Author: PolitCens
Zuckerberg says Biden administration officials pressured Meta to censor some COVID-19 content
Wild week of US weather includes heat wave, tropical storm, landslide, flash flood and snow
FALCON HEIGHTS, Minn. — It’s been a wild week of weather in many parts of the United States, from heat waves to snowstorms to flash floods.
Here’s a look at some of the weather events:
Midwest sizzles under heat wave
Millions of people in the Midwest have been enduring dangerous heat and humidity.
An emergency medicine physician treating Minnesota State Fair-goers for heat illnesses saw firefighters cut rings off two people’s swollen fingers Monday in hot weather that combined with humidity made it feel well over 100 degrees Fahrenheit (37.7 degrees Celsius).
Soaring late summer temperatures also prompted some Midwestern schools to let out early or cancel sports practices. The National Weather Service issued heat warnings or advisories across Minnesota, Iowa, South Dakota, Illinois, Kansas, Missouri, Nebraska, Wisconsin and Oklahoma. Several cities including Chicago opened cooling centers.
Forecasters said Tuesday also will be scorching hot for areas of the Midwest before the heat wave shifts to the south and east.
West Coast mountains get early snowstorm
An unusually cold storm on the mountain peaks along the West Coast late last week brought a hint of winter in August. The system dropped out of the Gulf of Alaska, down through the Pacific Northwest and into California. Mount Rainier, southeast of Seattle, got a high-elevation dusting, as did central Oregon’s Mt. Bachelor resort.
Mount Shasta, the Cascade Range volcano that rises to 14,163 feet (4,317 meters) above far northern California, wore a white blanket after the storm clouds passed. The mountain’s Helen Lake, which sits at 10,400 feet (3,170 meters) received about half a foot of snow (15 centimeters), and there were greater amounts at higher elevations, according to the U.S. Forest Service’s Shasta Ranger Station.
Tropical storm dumps heavy rain on Hawaii
Three tropical cyclones swirled over the Pacific Ocean on Tuesday, including Tropical Storm Hone, which brought heavy rain to Hawaii; Hurricane Gilma, which was weakening; and Tropical Storm Hector, which was churning westward, far off the southern tip of the Baja California peninsula of Mexico.
The biggest impacts from Tropical Storm Hone (pronounced hoe-NEH) were rainfall and flash floods that resulted in road closures, downed power lines and damaged trees in some areas of the Big Island, said William Ahue, a forecaster at the Central Pacific Hurricane Center in Honolulu. No injuries or major damage had been reported, authorities said.
Deadly Alaska landslide crashes into homes
A landslide that cut a path down a steep, thickly forested hillside crashed into several homes in Ketchikan, Alaska, in the latest such disaster to strike the mountainous region. Sunday’s slide killed one person and injured three others and prompted the mandatory evacuation of nearby homes in the city, a popular cruise ship stop along the famed Inside Passage in the southeastern Alaska panhandle.
The slide area remained unstable Monday, and authorities said that state and local geologists were arriving to assess the area for potential secondary slides. Last November, six people — including a family of five — were killed when a landslide destroyed two homes in Wrangell, north of Ketchikan.
Flash flood hits Grand Canyon National Park
The body of an Arizona woman who disappeared in Grand Canyon National Park after a flash flood was recovered Sunday, park rangers said. The body of Chenoa Nickerson, 33, was discovered by a group rafting down the Colorado River through the Grand Canyon, the park said in a statement.
Nickerson was hiking along Havasu Creek about a half-mile (800 meters) from where it meets up with the Colorado River when the flash flood struck. Nickerson’s husband was among the more than 100 people safely evacuated.
The flood trapped several hikers in the area above and below Beaver Falls, one of a series of usually blue-green waterfalls that draw tourists from around the world to the Havasupai Tribe’s reservation. The area is prone to flooding that turns its iconic waterfalls chocolate brown.
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Judge pauses program to offer legal status to spouses of US citizens
McALLEN, Texas — A federal judge in Texas on Monday paused a Biden administration policy that would give spouses of U.S. citizens legal status without having to first leave the country, dealing at least a temporary setback to one of the biggest presidential actions to ease a path to citizenship in years.
The administrative stay issued by U.S. District Judge J. Campbell Barker comes just days after 16 states, led by Republican attorneys general, challenged the program that could benefit an estimated 500,000 immigrants in the country, plus about 50,000 of their children.
