiple ways down the stretch, and pretty much anyone from Philadelphias lineup is set up for short-term success.

Wong is swinging a hot bat in the second half (.429 AVG) and has fleet feet (11 SB in 2022). He should score plenty of runs this weekend when the Brewers take on a Reds team that ranks 29th in ERA and traded their two best pitchers at the deadline.

Kolten Wong is being overlooked in fantasy leagues for anyone who needs.a speed boost. (Photo by John Fisher/Getty Images)

Pham has the power-speed blend that fantasy managers covet, although he didnt show his best form in his final weeks with the Reds. Still, there is plenty of potential when combining the 34-year-olds skill set with a premium lineup spot on a Red Sox squad that features some of baseballs premier hitters. At the very least, Pham is worth a short-term addition until we see how his new role shakes out.

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One of four Nats in this article, Robles is getting another opportunity to work as the teams leadoff hitter. There are legitimate questions as to whether he has the plate skills to hold a prominent role, but the Nats have nothing to lose by giving him an extended look down the stretch. And his speed is undeniable, as Robles is one of 13 players to swipe at least six bags since July 1.

I promise you that my account has not been overtaken by a Nats fan! Hernandez is yet another interesting option in a revamped Washington lineup, as he should now have a full-time role in the absence of Juan Soto. Since the outset of 2021, the 34-year-old has hit .274 with 17 homers and five steals in 537 at-bats, which shows that he can be a replacement-level asset in 12-team leagues.

Garrett has been one of baseballs best strikeout pitchers of late, accumulating 37 whiffs across his past four starts. And punchouts havent been the left-handers only contributions, as he has posted a 3.03 ERA and a 0.81 WHIP across six outings since the outset of July. Overall, Garrett looks like a long-term contributor in all formats.

Since being recalled on June 25, Watkins has logged a 1.85 ERA and a 1.06 WHIP across six starts. And his resume doesnt stop there, as he has pitched at least six innings in three of those contests, while enjoying his success without unsustainable batted ball luck (.282 BABIP). Im not ready to fully endorse Watkins just yet, but Id happily start him in any league for his Sunday home start against the Pirates.

Ill combine two Seattle streaming options for this weekend, as both players are in the 25-30% range for roster rate and will make starts against an Angels squad that ranks 29th in baseball in OPS since July 1. Flexen (3.73 ERA) can be streamed on Saturday, with Gonzales (3.95 ERA) ready to help on Sunday.

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These three Cubs pitchers are the NL version of Flexen and Gonzales weekend streamers who are set to face the lineup (Marlins) that has been the worst in baseball since July 1. All three are less than 15 percent rostered, making them strong deep-league options. Ill rank them in this order: Sampson (Sunday), Steele (Friday), Smyly (Saturday).

The Os are in a great spot to produce a new fantasy closer down the stretch, as they are good enough to have a winning record thus far but dealt their ninth-inning man (Jorge Lopez) at the deadline. Bautista has been their best reliever this year (1.81 ERA, 0.87 WHIP) and has a bright future in the organization. He could lead a closer committee and eventually have the ninth inning all to himself.

Finnegan was in this column a week ago, and he is now much more valuable after staying with Washington through the trade deadline. In comparing him to Bautista, Finnegan has been less effective this year (3.38 ERA, 4.21 FIP, 1.10 WHIP) but has the advantage of already being confirmed as the closer by his manager. For this reason, he is the safe route for managers who need saves right now.

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Fantasy Baseball Waiver Wire: Why you should suddenly care about the Nationals - Yahoo Sports

ECR stands for Expert Consensus Ranking, which means the average ranks of the fantasy football industry and is typically similar to ADP (which differs from site-to-site). This will be an ongoing positional series highlighting some big differences between ECR and my own ranks. We continue the series with a look at the tight ends.

Players who should go higher/later: Quarterback

Schultz cant match the athleticism of other elite tight ends in the league, but his advantageous situation makes him one of fantasys most valuable players at his position. Schultz finished as fantasys No. 3 tight end last season and will now see a big increase in targets with Amari Cooper and Cedric Wilson gone, Michael Gallup unlikely to be ready to begin the season following knee surgery and with James Washington and Blake Jarwin both seriously hurt. Schultz ran routes at a higher percentage than Mark Andrews after Jarwin was sidelined from Week 9 on last year.

The Cowboys led the NFL in scoring last season, and Schultz suddenly looks like Dak Prescotts second read on most plays. With a highly favorable looking schedule, Schultz is primed for a huge fantasy season. I rank him ahead of Darren Waller and George Kittle, who both go rounds earlier.

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Albert O is a 24-year-old with truly elite workout and underlying statistical metrics who will now be catching passes from Russell Wilson (the QB reportedly loves his new tight end). Okwuegbunam quietly has earned the fourth-highest target per route rate among TEs over the last two seasons, when hes also been one of only six to average more than 2.0 yards per route run. With Noah Fant traded to Seattle, and Wilson replacing an awful QB situation, Albert O is about to see a lot more targets with much higher quality.

