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Stock Market Today, Feb. 3: Nasdaq Tumbles 1.4% as AI Fears Grow
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Yahoo Finance

Stock Market Today: Nasdaq Tumbles as AI Fears Grow

The Nasdaq Composite fell 1.4% as a broad tech sell-off, driven by weak earnings and growing AI fears, sent ripples through the stock market.

  • NEW YORK – A stark divergence defined Wall Street on Tuesday, as a historic milestone for Walmart was overshadowed by a widespread technology sell-off and mounting macroeconomic pressures. The tech-heavy Nasdaq Composite led the decline, tumbling 1.4% as anxieties around artificial intelligence, coupled with poor earnings from key software firms, spooked investors.
  • The S&P 500 (^GSPC) fell 0.84%, or 58.49 points, to close at 6,917.81.
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Pep Guardiola: Man City boss 'hurt' by images of child victims of conflict zones
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BBC News

Pep Guardiola 'Hurt' by Child Victims in Conflict Zones

Man City manager Pep Guardiola makes a passionate plea for humanity, saying he is 'hurt' by child victims of conflict and urging for the rescue of migrants.

  • LONDON – Manchester City manager Pep Guardiola, one of football's most celebrated figures, made a passionate and wide-ranging intervention on global humanitarian issues, stating he is "hurt" by images of suffering from conflict zones and feels a personal duty to advocate for a "better society."
  • The UK Situation: The Home Office reported that 933 migrants crossed the English Channel in small boats during January 2024 alone. This issue remains a central, and deeply divisive, topic in British politics, with the government maintaining a firm policy to "stop the boats." Guardiola's focus on the human element offers a sharp contrast to the often-politicized nature of the debate.
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Fourteen migrants dead after collision with Greek coastguard boat
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BBC News

Fourteen Migrants Dead in Greek Coastguard Collision

A high-speed pursuit in the Aegean Sea ends in tragedy as a migrant speedboat collides with a Greek coastguard vessel, leaving fourteen people dead near Chios.

  • CHIOS, GREECE – A high-speed pursuit in the Aegean Sea ended in tragedy in the early hours of the morning, leaving at least fourteen migrants, including several children, dead after their speedboat collided with a Greek coastguard vessel. The incident, which occurred in the narrow Chios Strait separating the Greek island from the Turkish coast, has cast a harsh spotlight on the deadly risks of irregular migration and the increasingly aggressive tactics employed to control the European Union's maritime borders.
  • The Collision: According to the Hellenic Coast Guard, one of its patrol boats identified a suspicious, high-speed inflatable boat moving from the Turkish coast towards Chios. When hailed, the speedboat allegedly attempted to evade the patrol, leading to a pursuit that culminated in the fatal collision.
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Andrew moves out of Royal Lodge home
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BBC News

Prince Andrew Vacates Royal Lodge Amid Financial Pressure

The Duke of York has moved out of Royal Lodge, his Windsor home, as part of King Charles's restructuring of the monarchy's property amid high upkeep costs.

  • LONDON – Prince Andrew, the Duke of York, has officially vacated Royal Lodge as his permanent residence, marking a definitive shift in his status and a significant moment in King Charles III's ongoing restructuring of the Royal Family's extensive property portfolio. The Duke's new permanent base will be in Norfolk, with sources confirming he is expected to return to the 30-room Windsor mansion only to retrieve his final belongings in the coming weeks.
  • The Lease Agreement: In 2003, Prince Andrew signed a 75-year lease for Royal Lodge from the Crown Estate. The agreement required him to pay a one-time premium of £1 million and, crucially, to fund extensive refurbishments and all future upkeep at his own expense. Initial renovations alone were reported to have cost over £7.5 million.
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Business

Financial news and market updates

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Disney names Josh D'Amaro as its new CEO
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NPR Business

Disney Names Josh D'Amaro New CEO to Succeed Bob Iger

Disney appoints parks chief Josh D'Amaro as its next CEO, succeeding Bob Iger. The move signals a strategic shift from crisis management to long-term growth.

