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Trade war fears and a presidential attack on Amazon are rocking Wall Street.The Dow dropped more than 700 points on Monday, and the Nasdaq plunged 3%. The S&P 500 hit its low for the year and was on track for its lowest close since November. The sell-off left all three major indexes in the red for 2018.By the end of the day Monday, the Dow slightly recovered, closing down 458 points for the day.The sell-off on the first day of the second quarter came after President Trump once again attacked Amazon on Twitter. Amazon, one of the biggest drivers of the 2017 market rally, tumbled 5%, wiping out more than billion of its market value.Trump once again accused Amazon of taking advantage of the US Postal Service, and he suggested that Amazon does not pay its fair share of tax.In fact, Amazon pays the same lower rate that the post office charges other bulk shippers, and it collects sales tax in every state that charges it. Amazon does not collect sales tax on purchases made from third-party vendors."You've got the president of the United States attacking a single company over what he considers to be unfair practices," said Ian Winer, head of equities at Wedbush Securities.Amazon wasn't the only tech stock in trouble. Tesla, Netflix and Cisco all dropped by at least 4%. Intel plunged 8% on a?Bloomberg News report that Apple plans to switch to its own chips. Almost every stock in the Nasdaq 100 lost ground.The Nasdaq has plunged more than 10% from its all-time high on March 12."When investors see market leaders suddenly stumble, they become more cautious about the entire group," said Kate Warne, investment strategist at Edward Jones.Wall Street is also fretting about rising trade tensions, especially with China. Beijing responded to Trump's steel and aluminum tariffs on Monday by following through on its threat to impose tariffs on billion of US imports. The tariffs apply to 128 products, ranging from pork and meat to steel pipes.Trump plans to place additional tariffs on about billion worth of Chinese goods — and Beijing has promised to respond.John Toohey, head of equities at USAA, blamed the sell-off on concerns about the China tariffs. "Global trade could slow down, global supply chains could be impacted, and CEOs could be more cautious on capital spending," Toohey said.NAFTA worries are also on the rise after Trump took aim at the trade deal between the United States, Canada and Mexico. Trump on Sunday linked NAFTA to his efforts to build a wall along the border with Mexico."They must stop the big drug and people flows, or I will stop their cash cow, NAFTA. NEED WALL!" Trump tweeted."It's a cause for concern. That mixing of issues is contributing to uncertainty," said Kristina Hooper, chief global market strategist at Invesco.No matter the cause, signs of fear abounded. The VIX volatility index jumped more than 15%. CNNMoney's Fear & Greed Index of market sentiment dropped further into "extreme fear." Crude oil plunged about 3%. Gold, which tends to do well when investors are worried, climbed more than 1%."None of it makes a lot of sense," said Michael Block, chief strategist at Rhino Trading Partners. "I don't know what we learned that was new. Chinese tariffs are not surprising."After spiking last year, the stock market hit extreme turbulence during the first three months of the year as investors worried about tariffs, inflation and tech stocks. The Dow snapped its longest quarterly winning streak in 20 years.Stocks may be volatile, but the backdrop looks bright. Global economic growth is expected to accelerate and corporate profits are likely to surge, thanks in part to Trump's corporate tax cuts."It's unlikely to be the end of the bull market," Warne said. "The underlying fundamentals remain positive." 3823
There have been several mass shootings this year, and people are still trying to figure out ways to prevent them from happening. The latest shooting occurred at a Madden 19 game tournament in Jacksonville, Florida. The attack left two dead and nine others are still recovering from gunshot wounds.So far this year, there have been 8 notable mass shootings.So, what’s being done?The federal government has not passed any major gun legislation in more than a dozen years. Action has been mostly on the state and local levels.On Monday, California lawmakers approved a trio of bills to reduce the number of people with firearm access, including lifetime bans for people convicted of domestic violence or individuals placed on involuntary psychiatric holds twice in one year.Florida also tightened gun controls, by raising the age to purchase a firearm to 21 and banning bump stock.In Connecticut, the governor signed a bill banning bump stocks. Deerfield, Illinois banned assault weapons, within city limits, and in New Jersey, it’s required that therapists and counselors alert law enforcement if a patient has threatened serious violence against themselves or others. Their right to buy a gun can then be revoked.The battle continues to wage on how to handle these types of shootings, but so far, there appears to be no federal push to make major changes, leaving efforts up to states and cities. 1414