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Theres been some buzz about rookie Greg Dulcich, but hes nowhere near the athlete, and realize UCLA has helped produce some big numbers from otherwise mediocre tight end prospects. Moreover, the season-ending loss of Tim Patrick opens up even more opportunities for Okwuegbunam, whos going to smash while being a big part of Denvers offense this season.

Is this the season Albert Okwuegbunam breaks out for fantasy managers? (Photo by Cooper Neill/Getty Images)

Hooper is two seasons removed from recording 75 catches for 787 yards and six touchdowns over just 13 games with the Falcons. His last two down years can easily be excused while playing in Cleveland, and now he joins a Tennessee offense that has the most vacated targets and air yards in the entire NFL. Meanwhile, since Ryan Tannehill began starting in 2019, 24% of his targets have gone to tight ends, including 25 of his 76 TD passes.

With Derrick Henry entering an uncertain phase of his career and the Titans projected to be around .500, it all sets up for a real nice season from Hooper.

Gesicki is competing with two wide receivers in newcomer Tyreek Hill and Jaylen Waddle who project to be among the league leaders in target rate. If thats not worrisome enough on an offense where questions remain surrounding the quarterback (Tua Tagovailoas durability if nothing else), Gesickis changing role under Miamis new coaching staff might be even more concerning. Mike McDaniel didnt like to use tight ends in San Francisco the way Gesicki was employed last year, and his role as a blocker is about to be increased. Whatever the reason, Gesickis targets are about to go way down, yet hes curiously still being drafted as a top-15 fantasy tight end.

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Henry left Justin Herbert, saw 18 fewer targets despite playing three more games, yet he somehow finished as a top-10 fantasy tight end thanks to nine touchdowns last season. Put differently, Henry somehow caught 41% of Mac Jones touchdown passes despite a 14.5% target share. New England added DeVante Parker during the offseason, and Jonnu Smith reportedly looks much better during Year 2 in New England. Its all a recipe for a letdown season from Henry, whos being drafted as a top-15 fantasy tight end.

With Geno Smith the clear favorite to take over for Russell Wilson in Seattle, Fant is going to have a hard time putting up big stats while also competing for targets with DK Metcalf and Tyler Lockett. Moreover, he now plays for an extremely slow-paced Seahawks offense that ran essentially two games worth of fewer plays last season than the NFL average. Draft Mo Alie-Cox even later instead.

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Fantasy Football: Tight ends we should be higher or lower on this draft season - Yahoo Sports

Tesla stock is inflated and could lose more than half of its value, according to Citi analyst Itay Michaeli.

In a note to clients, Michaeli reiterated a sell rating on Tesla's stock on with a $424 price target. Tesla stock traded around at $923 per share on Wednesday.

The basis for Michaeli's bold call involves skepticism related to Teslas autonomous driving technology and the view that Tesla's stock which is trading on a lofty forward P/E ratio of 76 times is not factoring in a deepening economic slowdown.

"We think the current valuation remains challenging considering that the handful of other companies that previously achieved Teslas current market cap did so generating ~$100 billion of gross profit (on average) vs. Teslas second half 2022 estimated annualized of ~$30 billion (and $20 billion in the first half," Michaeli wrote. "And, in the current macro situation, we need to be mindful that Tesla is adding sizable Model Y capacity in what are now price-points (>$60k US) where the US market-size is inherently smaller and where other EVs are also ramping."

Michaeli joined JP Morgan analyst Ryan Brinkman in reiterating a sell equivalent rating on Tesla's stock post second quarter earnings.

Tesla, meanwhile, has made a strong argument to justify the current valuation on its stock and maybe even a richer one.

Second quarter sales rose 43% from a year ago to $14.6 billion. Operating profits surged 88% from a year ago to $2.5 billion.

"In a nutshell, the [second] quarter was better than feared with healthy guidance for 2H by Musk & Co. that look achievable with no margin for error," Webush Tesla bull Dan Ives said in a note.

Elon Musk arrives at the In America: An Anthology of Fashion themed Met Gala at the Metropolitan Museum of Art in New York City, New York, U.S., May 2, 2022. REUTERS/Andrew Kelly

The company could also see an earnings tailwind later this year from cooling commodities prices if CEO Elon Musk's prediction comes true.

"If I were to guess and I would take this with a grain of salt I think inflation will decline towards the end of this year," Musk told analysts on an earnings call. "We are certainly seeing prices of commodities trending lower."

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Furthermore, as Yahoo Finance's Pras Subramanian reported, new legislation could bring the return of demand-driving EV tax credits.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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Analyst: Tesla stock is far overvalued and could plunge more than 50% - Yahoo Finance

In real life, the quarterback is everything. Its not just the most important position in football, its the most important position in team sports anywhere. In fantasy football? The quarterback is just another position. Its the third- or fourth-most important spot of the four major spots, depending on your point of view.

