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    Harris reflects on breaking down barriers: Sometimes ‘you need to kick that f***ing door down’ to accomplish your dreams

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    John Raoux/AP

    Vice President Kamala Harris speaks about abortion restrictions at an event in Jacksonville, Florida, on May 1, 2024.


    Washington
    CNN
     — 

    Vice President Kamala Harris on Monday reflected on her experiences as a barrier-breaking public figure, telling a crowd in blunt terms that sometimes they need to take it upon themselves strive for their own opportunities and successes – even if others may doubt them.

    “We have to know that sometimes people will open the door for you and leave it open,” Harris said in a moderated conversation with actor and comedian Jimmy O. Yang in Washington.

    “Sometimes they won’t – and then you need to kick that f***ing door down,” she added, to applause and laughter from the crowd.

    She added, “Excuse my language,” as the crowd continued to laugh and applaud.

    Harris’ statement came as she marked Asian American and Pacific Islander Heritage Month, reflecting on her experience as the country’s first female, first Black and first Asian American vice president.

    Harris told Yang that people should never use others’ preconceptions of what they’re capable of to limit their own dreams and desires.

    “Don’t ever carry, as a personal burden, your capacity to do whatever you dream and aspire to do based on other people’s limited ability to see who can do what,” Harris said.

    Harris this year has become a key figure for President Joe Biden’s administration and campaign, criss-crossing the country making points that might be more difficult for the president – an older white man – to make himself.

    Her efforts have included serving as the administration’s point person on abortion rights, becoming the first sitting president or vice president to visit an abortion provider and traveling to states such as Florida and Arizona, where new court rulings and laws have thrown into doubt the future of abortion access.

    Harris on Monday also discussed the administrations efforts to protect the legal right to an abortion, making references to the 2022 Supreme Court decision that overturned Roe v. Wade.

    “A decision has been made that takes from the American people a fundamental freedom to make decisions about one’s own body,” Harris told Yang. “Think about what that’s taking us back to, that one does not have the right to exercise authority over issues that I call heart and home, issues that are fundamental to what should be a right to decide to start a family or not.”

    Harris also reflected on efforts to curb gun violence, expressing optimism that young voters, who have borne the brunt of gun violence in schools, will lead the charge in effecting change.

    “When our young leaders start voting in their numbers on so many of these issues, I believe we are going to see a sea change in terms of how we address it, because our young leaders in particular are very practical and they want to see things done – and what I love about them is they’re not gonna wait for us to figure it out, they’re gonna do it,” she said.

    Stock market news: Live updates

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    13 Mins Ago

    30-stock Dow finishes Monday lower

    The Dow Jones Industrial Average closed Monday’s trading session lower.

    The 30-stock Dow slipped 81.33 points, or 0.21%, to close at 39,431.51. The S&P 500 slipped 0.02%, settling at 5,221.42. On the other hand, the tech-heavy Nasdaq Composite added 0.29% to finish at 16,388.24.

    — Lisa Kailai Han

    39 Mins Ago

    U.S. growth and large-cap stocks have an improved outlook, Barclays says

    While value stocks continue to outperform in Europe, growth stocks are currently benefiting from improving forward guidance in the U.S., according to Barclays.

    “Rates fell from their recent highs after Fed’s dovish turn, further boosting the outlook for Growth,” strategist Venu Krishna wrote. “We remain Positive on Growth in the US, while being Neutral on Value across both regions given that peak rates are behind us.”

    Krishna also reiterated his positive position on U.S. large caps over their smaller counterparts.

    “In the U.S., Large caps’ exposure to Quality and Sales/EPS Growth styles (themes we are positive on) along with the interest rate risks facing highly levered small caps lead us to maintain our Positive view on large over small,” he added.

    — Lisa Kailai Han

    47 Mins Ago

    Citi is bullish on defense stocks

    Wall Street is underappreciating the growth outlook for the defense sector, according to Citi. 

    Witness the fact the SPDR S&P Aerospace and Defense ETF has risen about 6.1% year to date, lagging the S&P 500′s 9.6% gain. 

    Nonetheless, Citi remains confident in “the bull case for defense.” Fueled by “budget gimmicks in D.C. and headlines in the media,” many investors believe that U.S. defense spending has stopped growing, according to analyst Jason Gursky. In reality, both the data as well as political rhetoric undercut that argument. What’s more, European countries are raising their defense budgets, he added.

    CNBC Pro can find some of Citi’s favorite defense stocks here.

    — Hakyung Kim

    An Hour Ago

    Markets experiencing a ‘Goldilocks-style rally,’ says HSBC

    Last week’s equity rally following a rocky period in April indicates the market is moving past its pullback, according to HSBC.

    “The dip in risk assets is increasingly in the rear-view mirror as many major equity indices re-approach their year-to-date highs,” strategist Duncan Toms wrote in a Monday note. “These broad-based gains once again resemble a Goldilocks-style rally.”

    With investors looking toward Wednesday’s CPI report, Toms believes “the bar for ever more hawkish surprises is getting higher.” Consequentially, the strategist believes even in-line expectations could be another catalyst for risk assets to climb higher.

    — Hakyung Kim

    An Hour Ago

    Consumer staples look ‘compelling,’ BTIG says

    Consumers shop for groceries at a retail chain store in Rosemead, California, on Dec. 12, 2023.

    Frederic J. Brown | AFP | Getty Images

    After the utilities sector had a rebound rally last week, it could be time for another defensive group to have its turn in the spotlight, according to BTIG.

    Strategist Jonathan Krinsky said in a note to clients Sunday evening that consumer staples could be the next overdue group to bounce.

    “Below the surface, Utilities are no longer timely. We liked them in late March, and while we wouldn’t fade the strength, we would await some consolidation here. Consumer Staples do still look compelling to us as they attempt to breakout of a multi-year base,” Krinsky said.

    Krinsky did caution that the “risk-on environment” may need to further weaken for staples to truly breakout.

