esports industry

NEW YORK (AP) — U.S. stocks rose to records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect. The S&P 500 climbed 0.6% to top the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 123 points, or 0.3%, to its own record set the day before, while the Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way. Stock markets abroad mostly fell after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China once he takes office. But the movements were mostly modest. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada’s main index edged down by less than 0.1%. Trump has often praised the use of tariffs , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. The consequences otherwise for markets and the global economy could be painful. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. And unlike tariffs in Trump’s first term, his latest proposal would affect products across the board. General Motors sank 9%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.3%. The value of the Mexican peso fell 1.8% against the U.S. dollar. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support for the job market . While lower interest rates can boost the economy, they can also offer more fuel for inflation. “Many” officials at the Fed’s last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon. The talk about tariffs overshadowed another mixed set of profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates imposed by the Fed to get inflation under control. A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected. Kohl’s tumbled 17% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. Best Buy fell 4.9% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. Still, more stocks rose in the S&P 500 than fell. J.M. Smucker had one of the biggest gains and climbed 5.7% after topping analysts’ expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. Big Tech stocks also helped prop up U.S. indexes. Gains of 3.2% for Amazon and 2.2% for Microsoft were the two strongest forces lifting the S&P 500. All told, the S&P 500 rose 34.26 points to 6,021.63. The Dow gained 123.74 to 44,860.31, and the Nasdaq composite climbed 119.46 to 19,174.30. In the bond market, Treasury yields held relatively steady following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury inched up to 4.29% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It’s since dipped back toward $91,000, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get the latest local business news delivered FREE to your inbox weekly.Trump promises to end birthright citizenship: What is it and could he do it?esports industry 。

US President-elect Donald Trump posted on his Truth Social platform Monday that on Jan. 20, as one of his first executive orders, he will sign all necessary documents to charge Mexico and Canada a 25 percent tariff on all products coming into the US. He also said that China will face 10 percent tariffs above any existing tariffs. This shows his will to implement strong protectionist trade policies right from his inauguration day. International trade rules are expected to be jolted. Trump said the move will be in retaliation for illegal immigration and crime and drugs coming across the border. In other words, he intends to use tariffs as a tool to solve non-economic issues. Mexico, China and Canada are the top three suppliers of goods to the United States, accounting for more than 40 percent of its total goods imports. Because the supply networks of South Korea are intertwined with the three countries, Seoul should try to minimize side effects of any tariffs on the countries. If China's exports to the US decrease, so will its demand for South Korean intermediate goods which are used to make other products. South Korean companies doing business in Mexico and Canada will be hit directly. Higher tariffs will raise prices of goods that South Korean companies produce in Mexico and Canada and export to the US. In Mexico, Samsung Electronics and LG Electronics run electric home appliance factories and Kia produces cars in Mexico for the US market. South Korean battery and related companies are currently building their factories in Canada. Some of the companies are reportedly reviewing whether to diversify their production bases to other countries, but it is difficult to implement the option readily due to many other variables. If China finds it noncompetitive price-wise to export its goods to the US due to tariffs, it will turn to other markets such as Southeast Asia and the Middle East. Then, South Korea will encounter tougher competition there from China in the fields where they are already competing, such as steel, petrochemicals, textiles and displays. It is noteworthy that Trump promised to put tariff pressure even on Mexico and Canada, which are parties to free trade agreement with the US. During his first administration, Trump pushed for the United States-Mexico-Canada Agreement, which replaced the North American Free Trade Agreement. Many US imports from Canada and Mexico are exempted from tariffs because of the USMCA trade agreement. He has touted the passage of the USMCA as a highlight of his presidency, but tariffs on the countries if enacted would be tantamount to nullifying the USMCA. This is an act of showing his "America first" principle bluntly. It would be naive to believe South Korea, whose trade surplus with the US was the eighth-largest among its trade partners as of late September, would be off Trump's radar. South Korea has concluded a free trade agreement with the US, but considering Mexico and Canada, it is questionable whether South Korea can bet on the FTA remaining unscathed. There is a view that Trump is likely to impose higher tariffs on China and Mexico, while using them as a bargaining chip in negotiations with other countries over non-tariff issues. And yet, Seoul should prepare countermeasures just in case. South Korean companies have been able to achieve considerable exports to the US partly thanks to the FTA, which enhanced the price competitiveness of South Korean goods. If the comparative advantage weakens or vanishes, South Korea's exports to the US will likely be greatly set back. Companies need to consider increasing production on the US soil instead of exporting via third countries. As tariff barriers go up, the role of the government becomes important. The government should highlight that South Korean companies have invested heavily in the US. It is necessary to present mutually beneficial deals proactively to Washington in the fields that could arouse Trump's interest, such as shipbuilding, nuclear power plants and semiconductors. The government should try to ensure that the Trump administration will have a positive view of South Korea.Three members of organised crime gang who took part in ram raids to be sentenced

