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NEW YORK (AP) — U.S. stock indexes drifted lower Tuesday in the runup to the highlight of the week for the market, the latest update on inflation that’s coming on Wednesday. The S&P 500 dipped 0.3%, a day after pulling back from its latest all-time high . They’re the first back-to-back losses for the index in nearly a month, as momentum slows following a big rally that has it on track for one of its best years of the millennium . The Dow Jones Industrial Average fell 154 points, or 0.3%, and the Nasdaq composite slipped 0.3%. Tech titan Oracle dragged on the market and sank 6.7% after reporting growth for the latest quarter that fell just short of analysts’ expectations. It was one of the heaviest weights on the S&P 500, even though CEO Safra Catz said the company saw record demand related to artificial-intelligence technology for its cloud infrastructure business, which trains generative AI models. AI has been a big source of growth that’s helped many companies’ stock prices skyrocket. Oracle’s stock had already leaped more than 80% for the year coming into Tuesday, which raised the bar of expectations for its profit report. In the bond market, Treasury yields ticked higher ahead of Wednesday’s report on the inflation that U.S. consumers are feeling. Economists expect it to show similar increases as the month before. Wednesday’s update and a report on Thursday about inflation at the wholesale level will be the final big pieces of data the Federal Reserve will get before its meeting next week, where many investors expect the year’s third cut to interest rates . The Fed has been easing its main interest rate from a two-decade high since September to take pressure off the slowing jobs market, after bringing inflation nearly down to its 2% target. Lower rates would help give support to the economy, but they could also provide more fuel for inflation. Expectations for a series of cuts through next year have been a big reason the S&P 500 has set so many records this year. Trading in the options market suggests traders aren’t expecting a very big move for U.S. stocks following Wednesday’s report, according to strategists at Barclays. But a reading far off expectations in either direction could quickly change that. The yield on the 10-year Treasury rose to 4.22% from 4.20% late Monday. Even though the Fed has been cutting its main interest rate, mortgage rates have been more stubborn to stay high and have been volatile since the autumn. That has hampered the housing industry, and homebuilder Toll Brothers’ stock fell 6.9% even though it delivered profit and revenue for the latest quarter that topped analysts’ expectations. CEO Douglas Yearley Jr. said the luxury builder has been seeing strong demand since the start of its fiscal year six weeks ago, an encouraging signal as it approaches the beginning of the spring selling season in mid-January. Elsewhere on Wall Street, Alaska Air Group soared 13.2% after raising its forecast for profit in the current quarter. The airline said demand for flying around the holidays has been stronger than expected. It also approved a plan to buy back up to $1 billion of its stock, along with new service from Seattle to Tokyo and Seoul . Boeing climbed 4.5% after saying it’s resuming production of its bestselling plane , the 737 Max, for the first time since 33,000 workers began a seven-week strike that ended in early November. Vail Resorts rose 2.5% after the ski resort operator reported a smaller first-quarter loss than analysts expected in what is traditionally its worst quarter. All told, the S&P 500 fell 17.94 points to 6,034.91. The Dow dipped 154.10 to 44,247.83, and the Nasdaq composite slipped 49.45 to 19,687.24. In stock markets abroad, indexes were mixed in China after the world’s second-largest economy said its exports rose by less than expected in November. Stocks rose 0.6% in Shanghai but fell 0.5% in Hong Kong. Indexes fell across much of Europe ahead of a meeting this week by the European Central Bank, where the widespread expectation is for another cut in interest rates. AP Business Writers Matt Ott and Elaine Kurtenbach contributed. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get local news delivered to your inbox!