One of the states leading the challenge is Texas, which in the lawsuit claimed the state has had to pay tens of millions of dollars annually from health care to law enforcement because of immigrants living in the state without legal status.
President Joe Biden announced the program in June. The court order, which lasts for two weeks but could be extended, comes one week after the Department of Homeland Security began accepting applications.
“The claims are substantial and warrant closer consideration than the court has been able to afford to date,” Barker wrote.
Barker was appointed by former President Donald Trump in 2019 as a judge in Tyler, Texas, which lies in the 5th U.S. Circuit Court of Appeals, a favored venue for advocates pushing conservative arguments.
The judge laid out a timetable that could produce a decision shortly before the presidential election Nov. 5 or before a newly elected president takes office in January. Barker gave both sides until Oct. 10 to file briefs in the case.
The policy offers spouses of U.S. citizens without legal status, who meet certain criteria, a path to citizenship by applying for a green card and staying in the U.S. while undergoing the process. Traditionally, the process could include a yearslong wait outside of the U.S., causing what advocates equate to “family separation.”
The Department of Homeland Security did not immediately return an email seeking comment on the order.
Republican Texas Attorney General Ken Paxton cheered the order.
“This is just the first step. We are going to keep fighting for Texas, our country, and the rule of law,” Paxton posted on the social media platform X.
Several families were notified of the receipt of their applications, according to attorneys advocating for eligible families who filed a motion to intervene earlier Monday.
“Texas should not be able to decide the fate of hundreds of thousands of U.S. citizens and their immigrant spouses without confronting their reality,” Karen Tumlin, the founder and director of Justice Action Center, said during the press conference before the order was issued.
The coalition of states accused the administration of bypassing Congress for “blatant political purposes.”
The program has been particularly contentious in an election year where immigration is one of the biggest issues, with many Republicans attacking the policy and contending it is essentially a form of amnesty for people who broke the law.
To be eligible for the program, immigrants must have lived continuously in the U.S. for at least 10 years, not pose a security threat or have a disqualifying criminal history and have been married to a citizen by June 17 — the day before the program was announced.
They must pay a $580 fee to apply and fill out a lengthy application, including an explanation of why they deserve humanitarian parole and a long list of supporting documents proving how long they have been in the country.
If approved, applicants have three years to seek permanent residency. During that period, they can get work authorization.
Before this program, it was complicated for people who were in the U.S. illegally to get a green card after marrying an American citizen. They can be required to return to their home country — often for years — and they always face the risk they may not be allowed back in.
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Army private who fled to North Korea will plead guilty to desertion
WASHINGTON — An Army private who fled to North Korea just over a year ago will plead guilty to desertion and four other charges and take responsibility for his conduct, his lawyer said Monday.
Travis King’s attorney, Franklin D. Rosenblatt, told The Associated Press that King intends to admit guilt to a total of five military offenses, including desertion and assaulting an officer. Nine other offenses, including possession of sexual images of a child, will be withdrawn and dismissed under the terms of the deal.
King will be given an opportunity at a Sept. 20 hearing at Fort Bliss, Texas, to discuss his actions and explain what he did.
“He wants to take responsibility for the things that he did,” Rosenblatt said.
In a separate statement, he added, “Travis is grateful to his friends and family who have supported him, and to all outside his circle who did not pre-judge his case based on the initial allegations.”
He declined to comment on a possible sentence that his client might face. Desertion is a serious charge and can result in imprisonment.
The AP reported last month that the two sides were in plea talks.
King bolted across the heavily fortified border from South Korea in July 2023, and became the first American detained in North Korea in nearly five years.
His run into North Korea came soon after he was released from a South Korean prison where he had served nearly two months on assault charges.
About a week after his release from the prison, military officers took him to the airport so he could return to Fort Bliss to face disciplinary action. He was escorted as far as customs, but instead of getting on the plane, he joined a civilian tour of the Korean border village of Panmunjom. He then ran across the border, which is lined with guards and often crowded with tourists.
He was detained by North Korea, but after about two months, Pyongyang abruptly announced that it would expel him. On Sept. 28, he was flown to back to Texas, and has been in custody there.
