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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
This June 24, 2020 image is from the Suomi NPP OMPS aerosol index. The dust plume moved over the Yucatan Peninsula and up through the Gulf of Mexico. The largest and thickest part of the plume is visible over the eastern and central Atlantic. 250
This Labor Day, gas prices are set to be the lowest since 2004.According to AAA, the national average is .23, which is down 34 cents from last year.Gas Buddy reported the national average for the lowest-priced gas price on Labor Day was .82 per gallon in 2004.AAA said car trips are down 3% from last year, with air travel being down 75%."That means that motorists should expect heightened traffic throughout the Labor Day holiday, on top of new restrictions and precautions necessitated by the current health challenge," AAA said in a press release.AAA says prices at the pump will continue to drop in the coming weeks, as "demand falls and refineries in the Gulf of Mexico region come back online in the wake of Hurricane Laura." 743
This year's National Voter Registration Day was the largest in history, in part, because businesses assisted people to register or update their information. Many businesses say it's their duty to help people vote.Tanger Outlets in cities such as Daytona Beach, Florida, San Marcos, Texas and Savannah, Georgia, held registration events for shoppers coinciding with National Voter Registration Day. This year, records were smashed on National Voter Registration Day as 1.5 million voters registered, and hundreds of those were through the Tanger Outlet event.“It spoke to the traffic that the center saw that particular day, but we’re going to make this an annual event because of the returns they got,” says Stephen Yalof, president and chief operating officer of Tanger Outlets.“We’re very youth oriented, youth conscious in that we feel like the younger people in America have a voice and we want to make sure that we get a hold of them and make sure that they register and have a chance to have their voices heard when it comes to voting,” says Yalof.Tanger is just one of the many businesses that felt the need to get involved.“We’re very clear; we’re an ice cream company but we believe with adding a little bit of sweetness to assist the groups who are working on the front line who work to bring systemic change in the world,” said Jabari Paul, U.S. activism manager for Ben & Jerry'sBen & Jerry's, he says, does so much more than make and sell ice cream.“People can walk into our shops and there’s usually information somewhere up in the shop that informs you of the issues we care about, the issues our partners are working on," Paul said.These days, Paul says, that issue surrounds voting. Their "Scoop Shops" around the country are also called "action stations." Part of the campaign involves sending a text to easily check your registration status.“We believe businesses have a role to play in helping create a better society and that role can go far beyond corporate giving, and businesses have a huge platform they can lend in terms of uplifting very important issues,” says Paul.“You’ve seen so many people this year step it up, and I think you know, we’ve had some good corporate partners and efforts simply because people want to do their part and it's needed,” Ben Hovland, chairman of the U.S. Election Assistance Commission, said.The bipartisan, independent group focuses on elections and how they're run around the country. In the early days of the pandemic, there were serious drops in registration because places where people register, like the DMV, were closed. So, Hovland says, the help from businesses is critical.“This year you saw a lot of - a real outpouring of community participation, both government officials, the EAC is a partner in that effort,” Hovland said. “Civic groups, also corporations, celebrities, sports teams just promoting this idea of voter registration and for people to get registered.”Depending on where you live, you may still be able to register or update your registration, which is critical to being able to make sure your vote counts. 3107
This guy was spotted using his snake as a face mask on a bus into today...each to their own and all that ????Credit - Alison Jones / Swinton People pic.twitter.com/hX2F8RWYvw— mcrfinest (@McrFinest) September 15, 2020 225