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Stock market today: Stocks tumble in an ugly day as allure grows to buy a Treasury bill and chill

Published Fri, 27 Dec 2024 10:50:38 GMT

NEW YORK (AP) — Wall Street is tumbling again Thursday in an ugly day for stocks worldwide on expectations that U.S. interest rates will stay high well into next year.The S&P 500 was 1.4% lower in late trading. That follows a similar drop from Wednesday after the Federal Reserve indicated it may cut interest rates next year by just half what it earlier predicted. The Fed has already hiked its main interest rate to levels unseen since 2001, which helps slow inflation but at the cost of hurting investment prices. The S&P 500 is on track for its worst two-day drop in six months.Big Tech stocks again took the brunt of the pain because they’re typically among the biggest victims of high rates. The Nasdaq composite was 1.5% lower with 15 minutes remaining in trading, as Amazon fell 4.2% and Nvidia dropped 2.4%. The Dow Jones Industrial Average was down 324 points, or 0.9%.Stock prices tend to fall when rates rise because stocks are historically risky investments. Why stomach the c...

US contractor originally from Ethiopia arrested on espionage charges, Justice Department says

Published Fri, 27 Dec 2024 10:50:38 GMT

WASHINGTON (AP) — A contractor for the U.S. government has been arrested on espionage charges, accused of providing a foreign country classified information that he downloaded and printed from his work computer system, the Justice Department said Thursday.Abraham Teklu Lemma, who is originally from Ethiopia, had a top secret security clearance and access to classified information through contracting positions with the departments of State and Justice. He is accused of using an encrypted messaging application to transmit maps, photographs and satellite imagery to the foreign government, according to court documents. Court papers do not identify the country Lemma is accused of spying for, and a Justice Department spokesman declined to comment. But the documents do refer to travel back and forth over the past year and a half to a country where he has family ties.The New York Times, which first reported the arrest, identified Ethiopia as the country for which Lemma is alleged to have sp...

Beshear says sports wagering is off to strong start in Kentucky, with the pace about to pick up

Published Fri, 27 Dec 2024 10:50:38 GMT

FRANKFORT, Ky. (AP) — Sports betting in Kentucky is off to a strong start right out of the gate, attracting more than $4.5 million in wagering since launching two weeks ago, Gov. Andy Beshear said Thursday.And the pace will pick up significantly in a week when mobile wagering launches, he said.Sports wagering facilities opened across the Bluegrass State on Sept. 7 in the first phase of the rollout, made possible when the Legislature finished work on a bill to legalize, regulate and tax sports wagering in late March during the final hours of its annual session. Beshear quickly signed the measure into law.Beshear placed the first sports bet at Churchill Downs, home of the Kentucky Derby, fulfilling a pledge that his administration would launch sports wagering in time for the NFL regular season. Opening day for sports betting came on the same day as the NFL’s first game of the season.Since the retail launch, preliminary figures show sports wagering has topped $4.5 million across Kentuc...

Governments and individuals debate: Are mandates needed to reach climate change targets?

Published Fri, 27 Dec 2024 10:50:38 GMT

MIDDLETOWN, N.J. (AP) — Governments, organizations and businesses have set ambitious goals to combat climate change. But it is far from clear that those goals can be met without forcing people to do — or not do — certain things. And that is causing some consternation, even among some people who acknowledge the need to slow the warming of the planet.This week, New Jersey has gone into more detail about its climate change goals, including its proposed ban on the sale of new gasoline-powered vehicles by 2035, and a push to “decarbonize” public and private buildings by switching from natural gas to electric heating and appliances.It’s part of an effort by the Democrat-controlled state to reduce its emissions of planet-warming greenhouse gases by 80% by 2050.Shawn LaTourette, New Jersey’s environmental protection commissioner, hesitates to use the word “mandate” in describing the state’s plans. “There are interests out there that tune into the narrative of h...

New York attorney general sends cease-and-desist letter to group accused of voter intimidation

Published Fri, 27 Dec 2024 10:50:38 GMT

ALBANY, N.Y. (AP) — The New York attorney general’s office on Thursday sent a cease-and-desist letter to a group accused of confronting voters at their homes while claiming to be state election officials and falsely accusing people of committing voter fraud. The letter orders the group NY Citizens Audit to immediately stop any voter intimidation efforts and turn over records on its training of and communications with its door-to-door canvassers. “These allegations, if true, could constitute unlawful voter deception under New York state law and unlawful voter intimidation under both state and federal law,” reads the letter, which was obtained by the Associated Press. In an emailed statement, NY Citizens Audit Executive Director Marly Hornik said: “New York Citizens Audit is not engaged in any canvassing, and we have not received this letter as of yet.” NY Citizens Audit describes itself on its website as “dedicated to restoring and maintaining the essential, founding American p...