The U.S. military in October filed a series of charges against King under the Uniform Code of Military Justice, including desertion, as well as kicking and punching other officers, unlawfully possessing alcohol, making a false statement and possessing a video of a child engaged in sexual activity. Those allegations date back to July 10, the same day he was released from the prison.
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Trump tries to tie rival Harris to chaotic Afghanistan exit
WASHINGTON — Republican presidential candidate Donald Trump used the third anniversary on Monday of the U.S. withdrawal from Afghanistan to try to pin the chaotic pullout on his Democratic rival for the White House, Kamala Harris.
Trump participated in a wreath-laying ceremony at Arlington National Cemetery honoring the 13 servicemembers killed during the U.S. exit, then later in Detroit blamed Harris, the vice president, and President Joe Biden for what he termed a “catastrophic” withdrawal.
“Caused by Kamala Harris, Joe Biden, the humiliation in Afghanistan set off the collapse of American credibility and respect all over the world,” Trump said in an address to the National Guard Association of the United States.
It was the latest attempt by Trump and his campaign to raise doubts about Harris’ fitness to serve as commander-in-chief as the Nov. 5 election draws near and comes after Harris last week proclaimed herself ready to lead the nation’s armed forces.
The U.S. troop pullout and evacuation of U.S. and allied officials, citizens and Afghans at risk of Taliban retribution saw crowds of desperate Afghans trying to enter Kabul airport and men clinging to aircraft as they taxied down runways in August 2021.
An Islamic State suicide bomber killed 13 U.S. servicemembers and more than 150 Afghans outside an airport gate.
Harris’ campaign said the fault lay with Trump’s tenure as president.
“The Biden-Harris administration inherited a mess from Donald Trump,” said Ammar Moussa, a Harris spokesperson. “Trump wants America to forget that he had four years to get out of Afghanistan but failed to do it.”
The Biden administration was following a withdrawal commitment and timeline that the Trump administration had negotiated with the Taliban in 2020.
A review released by the U.S. State Department in 2023 found fault with both the Trump and Biden administrations in the run-up to the withdrawal.
In recent weeks, Trump and his running mate, Senator JD Vance, also have sought to turn Democratic vice presidential candidate Tim Walz’s decades of service into a political vulnerability. Former military service is often a key selling point for candidates in U.S. political campaigns.
The Republicans have accused Walz of exaggerating his rank in the Army National Guard, where he served for 24 years. Walz has described himself as a retired command sergeant major, one of the highest noncommissioned officer positions in the Army. While he achieved that rank, he did not meet the requirements to retire with that title.
The Harris campaign deleted a reference this month to Walz’s rank as a “command sergeant major” on its website. The campaign also now says Walz “misspoke” in 2018 during his gubernatorial campaign in Minnesota when he referred to “weapons of war, that I carried in war.” Walz was never deployed to a war zone.
Trump, 78, never served in the military. Though he was of draft age during the Vietnam War, he received four student deferments and a health-related one after he received a diagnosis for bone spurs in his feet.
Vance served in the Marine Corps for four years as a combat correspondent and was deployed to Iraq for roughly seven months. His position mainly involved writing reports of military activity for public dissemination and at times interacting with the media.
Harris has not served in the military.
Harris told CNN in 2021 that she was the last person in the room with Biden when he decided to pull U.S. forces from Afghanistan and end America’s longest war. She also said that she was comfortable with Biden’s decision, but it remains unclear what role she played in the discussion.
Both Biden and Harris released statements marking the anniversary on Monday.
“These 13 devoted patriots represent the best of America, putting our beloved nation and their fellow Americans above themselves and deploying into danger to keep their fellow citizens safe,” Harris said.
Asked Monday why Biden and Harris weren’t marking the anniversary of the Abbey Gate attack as Trump did at Arlington National Cemetery, White House national security spokesman John Kirby told reporters that Trump had been personally invited by the family members and he called it one way to honor the fallen.
“Another way is to continue to work,” Kirby said. “Maybe not with a lot of fanfare, maybe not with a lot of public attention, maybe not with TV cameras, but to work with might and main every single day to make sure that the families of the fallen and of those who were injured and wounded, not just at Abbey Gate, but over the course of the 20-some odd years that we were in Afghanistan, have the support that they need.”