    “If Staples begin to outperform meaningfully, that would be more of a warning sign broadly,” he said.

    — Jesse Pound

    An Hour Ago

    Leon Cooperman says the Fed’s policy is not too restrictive

    Leon Cooperman, Omega Family Office chairman and CEO, believes the Federal Reverse’s monetary policy is not too tight, citing a booming stock market with speculative activities.

    “There’s a lot of talk about the Fed being restrictive,” Cooperman said on CNBC’s “Power Lunch.” “I don’t think they’re being restrictive. Where’s the evidence that the Fed is restrictive? We have the stock market at or near a high. We have tremendous speculation individual stocks.”

    The widely followed investor said the catalysts for a financial crisis include a collapse in the dollar and the upcoming presidential election.

    — Yun Li

    An Hour Ago

    Raymond James attributes utilities sector’s outperformance to AI tailwind

    Workers replace power lines in Monterey Park, California.

    Frederic J. Brown | AFP | Getty Images

    Utilities has been the best-performing sector by far this quarter because of rising artificial intelligence needs, according to Raymond James.

    “From a sector standpoint, the tremendous outperformance of utilities this quarter, likely the result of a narrative around the benefits of AI electricity needs, has been the most noticeable sector move,” the financial firm wrote in a recent note.

    The S&P 500 utilities sector index has added 8.4% so far this quarter. By contrast, communication services, the next best-performing sector, has increased 2.8% during the same period.

    — Lisa Kailai Han

    2 Hours Ago

    Next 2 weeks will set market’s tone for start of summer, UBS says

    How the market moves in the next two weeks will lay the groundwork for what will come in the first portion of summer trading, according to UBS.

    Asset allocation head Jason Draho said the next two weeks should be noisy with the consumer price index and Nvidia earnings on deck. These can set the tone for the beginning portion of summer trading, he added.

    “Inflation and NVIDIA earnings data that exceed expectations could set the stage for an early summer melt-up,” Draho wrote in a note.

    Having both macro and micro data points simultaneously top of mind is noteworthy, he wrote.

    “It isn’t common for investors, and therefore the markets, to be this highly sensitive to both macro and micro data points at the same time,” Draho said. “Perhaps this distinction doesn’t matter and market-moving information is important no matter the type. But there are investment implications from having two uncorrelated forces influencing market performance.”

    — Alex Harring

    2 Hours Ago

    JPM’s Kolanovic sees potential trouble as investors focus on soft landing

    Stocks could see a cloudy environment over the next few months as investors position for a soft landing for the economy that could be thwarted by stubborn inflation, according to JPMorgan strategist Marko Kolanovic.

    The market is “entering into [a] seasonally tricky time of the year, on top of a challenging combination of inflation at risk of staying too high and profit margin pressures,” the bank’s chief market strategist said in a note Monday. With stocks riding a solid rally over the past month, the rising danger is that markets get too complacent.

    “The Goldilocks view that market embraced in Q1 of inflation/rates moving lower but at the same time of earnings acceleration and economy having no landing remains an inconsistent one,” Kolanovic said. “We look for more of a consolidation in equity markets over the next months.”

    A consolidation is generally a time when markets slosh around between highs and lows, with little conviction higher or lower. To get past that point, Kolanovic said the “gap” between the Fed and market expectations “needs to close.”

    —Jeff Cox

    4 Hours Ago

    Xponential Fitness drops after CEO placed on suspension

    Xponential Fitness shares tumbled more than 9% on Monday after the top executive was suspended indefinitely.

    CEO Anthony Geisler has been placed on suspension without a return date and is an inactive member of the board, the company said late Friday. The move comes after Xponential Fitness received notice last week that it was being probed by attorneys.

    See Chart…

    Xponential, 1 day

    Xponential Fitness previously disclosed a U.S. Securities and Exchange Commission investigation in December. The Pure Barre and Club Pilates parent had been accused of intentionally misleading investors and franchise owners by providing incorrect information.

    Shares of the fitness company, which is also the parent of CycleBar, have plummeted nearly 40% so far in 2024.

    — Alex Harring, Brandon Gomez

    3 Hours Ago

    Morgan Stanley ‘remains confident’ inflation will fall in 2024

    Morgan Stanley sees inflation moving lower this year, the firm’s chief global economist wrote in a recent report.

    “While Wednesday’s report will be critical for the timing of the first cut, regardless of the print, we remain confident that inflation will trend lower over the year, making the question when, not if, the Fed will cut,” wrote Seth Carpenter, pointing to April’s CPI report, which is due to be released Wednesday morning.

    The economist clarified that while the timing of the first cut is up for debate, the path for the year is unlikely to change too much.

    — Lisa Kailai Han

    3 Hours Ago

    Cocoa prices tumble 19%, head for biggest daily drop since at least 1980

    The hand of Alain Kablan Porquet in dry cocoa beans, in Gagnoa, Ivory Coast.

    The Washington Post | Getty Images

    Cocoa prices dropped more than 19% on Monday, giving up some of the gains that boosted the commodity toward record highs this year.

    Prices last traded at around $7,175, after dropping about $1,700 per metric ton. This drop would mark the biggest intraday decline since at least 1980.

    — Samantha Subin

    4 Hours Ago

    Walgreens, GameStop and Intel among stocks making biggest midday moves

    Check out the companies making headlines in midday trading:

    • Walgreens Boots Alliance The stock advanced 5.4% on news that Walgreens is looking for potential buyers for its $8.8 billion Boots drugstore chain in the U.K., Bloomberg reported Monday.
    • GameStop Shares in the video game retailer soared more than 65% on Monday after “Roaring Kitty,” the man who fueled the 2021 GameStop mania, posted online on Reddit for the first time in roughly three years. Trading was halted multiple times due to volatility.
    • Xponential Fitness Xponential Fitness shares were last up nearly 8.5% in volatile trading. The stock earlier Monday had tumbled more than 9%, reaching a 52-week low, after the company’s top executive was suspended without a return date.