I think its the least important field position for fantasy managers to solve (defense and kicker dont count here).

That doesnt mean we dont want to get it right, of course. But you can do well at just about any ADP point with quarterbacks, and in a salary cap draft, there are plenty of reasonable ways to attack the position. If you play in a league that requires just one starting quarterback, youll probably never feel harried or anxious at the position. There are so many acceptable options.

Mind you, my favorite leagues are ones that require more than one starter; my league du jour opts for one Superflex spot, where a manager can select a quarterback, running back, wide receiver, or tight end. This makes the league a de-facto two-quarterback league but doesnt completely hamstring a team if they dont have a second option now and then.

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The dollar values below are unscientific in nature but reflect how I see the clusters of talent at the quarterback position. My number is on the left; the number on the right is what the player commanded in the recent Vegas Flex salary cap league, which ran its draft earlier this week.

Have some disagreements? Good, thats why we have a game. I welcome your reasoned disagreement over at Twitter: @scott_pianowski.

More Shuffles will come next week after the signal callers, we'll have the running backs.

$35 Josh Allen ($35)

$32 Justin Herbert ($29)

$31 Joe Burrow ($31)

$31 Lamar Jackson ($29)

$30 Patrick Mahomes ($32)

$29 Kyler Murray ($28)

Although Allen is an outlier at my suggested offer, Ill probably play the waiting/value game and go a different route with my quarterback builds, as I dont want to give up the running back or receiver available in the Allen pocket. I also think its possible he might give up a little of the running juice this year, and heck, his YPA last season was a modest 6.8. Hes an excellent player. But others have a shot at beating him . . . Herbert is tied to a Chargers roster that, 1-to-53, might be the best in the AFC, though a little more team speed would be nice . . . Im assuming the appendectomy wont hold Burrow back, and it seems the Bengals have finally fixed the offensive line . . . Jacksons rushing chops and connection with Mark Andrews are lovely, but he desperately needs Rashod Bateman to pop in Year 2, because the rest of the Baltimore receiving room is suspect . . . It might feel strange to see Mahomes a little lower than usual, though he belongs in this tier and I wouldnt have any major disagreement if anyone took him second overall at this position. Andy Reid needs to find a major wideout contributor among the several new candidates Kansas City added . . . Murray was reluctant to run after injuries hit him last year, and I dont love the receiving group either, nor do I trust Kliff Kingsbury. When Murray percolates to the top of my draft board, Ill probably shrug and wait until the other tier kicks into play.

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$27 Tom Brady ($21)

$27 Russell Wilson ($30)

$25 Dak Prescott ($30)

$24 Jalen Hurts ($25)

$23 *Matthew Stafford ($32)

$22 Kirk Cousins ($26)

$22 Derek Carr ($25)

$21 Trey Lance ($25)

$21 Aaron Rodgers ($19)

There are some concerns about the interior of Tampa Bays offensive line, but Brady as usual is insulated with talented wideouts, and hes also a good bet to play a full season. His likely last dance should be a harmonious one . . . Wilson did what Brady did back in 2020, he escaped to a better situation just in time. Even without Tim Patrick who surely would have been on several of my rosters, before his injury Wilson has an above-average set of pieces, not to mention more agency in the offense than he had in Seattle . . . Prescott badly needs a second option to step forward on the outside to go along with CeeDee Lamb (I like Dalton Schultz, but someone else is needed). If Will Fuller is healthy, he looks like an ideal candidate . . . Hurts has the rushing juice and a fantastic offensive line in front of him, and A.J. Brown was a tremendous addition, but I still dont completely trust Hurts as a passer. Too much of his production last year came in garbage time; its lovely when it happens, but thats not a sustainable business model . . .

Can fantasy managers trust Jalen Hurts as a passer? (Photo by Andy Lewis/Icon Sportswire via Getty Images)

Stafford would be in the high-20s if not for the uncertainty surrounding his elbow. Ill probably step around him until we get some clarity . . . Cousins finally gets an offensive head coach to work with, and although the Vikings skill chart isnt particularly deep, there are stars at the top. Hes a fine choice if you prefer a frugal approach to this position . . . Carr is basically the AFCs version of Cousins, an under-appreciated veteran who is throwing to a strong receiver group. Las Vegas has problems on the offensive line, but thats easier to mask in pass blocking than it is in run blocking . . . Its hard to know what Lance is ready to do as a passer, given that hes essentially been redshirted for two straight years. But his rushing chops provide a nice floor . . . Initially we were led to believe Rodgers knew Davante Adams was headed out of town; it now appears Rodgers was blindsided like everyone else. Rodgers still has plenty left in the tank, but Green Bays pedestrian receiver room significantly limits his upside. I will not draft proactively into Rodgers for 2022.