Also Monday, House Speaker Mike Johnson announced that Congress will posthumously honor the 13 service members by presenting their families with the Congressional Gold Medal next month. It’s the highest civilian award that Congress can bestow.
Some information for this article came from The Associated Press.
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Special counsel asks court to revive charges against Trump in documents case
WASHINGTON — U.S. Special Counsel Jack Smith on Monday asked a federal appeals court to revive the criminal case accusing Donald Trump of retaining classified documents, after a lower court dismissed the indictment in July, according to a court filing.
In their brief, Smith and his team of attorneys urged the Atlanta-based U.S. Court of Appeals for the 11th Circuit to overturn the July 15 ruling by U.S. District Court Judge Aileen Cannon in which she concluded that Smith was unlawfully appointed and did not have the legal authority to bring the case.
“Congress has bestowed on the Attorney General, like the heads of many Executive Departments, broad authority to structure the agency he leads to carry out the responsibilities imposed on him by law,” they wrote.
“The district court’s contrary view conflicts with an otherwise unbroken course of decisions, including by the Supreme Court, that the Attorney General has such authority, and it is at odds with widespread and longstanding appointment practices in the Department of Justice and across the government.”
The Justice Department had previously said it planned to appeal the ruling.
In Monday’s brief, Smith’s office also asked the appellate court to schedule oral arguments.
Cannon, who was appointed to the bench by Trump, found that Attorney General Merrick Garland’s decision to appoint Smith in 2022 violated the U.S. Constitution. She also found that his budget, which is funded through an indefinite appropriation, was unlawful.
Trump’s lawyers had previously challenged the legal authority for Smith’s appointment, arguing that Smith’s office was not created by Congress and the special counsel was not confirmed by the Senate.
Trump’s campaign said on Monday that the court should reject Smith’s request and that other cases facing the former president should be dismissed.
“Not only should the dismissal of the Lawless Indictment in Florida be affirmed but be immediately joined by a dismissal of ALL the Witch Hunts. The Democrat Justice Department coordinated ALL of these Political Attacks, which are an Election Interference conspiracy against Comrade Kamala’s Political Opponent, President Trump. Let us come together to END all Weaponization of our Justice System,” Trump campaign spokesperson Steven Cheung said in a statement.
Cannon’s ruling has faced staunch criticism, with many attorneys saying it flies in the face of prior court decisions which all upheld the legality of the rules that the Justice Department has relied on for years in appointing special counsels.
“The Attorney General validly appointed the Special Counsel, who is also properly funded,” Smith’s office wrote, adding that Cannon had “deviated from binding Supreme Court precedent” and also “misconstrued the statutes that authorized the Special Counsel’s appointment.”
Cannon’s decision to dismiss the case marked a legal victory for Trump and came not long after the Supreme Court ruled that he had broad criminal immunity from prosecution for official actions he took during his time in office.
That Supreme Court decision has led to major delays in Smith’s second criminal case against Trump, in which Trump is facing charges over his efforts to overturn the results of the 2020 presidential election.
Smith faces a Friday deadline to tell the judge overseeing the election subversion case how he wishes to proceed in light of the Supreme Court’s ruling.
Trump, who is running in the 2024 presidential election against Vice President Kamala Harris, was convicted in May on New York state charges involving hush money paid to an adult film star to avert a sex scandal before the 2016 election.
His sentencing has been postponed following the Supreme Court’s ruling on presidential immunity.
In the documents case, Trump was indicted on charges that he willfully retained sensitive national security documents at his Mar-a-Lago estate in Florida after leaving office in 2021 and obstructed government efforts to retrieve the material.
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Apparent cyberattack leaves Seattle airport facing major internet outages
seattle — An apparent cyberattack disrupted internet, phones, email and other systems at Seattle-Tacoma International Airport for a third day on Monday as Port of Seattle officials worked to investigate the outages and restore full service.
“We’re working around the clock to get necessary systems back online and to mitigate impacts to our passengers,” the airport’s aviation managing director Lance Lyttle said in a press conference Sunday.
Lyttle said the airport is investigating with the help of outside experts and is working closely with federal partners, including the Transportation Security Administration and Customs and Border Protection. Officials have not released details about the full scope of the outage, but Lyttle said it was not affecting TSA’s ability to screen passengers.