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There is optimism among Southern California defense contractors that the incoming presidential administration’s plans and policies will inject adrenaline into the local economy and generate hundreds of new jobs, especially with talk of strengthening the U.S. military. President-elect Donald Trump has publicly vowed to strengthen the country’s military by making it more efficient and through that find better ways to develop more defense products utilizing technology innovation. He has also said he will build up a larger naval fleet to compete with China. Just after winning the presidential election, Trump named Elon Musk and Vivek Ramaswamy, founder of a pharmaceutical company, as co-leaders of a government efficiency initiative focused on cutting bureaucracy and waste in government. Many smaller tech firms, some of which have relationships with Musk’s Space X and Tesla, are hopeful the initiative could give them an edge over bigger defense companies with huge budgets. “The new administration is very passionate about countering China and they recognize the ability for the U.S. to outcompete China that manufacturing is probably the most important thing to counter that threat,” said Chris Power, CEO and founder of Hadrian Automation, a company based in Torrance that runs automated factories building defense products. “We haven’t been talking about reindustrializing the country in the last 10 years. Now, the vice president, a lot of the policymakers are hellbent on figuring out how to reindustrialize the U.S., both by investing in the country and also by creating an even playing field with China.” Power, an Australian who lives in Hermosa Beach and started his company just three years ago, was among hundreds who attended the 11th annual Regean National Defense Forum held over the weekend at the Ronald Reagan Presidential Library in Simi Valley. The event is an opportunity for representatives of defense and technology companies to rub shoulders and exchange ideas with lawmakers, senior Department of Defense leadership, and foreign defense leaders in an environment away from the hubbub of the nation’s capital. Southern California is packed with hundreds of defense-oriented companies and continues to be a leader in military defense innovation. Commercial technology is also significant in the country’s national security approach. Because of that, the forum is also an opportunity for non-traditional companies to get a share of the spotlight and for startups like Hadrian Automation to get a chance to talk with people otherwise not in their sphere. This year’s forum, themed “Peace Through Strength in a Time of Transition,” included a day of back-to-back panel discussions. Key themes included what the new presidential administration would mean for defense, overcoming production and manufacturing constraints to build the future force, space capabilities and the space economy, modernizing defense capabilities, the next national defense strategy, and public opinion on national security after the election. During a discussion on force structure, resources and the next national defense strategy, panelists emphasized funding military needs going forward. Rep. Ken Calvert, R-Corona, who serves on the House Appropriations Defense Subcommittee, pressed the importance of passing the appropriation bills that fund military spending. “We need to get these bills done and give certainty to the military that they have the resources available in the Trump administration,” he said. “I know it’s difficult in an era where we have significant national debt, but nonetheless, our national security is at risk, and we need to move forward.” The uncertainty of the government’s appropriations process makes it difficult for the defense industry, “from a development perspective and a production perspective,” said Lawrence Culp Jr., chairman and CEO of GE Aerospace. “Without that clarity, it’s very hard to keep someone at task with all these stops and starts and the policy uncertainty of late – it’s very hard.” The smaller companies further down the supply chain bear a lot of the weight of uncertainty, he added. “When you talk about the small and medium-sized businesses that are part of that supply chain, the small companies we rely on for input, one, two, three tiers away, they’re at the end of the whip and they can’t really handle that, either operationally or financially.” Former Secretary of Defense Leon Panetta said at the forum that is where Trump needs to use his ability to generate enthusiasm among the public and make Americans aware of the nation’s dangers if it doesn’t have a strong military. “The American people really don’t understand how much of a threat we’re facing,” he said. “We have got to educate the American people on that. We haven’t had a president in the last years who has gone to the American people and gotten their support. It’s the only way you get leadership in Congress to pay attention and get the action you need.” The forum produces a survey each year on public perception of military defense, the last conducted just after the November election by a bipartisan research group. Of the 2,500 surveyed, 79% of respondents said they want the U.S. to spend more on national defense. At the same time, 61% said the military should be large enough to win two wars simultaneously; 49% said China poses the most significant threat, while 25% said Russia poses more of a threat. And, that’s where lawmakers such as Calvert think Southern California companies can have opportunities to become more successful. “Southern California is the intellectual capital of the world when it comes to national security innovation and manufacturing,” he said. “President Trump is committed to a strong military that is focused on the threats we face today and tomorrow. There’s no doubt in my mind that Southern California will continue to make a significant contribution to those important goals in the years ahead. There’s widespread agreement that we need to invest in our national security to remain the preeminent superpower in the world.” With a new administration