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That was fast. Wall Street's enthusiasm for the US-China trade truce has completely vanished.The Dow Jones sunk nearly 800 points on Tuesday, nearly a three percent drop.The S&P 500 declined 2.5%, while the Nasdaq tumbled 3%.Big tech stocks fell sharply. Apple (AAPL), Amazon (AMZN) and Alphabet (GOOGL) lost more than 3% apiece.The selloff wipes out Monday's 288-point jump on the Dow. That rally had been fueled by relief over the ceasefire between the United States and China on the trade front.But investors are quickly realizing that the US-China trade war is not over. The tariffs already put in place remain. And new tariffs could be implemented if the two sides fail to make progress."People are still very concerned about the trade war," said Dan Suzuki, portfolio strategist at Richard Bernstein Advisors. "Financial markets are increasingly showing signs of fear of a recession."President Donald Trump did not help Wall Street's trade war worries on Tuesday. Trump said that he would "happily" sign a fair deal with China but also left open the possibility that the talks will fail."President Xi and I want this deal to happen, and it probably will," Trump tweeted. "But if not remember... I am a Tariff Man."Those words aren't likely to bolster confidence among investors already worried about the negative consequences of the trade war. Steel and aluminum tariffs have lifted raw material costs and caused disarray in supply chains. And uncertainty about trade policy makes it very difficult for companies to make investment decisions.Investors have also grown very worried in recent days about fluctuations in the bond market. The gap between short and long-term Treasury rates has narrowed significantly this week. Before almost every recession, the yield curve has inverted, meaning short-term rates are higher than long-term ones.The gap between the 10-year and two-year Treasury yields dropped on Tuesday to the smallest since just before the Great Recession. And the less closely watched gap between three and five-year Treasury yields inverted on Monday.The tightening yield curve reflects fears about a growth slowdown and concerns about whether the Federal Reserve is raising interest rates more quickly than the economy can handle. Fed chief Jerome Powell gave a speech last week that investors interpreted as signaling the central bank could slow its rate hikes. However, there is a debate over whether Powell really was telegraphing a sudden change.Barry Bannister, head of institutional equity strategy at Stifel, predicts the Fed will pause its rate hikes because it has already made monetary policy too tight. He pointed to the slowdown in the housing market caused by higher mortgage rates."It's playing with fire to be too tight and risk an inversion because you don't know what the outcome will be," Bannister told reporters on Tuesday. "Even if the Fed pauses, they may have already done too much."A flattening yield curve and slowing economic growth hurt the profitability of banks.The financial sector was the second-worst performer in the S&P 500 on Tuesday. Bank of America (BAC), Morgan Stanley (MS) Citigroup (C) and Wells Fargo (WFC) declined more than 4% apiece.But Suzuki cautioned that the markets could be overreacting. He pointed to strong corporate profits and the fact that the yield curve has not yet inverted."We don't see signs of an impending recession," Suzuki said. "There is a widening gap between market fear of a deterioration in the fundamentals and the actual fundamentals themselves." 3558
Surveillance video may shed light on the mysterious death of a young Chicago woman whose body was found in a hotel freezer last week. The case sparked accusations of foul play on social media.Police in Rosemont, a suburb northwest of Chicago, said Kenneka Jenkins, 19, was last seen early Saturday, September 9, at a party at the Crowne Plaza Chicago O'Hare Hotel. Her family reported her missing later that day, and Jenkins' body was found in the walk-in freezer at the hotel shortly before 1 a.m. Sunday. The results of an autopsy by the Cook County Medical Examiner's Office are pending. 598
Stores are unveiling their plans for the most critical days of the holiday shopping season.Here's a look at what major retailers have said about their hours for Thanksgiving Day and Black Friday. This list will be updated.JCPenneyJCPenney will open at 2 p.m. on Thanksgiving Day. Its stores will stay open until 10 p.m. the following day. Online sale prices will start four days ahead, on November 19.KmartKmart stores will open at 6 a.m. on Thanksgiving and will stay open until 10 p.m. on Black Friday. Some stores will close at midnight or 2 a.m. on Friday and reopen at 6 a.m.Macy's Macy's will open most of its full department stores at 5 p.m. on Thanksgiving. The company is also highlighting deals that will only be available at certain hours.PetSmartPetSmart will be closed on Thanksgiving, but will open on Black Friday at 7 a.m. The pet retailer will stay open until 9 p.m., and doorbuster deals will run from open until noon.SearsSears says most of its stores will be open from 6 p.m. to midnight on Thanksgiving, though some will be closed for the holiday. All stores will reopen at 5 a.m. on Black Friday.TargetTarget's Black Friday event starts at 6 p.m. on Thanksgiving. New this year: Stores will close that night at midnight and reopen Friday at 6 a.m. 1283
SYRACUSE, New York — It’s training many teachers have never seen, and it’s designed to let staff feel what it might be like to have a school shooter attacking.These teachers are physically learning to team up and do battle with a shooter, and they are being taught to focus on a shooter's hands.Teacher’s aid Melissa Demjanenko used tennis balls to train in place of staplers, tape dispensers or chairs she would really use to defend her classroom."I think of myself as not a powerful person. ... What can I do to stop something? Now I know I can do something. Now I know everyone in this room can do something," Demjanenko said.The training considers the idea that when people are in the most stressful situation of their lives, and they think they're just going to react a certain way ... they recognize they won't, Sheriff’s Deputy Tom Czyz said.People need muscle memory, and to get that, a person needs to have gone through similar stress, he said.Czyz started the training company Armored One.He says running to safety is your best bet, then hide if you can’t run.Along with other current and former law enforcement he teaches teachers lessons that go beyond the classroom and beyond the school lessons we can all use if running or hiding aren’t an option.“Your game plan of what you will do in case something happens: I hear gunshots behind me in front of me next to me. Which way am I going? What am I doing if I have to fight back.? What am I going to use for weapons? ... Literally in a few seconds."Everywhere you go you can have these plans already and it could save your life," Czyz said.We asked if he does that in every building he goes into. “Absolutely.”Police officers regularly train at the gun range; flight attendants on the airplane train for weeks to help people get out alive. This is why some school districts have decided teachers also need to train physically — to protect students.Before this training, in a mock active shooter drill — teachers reacted painfully slow, taking more than 30 seconds to exit the room.Czyz was brutally honest.“If my own kids were in here, I would be disgusted with you. Pretend like your own kids are in here, right?" he said.Czyz's team demonstrated how to barricade a door and use other things around to block and protect one's self. The taechers then tried again.There was a huge difference after the training — teachers cleared the room in around 10 seconds.The sheriff's department says it works hard to make sure the teachers are in their space, so training is done in the school where the teachers actually work. They get first-hand experience in their building.Planning ahead and practicing is what these teachers say now gives them the confidence to wage war against an attacker if they have no other choice. 2858
The app Nextdoor announced its added new features for families looking to celebrate Halloween safely amid the pandemic.According to the social networking company, their Treat Map, which has been up and running since Oct. 1, typically shows homes that pass out candy in your neighborhood.This year, the company added new features, including homes displaying Halloween decorations, so you can drive by to look at the spooky decor.The maps will also show which homes have pumpkin projects or participate in a costume wave parade, which is where you wave at your neighbors safely from your vehicles while wearing your favorite costumes. 640