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DeSantis dumps campaign manager as momentum collapses

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Republican Ron DeSantis, seeking to reverse his campaign’s declining momentum, has replaced his campaign manager in a bid to rejuvenate his challenge against front-runner Donald Trump for the 2024 Republican nomination.

Generra Peck, who had been the campaign chief since DeSantis launched his candidacy in May, has been replaced by James Uthmeier, a close adviser, according to Andrew Romeo, the campaign’s communications director.

In July, the campaign had already made significant personnel changes, including the termination of nearly 40 employees and reorganization of certain higher-level positions.

However, there is a sense of unease among donors, and some remaining staff members are expressing frustration with what they perceive as a directionless campaign lacking a clear vision, sources close to the campaign revealed on the condition of anonymity.

Prominent Republican donor Dan Eberhart commented that the move appears insufficiently bold, as both Peck and Uthmeier are essentially shifting from one senior campaign role to another similar role. Peck will continue as the chief strategist within the campaign team.

Eberhart emphasized that Governor DeSantis needs to alter the dynamics significantly, given the evident need for change. He viewed this as a realignment rather than a true reset, since both individuals were already in senior advisory positions.

Currently, DeSantis holds the second position in the race for the Republican nomination to challenge Democratic President Joe Biden in the November 2024 election. However, his standing in public opinion polls has been steadily declining for several months. The most recent Reuters/Ipsos poll indicates his national support at just 13%, far behind former President Trump’s 47%.

Uthmeier, a staunch conservative, has limited experience with campaigns and electoral politics in general. It remains unclear whether he will pursue a more moderate ideological approach, as suggested by some donors.

Having previously served as a senior adviser for Wilbur Ross, the secretary of commerce under the Trump administration, Uthmeier has held positions as general counsel for DeSantis and, most recently, as his chief of staff.

Romeo, the communications director, issued a statement asserting that James Uthmeier, a longstanding top adviser to Governor DeSantis, is crucially positioned to collaborate closely with Generra Peck and the rest of the team. Their objective is to position the governor favorably to secure victory in the primary and subsequently challenge Joe Biden.

The recent removal of Peck from her role follows an announcement by Robert Bigelow, a prominent individual donor supporting DeSantis’ candidacy. Bigelow stated that he would withhold further donations unless the governor alters his approach, citing the ineffectiveness of extremism in gaining electoral success. Bigelow regarded Peck as a competent campaign manager but urged DeSantis to adopt a more moderate stance.

Regarding the looming Republican debate on August 23 in Milwaukee, DeSantis faces a pivotal moment. With Trump’s intention to skip the debate, DeSantis could become the target of criticism from other candidates.

David Polyansky, a key figure in the main outside spending group supporting DeSantis, is reportedly joining the campaign as a senior adviser, according to an anonymous source familiar with the matter.

This recent shakeup aligns with a pattern seen in DeSantis’ previous campaigns, according to Whit Ayres, a Republican operative who served as DeSantis’ pollster during his 2018 Florida gubernatorial campaign.

 

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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.

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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.

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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

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Nasdaq sell-off worsens as AI stock valuations spark investor concerns and Palantir shares plummet despite strong earnings

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In Short:
– 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.
Stocks fell on Tuesday as investor concerns regarding artificial intelligence valuations impacted major indices.
The S&P 500 declined by 1.2%, and the Nasdaq Composite dropped by 1.9%, while the Dow Jones Industrial Average lost 304 points, equating to a 0.6% decrease.Palantir shares dropped 9%, despite the company’s strong third-quarter performance and positive forecasts attributed to its AI sector growth. The stock has surged over 150% this year, yet trades at over 200 times its forward earnings, leading investors to question whether such valuations can be sustained.

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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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