$14 Trevor Lawrence ($17)

$12 Tua Tagovailoa ($15)

$11 Justin Fields ($14)

$10 Matt Ryan ($12)

$8 Daniel Jones ($13)

$7 Carson Wentz ($10)

$7 Jared Goff ($8)

$7 Ryan Tannehill ($7)

Like so many of the sophomore QBs, Lawrence gets a mulligan. I cant accept every pro scout may have been wrong on him, and its possible Urban Meyer was the worst modern coaching hire in NFL history . . . No one knows for sure if Tagovailoa can be a plus quarterback, but with Tyreek Hill here and Jaylen Waddle ascending, were about to find out . . . Fields has been set up to fail by the Bears front office, but his rushing and athleticism provide a reasonable fantasy floor . . . Ryan looks like a world-beater compared to the exiled Wentz, who played a lot worse than his stats indicate. Ryan also needs Michael Pittman to have a breakout year, but most of us are on board with that . . . Jones is like Lawrence, entering a pivotal year but perhaps finally tied to positive coaching . . . Goff is around league average but the skill talent in Detroit makes him interesting in deeper leagues . . . Tannehill is in the second half of his career and no longer has Brown to drag him around the QB1 cutline. Tennessee was the No. 1 seed last year but probably wont make the playoffs this year.

$6 Mac Jones ($9)

$5 Jameis Winston ($8)

$4 Zach Wilson ($7)

$3 Baker Mayfield ($7)

$2 Marcus Mariota ($6)

$2 Davis Mills ($5)

$2 *Deshaun Watson ($4)

$1 Mitch Trubisky ($5)

$1 Geno Smith ($1)

$0 Jacoby Brissett ($2)

Jones is a vanilla pick at a position with plenty of tantalizing upside options, but I could still live with him as a depth QB play if the others on my roster were ceiling-driven . . . Winston was a hair-on-fire player in Tampa, and a heck of a lot of fun in 2019, but the scheme is less ambitious in New Orleans, and Im not sure how the receiver room will be unless Chris Olave is an instant star. No, Im not drafting proactively into Michael Thomas (or Alvin Kamara, for that matter) . . . I want to see Mayfield click if only so I can draft DJ Moore with confidence . . . Mills is a lot better than most people think. Hell have a 12-year run in this league. Maybe Houston looks to replace him next year, and thats reasonable you need a QB who could theoretically be the springboard to a championship run. But that doesnt mean Mills cant play. If nothing else, he buoys the fantasy value of Brandin Cooks, forever underrated.

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2022 Fantasy Football Quarterback Shuffle Up: Justin Herbert to the moon - Yahoo Sports

Extreme weather events, from droughts to floods, have inflated global food prices beyond the effects of the Russia-Ukraine war and climate change will only continue to stress crop yields.

"The climate is the No. 1 reason why food prices go up," Sal Gilbertie, president and CEO of Teucrium Funds (CORN), told Yahoo Finance Live (video above). "It happens all the time. If you look at the last six or seven times that global grains have risen, all but one and that would be the Ukraine war are caused by weather, and it's usually a drought. It's usually not enough rain. That's associated with heat. And we've seen that around the world."

World food prices in June were 23% higher than the previous year, according to a UN agency report, though they did see a decline that month as farmers in the northern hemisphere brought in new harvests.

The recovery from the COVID-19 pandemic, higher fertilizer costs, and higher energy prices stemming from Russia's invasion of Ukraine have all been contributing factors in 2022. At the same time, worsening climate events could be the final straw that leads to higher prices for some and famine for others.

Salvador Parra is seen with a garlic crop he is preparing to harvest and sell amid the dry climate in Cantua Creek, CA, June 15, 2021. REUTERS/Norma Galeana

"We face an unprecedented global hunger crisis," UN Secretary-General Antnio Guterres warned in late June. "This years food access issues could become next years global food shortage. No country will be immune to the social and economic repercussions of such a catastrophe."

Intense heat waves and droughts linked to climate change have spanned continents in recent months, challenging the global supply of raw ingredients.

"We saw a tremendous heat wave in India, which is often the world's top producer of wheat," Gilbertie said. "No one knows that because they use it all themselves."

In Europe, the record-breaking heat waves missed the winter wheat crop but will affect summer crops, he added. At the same time, he said, "the Western corn belt and the extreme American West are facing droughts that are just unbelievable and intensifying."

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Crop production in South America has also been disrupted by the ongoing La Nia weather pattern, a complex phenomenon in Pacific Ocean sea temperatures that tends to lead to more rainfall in Eastern Asia, floods in Australia, and drier conditions in parts of South America.

A bicyclist bikes past grassy fields that have dried to a golden brown due to drought at Rock Meadow Conservation Area in Belmont, MA. (Photo by Erin Clark/The Boston Globe via Getty)

"We saw soybean production fall dramatically in Brazil," Gilbertie said. "We're seeing estimates out of Argentina [Tuesday] morning that their corn and wheat crops are a little bit smaller than anticipated. That's keeping support on prices."