  • The Walt Disney Company has named parks division chief Josh D'Amaro as its next Chief Executive Officer, marking a pivotal moment of transition for the global entertainment giant. The board's announcement on Tuesday confirms D'Amaro will succeed the legendary Bob Iger, who returned for a dramatic second tenure to stabilize the company.
  • Why it matters: This carefully orchestrated succession signals a strategic shift for Disney. After years of crisis management, restructuring, and a tumultuous leadership saga, the appointment of a seasoned company insider is designed to usher in an era of stability and forward-looking growth, moving from a "fixer" CEO to a "builder."
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Nasdaq Drops 1.4%. AI Worries Hit Software Stocks Again.
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Yahoo Finance

Software Stocks Tumble on AI Fears, Dragging Nasdaq Down

The Nasdaq dropped 1.4% as investor anxiety over generative AI's disruptive power hit the software sector following a new product announcement from Anthropic.

  • The Big Picture: A fresh wave of investor anxiety over the disruptive power of artificial intelligence sent shockwaves through the software sector Tuesday, dragging the tech-heavy Nasdaq Composite down 1.4% as Wall Street repriced the competitive landscape in real-time.
  • Nasdaq Composite: Closed down approximately 1.4%, marking its most significant drop in a week as investors shed high-growth technology names.
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Tech Leads Stock Market Sell-Off as Jitters Flare Up on Wall Street
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Yahoo Finance

Tech Stocks Tumble as AI Fears Spark Wall Street Sell-Off

A tech-led sell-off hits Wall Street as investor fears over AI's disruptive power send the Nasdaq tumbling and erase early market gains.

  • NEW YORK – A wave of selling swept across Wall Street on Tuesday, erasing early-session optimism and sending the tech-heavy Nasdaq Composite tumbling as investors confronted mounting fears over the disruptive power of artificial intelligence. The Dow Jones Industrial Average reversed sharply after touching a new intraday record high, underscoring a rapid shift in market sentiment from euphoria to anxiety.
  • Major Indices Retreat: The Nasdaq Composite led the decline, closing down 1.4%. The benchmark S&P 500 pared some of its losses but still finished the day approximately 0.8% lower. The blue-chip Dow Jones Industrial Average, after hitting a new record in morning trading, slid to close down 0.3%.
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Trading In EchoStar Stock Was Strange After SpaceX/xAI Merger
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Yahoo Finance

EchoStar (SATS) Stock's Bizarre Surge After SpaceX News

EchoStar (SATS) stock saw a bizarre, short-lived surge following news of the SpaceX and xAI merger. Discover why algorithmic trading caused the confusion.

  • NEW YORK – In the moments after a seismic announcement that Elon Musk’s SpaceX would merge with his artificial intelligence venture, xAI, creating a $1 trillion colossus, an unexpected corner of the market lit up with frenetic activity. Shares of satellite communications firm EchoStar (NASDAQ: SATS) experienced a bizarre and short-lived surge, leaving traders and analysts scrambling to understand the sudden, intense interest in a company with no connection to the deal.
  • The Anomaly: EchoStar shares experienced a rapid, high-volume price spike immediately following the SpaceX/xAI merger announcement.
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US Equity Indexes Slump Amid Sell-Off in Technology, Communication Services
© Yahoo Finance
Yahoo Finance

US Stocks Fall as Tech Sell-Off Hits Nasdaq & S&P 500

US equity indexes fell as a sell-off in tech stocks ended Wall Street's rally. Investors reacted to renewed concerns over inflation and future interest rates.

  • NEW YORK – Wall Street’s recent upward momentum came to an abrupt halt Tuesday as a sharp sell-off in high-growth technology and communication stocks dragged major US equity indexes into the red. Investors recalibrated their portfolios amid renewed concerns over persistent inflation and the future path of interest rates, triggering a flight from the market's high-flying leaders to more defensive sectors.
  • The Bottom Line: This was a classic risk-off day where rising bond yields made the future earnings of growth companies appear less attractive, prompting investors to cash in profits from market leaders and seek shelter in less volatile assets.
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Politics

Political news and analysis

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Leaders of Gateway train tunnel project sue Trump administration over withheld money
© NPR Politics
NPR Politics

Gateway Tunnel Project Leaders Sue Trump Admin Over Funds

Leaders of the Gateway Program are suing the Trump administration, alleging the DOT is illegally withholding funds for the critical NY-NJ Hudson River rail tunn

  • WASHINGTON – The future of the single most critical infrastructure project in the United States now rests with the courts. Leaders of the Gateway Program, a multi-billion-dollar effort to build a new rail tunnel under the Hudson River and repair the existing one, have filed a federal lawsuit against the Trump administration, alleging the Department of Transportation is unlawfully withholding vital funds and jeopardizing the nation's economic security.
  • Imminent Shortfall: According to project leaders, existing funds for the GDC are set to be exhausted by the end of this week. A shutdown, even a temporary one, would mean disbanding expert teams and incurring significant remobilization costs later.
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Melinda French Gates reacts to new details about Bill Gates in the Epstein files
© NPR Politics
NPR Politics

Melinda Gates Reacts to Bill Gates in New Epstein Files

Melinda French Gates responds to new details about Bill Gates in the Epstein files, calling the information painful and stating he must answer for his actions.