coming in talking about cutting waste in government agencies while strengthening the country with a more targeted and effective military, local companies working with defense contractors and manufacturers are looking to the future with a hopeful eye. Brandon Tseng, a former Navy SEAL who co-founded Shield AI and attended the defense forum this year for the second time, said more government interest in smaller companies that produce military technology will help Shield AI create more jobs. The San Diego-based company, which employs 900 people, aims to protect service members and civilians with AI systems. It develops artificial intelligence-powered pilot systems, drones and technology for military operations. “I’m bullish on the defense tech ecosystem,” he said, adding that he’s excited about Trump’s inclusion in his administration of Musk, Ramaswamy and Stephen Feinberg, a private equity investor with interests in the defense industry, who Tseng calls problem-solvers. “What I’m optimistic about is that you have these operators who have run companies, been in the trenches, solved problems, and know what it means to walk the walk, not just talk the talk,” Tseng said. “The administration is bullish on doing things more efficiently, more effectively; that’s what technology is about. I think you’re going to see it will be very helpful for a lot of defense tech companies.” And, it’s exactly the idea of manufacturing parts quickly and efficiently that Power, of Hadrian Automation in Torrance, believes will help reinspire U.S. manufacturing, which he believes is the basis of a strong national defense. With his company, he hopes to inspire many young, smart people to want to get back into manufacturing – but in a more modern way that uses software to improve the manufacturing process and make it more efficient and effective. “U.S. power is based on the dollar,” he said. “The dollar is based on military might, which is really based on industrial power. We shot ourselves in the foot as a country by outsourcing our industrial power to China. That took away all the manufacturing skillsets, manufacturing technology, and a lot of jobs. For the last 25 years, we’ve treated China like a partner, but they have been subsidizing aggressively their manufacturing base specifically to gut our industrial power as a country.” At the same time the general public’s interest in manufacturing has dipped, he argued, with more people in the 1980s and ’90s choosing a four-year degree as the way to a successful future and a middle class that commands relatively high wages. “If you want manufacturing in America, the only way to do it is to build software factories that give the American workforce a productivity advantage so we can scale and use a new workforce instead of a legacy,” he said. “And if we want to be cost-competitive globally and efficient, we either have to pay everyone a very small amount or give the American workforce the 10x advantage with American software engineering and robotics.” Power sees Trump’s focus on empowering industrialization as having a huge impact on jobs. He plans to open two new facilities in the next year. “The faster we scale, the more jobs we provide,” he said. “And they’re better and more exciting jobs.”Aiding Ukraine has been cheap. Caving to Russia would be far more costlyPARIS: Newly restored Notre Dame Cathedral held its first mass on Sunday, with Christians celebrating the return of the French capital’s most famous place of worship after a historic re-opening ceremony. The beloved Paris monument nearly burned down in 2019, but has been fully renovated inside and fitted with a new roof and spire during a frenzied five-year refit. The inaugural mass was led by Paris archbishop Laurent Ulrich with 150 bishops and more than 100 priests from the capital in attendance, as well as French President Emmanuel Macron. The archbishop led prayers and consecrated a new altar which replaced the old one that was destroyed five years ago. “Whether you are here in person in the cathedral or in front of a screen, including perhaps under the rain, I greet you with intense emotion,” Ulrich told the congregation, referring to the small rain-drenched crowds outside watching events on public screens. In a nod to France’s ongoing political turmoil, he added that he “prayed also for our country that is looking to the future with worry.” A second mass in the evening at 6:30 pm will be open to the public, with roughly 2,500 people who secured free tickets this week expected to attend. The cathedral will open fully to visitors on December 16 via an online reservation system. ‘For Jesus’ During a re-opening service on Saturday attended by world leaders including US President-elect Donald Trump, Macron expressed the “gratitude of the French nation” for the restoration work since 2019. “We have rediscovered what great nations can do—achieve the impossible,” he said. Macron is under intense political pressure having called snap elections in June that led to a hung parliament, with the main parties now struggling to form a stable government. One of the most moving moments on Saturday came when firefighters in their protective gear walked through the congregation to thunderous applause as the word “Merci” (“Thank you”) was beamed on the intricate facade and famous belltowers of the Gothic masterpiece. The architectural wonder had been in danger of collapsing during the April 2019 blaze and was saved only by firefighters pumping vast quantities of water onto the flames from the nearby River Seine. Groups of worshippers huddled under umbrellas on Sunday beyond a strict security perimeter set up outside Notre Dame. “Beyond the reconstruction work, it’s beautiful because it shows that the church still has a role, discreet and small, but it still has a role to play in France,” 21-year-old engineering student Jacques told AFP. Monique Kashale, a 75-year-old from the Democratic Republic of Congo, said she was “very cold but for Jesus Christ I can put up with it, for the Virgin Mary it is bearable.” Trump in Paris Saturday’s re-opening service began with the archbishop Ulrich, dressed in brightly