    For the full list, read here.

    — Pia Singh

    4 Hours Ago

    Shares of Reddit and Robinhood jump

    The New York Stock Exchange welcomes Reddit to celebrate its initial public offering. To honor the occasion, Snoo rings the opening bell.

    NYSE

    Reddit and Robinhood appear to be benefiting from the renewed interest in GameStop.

    Shares of the social media company rose 9%, while the brokerage stock rose 8%. Both companies saw heavy user activity during the 2021 meme stock era, though neither had a publicly traded stock when GameStop first took off.

    — Jesse Pound

    5 Hours Ago

    Fed’s Jefferson backs ‘restrictive’ interest rate policy

    Fed Governor Philip Jefferson testifies before a Senate Banking Committee hearing on his nomination to be the Federal Reserve’s next vice chair, on Capitol Hill in Washington, D.C., on June 21, 2023.

    Jonathan Ernst | Reuters

    Federal Reserve Vice Chair Philip Jefferson backed the central bank’s current stance of monetary policy, saying Monday that a higher level of interest rates is appropriate until more evidence comes in that inflation is on a sustainable path lower.

    “My view is that in light of the attenuation in progress in terms of getting inflation down to our target, it is appropriate that we maintain the policy rate in restrictive territory, which it is right now,” Jefferson said in a question-and-answer session with outgoing Cleveland Fed President Loretta Mester.

    The Fed should “continue to look for additional evidence that inflation is going to return to our 2% target, and until we have that, I think it is appropriate to keep the policy rate in restrictive territory,” he added.

    As a governor, Jefferson is a permanent voting member of the rate-setting Federal Open Market Committee.

    — Jeff Cox

    5 Hours Ago

    Short sellers suffer $1 billion loss Monday on GameStop, S3 Partners says

    Monday’s rally in GameStop slapped short sellers with a $1.02 billion mark-to-market loss on their positions in early trading, according to Ihor Dusaniwsky, managing director at S3 Partners, which closely monitors short selling activity.

    Monday’s losses “more than offsets the very profitable first four months of the year that GME short sellers had, earning +$392 million mark-to-market profits, +47%,” Dusaniwsky wrote in an email. “Including today’s losses, GME shorts are now down -$1.43 billion in May month-to-date losses, and now down -$1.03 billion for the year.” 

    Losses notwithstanding, S3 expects “new short sellers to jump into this trade as GME stock prices around or above the $30 level will be attractive entry points for new short selling.”

    Moreover, “meme stock frenzy buying may be back with AMC up over 20% and DJT up 9%,” Dusaniwsky said. “Short sellers may be in for a bumpy and bloody ride in these stocks.”

    See Chart…

    GameStop shares over past five days.

    6 Hours Ago

    GameStop volume more than triples

    A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange on March 29, 2022.

    Brendan McDermid | Reuters

    GameStop has already traded more than 36 million shares, as the brick-and-mortar video game retailer soared following a post from “Roaring Kitty.” That volume easily eclipses the stock’s 30-day average of 9.9 million.

    — Fred Imbert

    6 Hours Ago

    Stocks open higher

    7 Hours Ago

    AllianceBernstein sees Apple rising 28% in bull case

    The Apple iPhone 15 is on display inside the tech giant’s flagship store in Regent Street, central London, on Sept. 22, 2023.

    Jonathan Brady | PA Images | Getty Images

    In AllianceBernstein’s bull case for Apple, analyst Toni Sacconaghi believes the iPhone maker’s stock could rally 28% to $235.

    “The bull case is that replacement cycle and AI tailwinds could drive a strong iPhone 16 cycle, and that Apple’s longer-term valuation is reasonable given its ultra-high quality of earnings/cash flow, strong moat, and sustained growth story,” the analyst wrote in a note from Monday.

    Sacconaghi has currently assigned the stock an outperform rating accompanied by a price target of $195, implying that shares could add nearly 7% from their Friday close.

    In the same report, the analyst said he is less concerned about the China marketplace.

    “We see China’s business as cyclically pressured, not structurally altered, he added.

    — Lisa Kailai Han

    8 Hours Ago

    Stocks making the biggest moves premarket

    Check out the companies making headlines before the bell:

    GameStop GameStop shares rallied more than 37% in the premarket after “Roaring Kitty” posted for the first time in roughly three years. The post, a picture on social media site X of a video gamer leaning forward on their chair as to indicate he is taking the game seriously, marked Roaring Kitty’s first post on the platform — or on Reddit — since 2021.

    Arm Holdings Shares popped 3.4% following a Nikkei report that the chip company is looking to launch its first artificial intelligence chips next year. Arm hopes to build the prototype by spring 2024, according to the report.  

    Nvidia Nvidia shares added about 1% after Jefferies hiked its price target on the chipmaker to $1,200 a share, implying about 34% upside. “We believe it’s too early to sift out winners and losers in the AI basket yet, but NVDA is our favorite,” analyst Blayne Curtis wrote.

    — Hakyung Kim

    What is Georgia’s ‘foreign agents’ bill, and why is Europe so alarmed?

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    CNN
     — 

    Georgia’s parliament is set to pass a highly controversial so-called “foreign agents” bill that has triggered widespread protests across the former Soviet republic nestled in the Caucasus Mountains.

    Tens of thousands of people in capital city Tbilisi have been protesting the legislation. Critics warn that it mirrors a foreign agents law already passed in Russia and could jeopardize Georgia’s bid to join the European Union.

    But Prime Minister Irakli Kobakhidze has said the government is not planning any “substantial changes” to the bill, and has vowed to get it passed on Tuesday, when lawmakers in the former Soviet country are expected to vote.

    Here’s what you need to know about the proposed law and the uproar it has caused.

    The bill would require organizations receiving more than 20% of their funding from abroad to register as “agents of foreign influence” or face crippling fines.

