Former Rogers middle school teacher arrested by FBINEW YORK (AP) — A slide for market superstar Nvidia on Monday knocked Wall Street off its big rally and helped drag U.S. stock indexes down from their records. The S&P 500 fell 0.6%, coming off its 57th all-time high of the year so far. The Dow Jones Industrial Average dipped 240 points, or 0.5%, and the Nasdaq composite pulled back 0.6% from its own record. Nvidia’s fall of 2.5% was by far the heaviest weight on the S&P 500 after China said it’s investigating the company over suspected violations of Chinese anti-monopoly laws. Nvidia has skyrocketed to become one of Wall Street’s most valuable companies because its chips are driving much of the world’s move into artificial-intelligence technology. That gives its stock’s movements more sway on the S&P 500 than nearly every other. Nvidia’s drop overshadowed gains in Hong Kong and for Chinese stocks trading in the United States on hopes that China will deliver more stimulus for the world’s second-largest economy. Roughly three in seven of the stocks in the S&P 500 also rose. The week’s highlight for Wall Street will arrive midweek when the latest updates on inflation arrive. Economists expect Wednesday’s report to show the inflation that U.S. consumers are feeling remained stuck at close to the same level last month. A separate report on Thursday, meanwhile, could show an acceleration in inflation at the wholesale level. They’re the last big pieces of data the Federal Reserve will get before its meeting next week on interest rates. The widespread expectation is still that the central bank will cut its main interest rate for the third time this year. The Fed has been easing its main interest rate from a two-decade high since September to offer more help for the slowing job market, after bringing inflation nearly all the way down to its 2% target. Lower interest rates can ease the brakes off the economy, but they can also offer more fuel for inflation. Expectations for a series of cuts from the Fed have been a major reason the S&P 500 has set so many all-time highs this year. “Investors should enjoy this rally while it lasts—there’s little on the horizon to disrupt the momentum through year-end,” according to Mark Hackett, chief of investment research at Nationwide, though he warns stocks could stumble soon because of how overheated they’ve gotten. On Wall Street, Interpublic Group rose 3.6% after rival Omnicom said it would buy the marketing and communications firm in an all-stock deal. The pair had a combined revenue of $25.6 billion last year. Omnicom, meanwhile, sank 10.2%. Macy’s climbed 1.8% after an activist investor, Barington Capital Group, called on the retailer to buy back at least $2 billion of its own stock over the next three years and make other moves to help boost its stock price. Super Micro Computer rose 0.5% after saying it got an extension that will keep its stock listed on the Nasdaq through Feb. 25, as it works to file its delayed annual report and other required financial statements. Earlier this month, the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company’s board following the resignation of its public auditor . All told, the S&P 500 fell 37.42 points to 6,052.85. The Dow dipped 240.59 to 4,401.93, and the Nasdaq composite lost 123.08 to 19,736.69. In the oil market, a barrel of benchmark U.S. crude rallied 1.7% to settle at $68.37 following the overthrow of Syrian leader Bashar Assad, who sought asylum in Moscow after rebels. Brent crude, the international standard, added 1.4% to $72.14 per barrel. The price of gold also rose 1% to $2,685.80 per ounce amid the uncertainty created by the end of the Assad family’s 50 years of iron rule. In stock markets abroad, the Hang Seng jumped 2.8% in Hong Kong after top Chinese leaders agreed on a “moderately loose” monetary policy for the world’s second-largest economy. That’s a shift away from a more cautious, “prudent” stance for the first time in 10 years. A major planning meeting later this week could also bring more stimulus for the Chinese economy. U.S.-listed stocks of several Chinese companies climbed, including a 12.4% jump for electric-vehicle company Nio and a 7.4% rise for Alibaba Group. Stocks in Shanghai, though, were roughly flat. In Seoul, South Korea’s Kospi slumped 2.8% as the fallout continues from President Yoon Suk Yeol ’s brief declaration of martial law last week in the midst of a budget dispute. In the bond market, the yield on the 10-year Treasury rose to 4.19% from 4.15% late Friday. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
NoneGrammy-nominated R&B artist Khalid confirmed on Friday that he’s gay, later saying he was outed on social media. The 26-year-old “Better” singer posted about his sexuality in multiple posts on X, culminating in a very direct confirmation of his sexuality . “I got outted and the world still continues to turn,” he wrote Friday night. “Let’s get this straight (lmao) I am not ashamed of my sexuality! In reality it ain’t nobodies business! But I am okay with me. Love yall.” Minutes earlier, Khalid tweeted a rainbow flag, traditionally a symbol LGBTQ+ pride, simply writing: “There yall go, next topic please.” Khalid’s statements came on the heels of since-deleted tweets from a user identified as Hugo Almonte , who was posting about gay artists he claims to have slept with, according to Rolling Stone. In one of those posts, the aspiring musician reportedly wrote that “one of your favorite gay R&B singers” once “tried to set me up and lie that I broke into his house.” Almonte said “gay artists that are out right now” are “s—ty as f–k,” followed by a photo with Khalid, though it’s unclear if the “Numb” singer is the subject of those allegations. Known for songs like “Young Dumb & Broke,” “Talk,” and “We Go Down Together,” Khalid’s music has appeared on the soundtracks for several films, including the LGBTQ teen rom-com, “Love, Simon,” which featured his song “Love Lies.” Representatives for Khalid did not immediately respond to the Daily News’ request for comment.