colored new vestments designed by fashion designer Jean-Charles de Castelbajac, knocking on the doors of the cathedral three times. Trump was placed on the front row as guest of honor next to Macron, with invitees marveling at the freshly cleaned walls, new furniture and state-of-the-art lighting installed as part of the overhaul. The reconstruction effort cost around 700 million euros ($750 million), financed from donations, with the five-year re-opening deadline met despite predictions it could take decades. Part of the cathedral’s lead roofing base still needs to be finished and the statues of the apostles and saints, removed before the fire to allow for their restoration, will only be reinstalled in the first half of 2025. The exact cause of the 2019 blaze has never been identified despite a forensic investigation by prosecutors, who believe an accident such as an electrical fault was the most likely reason. Notre Dame welcomed around 12 million visitors a year before the fire, but expects to receive an even higher figure of “14 to 15 million” after the reopening, according to the church authorities. Meanwhile, US president-elect Donald Trump Saturday met the UK’s Prince William on the sidelines of the reopening of Notre Dame in Paris, hailing the heir to the British throne as a “good man” who was doing a “fantastic job”. The elder son of King Charles III attended the reopening of the cathedral, restored after a 2019 fire, on behalf of the UK. The Prince of Wales was among some 40 heads of state and government in the French capital for the ceremony on Saturday. The last time William met Trump was in 2019, when the then-US president was on a state visit to the UK. “A good man, this one!” Trump told reporters, gesturing to William as they met in Paris at the residence of the UK ambassador to France after the ceremony. “He’s doing a fantastic job,” he added as William laughed. The prince’s last official trip to Paris was in 2017, when he visited with his wife, Princess Catherine, for a two-day trip in the aftermath of the Brexit result. He was not accompanied this time by Kate, who has been gradually resuming public duties after being diagnosed with cancer earlier this year. King Charles III is currently undergoing cancer treatment. William joined his father and other heads of state in Normandy for D-Day commemorations earlier this year, which were also attended by Jill Biden, wife of US President Joe Biden. - AFP
Batcho added eight rebounds for the Bulldogs (7-0). Amaree Abram added 14 points while going 5 of 11 from the floor, including 1 for 3 from 3-point range, and 3 for 3 from the line and also had eight rebounds. Al Green had 12 points and shot 4 of 9 from the field, including 1 for 5 from 3-point range, and went 3 for 4 from the line. The Bulldogs extended their winning streak to seven games. George Kimble III finished with 21 points for the Colonels (4-3). Devontae Blanton added 17 points and five assists for Eastern Kentucky. Jordan Crawford also had nine points. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
Unai Emery knows Champions League top-eight spot is possible for Aston VillaUYO – The Nigerian Army says it has made significant contributions to reduction in oil theft, production output and national economic recovery efforts of the present administration due to its ongoing anti-bunkering operations in the Niger Delta region. Commander 2 Brigade of the Nigerian Army, Brig-Gen Jafaar Ibrahim made the disclosure at the Brigade’s combined West African Social Activities (WASA) held at the Military Cantonment,Mbiokporo, in Nsit-Ibom Local Government Area of Akwa A’Ibom State at the weekend. Ibrahim said the various operations of the Brigade has reduced security threats in the state to the barest minimum and rekindled confidence among residents of the state. He pledged commitment of the Brigade to make Akwa Ibom peaceful in collaboration with other security agencies, adding that all it operations including “Operation Delta Safe Joint Task Force South South (Sector 4), and “Operation Thunder” have significantly reduced activities of criminal elements in the state. In his words “The continuous conduct of various operations in the Brigade’s area of responsibility has drastically decreased security threats and rekindle confidence in Akwa-Ibomites. ” The Brigade will continue to enthusiastically discharge her constitutional responsibility with every form of responsiveness and loyalty. Additionally, the commitment of the Brigade in synergy with other security agencies to make Akwa Ibom State peaceful for law abiding citizen remains unwavering. Operation Delta Safe Joint Task Force South South (Sector 4) and Operation Thunder have drastically degraded the activities of criminal elements within the state. “The Anti-bunkering operation is also curbing oil theft to the barest minimum in the state and boosting national oil production to optimum level for improved national recovery”. Special Guest of honour, Ambassador (Gen.) Godwin Umo (rtd), in his remarks lauded the 2 Brigade for hosting the event and explained that WASA is an agelong tradition inherited from the founding fathers of the Nigerian Army, adding that the initiative was borne out of the need to socialize and celebrate the successes recorded at a particular period. Umo noted that the military profession is full of challenges and stress, adding that WASA and other social activities are designed and organized to de-emphasize such stress and tension, to enable troops confront potential challenges with renewed vigor. “By nature, military profession, all over the World, is full of challenges, stress and tension, therefore WASA and other social functions are designed at deemphasizing such stress and tension to enable troops forge ahead and face any challenge with renewed strength” Umo said Highpoint of the event was presentation of gifts and prizes to personnel who distinguished themselves in their various units and formations, as well as cultural displays by various ethnic groups in the country.Trump claims he’ll target ‘criminals’ for mass deportations – but also vows to end birthright citizenship