And in Asia, rice production and fisheries may be threatened by extreme heat, the South China Morning Post reported.

According to Gilbertie, weather variability is increasing and storms are becoming more intense.

"Our weather people, the long-term people who've been quite uncannily accurate, they actually are forecasting that next year or two should be the better years of the next 10," Gilbertie said. "And so... the next decade will probably be dependent on weather. Crop production is always dependent on weather, and you've got to keep an eye on that."

Grace is an assistant editor for Yahoo Finance.

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Inflation: Climate is the No. 1 reason why food prices go up, CEO says - Yahoo Finance

Anyone who hasnt had all their COVID vaccination shots could be in for a difficult time as the colder seasons approach and the virus continues to spread, Americas top doctor has warned.

There are enough people who dont fall into [high-risk] categories, that if they dont get vaccinated, if they dont get boosted, theyre going to get into trouble, Dr. Anthony Fauci, the White Houses chief medical adviser, told L.A. radio station KNXs In Depth show on Tuesday.

Almost 80% of the U.S. population has been given at least one dose of a COVID vaccine, but only two-thirds of Americans have received their second shot and less than half have had their booster dose, according to data from the U.S. Centers for Disease Control and Prevention (CDC).

Fauci said Tuesday that while he understood everyone was exhausted with the pandemic, studies and statistics clearly showed that vaccines prevented severe disease, hospitalization, and death.

CDC research in June showed that COVID-associated hospitalizations were 4.6 times higher in unvaccinated adults than they were in those who had been vaccinated.

Fauci also emphasized that high immunization rates could help prevent new variants of the virus by slowing its spread, while long COVID was also a factor to consider when thinking about staying up-to-date with vaccinations.

People say, The risk to me is low, so why get [vaccinated]? he said. It is about you as an individual, but its also about the communal responsibility to get this outbreak under control.

He added: You dont want COVID to dominate the lives of people throughout this country or the world, but you dont want to, by wishing its behind us and its in the rearview mirror, not do things that would be prudent. Were not talking about locking down, were just talking about common sense, getting the appropriate interventions when theyre available to youand right now we have boosters that are very effective in diminishing any aspect of the infection.

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Getting vaccinated and boosted against COVID-19 was important as the virus continued to mutate, Fauci told KNX, as it was doing something that weve never seen any other virus do by continuing to evolve into new variants that could evade the prior immune response.

The durability of protection against infection is measured in a matter of several months, as opposed to measles, where the durability is measured in decades, if not a lifetime, he pointed out. [With] polio, the durability of protection against reinfection once youve been infected or vaccinated is measured in decades, not in several months. Thats something weve never had to deal with.

On Aug. 2, the U.S. recorded 659 deaths from COVID-19 and 161,225 new cases of the virus, according to the CDC.

This week, the CDC said it was tracking a new variant of concern dubbed BA.4.6, which made up 4.1% of U.S. COVID cases last week and was particularly prevalent in Iowa, Kansas, Missouri, and Nebraska.

So far, there is little data on whether BA.4.6 is more transmissible than previous Omicron subvariants.

This story was originally featured on Fortune.com

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Fauci has a stark warning for you: Get those COVID vaccines and boosters now, or youre going to get into trouble - Yahoo Finance

August begins with investors looking to build on gains following the best month for U.S. equity markets since late 2020.

In the week ahead, the July jobs report and a continued flood of corporate results will remain top of mind for investors.

Friday's employment data is expected to show nonfarm payrolls grew by 250,000 in July, while another 150 companies in the S&P 500 are set to report quarterly results in the coming week. Roughly 56% of names in the index have unveiled figures so far.

U.S. stocks finished off their best month since November 2020 on Friday, as markets rallied in each of the week's final three trading sessions.

For the month of July, the S&P 500 gained 9.1%, fighting back from its worst start to a year since 1962 after the benchmark index plunged 20.6% in the first six months of 2020. The Nasdaq Composite rallied 12.3% to notch one of its best months on record, and the Dow Jones Industrial Average rose 6.7% for the month.

A sharp rebound for equities in recent weeks comes amid expectations that slowing economic growth may prompt the Federal Reserve to scale back its interest rate hiking cycle in the fall.

Last week, the advance estimate for second quarter GDP showed the economy contracted at an annualized rate of 0.9% marking the second consecutive quarterly decline for the measure and meeting the unofficial definition of a recession.

Even if were in a technical recession already, it may be wishful thinking that inflation will come down quickly enough to allow the Fed to cut rates without having a detrimental effect on the labor market and broader economy in the process, DWS Group Head of Trading and COO George Catrambone said in a note.

The market may want to be looking ahead to these cuts, but many companies will not be able to escape demand destruction, margin pressure, reduction in hiring and job cuts, and foreign exchange headwinds that restrictive monetary policy and an increasingly gloomy global environment will bring.