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Home | EU, U.S pledge to boost COP29 climate finance offer The European Union, U.S. and other wealthy countries at the COP29 Summit have agreed to raise their offer of climate funding to $300 billion per year by 2035 to help developing nations grapple with climate change, a source told Reuters on Saturday, after a previous proposal was dismissed as insultingly low. The summit had been due to finish on Friday but ran into overtime as negotiators from nearly 200 countries – who must adopt the deal by consensus – tried to reach an agreement on aclimate funding plan for the next decade. A $250 billion proposal for a deal, drafted by Azerbaijan’s COP29 presidency on Friday, was deemed woefully insufficient by developing countries. It was not clear if the wealthy countries’ revised position had been formally communicated to developing countries at the gathering in the Azerbaijan capital Baku, and whether it would be enough to win their support. The COP29 talks have laid bare the divisions between wealthy governments constrained by tight domestic budgets and developing nations reeling from the soaring costs of storms, floods and droughts fuelled by climate change. Past failures to meet climate finance obligations have also made developing countries mistrustful of new promises. The new goal is intended to replace developed countries’ previous commitment to provide $100 billion in climate finance for poorer nations per year by 2020. That goal was met two years late, in 2022, and expires in 2025. Five sources with knowledge of the closed-door discussionssaid the EU had agreed it could accept the higher number of $300 billion a year. Two of the sources said the United States, Australia and Britain were also on board. A European Commission spokesperson and an Australian government spokesperson both declined to comment on the negotiations. The U.S. delegation at COP29 and the UK energy ministry did not immediately respond to requests for comment. With no formal update yet of the deal draft from the COP29 presidency, the mood was tense among negotiating groups. “There is no clarity on the way forward. There is no clarity on the political will that we need to get out of this,” said Panama’s lead negotiator, Juan Carlos Monterrey Gomez. Three negotiators described the mood in the room as angry. Sierra Leone’s environment minister, Abdulai Jiwoh, declined to comment on the $300 billion figure, saying: “We’re still working on the number with other parties.” PUSHING FOR $390 BILLION Marina Silva, Brazil’s minister of the environment and climate change, had said on Friday that the Amazon rainfores nation – which is set to host next year’s COP30 climate summit -was pushing for $390 billion annually from developed countries by 2035. “We cannot leave Baku without a decision that lives up to the challenge we are facing,” she said via a translator. “We need to reach $300 billion by 2030, then $390 billion by 2035 sowe can achieve this goal.” Delegates were awaiting a new draft text of the deal after negotiators worked through the night to bridge wide gaps in their positions. Any deal would require agreement on more than just the headline amount. Negotiators have worked throughout the two-week summit to address other critical questions on the target, including who is asked to contribute and how much of the funding is on a grant basis, rather than provided as loans. The roster of countries required to contribute – about two dozen industrialised countries, including the U.S., European nations and Canada – dates back to a list decided during U.N.climate talks in 1992. European governments have demanded others join them in paying in, including China, the world’s second-biggest economy, and oil-rich Gulf states. Donald Trump’s U.S. presidential election victory this month cast a cloud over the Baku talks. Trump, who takes office in January, has promised to again remove the U.S. from international climate cooperation , so negotiators from other wealthy nations expect that under his administration the world’s largest economy will not pay into the climate finance goal. A broader goal of raising $1.3 trillion in climate finance annually by 2035 – which would include funding from all public and private sources and which economists say matches the sum needed – was included in the draft deal published on Friday. Poorer countries have warned that a weak finance deal at COP29 would undercut their ability to set more ambitious targets to cut the greenhouse gas emissions causing climate change. SABC © 2024