    The legislation was drafted by the Georgian Dream party, which along with its allies controls parliament. The proposal will receive a vote on Tuesday and it is expected to pass.

    Georgia President Salome Zourabichvili called the bill “an exact duplicate” of its Russian counterpart in an interview with CNN.

    She has vowed to veto the bill, but that won’t mean much. Georgia’s government is a parliamentary system, so Zourabichvili is effectively a figurehead. Real power lies with Prime Minister Irakli Kobakhidze. Georgian Dream’s billionaire founder, former Prime Minister Bidzina Ivanishvili, also wields significant political influence.

    Vano Shlamov/AFP/Getty Images

    About 50,000 protesters gathered in Tbilisi to protest the proposed legislation on Sunday.

    A couple of reasons.

    The proposed law is modeled after a similar one in Russia that the Kremlin has used to increasingly snuff out opposition and civil society. Many Georgians fear their foreign agents bill will be used to the same way it has been in its northern neighbor: to quash dissent and free expression by going after nongovernmental organizations with financial ties overseas.

    Georgian Dream contends the legislation will promote transparency and national sovereignty and has hit back at Western criticism over the proposal.

    But the law’s possible passage has touched on a more existential question: whether Georgia’s future lies with Europe or Russia.

    Georgia has, like Ukraine, been caught between the two geopolitical forces since achieving independence from the Soviet Union in 1991.

    Many Georgians feel deep hostility toward the Kremlin, which invaded Georgia in 2008 and occupies about 20% of its internationally recognized territory – about the same proportion that Russia occupies in Ukraine.

    Georgian Dream has long been accused of harboring pro-Russian sympathies, especially given that Ivanishvili made his fortune in the Soviet Union.

    Passionately. So much so that lawmakers at one point came to blows over the bill.

    Polling shows that about 80% of Georgians support joining the European Union rather than drifting further into the Kremlin’s orbit, and many of those in favor of deepening ties with the West have taken to the streets.

    Mass demonstrations against the bill in Tbilisi have been going on nightly for a month. About 50,000 people came out Sunday evening in the capital, which is home to about 1 million people, to speak out against what they’ve dubbed “the Russian law.”

    There have been counter-protests as well. One saw the reclusive Ivanishvili deliver a rare speech to a crowd of supporters bussed in to Tbilisi from Georgia’s rural regions, where Georgian Dream enjoys more support.

    The address showed deep paranoia and an autocratic streak. Ivanishvili claimed that Georgia was being controlled by “a pseudo-elite nurtured by a foreign country” and pledged to go after his political opponents after October’s elections.

    Yes, just last year.

    Georgia’s government tried to pass the same law but was forced into an embarrassing climbdown after a week of intense protests, which saw citizens waving EU flags buffeted back by water cannons.

    The bill was reintroduced in March, about a month after Kobakhidze became Prime Minister. This time, authorities seem determined to push the legislation through.

    Mirian Meladze/Anadolu/Getty Images

    Demonstrations against the bill continued into Monday.

    White House national security adviser Jake Sullivan wrote on X that Washington is “deeply alarmed about democratic backsliding in Georgia.”

    “Georgian parliamentarians face a critical choice – whether to support the Georgian people’s Euro-Atlantic aspirations or pass a Kremlin-style foreign agents’ law that runs counter to democratic values,” he said. “We stand with the Georgian people.”

    The Kremlin has claimed that the law was being used to “provoke anti-Russian sentiments,” adding that protests against it were being stirred by “outside” influences.

    “This is now the normal practice of a huge number of states that are doing everything to protect themselves from outside influence, from foreign influence on domestic politics. And all countries are taking action in one form or another, but all these bills have the same goal,” Kremlin spokesman Dmitry Peskov said in April. “Once again, there is no way to link this bill and the desire to secure Georgia’s internal politics with some kind of Russian influence; this is not the case.”

    European Commission President Ursula von der Leyen said in a statement earlier this month that she was following the developments in George with “great concern” and reiterated Brussels’ unease over the law.

    “Georgia is at a crossroads. It should stay the course on the road to Europe,” she said.

    Definitely.

    Georgia first applied for EU membership in 2022 and was granted candidate status in December, an important but still early step in the process of becoming a member of the bloc. However, Brussels said last month that the law’s passage would “negatively impact” Georgia’s path to EU membership

    “Georgia has a vibrant civil society that contributes to the country’s successful progress towards EU membership. The proposed legislation would limit the capacity of civil society and media organizations to operate freely, could limit freedom of expression and unfairly stigmatize organizations that deliver benefits to the citizens of Georgia,” EU officials said.

    “The EU urges Georgia to refrain from adopting legislation that can compromise Georgia’s EU path, a path supported by the overwhelming majority of Georgian citizens.”

    CNN’s Anna Chernova contributed to this report.

    ChatGPT will be able to talk to you like Scarlett Johansson in Her

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    OpenAI is releasing a Her-inspired voice assistant feature that can read your facial expressions and translate spoken language in real time — and hopefully do it all without abandoning you like in the movie.

    During a livestream demonstration on Monday, OpenAI engineers and CTO Mira Murati gathered around a phone to show the new capabilities. They encouraged the assistant to be more expressive while making up a bedtime story, then abruptly requested it to switch to a robotic voice, before finally asking it to conclude the story with a singing voice. Later, they asked the assistant to look at what the phone’s camera is seeing and have it respond to what’s visible on-screen. The assistant was also able to be interrupted while speaking and respond without continued prompting while acting as a translator.

    The assistant’s voice response bore a striking resemblance to the character Scarlett Johansson plays in the movie Her, where a man forms a relationship with a sophisticated AI assistant. After the event, OpenAI CEO Sam Altman cryptically posted just one word on X: “her.” He has also expressed that Her is his favorite movie. The film explores themes of loneliness and human-AI relationships; it seems unlikely that director Spike Jonze intended for the world to precisely replicate that sense of robotic isolation.