Story continues

Federal Reserve Board Chairman Jerome Powell attends a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, U.S., July 27, 2022. REUTERS/Elizabeth Frantz

Some better-than-expected earnings reports, particularly from heavyweights Apple (AAPL) and Amazon (AMZN), have so far kept sentiment afloat, but second quarter figures are lackluster. Among S&P 500 companies that have reported results so far for Q2, companies are reporting earnings that are only 3.1% above estimates, below the five-year average of 8.8%, according to data from FactSet Research.

Washington has been quick to point out that despite two consecutive quarters of negative GDP, the National Bureau of Economic Research (NBER) has official say over whether the U.S. economy is in a recession or not. The organization defines a recession as a significant decline in economic activity that is spread across the economy and that lasts more than a few months."

White House Council of Economic Advisers Member Jared Bernstein emphasized on Yahoo Finance Live last week that the labor market continues to be an important buffer to recession.

But that buffer appears to be showing signs of weakening. Initial jobless claims held near an eight-month high at 256,000 in the week ended July 23 after the prior weeks reading was revised up by 10,000 to the highest level for first-time unemployment insurance filings since November.

And economists expect the broader employment report this week to show 250,000 new jobs were created in July, which would mark a noted decrease from the 372,000 jobs added in June.

A 'We Want You!' sign is posted at an Ike's Love & Sandwiches store on July 26, 2022 in Los Angeles, California. As the Federal Reserve continues to increase interest rates, the labor market is starting to show signs of slowing down. (Photo by Mario Tama/Getty Images)

There are growing signs that labor market momentum is cooling from a pretty elevated level, economists at Bank of America led by Michael Gapen said in a recent note, citing an increase in initial jobless claims and news of company layoffs.

BofA said that although data on job openings from Indeed suggest the latest data to show another solid month of job growth, the labor market should slow quickly, soon amid strong hiring and falling GDP creating an unsustainable collapse in productivity.

Federal Reserve Chair Jerome Powell said in a statement last week following the U.S. central banks decision to bump up interest rates another 75 basis points that the labor market is moving back into balance and is only at the beginning of an adjustment rather than weakening.

I would say, there's some evidence that labor demand may be slowing a bit labor supply, not so much, Powell said. Nonetheless, I would say some progress on demand supply getting back in alignment.

Elsewhere on the economic calendar, investors will digest ISM manufacturing data, job openings data, and durable goods orders, among other reports. Federal Reserve Bank presidents Charles Evans, James Bullard, and Loretta Mester are also scheduled to give speeches this week as the central bank rolls out of its blackout period after last weeks policy setting meeting.

Earnings in the spotlight this week will come from Caterpillar (CAT), Block (SQ), CVS Health (CVS), Starbucks (SBUX), and Uber (UBER), among other big names.

Monday: S&P Global U.S. Manufacturing PMI, July final (52.3 expected, 52.3 during prior month), Construction Spending, month-over-month, June (0.3% expected, -0.1% during prior month), ISM Manufacturing, July (52.0 expected, 53 during prior month), ISM Prices Paid, July (73.5 expected, 78.5 prior month), ISM New Orders, July (49 expected, 49.2 during prior month), ISM Employment, July (48.2 expected, 47.3 during prior month)

Tuesday: JOLTS job openings, June (10.994 million expected, 11.254 million during prior month), Wards Total Vehicle Sales (13.5 million expected, 13 million during prior month)

Wednesday: MBA Mortgage Applications, week ended July 29 (-1.8% during prior week), S&P Global U.S. Services PMI, July final (47 expected, 47 during prior month), S&P Global U.S. Composite PMI, July final (47.5 during prior month), Durable Goods Orders, June final (1.9% during prior month), Nondefense Capital Goods Orders Excluding Aircrafts, June final (0.5% during prior month), Nondefense Capital Goods Shipments Excluding Aircrafts, June final (0.7% during prior month), ISM Services Index (54 expected, 55.3 during prior month), Factory Orders Excluding Transportation, June (1.7% during prior month), Durables Excluding Transportation, June final (0.3% during prior month)

Thursday: Challenger Job Cuts, year-over-year, July (58.8% during prior month), Trade Balance, June (-$80.0 billion expected, -$85.5 billion during prior month), Initial Jobless Claims, week ended July 30 (258,000 expected, 256,000 during prior week), Continuing Claims, week ended July 23 (1.359 during prior week)

Friday: Change in Nonfarm Payrolls, July (250,000 expected, 372,000 during prior month), Change in Private Payrolls, July (225,000 expected, 381,000 during prior month), Change in Manufacturing Payrolls, July (20,000 expected, 29,000 during prior month), Unemployment Rate, July (3.6% expected, 3.6% during prior month), Average Hourly Earnings, month-over-month, July (0.3% expected, 0.3% during prior month), Average Hourly Earnings, year-over-year, July (4.9% expected, 5.1% prior month), Average Weekly Hours All Employees, July (34.5 expected, 34.5 during prior month), Labor Force Participation Rate, July (62.2% expected, 62.2% during prior month), Underemployment Rate, July (6.7% prior month), Consumer Credit, June ($25 billion expected, $22.347 billion during prior month)