  • WASHINGTON – Melinda French Gates has publicly addressed the latest revelations concerning her ex-husband, Bill Gates, found within newly released documents from the private communications of convicted sex offender Jeffrey Epstein. In a candid interview, she placed the responsibility for answering to the disturbing new allegations squarely on the Microsoft co-founder, further distancing herself from a painful chapter in her past and intensifying the scrutiny on one of the world's most powerful figures.
  • Accountability: "Whatever questions remain there... those questions are for those people and for even my ex-husband. They need to answer to those things, not me."
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Trump says he wants Republicans to 'nationalize' elections
© NPR Politics
NPR Politics

Trump Wants Republicans to 'Nationalize' US Elections

Former President Trump calls for Republicans to "nationalize" US elections, a radical shift from state control to a centralized federal system for voting.

  • WASHINGTON – Former President Donald Trump has called for a fundamental reshaping of the American electoral system, stating in a recent interview that he wants Republicans to "nationalize" the nation's elections. The declaration signals a significant strategic pivot and injects a new level of volatility into the political landscape, raising profound questions for the constitutional framework that has governed the U.S. for over two centuries and introducing a major new risk factor for economic and market stability.
  • Centralization vs. Decentralization: The U.S. system is intentionally decentralized. Over 10,000 election jurisdictions, primarily at the county level, are responsible for administering elections according to rules set by their respective state legislatures. Nationalization would strip this authority, consolidating power within the federal government.
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Police investigate Mandelson over claims he leaked information to Epstein
© BBC Politics
BBC Politics

Police Probe Mandelson Over Epstein Information Leak Claims

Former PM Gordon Brown refers Lord Mandelson to police over claims he leaked sensitive financial information to Jeffrey Epstein following the 2008 crisis.

  • LONDON – An extraordinary political dispute has escalated into a formal police matter, as former Prime Minister Gordon Brown confirmed he has passed evidence to the Metropolitan Police concerning allegations that his former cabinet minister, Lord Peter Mandelson, may have leaked sensitive financial information to the disgraced financier Jeffrey Epstein.
  • The Central Claim: Allegations, reportedly stemming from documents associated with Jeffrey Epstein, suggest Lord Mandelson may have shared sensitive, market-moving information with the financier concerning the disposal of UK banking assets after the 2008 financial crisis.
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Who is in the Epstein files?
© BBC News
BBC News

Epstein Files: Lord Mandelson Resigns from House of Lords

Lord Peter Mandelson resigns from the House of Lords after being named in the unsealed Jeffrey Epstein files. The New Labour architect denies any complicity.

  • Denial of Complicity: Lord Mandelson told the BBC he "was never culpable or complicit in (Epstein's) crimes." He asserted that, "Like everyone else I learned the actual truth about him after his death."
  • The Resignation: While not legally required, the decision to step down from the House of Lords is a clear acknowledgment of the political and reputational damage caused by the revelations. It preempts potential sanctions or a formal investigation by parliamentary standards authorities.
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Finance

Banking and investment news

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Nasdaq, S&P 500 Log Worst Day in 2 Weeks Amid Tech Sell-Off
© Yahoo Finance
Yahoo Finance

Nasdaq, S&P 500 See Worst Day in 2 Weeks on Tech Sell-Off

U.S. markets, led by the Nasdaq and S&P 500, saw their largest drop in two weeks as a major tech sell-off prompted investors to take profits.