    In a briefing with The Verge, Murati said that the assistant is not actually designed to sound like Johansson and emphasized that OpenAI has had these voices for a while. “Someone asked me in the audience this exact same question, and then she said, ‘Ah, maybe the reason I didn’t recognize it from ChatGPT is because the voice has so much personality and tonality,’” Murati said.

    These features represent a substantial upgrade over ChatGPT’s existing voice mode, which can chat with a user but with much more limited interaction; the current version can’t be interrupted or respond to what your camera sees, for instance. The new capabilities will launch in a limited “alpha” release in “the coming weeks” and be available to ChatGPT Plus subscribers first once a wider rollout begins.

    The new voice assistant comes on the heels of a Bloomberg report that claims OpenAI is nearing a deal with Apple to put ChatGPT on the iPhone. (When asked in the briefing, Murati said, “We haven’t talked about any of the partnerships.”) The iPhone voice assistant, Siri, is notoriously unreliable, so a Her-inspired assistant baked into the iPhone that may actually be able to answer your questions instead of “searching the web” seems to be where this is headed.

    “The new voice (and video) mode is the best computer interface I’ve ever used. It feels like AI from the movies; and it’s still a bit surprising to me that it’s real,” Altman said in a blog post just after the livestream. “Getting to human-level response times and expressiveness turns out to be a big change.”

    Drake’s Toronto mansion becomes scene of third trespassing incident

    Drake’s Toronto mansion has become the scene of a third trespassing incident in a matter of days, after a suspect returned to the property to collect his bike.

    Officials responded to the sprawling home on Park Lane Circle at 3.30pm ET on Saturday when the man who had tried to trespass onto the rapper’s property on Thursday came back, a spokesperson for the Toronto Police Service said.

    Footage, obtained by TMZ, shows a security guard tackling the man to the ground outside the home.

    The man, who police have not identified, was escorted off the property and charged under the Provincial Services Act for trespassing.

    The first time the man tried to break into Drake’s house, he got into a scuffle with a security guard outside and suffered an injury.

    Saturday’s incident marks the third time, involving two separate suspects, that someone has tried to break into the rapper’s home, ever since Kendrick Lamar used a photo of the mansion for a diss track hitting out at the rival music icon.

    The break-ins came in the days after a security guard was injured in a drive-by shooting at the property.

    Police were first called to the home on 7 May, when the guard was struck by gunfire as he stood outside of the gates to the home. The suspect fled the scene.

    Drake issued a plea to Canadian news organisation CP24 to change its helicopter flight times, saying it is keeping him awake (Instagram)

    When officers arrived on the scene, they found the security guard unconscious and suffering a gunshot wound to the chest.

    He was transported to hospital with serious injuries. It is not clear what his current condition is.

    Officials could not confirm whether Drake was home at the time of the shooting but said his team was cooperating with the investigation.

    Hours later, a man then tried to break into Drake’s home. He was apprehended under Canada’s Mental Health Act to be assessed.

    A representative for Drake’s team did not comment on the matter.

    Toronto police patrol Drake’s after the shooting on 7 May (AFP via Getty Images)

    Over the weekend, Drake issued a plea to Canadian news organisation CP24 to change its helicopter flight times, saying it is keeping him awake.

    “Can we discuss the chopper flight times over the house cause I won’t lie, I’m trying to sleep. Anytime after 3pm works great for me,” the rapper posted on Instagram.

    The shooting followed an ongoing rap battle between Drake and Lamar. The Los Angeles native created three “diss” tracks about Drake in 36 hours, one of which doxxed Drake’s mansion.

    It is not clear if any of the incidents have anything to do with the rap battle.

    Events: Crowd-pleasing Celebrations | Lifestyle | Spokane | The Pacific Northwest Inlander

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    KROC CENTER 15TH ANNIVERSARY CELEBRATION

    The Kroc Center in Coeur d”Alene is a hub for families and members of the community seeking fun and friendships. This May, the center is celebrating its 15th anniversary with a week of activities. If you’re a member of the Kroc, you definitely want to head there on May 6 for some free barbecue. The big celebration takes place on May 11 with a huge open house that’s free to all members of the community. The event features fun games, free food and a ton of activities for the entire family to enjoy. The Coeur d’Alene Symphony takes the stage Friday evening and Saturday afternoon for the Vive La France concert. Nothing screams celebration like some beautiful melodies and free food! Sat, May 11 from 10 am-3 pm, free, Kroc Center, kroccda.org. Coeur d’Alene Symphony concert Fri, May 10 at 7:30 pm and Sat, May 11 at 2 pm, $15-$35, cdasymphony.org

    PARADE OF PAWS

    There’s nothing like the love you have for your pet. They’re with you through good times and bad times. They’re there to lend a paw when you need a little emotional support, and they bring great joy with their adorable faces and sweet personalities. Each year, the Spokane Humane Society hosts the Parade of Paws, a 1- to 2-mile walk that raises funds in support of the animals at the Humane Society awaiting their forever homes. This is a chance to hang out with your kids, fellow pet lovers and the adorable animals living at SHS. If your precious fur babies are well-behaved in crowds, feel free to bring them along on a leash so they can get involved in the fun as well! Sat, June 1 at 9 am, $30, Spokane Humane Society, spokanehumanesociety.org

    MODERN HOMESTEADING CONFERENCE

    This two-day conference combines the art of simple living and traditional skills through presentations and lectures from experienced homesteaders. Including speakers like Melissa K. Norris from Pioneering Today, Noah Sanders from Redeeming the Dirt, Jessica Burhenn from GrainMaker and many more. The conference’s schedule features lectures on raising chickens, preservation, sourdough, homemade soap, butchering, kombucha and even sheep hoof trimming. Pretty much anything you could ever want to learn about sustaining your kitchen, home and farm, you can learn at this educational conference for aspiring and established homesteaders. June 28-29; Fri from 7 am-7 pm, Sat from 7 am-5 pm, $149-$399, Kootenai County Fairgrounds, modernhomesteading.com

