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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

The body of a New Jersey man, whose body was recovered 1,500 feet underwater in California, is considered to be the deepest recovery ever performed in the United States and Canada, officials say.According to the South Lake Tahoe Police Department, 29-year-old Ryan Normoyle rented a boat on Lake Tahoe on Aug. 10.That evening, Ryan's rental boat washed ashore in Glenbrook, Nevada, but Normoyle wasn't on it.On the boat, the department said they found Normoyle's phone, which recorded Ryan jumping off the boat into the lake. The video also showed the boat drifting away, which the department said was because Ryan had left in gear.The New York Times reported that the camera captured Normoyle trying to swim to the boat for about two minutes before disappearing from the frame.With the help of GPS data captured from Ryan's phone while recorded, the South Lake Tahoe Fire Department, Douglas County Sheriff's Office, the Washoe County Marine Unit, and the University of California Davis Research Team helped in the search. On Sept. 23, the nonprofit Bruce's Legacy, which specializes in underwater recovery, was called in by Ryan's family to aid in the investigation.In a blog post, Bruce's Legacy founder Keith Cormican detailed how winds chased them off the lake around noon, and on the second day, they ran into electrical issues. Not wanting to give up, Cormican used sonar on the ROV after losing power to it.After a few hours, a body image, which was identified as Ryan's, showed up on the sonar at 1,551 feet. Unfortunately, they lost hold of him and weren't able to bring him to the surface, but on Sept. 27, they found Ryan at 1,565 feet, and after two hours, the crew pulled up Normoyle's body, by hand, to the surface.According to the police department, Cormican said this was the deepest recorded recovery in the United States and Canada. Previously, the deepest recovery in Lake Tahoe was in 2018 at a depth of 1,062 feet. 1944

TAYLOR, Mich. (AP) — When it comes to the middle finger, police might need a thicker skin.A federal appeals court says a Michigan woman's constitutional rights were violated when she was handed a speeding ticket after giving the finger to a suburban Detroit officer in 2017. The decision means a lawsuit by Debra Cruise-Gulyas can proceed.In a 3-0 decision Wednesday, the court said Taylor Officer Matthew Minard "should have known better," even if the driver was rude.Minard stopped Cruise-Gulyas and wrote her a ticket for a lesser violation. But when that stop was over, Cruise-Gulyas raised her middle finger.Minard pulled her over again and changed the ticket to a more serious speeding offense.Cruise-Gulyas sued, saying her free-speech rights and her rights against unreasonable seizure were violated. 816

The bankruptcy filing allows Remington to stay in business while restructuring its massive debt. The company has been planning to reduce its debt by 0 million through the Chapter 11 process and contribute 5 million to its subsidiaries.Remington plans to keep on making guns. The company said, when it first announced its plan to file for bankruptcy in February, that operations "will not be disrupted by the restructuring process."Founded in 1816, Remington is one of the oldest and best-known gun makers in the world. It's owned by Cerberus Capital Management, which plans to shed ownership once the bankruptcy is complete.Remington is headquartered in North Carolina. It makes a variety of handguns, shotguns and rifles at its sprawling 19th-century factory in Ilion, N.Y.Its products include the Bushmaster AR-15-style rifle that was used in the 2012 mass shooting in Newtown, Connecticut. The company has been sued by family members of the Sandy Hook victims.An attorney from the law firm representing those family members said it does not expect the bankruptcy filing to affect its clients' case "in any material way."The company also settled a class action lawsuit a few years ago regarding allegations of defective rifles.The gun industry as a whole has suffered plunging sales and profits under the Trump administration, because consumers are no longer driven by fears of more restrictive gun control with a Republican in the White House who's been endorsed by the National Rifle AssociationAmerican Outdoor Brands, which owns the brand Smith & Wesson, reported dismal earnings earlier this month as did Sturm Ruger in February, and they've laid off hundreds of workers.  1702

Thank you everyone for your very kind wishes on Prince George’s birthday today! ?? ?? pic.twitter.com/L7dQDtQfaN— The Duke and Duchess of Cambridge (@KensingtonRoyal) July 22, 2020 188