Monday: Aflac (AFL), Amkor Technology (AMKR), Ameresco (AMRC), Arista Networks (ANET), Activision Blizzard (ATVI), Avis Budget Group (CAR), Builders FirstSource (BLDR), CF Industries Holdings (CF), Check Point Software Technologies (CHKP), DaVita (DVA), Devon Energy (DVN), Diamondback Energy (FANG), Genworth Financial (GNW), Global Blood Therapeutics (GBT), Global Payments (GPN), Jacobs Engineering Group (J), Leggett & Platt (LEG), Mosaic (MOS), ON Semiconductor (ON), Otter Tail (OTTR), Pinterest (PINS), SBA Communications (SBAC), Simon Property Group (SPG), Vornado Realty Trust (VNO), World Wrestling Entertainment (WWE)

Tuesday: Airbnb (ABNB), Arconic (ARNC), Assurant (AIZ), Caterpillar (CAT), Caesars Entertainment (CZR), Camping World Holdings (CWH), CenterPoint Energy (CNP), Cirrus Logic (CRUS), Cummins (CMI), CoreCivic (CXW), DuPont (DD), Electronic Arts (EA), Evoqua Water Technologies (AQUA), Exact Sciences (EXAS), FMC (FMC), Gilead Sciences (GILD), Herbalife Nutrition (HLF), Henry Schein (HSIC), Huntsman (HUN), Incyte (INCY), JetBlue Airways (JBLU), Lear (LEA), Leidos Holdings (LDOS), Marathon Petroleum (MPC), Marriott International (MAR), Molson Coors Beverage (TAP), Match Group (MTCH), Microchip Technology (MCHP), MicroStrategy (MSTR), Occidental Petroleum (OXY), PayPal Holdings (PYPL), Prudential Financial (PRU), Solaredge Technologies (SEDG), SunPower (SPWR), Solarwinds (SWI), Starbucks (SBUX), TrueCar (TRUE), Uber Technologies (UBER), Wynn Resorts (WYNN), Zebra Technologies (ZBRA)

Wednesday: Amerisourcebergen (ABC), Allegiant Travel (ALGT), Allstate (ALL), Booking Holdings (BKNG), Biomarin Pharmaceutical (BMRN), Borgwarner (BWA), Cars.com (CARS), Civitas Resources (CIVI Clorox (CLX), CVS Health (CVS), elf Beauty (ELF), Energy Transfer (ET), Fate Therapeutics (FATE), Fastly (FSLY), Fortinet (FTNT), Cedar Fair (FUN), GoDaddy (GDDY), Genco Shipping & Trading (GNK), Generac Holdings (GNRC), Hostess Brands (TWNK), Robinhood (HOOD), Host Hotels & Resorts (HST), McKesson MCK), MercadoLibre (MELI), MGM Resorts International (MGM), Moderna MRNA), Marathon Oil (MRO MBIA (MBI MetLife (MET), Monster Beverage (MNST), New York Times (NYT), Novavax (NVAX), Realty Income (O), Pacific Biosciences of California (PACB), PDC Energy (PDCE), Qorvo (QRVO), Sturm Ruger & Company (RGR), Sunrun RUN Stratasys (SSYS), STORE Capital (STOR), Under Armour (UAA), Western Union (WU), Yum! Brands (YUM)

Thursday: Abiomed (ABMD), Air Lease (ALB), Air Products and Chemicals (APD), AMC Entertainment Holding (AMC), Alibaba (BABA), Amgen (AMGN), Applied Optoelectronics (AAOI), Becton Dickinson (BDX), Beyond Meat (BYND), BioCryst Pharmaceuticals (BCRX), Bio-Techne (TECH), Cable One (CABO), Carvana (CVNA), Chegg (CHGG), Choice Hotels International (CHH), Chuy's Holdings (CHUY), Clean Energy Fuels (CLNE), ConocoPhillips (COP), Crocs (CROX), CubeSmart (CUBE), Duke Energy (DUK), Dynavax Technologies (DVAX), Eagle Bulk Shipping (EGLE), Expedia (EXPE), Fidelity National Information Services (FIS), Funko (FNKO), GoPro (GPRO), iHeartMedia (IHRT), =Intrepid Potash (IPI), Ironwood Pharmaceuticals (IRWD), ITT (ITT), Kellogg (K), Kratos Defense and Security Solutions (KTOS), Eli Lilly (LLY), Cheniere Energy (LNG), El Pollo Loco Holdings (LOCO), Lyft (LYFT), Live Nation Entertainment (LYV), Nikola (NKLA), NU Skin Enterprises (NUS), Papa John's International (PZZA), Paylocity Holding (PCTY), Parker-Hannifin (PH), Physicians Realty Trust (DOC), Public Storage (PSA), SeaWorld Entertainment (SEAS), Shake Shack (SHAK), Skyworks Solutions (SWKS), TripAdvisor (TRIP), Twilio (TWLO), Universal Display (OLED), Vulcan Materials (VMC), Wayfair (W), WW International (WW), XPO Logistics (XPO), Yelp (YELP), Yeti Holdings (YETI), Zoetis (ZTS)