  • NEW YORK – U.S. equities retreated sharply on Tuesday, with the technology-heavy Nasdaq Composite and the benchmark S&P 500 posting their largest single-day percentage drops in two weeks. The sell-off was driven by a significant pullback in high-flying technology stocks, particularly in the semiconductor space, as investors took profits and reassessed sky-high valuations ahead of key economic data.
  • Nasdaq Composite: The tech-centric index fell approximately 1.7%, marking its most significant single-day loss since mid-month. The decline erased recent gains and brought the index back to a key technical support level.
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Software losses, value stocks, bitcoin slips: Market Takeaways
© Yahoo Finance
Yahoo Finance

Tech Divide: Software Stocks Fall as Value Stocks Rise

Explore the market's stark divergence as investors sell software stocks for value plays. See why AI chips soar while software and bitcoin slip in this analysis.

  • NEW YORK – A stark divergence is cleaving the market in two, as investors aggressively shed high-growth software stocks in favor of traditional value plays, while the cryptocurrency rally shows signs of faltering. The technology sector, once a monolith of market leadership, is now a tale of two industries: soaring semiconductor stocks fueled by the artificial intelligence boom, and a beleaguered software segment grappling with a deep and sustained sell-off. This rotation signals a significant shift in investor sentiment, prioritizing tangible value and cyclical strength over long-duration growth assets amid a complex macroeconomic environment.
  • Year-to-Date Carnage: The performance since the start of the year paints an even grimmer picture. Many prominent software stocks are nursing substantial losses, including Teladoc (down 27%) and HubSpot (down nearly 40%).
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PepsiCo CEO reveals how he is tackling weight-loss drugs and consumer affordability challenges
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Yahoo Finance

PepsiCo CEO on Weight-Loss Drugs & Affordability Strategy

PepsiCo CEO Ramon Laguarta details a new strategy to tackle challenges from GLP-1 weight-loss drugs and persistent consumer affordability pressures.

  • NEW YORK – PepsiCo CEO Ramon Laguarta is charting a course through two of the most formidable challenges facing the consumer goods industry: the seismic rise of GLP-1 weight-loss drugs and persistent consumer pressure on affordability. In a detailed discussion with Yahoo Finance, Laguarta outlined a multi-year reinvention strategy designed to ensure the snack and beverage giant not only survives but thrives in a rapidly changing landscape.
  • Portion Control: The company is making a significant bet on smaller package sizes. Laguarta noted that consumers on these medications don't necessarily abandon their favorite brands but seek to consume them in smaller quantities. "They want their favorites at smaller portions," he said. "That is a key strategic bet for us." This strategy allows PepsiCo to maintain brand loyalty and revenue per ounce while adapting to reduced consumption volumes per occasion.
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US Equity Markets Lower Amid Technology-Led Selloff
© Yahoo Finance
Yahoo Finance

US Stocks Fall as Tech Selloff Spurred by Rate Concerns

U.S. equity markets closed lower, dragged down by a tech selloff as rising Treasury yields and interest rate fears hit the Nasdaq and S&P 500 indexes.

  • NEW YORK – U.S. equity markets closed Tuesday's session firmly in the red, dragged down by a significant selloff in the high-flying technology sector as a sharp rise in Treasury yields soured investor sentiment. The Nasdaq Composite bore the brunt of the decline, underscoring a broader risk-off mood that prompted a rotation out of growth-oriented stocks and into more defensive areas of the market.
  • Nasdaq Composite: Suffered the steepest losses as its largest components, including semiconductor and software firms, fell sharply. The index is particularly sensitive to interest rate fluctuations due to the high valuations of its constituent companies.
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Dow Jones Futures: Nasdaq Breaks Support As Walmart Hits Milestone; AMD, Lumentum Are Earnings Movers Late
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Yahoo Finance

Dow Jones Futures: Nasdaq Breaks Support, Walmart Soars

Stock futures are mixed as the Nasdaq breaks key support, signaling tech weakness. Dow futures rise on Walmart's strength, with AMD, Lumentum earnings in focus.

  • NEW YORK – Wall Street is bracing for a potentially turbulent session as overnight futures trading points to a market at a crossroads, with technology stocks flashing warning signs even as a key retail giant signals robust consumer health. The tech-heavy Nasdaq is in sharp focus after decisively breaking a key technical support level, fueling concerns of a broader correction, while Dow component Walmart Inc. continues its powerful ascent to new heights.
  • Support Level Breached: The 50-day line, which had provided a floor for the index during minor pullbacks, was violated on heavy volume. This indicates that selling pressure overwhelmed buying interest at that critical level, suggesting a potential shift in market sentiment from "buy the dip" to "sell the rip."
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