Latest News

See the latest news and get GPT analysis of articles

Biden campaign quietly assessing Harris' viability against Trump None - The Biden campaign is quietly assessing the viability of Vice President Harris' candidacy against former President Trump in a new head-to-head poll. NBC News' Aaron Gilchrist has details as President Biden faces growing calls to withdraw from the race.July 11, 2024

How major US stock indexes fared Thursday, 7/11/2024 None - Most U.S. stocks rose after the latest update on inflation bolstered Wall Street’s belief that relief on interest rates may come as soon as September How major US stock indexes fared Thursday, 7/11/2024 The Associated Press By The Associated Press Most U.S. stocks rose after the latest update on inflation bolstered Wall Street’s belief that relief on interest rates may come as soon as September. Three out of every four stocks in the S & P 500 climbed Thursday, and homebuilders, real-estate owners and other stocks that benefit the most from easier interest rates led the way. But slumps for Nvidia, Tesla and other influential stocks in the small group that’s come to be known as the Magnificent Seven masked the underlying strength. That dragged the S & P 500 down 0.9%. The Nasdaq fell 2% and the Dow rose 32 points. Bond yields tumbled. On Thursday: The S & P 500 fell 49.37 points, or 0.9%, to 5,584.52. The Dow Jones Industrial Average rose 32.39 points, or 0.1%, to 39,753.75. The Nasdaq composite fell 364.04 points, or 2%, to 18,283.41. The Russell 2000 index of smaller companies rose 73.28 points, or 3.6%, to 2,125.04. For the week: The S & P 500 is up 17.35 points, or 0.3%. The Dow is up 377.88 points, or 1%. The Nasdaq is down 69.35 points, or 0.4%. The Russell 2000 is up 98.31 points, or 4.9%. For the year: The S & P 500 is up 814.71 points, or 17.1%. The Dow is up 2,064.21 points, or 5.5%. The Nasdaq is up 3,272.06 points, or 21.8%. The Russell 2000 is up 97.96 points, or 4.8%.

Video New inflation report could lead to Fed lowering interest rates None - New inflation report could lead to Fed lowering interest rates ABC News business reporter Alexis Christoforous breaks down what this could mean for consumers.

Insurers hike rates as extreme storms like Beryl proliferate, bringing forecasts for fatter profits None - Destructive storms like Hurricane Beryl that knocked out power to 3 million homes and businesses in Texas are growing more frequent and intense, and insurers are jacking up rates in response NEW YORK -- Destructive storms like Hurricane Beryl that knocked out power to 3 million homes and businesses in Texas are growing more frequent and intense, and insurers are jacking up rates in response. That could mean big profits for property and casualty insurers like Allstate and Progressive in the coming year. Investors have bid up shares in the sector roughly 19% so far this year, outpacing the S & P 500's 17% gain. Global insurance giant Swiss RE expects the broader sector's return on equity, a key measure of profit, to grow 9.5% in 2024, well above last year's 3.4% growth. Rate hikes have been a way for property insurers to offset the cost of catastrophic events. Hurricanes account for most insured catastrophe losses, according to CFRA. Hurricane Ian in 2022 is a reminder of the risks facing insurers. It was among the costliest storms in U.S. history at just over $118 billion, according to NOAA. Hurricane Katrina in 2005 was the costliest at about $200 billion. Effective rates for homeowner insurance surged by double digits for most insurance companies in 2023, according to S & P Global. Progressive's rates rose 10.4% in 2023, compared with just a 2.9% rise in 2022. Allstate's rates jumped 10.2%, up from 4.3% in 2022. The U.S. experienced 28 separate billion-dollar weather and climate disasters in 2023, the most ever, according to the National Oceanic and Atmospheric Administration. That surpassed 22 such events in 2020. The current hurricane season is already one for the record books early on. Hurricane Beryl, the second named storm of the season, became the earliest storm to develop into a Category 5 hurricane in the Atlantic. NOAA is forecasting an above normal season with up to 25 named storms, up from 20 named storms and 7 hurricanes in 2023. “If this grim forecast comes to fruition, it will likely buoy pricing for many lines of property-casualty insurance and reinsurance, providing certain underwriters' shares with a catalyst,” according to a research report from CFRA. Insurers are also reducing their exposure to outsized losses by cutting their business in Florida and in California, where wildfire risks loom every year. Farmers Insurance pulled out of the Florida market in 2023. State Farm is scaling back coverage in California. The industry has been raising premiums for about six years now, CFRA said. Cumulative rate increases over the years have compounded pressure on homeowners. Premiums for property and casualty insurance are now at their highest levels in more than two decades, according to the U.S. government data from the producer price index. As a result, Wall Street expects Progressive's earnings to nearly double in 2024 after jumping by 50% in 2023. “We got ahead of the curve as far as pricing.” said Progressive CEO Tricia Griffith, during a May conference following its first quarter report. “We’re seeing that with our growth and hope to continue to see that.” Analysts expect Travelers to report a 36% jump in 2024 earnings per share following a modest gain in 2023. Allstate's profit is expected to skyrocket compared to weak growth in 2023 as it moves past the big cost impact from Hurricane Ian.

