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Biden defends first year presidency as “enormous progress” for US
Joe Biden has just held a news conference, marking one year since he began his presidency of the United states
Biden says he did not over-compromise on his agenda, following several major setbacks over the past few months.
Biden notes his administration has made enormous progress when it comes to fighting the Covid pandemic, but admits it has been a challenge getting Republicans on board.
This address comes at a time when inflation in the US is at a 40-year high, Biden’s signature social policy bill is stalled, and Covid case numbers are surging.
The president says he is willing to compromise on parts of his Build Back Better Act, breaking it up and passing as much of the bill as they can now and fighting for the rest at a later date.
The bill stalled at its final hurdle last month when the administration failed to reach a deal with centrist Democrat, Joe Manchin.
Biden also confirmed that Vice President Kamala Harris will be his running mate in 2024, despite concerns she was unable to deliver on voting legislation.
The President admits the current voting rights legislation is unlikely to pass, but his party has not run out of options yet.
When it comes to the situation in Ukraine, Biden predicts a minor invasion by Russian troops, warning Putin of significant economic consequences when such an incursion occurs.
News
This may be the AI market correction, according to traders
US stocks tumble as tech giants report uneven earnings, prompting fears of a looming market correction.
US stocks tumble as tech giants report uneven earnings, prompting fears of a looming market correction.
US stocks have taken a sharp dive as investors grow nervous about stretched valuations and uneven earnings reports from tech giants. Major Wall Street banks, including Morgan Stanley and Goldman Sachs, are warning that the rally could be nearing a 10% correction – a wake-up call for traders betting on unstoppable market momentum.
Nvidia, the world’s most valuable public company, dropped nearly 4%, wiping out around $200 billion in market value. Meanwhile, Palantir slid 6%, dragging other AI and semiconductor names lower. Even gold — a traditional safe haven — dipped 1.6%, signaling widespread investor anxiety.
Bitcoin also broke below the $100,000 mark for the first time since June, underscoring how jittery markets have become. As earnings season unfolds and the US government shutdown looms, investors are questioning whether the bull run that lifted the S&P 35% since April has finally run out of steam.
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Dick Cheney dies at 84: The end of an era in American power
Former Vice President Dick Cheney dies at 84, leaving a controversial legacy in American politics and national security.
Former Vice President Dick Cheney dies at 84, leaving a controversial legacy in American politics and national security.
Former U.S. Vice President Dick Cheney has died at the age of 84, marking the end of one of the most influential — and controversial — political careers in modern American history. Cheney served under four Republican presidents, most notably George W. Bush, where he became known as one of the most powerful vice presidents in U.S. history.
His family confirmed he passed away from complications related to pneumonia and heart disease. Cheney’s decades in Washington were defined by his hardline approach to national security and his role in shaping America’s response to the September 11 attacks.
Even after leaving office, Cheney remained a strong defender of his policies, particularly the 2003 invasion of Iraq. His passing leaves behind a complicated legacy — one that reshaped U.S. foreign policy and continues to influence Republican politics today.
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Nasdaq sell-off deepens amid AI stock concerns
Nasdaq sell-off worsens as AI stock valuations spark investor concerns and Palantir shares plummet despite strong earnings
Nasdaq sell-off worsens as AI stock valuations spark investor concerns and Palantir shares plummet despite strong earnings
– Stocks fell due to concerns over AI valuations; S&P 500 down 1.2%, Nasdaq down 1.9%.
– Palantir shares dropped 9% despite strong performance, raising questions about sustainability of high valuations.
Other tech stocks also faced declines, including Oracle and AMD, which saw drops of 4% and more than 3%, respectively.
Gains in AI stocks have inflated the S&P 500’s price-earnings ratio above 23, raising concerns about stock valuations. Ameriprise market strategist Anthony Saglimbene highlighted potential risks, stating that investors are questioning if future profit growth will support high capital expenditures.
Market Outlook
Comments from executives at Goldman Sachs and Morgan Stanley further added to market worries.
Both firms predicted potential market pullbacks, with drawdowns of 10% to 20% possible within the next two years. Saglimbene noted a narrow market breadth in recent months, suggesting limited alternatives if a downturn occurs in the tech sector.
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