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The Dow fell 460 points Friday as a leading indicator of a US recession and concern about a global slowdown spooked investors.The index shed 1.8%, while the S&P 500 closed down 1.9%. The Nasdaq plunged 2.5%. It was the worst performance for all three major indexes since January 3.The yield on 3-month Treasuries rose above the rate on 10-year Treasuries for the first time since 2007 — a shift that scared Wall Street. Investors have piled back into stocks after a sell-off in late 2018.The flattening yield curve, or the difference between short- and long-term rates, has worried investors for months. A narrowing spread is typically seen as sign that long-term confidence in the economy is waning, which could signal an eventual economic contraction.Friday's flip added to pressure on the Dow that was building before US markets opened.The index stumbled at the bell on poor manufacturing data from Germany, which also spelled trouble for the country's bond market. The yield on Germany's benchmark 10-year government bond fell below zero for the first time since October 2016.All of that news is fueling Wall Street's ongoing concerns about slowing global growth.White House economic adviser Larry Kudlow told CNBC last year that the spread between 3-month and 10-year Treasury yields was important to watch."It's actually not 10s to 2s; it's 10s to 3-month Treasury bills," Kudlow 1402
The NBA has confirmed its season has been suspended after a player has tested positive on Wednesday for coronavirus. The Thunder and Jazz were moments from tipoff when a trainer approached referees. Moments later, players, coaches and referees left the court. The game was then suspended.An hour later, the NBA announced that the season would be suspended. Games on Wednesday, other than the game between the Jazz and Thunder, will be allowed to conclude, making the decision effective on Thursday. But the final game of Wednesday's slate, which was also minutes away from tip-off, was postponed. "The NBA announced that a player on the Utah Jazz preliminary tested positive for COVID-19," the NBA said in a statement. "The test result was reported shortly prior of tonight's game between the Jazz and Oklahoma City Thunder at Chesapeake Energy Arena. At that time, tonight's game was canceled. The affected player was not in the arena.""The NBA is suspending game play following the conclusion of tonight's schedule of games until further notice. The NBA will use this hiatus to determine next steps for moving forward in regard to the coronavirus pandemic."ESPN reported that the player that tested positive was Jazz star Rudy Gobert. "This is crazy, this can't be true," Mavs owner Mark Cuban said on ESPN, moments after he learned of the decision. "It seems more out of a movie than reality." 1408
The Music City of Nashville will go silent today for #BlackoutTuesday. It’s all part of an effort to show solidarity in the aftermath of George Floyd’s death. Industry leaders say it’s time to reconnect with the community in the wake of Floyd’s death. Musicians and artists everywhere will not release any music or profit off any business for the day. Event organizers say the music industry has benefited so much from African American culture – that it's only fair that today be a day for listening. Some familiar names participating in this, the Country Music Hall of Fame and Museum, Nashville’s Big Machine Label Group, Black River entertainment and Big Loud Records.The Listening Room Cafe is even canceling all events today to focus on change instead. Founder and president Chris Blair Schoessel posted on his Facebook, saying the decision was important.“I hope, and we hope, that we can begin the lead with love and find unity and justice for all. I love you guys. I love you,” he said. You’ll also notice that this movement is spreading fast on social media. The hashtag #TheShowMustBePaused is going viral. 1127
The Delta Aquariid meteor shower puts on one long summer show in July and August, but it will peak at the end of July.The meter shower began July 12 and is active until August 23. A new moon on Wednesday and Thursday will provide optimal dark skies for spotting meteors. But the peak actually began Sunday, and the best chance to see them without the moon in the way will be the first week of August.The best time to see them will be about 3 a.m. ET, but the meteor shower will also be viewable when the sky is darkest in the overnight hours until the first light of dawn.Expect to see about 20 meteors per hour during the peak, traveling at 25 miles per second.The Delta Aquariid meteors are more faint than others, and they're more apparent in the Southern Hemisphere, according to 796
The current cavernous gap in ideology between America's two political parties was on display again in the House of Representatives earlier this week. But this time, the topic wasn't border security, healthcare or presidential powers.Democrats and Republicans chose to trade barbs about the band Nickelback.The discussion cropped up during debate over a voting rights provision. Rep. Mark Pocan (D-Wisconsin) mentioned that only four in 77,000 were in favor of the provision."That's probably about the percent of people who think Nickelback is their favorite band in this country — it's pretty low," Pocan said.Pocan was likely drawing on anti-Nickelback sentiment that has become a meme in recent years. In 2010, a Facebook group called "Can this pickle get more fans than Nickleback?" 798