Toby the cat has been on quite the adventure in recent weeks.After his owners near Raleigh, North Carolina decided to drop off Toby at a friend's home, Toby left to return to his previous owners, who lived 12 miles away, according to the SPCA of Wake County, North Carolina. Instead of taking Toby back in after his 12-mile trek, the family instead took him to a shelter and requested the staff euthanize the cat. He was then transferred to the SPCA, which is a no-kill shelter.Toby is a healthy 7-year-old feline who has enough energy to walk 12 miles.On the SPCA’s Facebook page, dozens of commenters criticized the owners’ actions, with some offering to adopt Toby.On Monday, the SPCA announced that Toby had found a permanent home.“He has three new siblings (one feline and two human) and a cat-savvy mom to show him what a loving family is really like,” the shelter said on its Facebook page. 920
There are now more than 8 million positive cases of COVID-19 in the US since the beginning of the pandemic, according to Johns Hopkins University.There are more than 218,000 deaths in the country from the coronavirus.Cases are climbing around the country, as some states report numbers of daily new positive cases as large as they saw earlier this summer.Two states on Friday, Illinois and North Carolina, reported their highest daily COVID-19 positive case count ever. Several states are reporting a low number of available hospital beds in their ICUs, including Michigan and North Dakota.Across the country, there have been more than 53,000 new daily cases each day for the last week. That represents an increase of more than 55 percent in just over a month, according to CNN.Health experts worry this surge of cases could indicate a tough winter ahead. They remind people to take precautions: wash hands, wear a mask, avoid crowds, and remain socially distant from others."They sound very simple, but people are not doing that and that's why we have an uptick in cases," Dr. Anthony Fauci, Director of the National Institute of Allergy and Infectious Disease, told CBS News this week. He also shared earlier this week that his family will not be getting together for Thanksgiving to stay safe this winter. “Don't assume that because you're in your own home with your own family that you're not going to spread infection,” he said.There are more than 39.2 million positive cases of COVID-19 recorded around the world, according to Johns Hopkins. 1555
Three Democratic senators on Monday filed a lawsuit challenging the appointment of acting Attorney General Matt Whitaker, ratcheting up the court effort to declare his placement atop the Justice Department as unconstitutional.Sens. Richard Blumenthal of Connecticut, Sheldon Whitehouse of Rhode Island and Mazie Hirono of Hawaii filed the suit in US District Court on Monday, represented by the progressive public interest groups Protect Democracy and the Constitutional Accountability Center."The stakes are too high to allow the president to install an unconfirmed lackey to lead the Department of Justice — a lackey whose stated purpose, apparently, is undermining a major investigation into the president," Whitehouse said in a statement.The lawsuit is only the latest challenge to Whitaker's appointment to replace Jeff Sessions after President Donald Trump fired his attorney general the day after the election.Whitaker has come under fire from Democrats and others because he was a vocal critic of special counsel Robert Mueller's investigation before joining the Justice Department.He was serving as Sessions' chief of staff before Sessions was ousted, and has not gone through the Senate confirmation process in that role. His appointment leap-frogged Deputy Attorney General Rod Rosenstein, which also gave Whitaker control over the Mueller investigation that had previously been supervised by Rosenstein.Democrats had previously urged Whitaker to recuse himself from supervising the Mueller investigation, in addition to questioning the constitutionality of his appointment.Last week, the Justice Department issued a memo defending Whitaker's appointment, concluding that it was legally justified under the Vacancies Reform Act because it's a temporary appointment and "he had been serving in the Department of Justice at a sufficiently senior pay level for over a year."The Senate Democrats' lawsuit, however, argues that his appointment is unconstitutional under the Constitution's Appointments Clause requiring Senate confirmation of high-level federal appointees.In addition to the lawsuit filed Monday, Maryland's attorney general filed suit last week asking a federal judge to replace Whitaker with Rosenstein. Attorney Tom Goldstein, who is representing Maryland in that case, also filed a separate motion asking the Supreme Court to declare Rosenstein as acting attorney general.Whitaker has also come under scrutiny from House Democrats, who will take control of the chamber in January. Four expected committee chairmen sent letters to Whitaker and others asking for information about Whitaker's involvement in a company shuttered by the Federal Trade Commission, declaring they plan to investigate the matter next year.Trump said in an interview on "Fox News Sunday" that "it's going to be up to him" when asked if he would accept attempts by Whitaker to curtail the Mueller investigation. 2918