Some airlines, including Delta and Alaska, reported no service interruptions from the outage. Both airlines use Sea-Tac as a hub. Still, the outage did affect the Port of Seattle’s baggage sorting system, prompting airlines to warn passengers to avoid checking bags if possible to avoid potential delays.
The airport also warned travelers to allow extra time at the airport and to use airline mobile applications to get boarding passes and bag tags when possible.
Still, many travelers faced security lines that were longer than normal and long waits at baggage claims and checking. Terminal screens were also out throughout the airport, making it difficult for some to determine their assigned gate.
“Port teams continue to make progress on returning systems to normal operations, but there is not an estimated time for return,” the airport wrote on Facebook on Sunday.
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Disposable vape products creating worldwide pollution
The rapid rise in disposable electronic cigarette, or vape, usage is creating a tidal wave of pollution, and it’s raising serious environmental concerns. Aron Ranen reports from New York City about one woman who is trying to make a difference.
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California memorial run honors US service members killed in 2021 Kabul bombing
A memorial run has been held in Simi Valley, California to honor 13 U.S. service members killed three years ago during a suicide bombing as U.S. troops were withdrawing from Afghanistan. VOA’s Genia Dulot attended this year’s run and spoke to two Gold Star families as well as the event organizer, whose son survived the attack at the Kabul airport.
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Alaska landslide kills 1,injures 3 in Ketchikan, authorities say
ANCHORAGE, Alaska — One person was killed and three were injured by a landslide that prompted a mandatory evacuation in the Alaska city of Ketchikan, authorities said.
Three people were transported to Ketchikan Medical Center following the landslide, which struck around 4 p.m. Sunday and damaged homes and infrastructure, the Ketchikan Gateway Borough and City of Ketchikan said in a joint statement Sunday.
Alaska Gov. Mike Dunleavy declared an emergency for Ketchikan, while Borough Mayor Rodney Dial and city Mayor Dave Kiffer issued a separate emergency declaration.
“Friends, is with a heavy heart we relay that a landslide in the city has taken a life, caused several injuries, damaged homes and impacted our community,” Dial said in the statement.
Kiffer said the loss of life was “heartbreaking, and my heart goes out to those who lost their homes.”
“In my 65 years in Ketchikan, I have never seen a slide of this magnitude. With the slides we have seen across the region, there is clearly a region-wide issue that we need to try to understand with the support of our State geologist,” Kiffer said.
Two of the victims were admitted to the hospital and one was treated and released. All other individuals have been accounted for, the statement said.
Multiple homes were impacted by the landslide and a mandatory evacuation was ordered for residents of Third Avenue and nearby streets, while a shelter was set up at Ketchikan High School, the borough and city said.
A potential secondary landslide area was identified to the south of the original slide location and crews were standing by, the statement said.
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How progressive, Christian women of color are keeping the faith
China opposes US sanctions on firms with alleged ties to Russia’s war efforts
Beijing — China on Sunday expressed its opposition to the latest U.S. sanctions on Chinese companies over their alleged ties to Russia’s war in Ukraine, saying it will adopt necessary measures to safeguard the rights and interests of the country’s businesses.
The U.S. announced Friday sweeping sanctions on hundreds of firms in Russia and across Europe, Asia and the Middle East, accusing them of providing products and services that enable Russia’s war effort and aiding its ability to evade sanctions. The U.S. Department of State said it was concerned by “the magnitude of dual-use goods exports” from China to Russia.
The Ministry of Commerce in China in its statement firmly opposed the U.S. putting multiple Chinese companies on its export control list. The move bars such companies from trading with U.S. firms without gaining a nearly unobtainable special license.
The ministry said the U.S. action was “typical unilateral sanctions,” saying they would disrupt global trade orders and rules, as well as affect the stability of the global industrial and supply chains.
“China urges the U.S. to immediately stop its wrong practices and will take necessary measures to resolutely safeguard the legitimate rights and interest of Chinese companies,” it said.
The U.S. action is the latest in a series of thousands of U.S. sanctions that have been imposed on Russian firms and their suppliers in other nations since Russia’s invasion of Ukraine in February 2022. The effectiveness of the sanctions has been questioned, especially as Russia has continued to support its economy by selling oil and gas on international markets.
According to the U.S. State Department, some China-based companies supplied machine tools and components to Russia companies.
China has tried to position itself as neutral in the Ukraine conflict, but it shares with Russia high animosity toward the West.