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TV games SEAHAWKS (6-5) AT JETS (3-8) When: Sunday, 10 a.m. Channel: Fox Line: Seahawks by 1 1/2. O/U: 41 1/2. Long flight for the Seahawks, although they’re coming off back-to-back division wins so they’re riding high. Seattle can run it and has some talented receivers. Nobody has much faith in the Jets anymore. Pick: Seahawks 24, Jets 20 STEELERS (8-3) AT BENGALS (4-7) When: Sunday, 10 a.m. TV: CBS Line: Bengals by 2 1/2. O/U: 47 1/2. Jameis Winston looked good against that Pittsburgh defense in the snow last week. This is a division game and should be close, but the Steelers find a way to rebound from a loss and come out on top. Pick: Steelers 27, Bengals 24 EAGLES (9-2) AT RAVENS (8-4) When: Sunday, 1:25 p.m. TV: CBS Line: Ravens by 3. O/U: 51 1/2. The Ravens defense is No. 1 against the run and dead last against the pass. The Eagles can kill you both ways, and Saquon Barkley is on an MVP pace. Philadelphia defense is outstanding. Pick: Eagles 28, Ravens 23 49ERS (5-6) AT BILLS (9-2) When: Sunday, 5:20 p.m. TV: NBC Line: Bills by 6 1/2. O/U: 44 1/2. The Bills are rested after off week, so they’ve gotten healthier and have had a chance to self-scout. They should be able to run it on this San Francisco defense and take some weight off Josh Allen’s shoulders. Pick: Bills 28, 49ers 20 BROWNS (3-8) AT BRONCOS (7-5) When: Monday, 5:15 p.m. TV: ESPN Line: Broncos by 5 1/2. O/U: 41 1/2. This should be a low-scoring game. Cleveland’s defense did a great job against Pittsburgh. Denver’s defense is really tough too. With the way Bo Nix has been playing, go with Denver at home. Pick: Broncos 23, Browns 18 Elsewhere CHARGERS (7-4) AT FALCONS (6-5) When: Sunday, 10 a.m. Line: Chargers by 1 1/2. O/U: 48 1/2. The Chargers are coming off a disappointing home loss to Baltimore, and their offense went flat in the second half. Still, they should be able to handle the Falcons, who have lost two in a row. Pick: Chargers 24, Falcons 21 TEXANS (7-5) AT JAGUARS (2-9) When: Sunday, 10 a.m. Line: Texans by 4 1/2. O/U: 43 1/2. The Texans aren’t playing great, and quarterback C.J. Stroud doesn’t look as good as he was last year, and part of that falls to the offensive line. Detroit just put up 52 points on the Jaguars. Pick: Texans 24, Jaguars 20 CARDINALS (6-5) AT VIKINGS (9-2) When: Sunday, 10 a.m. Line: Vikings by 3 1/2. O/U: 44 1/2. Seattle might have put a blueprint on tape of how to beat the physical Cardinals. Arizona couldn’t run it last week and Kyler Murray was under intense pressure. Minnesota has pass rushers who can hit home. Pick: Vikings 27, Cardinals 23 COLTS (5-7) AT PATRIOTS (3-9) When: Sunday, 10 a.m. Line: Colts by 2 1/2. O/U: 42 1/2. Two young quarterbacks. Anthony Richardson does damage with his legs but isn’t accurate enough. Drake Maye is playing well for the Patriots but New England is short on weapons. Pick: Colts 24, Patriots 20 TITANS (3-8) AT COMMANDERS (7-5) When: Sunday, 10 a.m. Line: Commanders by 5 1/2. O/U: 44 1/2. Titans quarterback Will Levis did a solid job for much of last week’s game. Despite losing three in a row, the Commanders have talent and rookie quarterback Jayden Daniels should prevail at home. Pick: Commanders 27, Titans 20 RAMS (5-6) AT SAINTS (4-7) When: Sunday, 1:05 p.m. Line: Rams by 3. O/U: 49 1/2. When he gets some time, Rams quarterback Matthew Stafford can still pick apart a defense, and he’s got excellent receiving weapons. The L.A. defensive line will be a big factor in this matchup. Pick: Rams 27, Saints 23 BUCCANEERS (5-6) AT PANTHERS (3-8) When: Sunday, 1:05 p.m. Line: Buccaneers by 5 1/2. O/U: 46 1/2. The Buccaneers are getting their swag back (see Baker Mayfield’s “Tommy Cutlets” celebration). Mike Evans’ return is big for them. The Panthers have looked better lately. Pick: Buccaneers 