    4TH OF JULY FIREWORKS

    No matter how old we get, humans are eternally entranced by a magnificent fireworks display. Lucky for us Spokanites, there are two big fireworks displays to choose from for 2024’s Independence Day celebrations. The Riverfront Park show is an annual display taking place in the Lilac Bowl underneath the park’s iconic clocktower. The cherry on top is the Spokane Symphony’s performance that begins at 9 pm, one hour before the fireworks start. The display is free to attend. If you’re a sports fanatic — or if you’re just craving a good hot dog — head over to Avista Stadium to watch a baseball game with a fireworks display to follow. If you’re lucky, you’ll get to watch the fireworks alongside the amazing Indians’ mascots, OTTO, Doris, Ribby and KC! For tickets, visit milb.com/spokane. Thu, July 4, location, times and prices vary.

    Detroit Pistons’ president of basketball operations search: The latest we’re hearing

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    CHICAGO — The Detroit Pistons could come to a hiring decision on their president of basketball operations within the next few weeks, league sources tell The Athletic.

    Whomever the Pistons tab for the position won’t have the benefit of a top-three pick at their disposal, as the organization fell to No. 5 for the third straight year during Sunday’s NBA Lottery. But even so, Detroit has been speaking to some promising candidates to fill the role, which has been vacant since 2018.

    Part of the hold up, league sources say, is that Detroit appears interested in making a run at Minnesota Timberwolves head executive Tim Connelly, whose team is in the midst of a second-round playoff matchup with Connelly’s former team, the defending-champion Denver Nuggets.

    Whether or not Connelly returns to the Timberwolves, league sources say he is likely to opt out of the final year of his contract. It seems likely that Connelly will return to Minnesota, but if Pistons owner Tom Gores is willing to offer something like $15 million annually, that could be enough to pry him away.

    The Pistons were denied permission to interview Milwaukee’s Jon Horst last week, league and team sources tell The Athletic. It is possible that the Bucks were posturing to get assets from Detroit in order to take Horst, who signed a multi-year deal with Milwaukee in 2021. However, the Pistons have decided to move on to other candidates.

    New Orleans’ Trajan Langdon, Dallas’ Dennis Lindsey and Chicago’s Marc Eversley, among others, have established themselves as viable targets for the role, league sources tell The Athletic.

    Langdon was a scout for the San Antonio Spurs from 2012-15 before becoming the assistant general manager of the Brooklyn Nets in 2016. He held that role through 2019 until he became the general manager of the New Orleans Pelicans, where he has helped build the Pelicans into one of the more intriguing young teams.

    Lindsey is currently in an advisory role with the Dallas Mavericks. He held several roles with the Utah Jazz from 2012 to 2021, including general manager and executive vice president of basketball operations.

    Eversley, the general manager of the Chicago Bulls, was on the Pistons’ radar in 2020 before they hired general manager Troy Weaver. Eversley has worked in NBA front offices for over 15 years, including stops in Toronto, Washington and Philadelphia before Chicago.

    Could the No. 5 pick be more valuable than originally thought?

    The Pistons dropped as far as possible in one of the weaker draft classes in recent memory. However, because of the jumble of prospects at the top, could the No. 5 pick be a little more valuable than originally thought?

    In talking to people around the league prior to the NBA Lottery, it was believed that the No. 5 pick in this draft would be equivalent to the ninth through 12th pick in a normal class. While that feels right, it should be noted that because there aren’t clear-cut prospect tiers this time around, teams could covet the fifth pick over, say, the second or third pick. Of course, that is working under the assumption that there will be a few teams with interest in moving up. In talking to people around the league after the Pistons’ fate was revealed, a few of them said they could see the No. 5 pick being decently valued if teams do, in fact, like a prospect or two enough to move up.

    Let me explain.

    There is a world where front office and evaluators see the prospects expected to go in the top five or seven all in the same tier or with very little separation. The difference in rookie pay between the No. 1 and No. 2 picks vs. the No. 5 pick is pretty significant. For example, 2023 No. 1 pick Victor Wembanyama will make between $12 million and $16 million annually for the remainder of his rookie deal. No. 2 pick Scoot Henderson made $9.7 million his first year and will make between $10 and $13 million yearly from next season on. Ausar Thompson, who the Pistons took at No. 5 in 2023, made $7.9 million this past season and will make between $8.3 million and $11.1 million annually during the duration of his rookie deal. So, there is a difference of a few million dollars when examining the difference in rookie contracts based on where they’re picked.

    It wouldn’t be far-fetched to think that a team that wants to move up believes it could get the best player in the 2024 NBA Draft at No. 5 instead of at No. 2 or No. 3 — and maybe even No. 1 — while saving money in the process.

    Just something to chew on.

    (Top photo of Timberwolves exec Tim Connelly: David Sherman / NBAE via Getty Images)

    Scientists Propose a New Continental Formation Theory

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    A new study by Penn State researchers suggests that cratons, ancient structures stabilizing Earth’s continents, formed around 3 billion years ago through processes initiated by the atmospheric weathering of rock, not just the emergence of stable landmasses. This challenges traditional views and has implications for understanding planetary evolution and the conditions conducive to life.

    Ancient, vast stretches of continental crust known as cratons have stabilized Earth’s continents for billions of years through shifts in landmasses, mountain formation, and ocean development. Scientists from Penn State have suggested a new mechanism that could explain the formation of cratons around 3 billion years ago, shedding light on a long-standing question in Earth’s geological history.

    The scientists reported in the journal Nature that the continents may not have emerged from Earth’s oceans as stable landmasses, the hallmark of which is an upper crust enriched in granite. Rather, the exposure of fresh rock to wind and rain about 3 billion years ago triggered a series of geological processes that ultimately stabilized the crust — enabling the crust to survive for billions of years without being destroyed or reset.

