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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 "City by the Bay" is known for more than a few things. Treacherous hills, cable cars, golden bridges and…Sourdough bread, which is San Francisco’s not so well-kept secret for at least the last 150 years, if not longer. Just ask Jen Latham.“The Basque country, which is that region kind of in between France and Spain, has an amazing tradition of this exact style of bread, like that very crusty, very wet, very open crumb bread. And during the gold rush and just after the gold rush, there was this huge influx of Basque people to the to this area. They brought that tradition of bread here,” said Latham.Latham is the head of Bread at Tartine Bakery in San Francisco.Ever since San Francisco boomed in the mid 1800’s with the gold rush, the city has been a haven for the sour bakers. The tradition is alive and well at Tartine.What makes sourdough different than other bread? It’s this little thing called a starter.“It’s a paste of flour and water that’s inoculated with the right balance of yeast and bacteria to raise dough,” said Latham.Yup just mix a little flour and water and let it collect the natural bacteria in the air and you too can have your very own sourdough starter. And since the onset of the COVID-19 pandemic people have.People at home have been making, feeding, and nurturing their own starter at home.“Hopped on the bandwagon during COVID, just like millions of people probably did. Kind of found some blogs and started from there but it’s been going since like April,” said TC Jamison, a home baker.Jamison started his starter six month ago when the lockdowns were in full swing. He’s been baking and feeding it ever since.“You’re dealing with something that’s alive, so it’s going to be different every time,” said Jamison.Yup, feeding it fresh flour and water every day, for six months. It’s a lot of work.“The starter has been going, the one that we use now for well over 20 years,” Latham explained.So Jamison has a little ways to go. Some bakeries in San Francisco have had an ongoing starter for more than 150 years.But Jamison has a pretty special goal for his starter."My daughter was born in June. I was pretty hell bent on keeping the starter going before she was born and then afterwards. So now I can always say, that’s been around since before you were born,” he said. That will go down in the dad joke hall of fame.At Tartine, they’ll continue to shape, fold, and flour their way into the fabric of San Francisco sourdough history.“You’re never done learning about bread. There’s always more to learn. There’s always things you can change, there’s infinite variables. The flour and the weather and you’re fermentation management, timing, temperature. You’re never done,” said Latham 2732

Stephen Hawking, the brilliant British theoretical physicist who overcame a debilitating disease to publish wildly popular books probing the mysteries of the universe, has died, according to a family spokesman. He was 76.Considered by many to be the world's greatest living scientist, Hawking was also a cosmologist, astronomer, mathematician and author of numerous books including the landmark "A Brief History of Time," which has sold more than 10 million copies.Celebrity deaths of 2018: Remembering those we've lost this yearWith fellow physicist Roger Penrose, Hawking merged Einstein's theory of relativity with quantum theory to suggest that space and time would begin with the Big Bang and end in black holes. Hawking also discovered that black holes were not completely black but emit radiation and would likely eventually evaporate and disappear."A star just went out in the cosmos," Lawrence Krauss, a theoretical physicist and cosmologist, wrote on Twitter. "We have lost an amazing human being."Hawking suffered from ALS (amyotrophic lateral sclerosis), a neurodegenerative disease commonly known as Lou Gehrig's Disease, which is usually fatal within a few years. He was diagnosed in 1963, when he was 21, and doctors initially only gave him a few years to live.The disease left Hawking wheelchair-bound and paralyzed. He was able to move only a few fingers on one hand and was completely dependent on others or on technology for virtually everything -- bathing, dressing, eating, even speech.Hawking used a speech synthesizer that allowed him to speak in a computerized voice with an American accent."I try to lead as normal a life as possible, and not think about my condition, or regret the things it prevents me from doing, which are not that many," he wrote on his website."I have been lucky that my condition has progressed more slowly than is often the case. But it shows that one need not lose hope."Hawking was married twice. He and his first wife, Jane Wilde, wed when he was still a grad student and remained together for 30 years before divorcing in 1995. Hawking was later married for 11 years to Elaine Mason, one of his former nurses.Hawking was born in Oxford, England, on what turned out to be an auspicious date: January 8, 1942 -- the 300th anniversary of the death of astronomer and physicist Galileo Galilei.In an exclusive interview with CNN in October 2008, Hawking said that if humans can survive the next 200 years and learn to live in space, then our future will be bright."I believe that the long-term future of the human race must be in space," Hawking told CNN's Becky Anderson."It will be