28, Panthers 17 Sam Farmer, Los Angeles TimesFrom a small shoe store back in 1901, Nordstrom is now the world’s retail giant that has been able to sustain such a legacy. It started as a footwear retailer established by John W. Nordstrom and Carl F. Wallin in Seattle, but it evolved into being the largest independent shoe retailer in the U.S. under John’s three sons. This growth paved the way for the eventual establishment of a high-end fashion destination that, above all, was a place of quality and excellent service. The Nordstrom family played a significant role in expanding the business with the passing of generations. In the 1970s, the company established clothing and accessories, making it a comprehensive and full-fledged fashion retailer. The third generation took the company public in 1971. They then established Nordstrom Rack in 1973 as a clearance outlet. This made it easier for Nordstrom to access more customers than before, therefore expanding much more broadly. The fourth generation of Nordstrom leadership further transformed the brand by embracing e-commerce, propelling Nordstrom into the digital age and ensuring its competitiveness in an increasingly online-driven retail landscape. Today, Nordstrom’s annual sales exceed $13.1 billion, as reported by Forbes, solidifying its place as one of the top retailers in the world. Family’s Role In $6.25 Billion Acquisition Deal In a shocking move, Nordstrom has agreed to be taken private in a $6.25 billion deal involving the Nordstrom family and a Mexican retail group. This acquisition comes at a time when traditional department stores like Nordstrom are facing increasing challenges from discount retailers and e-commerce giants. The decision to privatize Nordstrom comes at a time when public companies are under greater scrutiny. By going private, the Nordstrom family hopes to regain greater control and flexibility to restructure and adapt to a changing retail environment. This is seen as an effort to give the brand a fresh start, free from the pressures of quarterly earnings reports and shareholder demands. According to the Associated Press, Nordstrom shareholders will be given $24.25 in cash for every share, which amounts to about $4 billion. This offer translates to a 42% premium over the value of the company’s stock at March 18, when the potential acquisition news was announced. The deal also includes the assumption of more than $2 billion in Nordstrom’s debt. In a retail world increasingly dominated by Amazon, Walmart, and fast-fashion brands, traditional department stores like Nordstrom have struggled to maintain their foothold. This acquisition could provide the company with the opportunity to regain market share and develop a more agile, competitive business model for the future. Nordstrom Family Legacy The Nordstrom family has always been at the heart of the brand’s growth since its humble beginnings as a small shoe shop and eventually into the retail powerhouse that it is today. Erik and Pete Nordstrom, fourth-generation members of the family, have guided the company through growth and transition. As the company looks into this new chapter, the influence of the Nordstrom family will remain central to its future. ALSO READ | Why Nordstrom Is Going Private In $6.25 Billion Deal With Its Family And Mexican Retail Giant

DAYTONA BEACH, Fla. (AP) — RJ Felton had 21 points in East Carolina's 71-64 victory over Stetson on Friday. Felton also added eight rebounds for the Pirates (5-1). Joran Riley scored 14 points while going 4 of 11 and 5 of 6 from the free-throw line and added five rebounds. Cam Hayes shot 3 for 7 (2 for 4 from 3-point range) and 5 of 6 from the free-throw line to finish with 13 points. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.

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