    The findings may represent a new understanding of how potentially habitable, Earth-like planets evolve, the scientists said.

    Implications for Planetary Evolution

    “To make a planet like Earth you need to make continental crust, and you need to stabilize that crust,” said Jesse Reimink, assistant professor of geosciences at Penn State and an author of the study. “Scientists have thought of these as the same thing — the continents became stable and then emerged above sea level. But what we are saying is that those processes are separate.”

    Cratons extend more than 150 kilometers, or 93 miles, from the Earth’s surface to the upper mantle — where they act like the keel of a boat, keeping the continents floating at or near sea level across geological time, the scientists said.

    Weathering may have ultimately concentrated heat-producing elements like uranium, thorium, and potassium in the shallow crust, allowing the deeper crust to cool and harden. This mechanism created a thick, hard layer of rock that may have protected the bottoms of the continents from being deformed later — a characteristic feature of cratons, the scientists said.

    Geological Processes and Heat Production

    “The recipe for making and stabilizing continental crust involves concentrating these heat-producing elements — which can be thought of as little heat engines — very close to the surface,” said Andrew Smye, associate professor of geosciences at Penn State and an author of the study. “You have to do that because each time an atom of uranium, thorium, or potassium decays, it releases heat that can increase the temperature of the crust. Hot crust is unstable — it’s prone to being deformed and won’t stick around.”

    As wind, rain and chemical reactions broke down rocks on the early continents, sediments and clay minerals were washed into streams and rivers and carried to the sea where they created sedimentary deposits like shales that were high in concentrations of uranium, thorium, and potassium, the scientists said.

    Ancient Metamorphic Rocks Called Gneisses

    These ancient metamorphic rocks called gneisses, found on the Arctic Coast, represent the roots of the continents now exposed at the surface. The scientists said sedimentary rocks interlayered in these types of rocks would provide a heat engine for stabilizing the continents. Credit: Jesse Reimink

    Collisions between tectonic plates buried these sedimentary rocks deep in the Earth’s crust where radiogenic heat released by the shale triggered the melting of the lower crust. The melts were buoyant and ascended back to the upper crust, trapping the heat-producing elements there in rocks like granite and allowing the lower crust to cool and harden.

    Cratons are believed to have formed between 3 and 2.5 billion years ago — a time when radioactive elements like uranium would have decayed at a rate about twice as fast and released twice as much heat as today.

    The work highlights that the time when the cratons formed on the early middle Earth was uniquely suited for the processes that may have led them to becoming stable, Reimink said.

    “We can think of this as a planetary evolution question,” Reimink said. “One of the key ingredients you need to make a planet like Earth might be the emergence of continents relatively early on in its lifespan. Because you’re going to create radioactive sediments that are very hot and that produce a really stable tract of continental crust that lives right around sea level and is a great environment for propagating life.”

    The researchers analyzed uranium, thorium, and potassium concentrations from hundreds of samples of rocks from the Archean period, when the cratons formed, to assess the radiogenic heat productivity based on actual rock compositions. They used these values to create thermal models of craton formation.

    “Previously people have looked at and considered the effects of changing radiogenic heat production through time,” Smye said. “But our study links rock-based heat production to the emergence of continents, the generation of sediments, and the differentiation of continental crust.”

    Typically found in the interior of continents, cratons contain some of the oldest rocks on Earth, but remain challenging to study. In tectonically active areas, mountain belt formation might bring rocks that had once been buried deep underground to the surface.

    But the origins of the cratons remain deep underground and are inaccessible. The scientists said future work will involve sampling ancient interiors of cratons and, perhaps, drilling core samples to test their model.

    “These metamorphosed sedimentary rocks that have melted and produced granites that concentrate uranium and thorium are like black box flight recorders that record pressure and temperature,” Smye said. “And if we can unlock that archive, we can test our model’s predictions for the flight path of the continental crust.”

    Reference: “Subaerial weathering drove stabilization of continents” by Jesse R. Reimink, and Andrew J. Smye, 8 May 2024, Nature.
    DOI: 10.1038/s41586-024-07307-1

    Penn State and the U.S. National Science Foundation provided funding for this work.

    1st person to receive a pig kidney transplant has died

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    The first person to receive a pig kidney transplant has died just two months after he underwent the groundbreaking procedure. 

    Rick Slayman, a 62-year-old from Weymouth, Massachusetts, had a genetically modified pig kidney placed in his body as part of a four-hour, pioneering surgery at Massachusetts General Hospital on March 16. 

    Stocks edge higher with inflation data in focus

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    US stocks opened higher on Monday, ready to build on a string of gains as attention turned to the coming inflation report seen as a potential starting gun for interest rate cuts.

    The S&P 500 (^GSPC) rose roughly 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) moved up about 0.3%. The Dow Jones Industrial Average (^DJI) also rose 0.3%, coming off the best week of the year for the blue-chip index.

    Stocks have come back strong in May on the back of better-than-expected earnings and a revival of optimism for a Federal Reserve easing in monetary policy. The Dow notched eight straight daily wins in a row on Friday — though a dearth of economic releases likely played a part.

    After recent hot inflation data, markets have been more skittish as investors have increasingly priced in “no landing,” where price increases don’t come down to the Fed’s target but the economy keeps growing.

    This week brings a flood of economic releases as potential catalysts, with the Consumer Price Index update on Wednesday the star. The CPI update for April will shed light on whether inflation is staying sticky into the second quarter amid some belief on Wall Street that the report will mark a faster descent and set the stage for more than one rate cut this year.

    Read more: How does the labor market affect inflation?

    In individual stock movers, GameStop (GME) shares jumped about 45%, adding to a recent run-up for the games retailer as meme stocks grab headlines again. The gains came as the social media star credited with kick-starting the 2021 meme stock frenzy, “Roaring Kitty,” returned from a three-year break.