After Western countries imposed heavy sanctions on Russian oil in response to Russia sending troops into Ukraine in February 2022, China strongly stepped up its purchase of Russian oil, increasing its influence in Russia. Russian President Vladimir Putin also underlined the importance of China by meeting in Beijing with Chinese leader Xi Jinping soon after being inaugurated for a fifth term in the Kremlin.
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Downwinders from world’s 1st atomic test are on a mission to tell their story
Hurricane Hone sweeps past Hawaii, dumping enough rain to ease wildfire fears
HONOLULU — Hurricane Hone passed just south of Hawaii early Sunday, dumping enough rain for the National Weather Service to call off its red flag warnings that strong winds could cause wildfires on the drier sides of islands in the archipelago.
Hone had top winds of 80 mph (130 kph), according to a 2 a.m. advisory from the Central Pacific Hurricane Center in Honolulu, and was moving west near the southernmost point of the Big Island, close enough to sweep the coast with tropical storm force winds and to drop up to a foot (30 centimeters) or more of rain on the windward and southeast-facing slopes of the Big Island, with locally higher amounts possible.
Hurricane Gilma, meanwhile, increased to a Category 4 hurricane Saturday night, but it was still about 1,480 miles (2,380 kilometers) east of Hilo and forecast to weaken into a depression before it reaches Hawaii.
“Hone’s main threats to the state continue to be the potential for heavy rainfall leading to flooding, damaging winds and large surf along east-facing shores,” the weather service advised early Sunday.
Some Big Island beach parks were closed due to dangerously high surf and officials were preparing to open shelters if needed, Big Island Mayor Mitch Roth said.
Hone, whose name is Hawaiian for “sweet and soft,” poked at memories still fresh of last year’s deadly blazes on Maui, which were fueled by hurricane-force winds. Red flag alerts are issued when warm temperatures, very low humidity and stronger winds combine to raise fire dangers. Most of the archipelago is already abnormally dry or in drought, according to the U.S. Drought Monitor.
“They gotta take this thing serious,” said Calvin Endo, a Waianae Coast neighborhood board member who lives in Makaha, a leeward Oahu neighborhood prone to wildfires.
The Aug. 8, 2023, blaze that torched the historic town of Lahaina was the deadliest U.S. wildfire in more than a century, with 102 dead. Dry, overgrown grasses and drought helped spread the fire.
For years, Endo has worried about dry brush on private property behind his home. He’s taken matters into his own hands by clearing the brush himself, but he’s concerned about nearby homes abutting overgrown vegetation.
“All you need is fire and wind and we’ll have another Lahaina,” Endo said Saturday. “I notice the wind started to kick up already.”
The cause of the Lahaina blaze is still under investigation, but it’s possible it was ignited by bare electrical wire and leaning power poles toppled by the strong winds. The state’s two power companies, Hawaiian Electric and the Kauai Island Utility Cooperative, were prepared to shut off power if necessary to reduce the chance that live, damaged power lines could start fires, but they later said the safety measures would not be necessary as Hone blew past the islands.
Roth said a small blaze that started Friday night in Waikoloa, on the dry side of the Big Island, was brought under control without injuries or damage.
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Wall Street Week Ahead — ‘Super Bowl’ Nvidia earnings stand to test searing AI trade
New York — The rally in U.S. stocks faces an important test […] with earnings from chipmaking giant Nvidia NVDA.O, whose blistering run has powered markets throughout 2024.
The S&P 500 .SPX has pared a sharp drop it suffered after U.S. economic worries contributed to a sell-off at the beginning of the month and again stands near a fresh all-time high.
Nvidia, whose chips are widely seen as the gold standard in artificial intelligence, has been at the forefront of that rally, jumping by more than 30% since its recent lows. The stock is up some 150% year-to-date, accounting for around a quarter of the S&P 500’s 17% year-to-date gain.
The company’s Aug. 28 earnings report, coupled with guidance on whether it expects corporate investments in AI to continue, could be a key inflection point for market sentiment heading into what is historically a volatile time of the year. The S&P 500 has fallen in September by an average of 0.78% since World War Two, the worst performance of any month, according to CFRA data.
“Nvidia is the zeitgeist stock today,” said Mike Smith, a portfolio manager at Allspring Global Investments, which holds the company’s shares in its portfolios. “You can think of their earnings four times a year as the Super Bowl.”
