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The jittery stock market is once again heading south.The Dow dropped 327 points, or 1.3%, on Thursday, with selling accelerating after Treasury Secretary Steven Mnuchin backed out of a conferencein Saudi Arabia. The index had been down 471 points at one point.Tech stocks fell sharply, sending the Nasdaq tumbling 2.1%. Netflix declined 5%, while Facebook and Amazon lost about 3% apiece.Stock market volatility is back on Wall Street. Fears about rising bond yields and the US-China trade war sparked heavy selling last week, the worst for all three major indexes since March. Stocks rebounded sharply on Tuesday, before another wobbly session on Wednesday. The CNN Business Fear & Greed Index of market sentiment is flashing "extreme fear."The market slide gathered steam on Thursday after Mnuchin announced on Twitter that he will not participate in the Saudi summit. Mnuchin said it was a joint decision with President Donald Trump and Secretary of State Mike Pompeo. An administration official told CNN that no other government officials will attend the event in Mnuchin's place.The news adds to rising global uncertainties, including concerns about Italy's budget and a plunge in China's stock market.David Kotok, chief investment of Cumberland Advisers, said he believes Thursday's market slide was driven more by concerns about Italy and China."But Mnuchin doesn't help things," said Kotok.Mnuchin's announcement points to elevated tensions between the United States and Saudi Arabia over the disappearance of Washington Post journalist Jamal Khashoggi.Saudi Arabia has threatened to retaliate against potential US sanctions. The kingdom is the world's largest oil exporter, giving it great sway over global energy prices. US oil prices briefly bounced on the Mnuchin news but closed lower on the day.Saudi Arabia has also played a huge role financing the rise of Silicon Valley, serving as the tech industry's unofficial banker.But the market has also been pressured by other international developments. Even before Mnuchin's tweet, analysts pointed out that Italian bond yields spiked due to concerns about Italy's budget proposal. The European Union plans to send a formal warning letter to Rome to signal displeasure over plans to increase Italy's budget deficit, Reuters reported.Chinese markets were also under pressure. The Shanghai Composite plunged nearly 3% overnight, falling deeper into a bear market as the US-China trade war continues to linger.US investors continue to move money out of the riskiest parts of the market and into defensive areas. While tech stocks fell sharply, defensive areas such as utilities and telecom rose slightly."There is a rotation away from the tech and momentum names," Kotok said. "One has to ask: Has FANG been defanged?" 2868
The oldest American survivor of the Japanese air attack on Pearl Harbor has died. Ray Chavez was 106.Gary Bobileff of the Spirit of Freedom Foundation told 10News, "He was a humble man and he was truly a patriot."Seaman first class Ray Chavez was assigned to the Navy minesweeper U.S.S. Condor; it was on continuous duty for the next nine days in the waters around Pearl Harbor. Bobileff described his focus as two-fold."Number one; love of country; that is of paramount important. Number two: Be strong, be bold, be brave."Chavez has often attended commemorative events in San Diego and in Hawaii. A few months ago Ray Chavez was invited to the White House."The president acknowledged him, shook hands."Richard Rovsek, also from the Spirit of Liberty Foundation of Rancho Santa Fe, recalls the moment."It was very emotional; the president was charming as he can be. Ray announced he did not vote for him, by the way."The White House tweeted about the loss Wednesday. 993

The number of people still unaccounted for after the devastating Camp Fire in Northern California has dropped to 11, the Butte County Sheriff's Office said.The latest count is down from a one-time high of more than 1,000 people.The death toll dropped from 88 to 85 after DNA testing revealed the remains of three victims were accidentally separated into different bags during the process of recovery, Butte County Sheriff and Coroner Kory Honea said Monday night.The Camp Fire burned through more than 153,000 acres in Butte County after it broke out November 8. It was contained November 25 after becoming the deadliest and most destructive wildfire in California history.The blaze decimated much of the town of Paradise and destroyed nearly 14,000 homes and more than 4,800 other buildings. 810
The man accused of setting a Southern California fire that has burned more than 19,000 acres appeared in court Friday and said, "It's all a lie!" as a judge read the charges against him.Forrest Gordon Clark, 51, did not enter a plea during the brief appearance in an Orange County courtroom. When the judge explained the process further to him, Clark said, "I comprehend. I do not understand though."He is due back in court August 17 for arraignment and bail review.Clark was charged Thursday with aggravated arson and criminal threats, among other offenses, in starting the Holy Fire in Cleveland National Forest that has scorched 19,107 acres and was 10% contained as of Friday night, according to forest officials. 725
The quadrennial inauguration of a president generally draws hundreds of thousands of people to the Washington Mall in DC. But in January, President-elect Joe Biden expects that number to be much lower.As the inauguration stage is being built outside the US Capitol, Biden said he expects his inauguration to look akin to the 2020 Democratic National Convention, which was held virtually."First and foremost in my objective is to keep America safe but still allow people to celebrate," Biden said. "To celebrate and see one another celebrating."Some other traditional elements to Inauguration Day, like the parade and balls, appear to be scrapped.“There will probably not be a gigantic inaugural parade,” Biden said.Other Inauguration Day events, such as the signing ceremony and luncheon the new president has with congressional leaders, are still unknown. As of now, the Joint Congressional Committee on Inaugural Ceremonies is unaware of any restrictions related to the pandemic. Those wishing to get a spot to view Biden’s inauguration can still request tickets to the event through their member of Congress.Another sign that the pomp and circumstance of this year’s inauguration will look different is this could be the first time in US history that a presidential inauguration fails to result in a peaceful transfer of power. Outgoing President Donald Trump has continued to allege the election was stolen from him despite dozens of failed lawsuits and no formal prosecutions of widespread fraud.It has been a long-standing tradition that the incoming and outgoing president meet at the White House and travel to the Capitol together before the inauguration.Trump has suggested that Biden would only be able enter the White House after the inauguration if he can “prove” he received 81 million votes.Three weeks ago, a joint statement released by federal and state officials described the presidential election as the “most secure in American history.”In response to the letter, Trump fired US election security head Chris Krebs.In an interview with CNN on Thursday, Biden said he is hopeful Trump will attend the inauguration."I think it would be important only in one sense, not in a personal sense, important in the sense that we are able to demonstrate the end of this chaos that he's created, that there is peaceful transfer of power with the competing parties standing there, shaking hands and moving on,” Biden said. 2436
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