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Major stock indexes on Wall Street drifted to a mixed finish Friday, capping a rare bumpy week for the market. The S&P 500 ended essentially flat, down less than 0.1%, after wavering between tiny gains and losses most of the day. The benchmark index posted a loss for the week, its first after three straight weekly gains. The Dow Jones Industrial Average slipped 0.2%, while the Nasdaq composite rose 0.1%, ending just below the record high it set on Wednesday. There were more than twice as many decliners than gainers on the New York Stock Exchange. Gains in technology stocks helped temper losses in communication services, financials and other sectors of the market. Broadcom surged 24.4% for the biggest gain in the S&P 500 after the semiconductor company beat Wall Street’s profit targets and gave a glowing forecast, highlighting its artificial intelligence products. The company also raised its dividend. The company's big gain helped cushion the market's broader fall. Pricey stock values for technology companies like Broadcom give the sector more weight in pushing the market higher or lower. Artificial intelligence technology has been a focal point for the technology sector and the overall stock market over the last year. Tech companies, and Wall Street, expect demand for AI to continue driving growth for semiconductor and other technology companies. Some tech stocks were a drag on the market. Nvidia fell 2.2%, Meta Platforms dropped 1.7% and Google parent Alphabet slid 1.1%. Among the market's other decliners were Airbnb, which fell 4.7% for the biggest loss in the S&P 500, and Charles Schwab, which closed 4% lower. Furniture and housewares company RH, formerly known as Restoration Hardware, surged 17% after raising its forecast for revenue growth for the year. All told, the S&P 500 lost 0.16 points to close at 6,051.09. The Dow dropped 86.06 points to 43,828.06. The Nasdaq rose 23.88 points to 19,926.72. Wall Street's rally stalled this week amid mixed economic reports and ahead of the Federal Reserve's last meeting of the year. The central bank will meet next week and is widely expected to cut interest rates for a third time since September. Expectations of a series of rate cuts has driven the S&P 500 to 57 all-time highs so far this year . The Fed has been lowering its benchmark interest rate following an aggressive rate hiking policy that was meant to tame inflation. It raised rates from near-zero in early 2022 to a two-decade high by the middle of 2023. Inflation eased under pressure from higher interest rates, nearly to the central bank's 2% target. The economy, including consumer spending and employment, held strong despite the squeeze from inflation and high borrowing costs. A slowing job market, though, has helped push a long-awaited reversal of the Fed's policy. Inflation rates have been warming up slightly over the last few months. A report on consumer prices this week showed an increase to 2.7% in November from 2.6% in October. The Fed's preferred measure of inflation, the personal consumption expenditures index, will be released next week. Wall Street expects it to show a 2.5% rise in November, up from 2.3% in October. The economy, though, remains solid heading into 2025 as consumers continue spending and employment remains healthy, said Gregory Daco, chief economist at EY. “Still, the outlook is clouded by unusually high uncertainty surrounding regulatory, immigration, trade and tax policy,” he said. Treasury yields edged higher. The yield on the 10-year Treasury rose to 4.40% from 4.34% late Thursday. European markets slipped. Britain's FTSE 100 fell 0.1%. Britain’s economy unexpectedly shrank by 0.1% month-on-month in October, following a 0.1% decline in September, according to data from the Office for National Statistics. Asian markets closed mostly lower.
The Coalition will reveal details of its nuclear power plan this week, with Opposition Leader Peter Dutton confirming long-awaited costings would be released in the coming days. Speaking to Sky News on Sunday morning, Mr Dutton said the Coalition has stuck to a "very deliberate process" of drip-feeding information about its plan to ensure the Australian public could consume and understand the proposal. "The damage that the Labour Party is doing to the Australian economy is staggering and particularly through their energy policy, manufacturers are fleeing our shores," Mr Dutton told Sky News political editor Andrew Clennell. Mr Dutton cited Frontier Economics which refuted Prime Minister Anthony Albanese's claim electricity and gas bills would cost $12 billion, instead, a "conservative estimate" found energy bills would cost "well over $600 billion". Mr Dutton was pressed on the costings of his plan and whether it will be in the hundreds of billions of dollars.+ The Opposition Leader said the estimates were done by Frontier Economics, the "most credible economic model in the country" and employed by Labor across the country. "Interestingly, the work that they did, which demonstrated that the cost of the renewables-only policy wasn't $122B, it was well over $600B, has not been criticised, nor has the government picked apart the assumptions that have been drawn by the conclusions that have been drawn by Frontier Economics," Mr Dutton said. "We're going to lose jobs and economic activity and capital is being taken from our country and going to other parts of the world by global boards who just don't want to invest under this government." Mr Dutton said 19 of the top 20 economies in the world had nuclear power or were in the process of developing technology, with Australia being the only one that has not signed up to it. The Opposition Leader said food prices were soaring due to unaffordable energy prices, not just for families, but for farmers as well. When asked if nuclear energy would be only 4 per cent of the grid, according to Energy Minister Chris Bowen, Mr Dutton flatly said "no". "There's more that we'll have to say in relation to cost and the way in which we can utilise the existing distribution network by ramping up the energy that we're producing out of our seven coal fired power stations with the latest generation nuclear technology," he said. "And that's a sensible way to do it because part of the government's policy is to roll out 28,000km of new poles and wires, which frankly will never happen. "The government's living this lie at the moment, and unfortunately we're seeing a three fold increase in manufacturing closures." On Thursday, Mr Dutton announced a Coalition government will cancel the controversial Port Stephens offshore wind zone if he is elected. The Albanese government’s planned wind farm has been expected to generate up to five gigawatts of power for about four million homes. During a press conference, Mr Dutton revealed he would scrap the project, citing concerns about the environment, economy and energy reliability. “It is in our country's best interest and in this local community's best interest if this project doesn't proceed,” Mr Dutton said. “The ongoing environmental impact, the emissions, the servicing, the oil that's required to run one of these turbines, all of that needs to be taken into consideration.” Instead, the Coalition has proposed nuclear power plants as an alternative energy source to provide more baseload power over a longer period. Wind turbines have a short lifespan of about 20 years, while small modular reactors have a life span of about 80 years.