difficult enough to avoid disaster on planet Earth in the next 100 years, let alone next thousand, or million. The human race shouldn't have all its eggs in one basket, or on one planet. Let's hope we can avoid dropping the basket until we have spread the load."At Cambridge, he held the position of Lucasian Professor of Mathematics -- the prestigious post held from 1669 to 1702 by Sir Isaac Newton, widely considered one of the greatest scientists in modern history.Yet Hawking once said if he had the chance to meet Newton or Marilyn Monroe, he would opt for the movie star.Hawking became a hero to math and science geeks and pop culture figure, guest-starring as himself on "Star Trek: The Next Generation" and "The Simpsons." His life was dramatized in the 2014 movie, "The Theory of Everything."He had at least 12 honorary degrees and was awarded the CBE in 1982. A CBE, or Commander in the Most Excellent Order of the British Empire, is considered a major honor for a British citizen and is one rank below knighthood.Despite being a British citizen he was awarded the Presidential Medal of Freedom, the US's highest civilian honor, in 2009 by President Barack Obama.In September 2016 Hawking joined 375 "concerned" scientists in penning an open letter criticizing then-presidential candidate Donald Trump, citing the threat of climate change and blasting his push for the US to leave the Paris Accord.Fellow scientists hailed Hawking for his work and influence in the field."His passing has left an intellectual vacuum in his wake," tweeted Neil deGrasse Tyson. "But it's not empty. Think of it as a kind of vacuum energy permeating the fabric of spacetime that defies measure."Hawking leaves behind three children and three grandchildren. "We are deeply saddened that our beloved father passed away today," Hawking's children, Lucy, Robert and Tim, said in a statement. "He was a great scientist and an extraordinary man whose work and legacy will live on for many years. His courage and persistence with his brilliance and humor inspired people across the world.""He once said, 'It would not be much of a universe if it wasn't home to the people you love.' We will miss him forever."The-CNN-Wire 4846
The BlackBerry phone, which many of us probably thought was a thing of the past, is officially coming back.OnwardMobility announced on Wednesday that the phone would be manufactured by FIH Mobile, which is a subsidiary of Foxconn Technology.“Enterprise professionals are eager for secure 5G devices that enable productivity, without sacrificing the user experience,” said Peter Franklin, CEO of OnwardMobility in a press release. “BlackBerry smartphones are known for protecting communications, privacy, and data. This is an incredible opportunity for OnwardMobility to bring next-generation 5G devices to market with the backing of BlackBerry and FIH Mobile.”No details of the new phone are known, but it will run on the Android operating system, the company said.The company added that it would have "government-level security.""BlackBerry is thrilled OnwardMobility will deliver a BlackBerry 5G smartphone device with a physical keyboard leveraging our high standards of trust and security synonymous with our brand," said John Chen, Executive Chairman and CEO, BlackBerry, in the release. "We are excited that customers will experience the enterprise and government level security and mobile productivity the new BlackBerry 5G smartphone will offer.”The 5G BlackBerry device will debut sometime next year. 1317
The ,000 purchase of a soundproof booth for Environmental Protection Agency Administrator Scott Pruitt's office violated federal law, the Government Accountability Office concluded Monday.The GAO, a government spending watchdog that reports to Congress, cites a requirement that executive branch agencies must notify Congress before spending more than ,000 on certain office improvements."Because EPA violated this statutory requirement, we also conclude that EPA violated the Antideficiency Act and should report its violation to the Congress and the President as required by law," GAO said in a statement by one of its attorneys, Julie Matta.GPO's conclusions, outlined in a letter to congressional Democrats, follows a string of revelations about Pruitt's often pricey measures at the agency, including first class travel and 24/7 security.Pruitt is the first EPA administrator to employ an around-the-clock security detail. He has flown first or business class when traveling. He installed biometric locks on his office and closed the area around it to EPA personnel who are not on an approved list. The agency paid ,000 to a business partner of his security chief to check his office for spying technology.It is not yet clear what the consequences, if any, may be. President Donald Trump has repeatedly backed Pruitt through the revelations -- about expensive travel, a below-market-rate lease from an energy lobbyist, and raises given to aides against White House direction -- calling him a "good man" who "is doing a great job!"The ,570 "privacy booth for the administrator" was ordered in August from a Virginia-based company that specializing in soundproofing materials. The total price of around ,000 included renovations to prepare space for the booth, including removing a closed circuit camera system.EPA did not immediately respond to a request for comment.The-CNN-Wire 1904
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