    Live7 updates

    • GameStop soars 70% after social media star ‘Roaring Kitty’ post

      GameStop (GME) shares soared as much as 80% Monday and were temporarily halted for volatility after ‘Roaring Kitty’, seen as the kickstarter of the meme frenzy during the pandemic, posted for the first time since 2021.

      Sunday’s post on X included a drawing of a man leaning forward, appearing to be playing a video game.

      Roaring Kitting, identified in 2021 as Keith Gill, became a prominent figure followed on Wall Street Bets and Youtube for his bullish stance on GameStop (GME).

      He posted videos about why GameStop was poised to go higher, and testified before congress in February 2021, following the massive short squeeze spurred by an army of retail traders.

    • Stocks rise to begin CPI-focused week, with Dow eyeing 9th straight win

      Stocks opened higher Monday as investors turned their attention to the latest monthly inflation report due out this week for clues to how the Federal Reserve will move on interest rates this year.

      The S&P 500 (^GSPC) rose roughly 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) moved up about 0.3%. The Dow Jones Industrial Average (^DJI) also added about 0.3%, eyeing a ninth straight daily win. The blue-chip index notched its best week of the year on Friday.

      On Wednesday, investors will find out whether the stickier-than-expected inflation trend continued into the second quarter with the release of the Consumer Price Index (CPI) reading for April.

      On the retail spending front, quarterly results from Home Depot (HD) due out Tuesday and Walmart (WMT) on Thursday may give insight into the health of the US consumer.

    • Netflix stock rallies ahead of Upfront event

      Here’s an interesting, fun fact on Netflix (NFLX) you probably didn’t realize.

      The stock has rallied 12% since May 1 and is now trading at the levels seen before the company’s disappointing earnings day in late April.

      In a new note this morning, JPMorgan analyst Doug Anmuth credits the rebound to “1) increased comfort with both the 2024 reported revenue outlook and NFLX’s decision to no longer report subscribers beginning in 2025; 2) recognition that NFLX is not subject to heavy AI-driven capex intensity like Meta, Alphabet, and Amazon; and 3) excitement into the Upfront presentation on May 16.”

      The annual Upfront presentation is when TV networks and streaming services pitch their programming and ad products to advertisers and agencies.

      Anmuth thinks Netflix will have bullish things to say at the event that could be a catalyst to the stock:

      “At the Upfront we expect an update to the 23 million plus ad tier monthly active user (MAU) disclosure, with our conversations suggesting investors are looking for 35-40 million plus ad tier MAUs, including the benefit of the T-Mobile bundle. Outside of ad tier metrics, we expect updates on the upcoming content slate and NFLX’s sports strategy, with articles suggesting NFLX could host two NFL games on Christmas later this year. NFLX would bring the NFL large global distribution while the games could serve as a boost to NFLX’s ad tier and enable the company to actively promote upcoming content. Finally, we look for progress around improving the ad product, tech, and sales, with some investors expecting a 3P demand side platform announcement.”

    • Bullish trading call on Walmart into earnings from EvercoreISI

      Walmart (WMT) stock has been lagging the S&P 500 the past month as sticky inflation data calls into question the spending power of US consumers.

      There has been some chatter on the Street of extra-conservative guidance from Walmart when it reports earnings this Thursday morning.

      But Evercore ISI’s retail analyst Greg Melich is putting those worries to the side, adding Walmart to his tactical buy list into the results.

      Said Melich this morning:

      “We believe the company is executing at a high level while pursuing initiatives such as digital advertising, Walmart Plus, and automation. Even a modest improvement in digital profitability (before considering incremental advertising/alternative profit opportunity) provides a considerable margin capture opportunity. Our sense is that the company will speak to a fairly steady low to middle income consumer, in addition to higher income share capture, with positive traffic and share gain reasons for the commentary to skew constructive through the year. Normally Walmart does not raise full year EPS and comparable sales guidance in 1Q, but we do see them taking a positive tone with respect to underlying momentum in the business. This may prove especially pronounced in international operations — which continue to see positive double-digit percentage comparable sales, with positive industry commentary on Walmart’s continued share capture likely under appreciated by investors.”

    • A look at earnings growth

      An interesting dynamic in markets begins to form.

      After several years of explosive earnings per share growth for the “Magnificent 7” names, the space is headed for a slowdown this year and next (see the chart on the left from RBC strategist Lori Calvasina). By the same token, after several years of limp growth for the 493 other S&P 500 components, EPS growth is seen accelerating this year and next.

      The question on the horizon is this: Do the other 493 S&P 500 companies represent better value than the Magnificent 7 as their profit growth is likely to accelerate again in 2025?

      Does it make sense to nibble at the 493 other stocks in the S&P 500?

      Does it make sense to nibble at the 493 other stocks in the S&P 500? (RBC)

    • Save this date: May 20, JPMorgan investor day

      With its stock up a cool 8.7% in the past month on the back of expectations for higher-for-longer interest rates, JPMorgan’s (JPM) May 20 investor day is coming into focus.

      Jefferies analyst Ken Usdin is out with a note this morning, sticking with a Buy rating going into the investor day but hiking his price target to $227 from $215. He expects a “focus on market share gains, investment spending and efficiency” on the part of JPM execs.

      “While the net interest income guidance seems conservative with higher-for-longer rates, we see JPM continuing to slow-play guide updates,” added Usdin.

    • Goldman not banking on major inflation slowdown

      Sticky inflation is likely to stay sticky in 2024.

      Ahead of this week’s key CPI Index report, Goldman Sachs is calling out the potential for disinflation in some important categories as the year treks along. Even still, Goldman’s macro team forecasts inflation to stay above the Fed’s preferred 2% target.

      Here’s Goldman’s top economist Jan Hatzius:

      “We see further disinflation in the pipeline in 2024 from rebalancing in the auto, housing rental, and labor markets, though we expect offsets from continued catch-up inflation in healthcare, car insurance, and housing. We forecast year-over-year core CPI inflation of 3.5% and core PCE inflation of 2.7% in December 2024.”