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Tweet Facebook Mail At least three people have died and a further three people have been taken to hospital after an explosion in an apartment building in The Hague, the Netherlands on Saturday, according to authorities. The blast took place around 6.15am (local time), firefighters said, causing the three-story apartment building to partially collapse and set on fire. Five different apartments were affected by the explosion, they said. READ MORE: Sydney Mardi Gras vote to allow NSW Police to march in parade Firemen try to douse a fire following an explosion at a residential building in The Hague. (CNN) Police are appealing for witnesses who may have seen a car driving away from the scene at a very high speed shortly after the incident. Jan van Zanen, mayor of The Hague, said at a Saturday news conference that a body had been discovered in the rubble, and that the search for victims was ongoing. Shortly after that, police confirmed that another two bodies had been recovered from the site. Though the search began as a rescue operation, van Zanen said, by Saturday afternoon, it had turned into a recovery mission instead. It is not known how many people are still under the rubble, he said, but "the reality is that the chances of survival for them are slim." READ MORE: Former client allegedly targets law firm with homemade explosives A recovery mission is under way after an explosion rocked an apartment block in the Netherlands. (CNN) "We are considering the worst-case scenario," the mayor said. The Dutch Urban Search and Rescue service sent a rescue group to the scene on Saturday morning, including four dog handlers and a structural engineer. By 11.30am local time, the fire was nearly out and rescue dogs were searching for possible victims, firefighters said. The dogs could not search the building for long, however, because there was a risk that it could fully collapse, according to Dutch public broadcaster NOS. READ MORE: Man wanted over alleged domestic violence leads police on wild chases Some 40 homes have been evacuated, it reported. One man told the broadcaster that his first thought upon seeing the aftermath of the explosion was that it was due to a rocket attack. He heard a child calling for help from the rubble, he said, but was unable to reach them when people pulled him back from the fire. Forensic officers were also at the scene collecting evidence, the broadcaster said. Dutch Prime Minister Dick Schoof said in a post on X that he was "shocked" by images of the damaged apartment building, and that he has spoken with the mayor of The Hague to offer help. The Dutch king and queen said in a statement that their thoughts were with those affected by the incident. DOWNLOAD THE 9NEWS APP : Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the Apple App Store and Google Play .SAN DIEGO (AP) — Sports San Diego announced Thursday that DirecTV has extended its agreement as title sponsor of the Holiday Bowl. Neither side would say how long the agreement is for. DirecTV began sponsoring the Holiday Bowl last year. After two editions at Petco Park, the downtown home of the San Diego Padres, the Holiday Bowl is moving to Snapdragon Stadium in Mission Valley. It will be played Dec. 27 and match a top team from the Atlantic Coast Conference against current and former teams from the Pac-12. ___ This story removes an incorrect reference to DirecTV sponsoring the last two Holiday Bowls. It began sponsoring the game last year.
