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AP News Summary at 4:48 p.m. ESTFederal prosecutors seek records from company that deployed AI weapons scanner on NYC subwayLate kickoff return TDs by Turpin and Thomas spark the Cowboys as they end their 5-game skid
Did Elon Musk's Political Gambit Costs Tesla? 40% Sales Drop in Europe Raises Alarm
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 $91,000, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. The business news you need Get the latest local business news delivered FREE to your inbox weekly.Got Money Goals for the New Year? Stay on Track With These TipsAnimal Genetics Market is Expected to Reach US$ 9.44 Billion by 2031 | Animal Genetics, Inc., Hendrix Genetics BV, Zoetis Services LLC, Genus
Two Second Cup café locations at Montreal’s Jewish General Hospital have been shut down after the reported franchise owner was filmed making Nazi references at a pro-Palestinian protest on Thursday. The CEO of Foodtastic, which owns the Second Cup coffee chain, confirmed the news in an interview with The Gazette on Sunday. The franchisee, identified by Foodtastic employees as Mai Abdulhadi, was recorded outside Concordia University giving the Nazi salute and appearing to tell pro-Israel counter-protesters: “The final solution is coming your way — the final solution. You know what the final solution is?” The phrase, infamous for its association with Nazi Germany’s plan to exterminate Jews, sparked immediate outrage on social media. Foodtastic CEO Peter Mammas said Sunday morning that the company acted swiftly to address the incident. “We found out at around 2 o’clock on Saturday afternoon,” Mammas said, adding he was watching Gladiator II in the theatre with his kids at the time. Given the magnitude of the incident, he said, the company moved quickly to then review video evidence and speak to employees and people on the ground to verify the allegations. “The final solution is coming your way.” Today in Montreal, a masked extremist, supposedly on strike, violently threatens a Jewish bystander, using Nazi terminology, demonstrating their intent to import the intifada here and kill Jews. This public hate speech, inciting... pic.twitter.com/XyB1hT601Z “We actually talked to her as well. We basically said: ‘Listen, we cannot allow this to happen.’ We spoke to our lawyers, and we prepared a press release. We could not send out the press release for a few hours, until the lawyers actually sent her a termination letter,” Mammas explained. He said Abdulhadi did not explicitly confirm the allegations during their discussions, but “didn’t deny it, either.” She is now seeking legal counsel, Mammas added. Abdulhadi and her family members are listed as business owners in Quebec’s registry, with the business’s primary sector of activity listed as takeaway services and coffee counters. One of her family members was featured in Second Cup’s 2015 annual report. Attempts to reach Abdulhadi for comment were unsuccessful by the time of publication. Second Cup first announced the termination of the franchisee via a social media statement on Saturday, emphasizing its “zero tolerance for hate speech” and its commitment to inclusion and community values. Official Statement pic.twitter.com/7gSUjcjAJZ Reflecting on the situation, Mammas said the company stands completely against such “violent and hateful” remarks. “Political views are up to individuals, but things like this? We can’t tolerate that.” The two affected Second Cup locations have since been closed, with Foodtastic planning to bring them under temporary corporate ownership. “We’re going to figure out a way to reopen the stores quickly,” Mammas said, adding the roughly 12 employees at the locations will continue to be paid during the transition. Mammas said the response to the company’s decision has been “overwhelmingly positive,” including support from franchisees of diverse backgrounds. However, he added, he had seen some negative responses online, including “silly” threats like breaking Second Cup windows. Carl Thériault, a spokesperson for the Jewish General Hospital, said in a statement Sunday the hospital was made aware of the videos relating to one of its franchisees and “fully supports” Second Cup’s decision. “This video is related to a franchisee of Second Cup, one of the private tenants operating within the Jewish General Hospital. We fully support Second Cup’s decision to take swift and decisive action in this matter by shutting down the franchisee’s cafés and terminating their lease agreement,” Thériault said. He added: “Our CIUSSS is deeply committed to fostering a culture of inclusion and stands firmly against antisemitism and any other form of discrimination or hate speech.” The incident comes amid heightened tensions in Montreal following a series of protests. Thursday’s pro-Palestinian demonstration saw students march through downtown Montreal in protest of Israel’s military actions in Gaza, which they say their universities are complicit in. On Friday, a pro-Palestinian, anti-NATO protest escalated into violent clashes , with two vehicles set ablaze, windows smashed and three arrests made. Montreal police said Sunday further arrests may follow concerning Friday’s protest. In regards to the Nazi reference, police said no hate crime investigation is underway, as “we have not received any complaints yet.”
The Netherlands is considering placing a hard cap on its population numbers, following a review by a government commission into demographic development. The proposals would involve a move away from mass immigration and encourage longer hours and later retirement for the indigenous Dutch. The commission recommended moderate population growth, in order to help pay for the countries aging population, but also recommended a population cap of between 19 and 20 million. On Tuesday, Dutch immigration minister Marjolein Faber and social affairs minister Eddy van Hijum confirmed that the cabinet 'supports the need to work towards that [20m] scenario and to get a grip on migration'. The ministers said they would be introducing the 'toughest ever package of measures to limit asylum' and would be 'more selective and targeted policy for all other forms of migration, including labour and education-related movement'. Next week the Dutch government is expected to implement more stringent border controls. It has been reported that the new measures will be in place for six months and will include asylum permits being limited to three years and restrictions on family members joining successful asylum seekers. The new measures were agreed after months of debate. Geert Wilders PVV party is the largest in the governing coalition. Wilders insisted on declaring the current situation a 'crisis', thus enabling the government to circumvent parliament on the issue. The legality of the move was questioned even by coalition partners of the PVV. Although Wilders controls the largest party in the government, he is not the prime minister. Wilders, who is a controversial figure, was unable to secure enough support to be selected for the role. Wilders supported the appointment of Dick Schoof as prime minister. Schoof is a political independent but was previously a member of the Dutch Labour Party. He also previously served as the head of the Dutch intelligence services. The proposals by the Dutch government to limit its population, specifically by cutting back on immigration, reflect a growing scepticism in Europe about the benefits of mass immigration. In Britain, Nigel Farage's Reform party came from nowhere at this year's general election and secured a record five seats in parliament. Yesterday the French government collapsed following a vote of no confidence, in no small part due to the actions of Marine Le Pen and her National Rally Party. Meanwhile in Germany, the likely next chancellor, Friedrich Merz, is expected to take a much tougher line on immigration than his immediate predecessors.