Some investors are getting ready for fireworks. Traders are pricing in a swing of around 10.3% in Nvidia’s shares the day after the company reports earnings, according to data from options analytic firm ORATS. That’s larger than the expected move ahead of any Nvidia report over the last three years and well above the stock’s average post-earnings move of 8.1% over that same period, ORATS data showed.
The results come at the end of an earnings season during which investors have taken a less forgiving view of big tech companies whose earnings failed to justify rich valuations or prodigious spending on AI. Examples include Microsoft MSFT.O, Tesla TSLA.O and Alphabet GOOGL.O, whose shares are all down since their July reports.
Nvidia’s valuations have also climbed, as the stock soared about 750% since the start of 2023, making it the world’s third-most valuable company as of Thursday, while also drawing comparisons to the dotcom bubble of more than two decades ago. The company’s shares trade at about 37 times forward 12-month earnings estimates, compared with a 20-year average of 29 times, according to LSEG Datastream.
Market sentiment could depend as much on Nvidia’s guidance as its results. Evidence that it sees robust demand will be a bullish sign that companies are continuing to invest rather than pull back in anticipation of an economic slowdown, said Matt Stucky, chief portfolio manager, equities, at Northwestern Mutual Wealth Management.
Nvidia’s “connection to the largest companies in the U.S. stock market makes this a must-watch event,” he said. “The biggest piece that investors want to know is whether there is sustainability and what demand will look like in ’25 and ’26,” he said.
The trajectory of monetary policy and the U.S. economy also looms large for investors. In a Friday morning speech in Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell offered an explicit endorsement of interest rate cuts, saying further cooling in the job market would be unwelcome.
Investors will be watching U.S. labor market data on Sept. 6 for evidence of whether last month’s unexpected downshift in employment carried over to August. Signs that employment is continuing to weaken could bring back the recession fears that rocked markets earlier this month.
A tight presidential race between Vice President Kamala Harris, a Democrat, and Republican former President Donald Trump may also whip up market uncertainty in the weeks ahead.
The August surge in stocks may make it difficult for markets to make much more headway in the near term even if Nvidia’s earnings impress Wall Street, said John Belton, a portfolio manager at Gabelli Funds, which holds shares of the chipmaker.
The S&P 500 trades at 21 times expected earnings, far above its long-term average of 15.7.
“The stock market as a whole is still trading at stretched valuations so the bar remains high,” Belton said.
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US rapper Macklemore cancels Dubai gig over alleged UAE role in Sudan war
Dubai, United Arab Emirates — U.S. rapper Macklemore has announced he is cancelling an upcoming show in Dubai over the UAE’s involvement in the conflict in Sudan, charges the Gulf state has denied.
The rapper best known for hits like 2012’s “Thrift Shop” made the announcement in a post on social media on Saturday.
“I have decided to cancel my upcoming show in Dubai this October,” he said.
“Over the last several months I’ve had a number of people reach out to me, sharing resources and asking me to cancel the show in solidarity with the people of Sudan,” he said.
“Until the UAE stops arming and funding the RSF I will not perform there,” Macklemore added, referring to the paramilitary Rapid Support Forces that have been battling the Sundanese army.
War has raged since April 2023 between the Sudanese army, under the country’s de facto ruler Abdel Fattah al-Burhan, and the RSF, which is commanded by Burhan’s former deputy Mohamed Hamdan Daglo.
For months, the army has accused the UAE of supporting the RSF.
In June, Sudan’s ambassador to the United Nations Al-Harith Idriss al-Harith Mohamed called Abu Dhabi’s financial and military support for the RSF the “main reason behind this protracted war.”
The UAE has denied allegations of RSF support as “disinformation,” saying that it’s efforts are focused exclusively towards de-escalation and alleviating Sudan’s humanitarian suffering.
Macklemore has released socially aware music in the past, supporting LGBTQ+ rights while also criticizing ills including poverty and consumerism.
In his latest track released in May, Macklemore voices support for Palestinians and also praises students across the United States protesting against Israel’s war in Gaza.
The song, “Hind’s Hall,” is named after a building at Columbia University that students recently occupied and renamed after Hind Rajab, a six-year-old Palestinian girl killed in Gaza.
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