Kyverna Therapeutics Strengthens Leadership Team to Accelerate Next Phase of GrowthDonald Trump weighed in Saturday in a bitter debate dividing his traditional supporters and tech barrons like Elon Musk, saying that he backs a special visa program that helps highly skilled workers enter the country. "I've always liked the (H1-B) visas, I have always been in favor of the visas, that's why we have them" at Trump-owned facilities, the president-elect told the New York Post in his first public comments on the matter since it flared up this week. An angry back-and-forth, largely between Silicon Valley's Musk and traditional anti-immigration Trump backers, has erupted in fiery fashion, with Musk even vowing to "go to war" over the issue. Trump's insistent calls for sharp curbs on immigration were central to his election victory in November over President Joe Biden. He has vowed to deport all undocumented immigrants and limit legal immigration. But tech entrepreneurs like Tesla's Musk -- as well as Vivek Ramaswamy, who with Musk is to co-chair a government cost-cutting panel under Trump -- say the United States produces too few highly skilled graduates, and they fervently champion the H1-B program. Musk, who himself migrated from South Africa on an H1-B, posted Thursday on his X platform that luring elite engineering talent from abroad was "essential for America to keep winning." Adding acrimony to the debate was a post from Ramaswamy, the son of immigrants from India, who deplored an "American culture" that he said venerates mediocrity, adding that the United States risks having "our asses handed to us by China." That angered several prominent conservatives who were backing Trump long before Musk noisily joined their cause this year, going on to pump more than $250 million into the Republican's campaign. "Looking forward to the inevitable divorce between President Trump and Big Tech," said Laura Loomer, a far-right MAGA figure known for her conspiracy theories, who often flew with Trump on his campaign plane. "We have to protect President Trump from the technocrats." She and others said Trump should be promoting American workers and further limiting immigration. - 'MAGA civil war' - Musk, who had already infuriated some Republicans after leading an online campaign that helped tank a bipartisan budget deal last week, fired back at his critics. Posting on X, the social media site he owns, he warned of a "MAGA civil war." Musk bluntly swore at one critic, adding that "I will go to war on this issue." That, in turn, drew a volley from Trump strategist Steve Bannon, who wrote on the Gettr platform that the H1-B program brings in migrants who are essentially "indentured servants" working for less than American citizens would. In a striking jab at Trump's close friend Musk, Bannon called the Tesla CEO a "toddler." Some of Trump's original backers say they fear he is falling under the sway of big donors from the tech world like Musk and drifting away from his campaign promises. It was not immediately clear whether Trump's remarks might soothe the intraparty strife, which has exposed just how contentious changing the immigration system might be once he takes office in January. bbk/nro
Destination XL's Q3 Was Weak, And The Name Is Now In Unprofitable TerritoryVISTA, Calif.--(BUSINESS WIRE)--Nov 25, 2024-- Flux Power Holdings, Inc. (NASDAQ: FLUX ), a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, today announced that on November 20, 2024, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it was not in compliance with requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not having filed its Quarterly Report on Form 10-Q for the period ended September 30, 2024 (“Form 10-Q”) and its Annual Report on Form 10-K for fiscal year ended June 30, 2024 (“Form 10-K”), with the Securities and Exchange Commission (“SEC”). This notification has no immediate effect on the listing of the Company’s common stock on the Nasdaq. Under the Nasdaq rules, the Company has until December 16, 2024, to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for the Form 10-K to regain compliance, or April 14, 2025. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel. The Company is working diligently to complete its Form 10-K and Form 10-Q and plans to file its Form 10-K and Form 10-Q as promptly as practicable to regain compliance with the Listing Rule. About Flux Power Holdings, Inc. Flux Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power’s lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit www.fluxpower.com . Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and other securities law. Forward-looking statements are statements that are not historical facts. Words and phrases such as “anticipated,” “forward,” “will,” “would,” “could,” “may,” “intend,” “remain,” “potential,” “prepare,” “expected,” “believe,” “plan,” “seek,” “continue,” “estimate,” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, the expected filing date of its Form 10-K and Form 10-Q and ability to regain compliance under the Nasdaq listing rule. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the Company’s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Such risks and uncertainties include, but are not limited to, the completion of the review and preparation of the Company’s financial statements and internal control over financial reporting and disclosure controls and procedures and the timing thereof; the discovery of additional information; delays in the Company’s financial reporting, including as a result of unanticipated factors; the Company’s ability to obtain necessary waivers or amendments to the Loan Agreement in the future; the risk that the Company may become subject to future litigation; the Company’s ability to remediate material weaknesses in its internal control over financial reporting; risks inherent in estimates or judgments relating to the Company’s critical accounting policies, or any of the Company’s estimates or projections, which may prove to be inaccurate; unanticipated factors in addition to the foregoing that may impact the Company’s financial and business projections and guidance and may cause the Company’s actual results and outcomes to materially differ from its estimates, projections and guidance; and those risks and uncertainties identified in the “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the year ended June 30, 2023, and its other subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners. Follow us at: Blog: Flux Power Blog News Flux Power News Twitter: @FLUXpwr LinkedIn: Flux Power View source version on businesswire.com : https://www.businesswire.com/news/home/20241125289701/en/ CONTACT: Media & Investor Relations: media@fluxpower.com info@fluxpower.comExternal Investor Relations: Chris Tyson,Executive Vice President MZ Group - MZ North America 949-491-8235 FLUX@mzgroup.us www.mzgroup.us KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: TECHNOLOGY BATTERIES ENERGY OTHER ENERGY SOURCE: Flux Power Holdings, Inc. Copyright Business Wire 2024. PUB: 11/25/2024 04:01 PM/DISC: 11/25/2024 04:01 PM http://www.businesswire.com/news/home/20241125289701/en
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