Prada explores lightness with translucent chiffon for summer 2024

Published Fri, 27 Dec 2024 10:50:38 GMT

MILAN (AP) — Designers Miuccia Prada and Raf Simons achieved a state of unbearable lightness in a series of translucent chiffon dresses that gently cosseted the form, trailed by wispy strands of chiffon. The series of dresses dubbed “Haze,” previewed during the runway show Thursday for Prada Spring-Summer 2024 womenswear collection, never altered shape; only the shades of muted pastels shifted. They were paired with bright satin mules, either flats or with small triangular heels.As they did during menswear in June, models walked past a wall of clear, oozing slime, which pooled then drained down an industrial grate runway, this season in peach. Miuccia Prada said there was a thematic link.“The whole thing started from lightness,’’ Prada told reporters backstage. “We wanted to do a really light, light show. Usually, we .. tend to do heavy. It was a challenge to do light.”Her co-creative director Raf Simons said it took the pair the full three years of their collaboration to date to fi...

California sues anti-abortion organizations for unproven treatment to reverse medication abortions

Published Fri, 27 Dec 2024 10:50:38 GMT

SAN FRANCISCO (AP) — California Attorney General Rob Bonta on Thursday sued an anti-abortion group and a chain of anti-abortion counseling centers, saying the organizations misled women when they offered them unproven treatments to reverse medication abortions.Heartbeat International, a national anti-abortion group, and RealOptions Obria, which has five anti-abortion counseling centers in Northern California, used “fraudulent and misleading claims to advertise a procedure called abortion pill reversal, according to the lawsuit. Abortion pill reversal treatments are unproven, largely experimental and have no scientific backing, Bonta said in the lawsuit.“Those who are struggling with the complex decision to get an abortion deserve support and trustworthy guidance — not lies and misinformation,” Bonta said.Heartbeat International and RealOptions’ deceptive advertising of abortion pill reversal treatments violates California’s False Advertising Law and Unfair Competition Law, the lawsu...

Japan, Canada pledge more co-operation on battery supply chains, AI technology

Published Fri, 27 Dec 2024 10:50:38 GMT

A new battery supply-chain agreement between Ottawa and Tokyo comes as Canada wants to expand its position in the battery industry and Japan seeks to secure access to lucrative American EV subsidies for its automakers.Japan’s industry minister Yasutoshi Nishimura said today that the move also comes as the two countries seek out like-minded allies in a world with increasing geopolitical tension.He only specifically mentioned Russia’s invasion of Ukraine, but both Canada and Japan seek to counter China’s economic and political dominance in the Indo-Pacific region, as well as in the global battery industry.For Canada, the deal is well-timed, allowing it to show growing ties with a key Indo-Pacific ally even as its relationship with India barrels towards rock bottom.Japan brings technology in mineral processing as well as battery and auto companies to the table, while Canada brings access to critical minerals and emerging battery manufacturing capacity.Natural Resource...

Family appeals to driver sought in Mississauga fatal hit-and-run to turn themselves in

Published Fri, 27 Dec 2024 10:50:38 GMT

The father of a 58-year-old man killed in a hit-and-run in Mississauga in August is appealing to the driver to come forward.Police said around 11 p.m., on Friday, Aug. 18, the man was crossing mid-block on Dundas Street east of The Credit Woodlands when he was struck by a dark-coloured 2014-2016 four-door Toyota Corolla, which was travelling westbound on Dundas.Investigators say he was then struck by a second vehicle.“The driver of the Corolla stopped for a brief period of time and then fled westbound on Dundas,” Det. Const. Taylor Halfyard said at a press conference on Thursday.The 58-year-old man, who police have identified as Jim White of Mississauga, was taken to hospital with life-threatening injuries, where he died on Sept. 4.A man was struck by a vehicle on Dundas Street near The Credit Woodlands in Mississauga on Aug. 18, 2023. Police say the driver fled the scene. CITYNEWS/Ryan ValleeHalfyard said investigators have identified and spoken with the driver of the s...

Lizzo hit with second lawsuit alleging hostile work environment on tour

Published Fri, 27 Dec 2024 10:50:38 GMT

(The Hill) -- Lizzo is facing another lawsuit from one of her former employees, accusing the “Special” singer of condoning an “unsafe, sexually charged workplace culture” while on tour.Asha Daniels, a wardrobe designer for Lizzo’s dancers, accused the entertainer, along with Lizzo's production company and members of her management team, of creating an environment that allowed for “shocking and racist behavior” while on tour beginning last February.The lawsuit filed Thursday in Los Angeles County Superior Court said that Daniels experienced “degradation, forced physical labor, denial of medical care, sexual harassment, and racial harassment” while on tour with Lizzo, who was born Melissa Jefferson, earlier this year.“Almost immediately, Plaintiff was introduced to the culture of racism and bullying on Lizzo’s tour,” the lawsuit alleged, saying dancers were “forced to change in and out of their clothing in small, tight, changing areas during all the shows with little to no privacy wha...