Friday: Atlas Air Worldwid (AAWW), Brookfield Renewable Partners (BEP), Canopy Growth (CGC), Gogo (GOGO) Goodyear Tire (GT), Western Digital (WDC), WideOpenWest (WOW)

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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Stock market rally in focus after best month since 2020: What to know this week - Yahoo Finance

Two of tennis' biggest stars will skip the Canadian Open in Montreal this weekend ahead of the U.S. Open at the end of August.

Rafael Nadal and Novak Djokovic both officially withdrew from the tournament this week, but for different reasons.

Nadal announced he wouldn't travel to Canada on Friday morning because he had to "think about health," which is likely a nod to the abdominal injury that forced him to leave Wimbledon before his semifinal match with Nick Kyrgios. Nadal tweeted he felt "a little discomfort" this week after returning to training.

"We have decided not to travel to Montral and continue with the training sessions without forcing ourselves," Nadal tweeted (translated from Spanish). "I sincerely thank the tournament director, Eugne and his entire team for the understanding and support they have always shown me and today was no exception.

"I hope to play again in Montral, a tournament that I love and that I have won five times in front of an audience that has always welcomed me with great affection," Nadal added. "I have no choice but to be prudent at this point and think about health."

Nadal sustained the injury during his five-set win over American Taylor Fritz in the quarterfinals, but only after he needed a medical timeout to take anti-inflammatories. Skipping the Canadian Open gives Nadal another few weeks to recover before the U.S. Open.

Djokovic, meanwhile, is still not allowed to enter Canada because he is not vaccinated against COVID-19.

He is coming off his fourth consecutive Wimbledon final in June, but the Serbian has also already missed multiple tournaments this year because of his decision not to be vaccinated, including the Indian Wells Masters, the Miami Open and the Australian Open.

While Djokovic won't play in Canada, he remains hopeful for a return to the United States for the U.S. Open in late August. Djokovic posted a training video on July 30 and wrote that he was "preparing as if" he will be allowed to compete in the tournament. The U.S. Open said in a statement it would adhere to the U.S. travel rules regarding vaccination status, so it would take a decision by the U.S. government for Djokovic to play.

Story continues

Djokovic won the Canadian Open four times in his career 2007, 2011, 2012 and 2016 while Nadal won five times in his career: 2005, 2008, 2013, 2018 and 2019.

The first round of the tournament begins Wednesday, August 10. Daniil Medvedev is the reigning champion.

Rafael Nadal will miss the Canadian Open while he continues to recover from injury. (Photo by Joe Toth/PA Images via Getty Images)

Continued here:

Rafael Nadal and Novak Djokovic withdraw from Canadian Open ahead of U.S. Open - Yahoo Sports

Jessica Kordas luggage still hasnt made it to Scotland, but she somehow wasnt phased in her opening round at the AIG Womens British Open.

Korda, wearing borrowed clothes from FootJoy, posted a 5-under 66 on Thursday and sits in second after the opening round at the major championship at Muirfield.

I know where it is. I have an air tag on it, Korda said of her bag. I cant get anyone to actually go get it.

Monday I wore Megan Khangs pants. Tuesday I wore my sisters pants and Wednesday I wore Alison Lees pants. And today Im wearing FootJoy pants.

Korda, despite a bogey on her second hole, made four birdies and then an eagle on the par-5 17th to get to 5-under on the day, one shot behind Japans Hinako Shibuno who won the tournament in 2019.

Korda, the former LPGA Rookie of the Year, is currently No. 14 in the Rolex Rankings. She has six top-25 finishes so far this year in 10 starts, with her best mark a runner-up finish at the Chevron Championship.

While she still has a long ways to go to pull off a win this week, Korda said shes given up on getting her luggage back in time. She has an air tag on it, so she can see it sitting in the airport. But for whatever reason, its not making its way from Switzerland to Scotland.

If anyone knows anyone at the Zurich airport that would like to put my suitcase on the one flight a day that they have coming into Edinburgh, Id deeply appreciate it If it comes here great, but if not, it is what it is, she said. At this point Im playing a golf tournament. FootJoy sent me a bunch of clothes. Yeah, we just try to figure it out from there.

Jessica Korda's luggage is still stuck in the Zurich airport. (Charlie Crowhurst/Getty Images)

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Jessica Korda, still wearing borrowed clothes, sits in second at Women's British Open after Thursday - Yahoo Sports