European Union adds porn site XNXX to list of online platforms facing strictest digital scrutiny None - The European Union says it’s adding the porn site XNXX to its list of online services facing the strictest level of scrutiny under the bloc’s digital regulations, including measures requiring users to verify their ages LONDON -- The European Union said Wednesday it's adding the porn site XNXX to its list of online services facing the strictest level of scrutiny under the bloc's digital regulations including measures requiring users to verify their ages. It's the fourth porn site to be classed as a “very large online platform” that, under the European Union's groundbreaking Digital Services Act, must abide by extra obligations aimed at keeping internet users safe. Pornhub, XVideos and Stripchat have also been targeted by the rulebook, known as the DSA, along with 21 mainstream platforms and search engines like TikTok, Amazon, Facebook, Instagram and Google. The DSA, which took effect last year, is Brussels' flagship legislation to protect internet users from illegal content and dodgy products under threat of hefty fines. The European Commission, the EU's executive branch, said in a prepared statement that it's including XNXX because it has 45 million European users, the threshold for stepped-up scrutiny. The commission said XNXX must comply by November with the extra measures, including preventing minors from accessing online porn by using age verification tools, as well as giving researchers access to publicly available data and publishing an ad database. “XNXX must also duly assess and mitigate any systemic risks stemming from their services, such as risks related to the dissemination of illegal content, or the negative effects on mental and physical well-being of the user,” the commission said. Attempts to contact XNXX for comment were unsuccessful because the site's media contact form is nonfunctional. Violations of the DSA are punishable by fines of up to 6% of global revenue or even an EU ban. The commission last month asked Pornhub, which has disputed its DSA status, XVideos and Stripchat for more details on the measures they have taken to protect minors from accessing their content. ___ The story has been corrected to show the site's name is XNXX, not XXNX.

Stock market today: Most of Wall Street climbs on encouraging inflation report, but Big Tech slumps None - Most U.S. stocks rose after the latest update on inflation bolstered Wall Street’s belief that relief on interest rates may come as soon as September NEW YORK -- Most U.S. stocks rose Thursday after the latest update on inflation bolstered Wall Street’s belief that relief on interest rates may come as soon as September. Four out of every five stocks in the S & P 500 index climbed, though pullbacks for Nvidia, Microsoft and a handful of other highly influential companies masked that underlying strength. Those giants have been the market’s biggest winners amid a frenzy around artificial-intelligence technology, causing critics to say they had become too pricey, and they helped drag the S & P 500 down 0.9% from its all-time high set a day before. The drops for Big Tech stocks also pulled the Nasdaq composite down 2% from its own record. The drops broke seven-day winning streaks for both the S & P 500 and Nasdaq composite. The Dow Jones Industrial Average, which has less of an emphasis on tech, rose 32 points, or 0.1%. The direction was decidedly upward for the majority of stocks on Wall Street, particularly housing-related companies, real-estate owners and others that benefit from easier interest rates. SBA Communications, which owns towers and other sites used for wireless communications infrastructure, jumped 7.5% for the biggest gain in the S & P 500. Smaller companies that have lagged behind the market’s behemoths for a while were also strong, and the Russell 2000 index of smaller stocks leaped 3.6% to lead the market decisively. The shift is encouraging to some market watchers, who see it as healthier when more stocks are participating in a rising market instead of just an elite, dominant 1%. The day’s action was even stronger in the bond market, where yields tumbled as traders built bets for the Federal Reserve to soon begin lowering its main interest rate. It’s been sitting for nearly a year at its highest level in more than two decades. Wall Street wants lower interest rates to release pressure that’s built up on the economy because of how expensive it’s become to borrow money to buy houses, cars or anything on credit cards. Fed officials, though, have been saying they want to see “more good data” on inflation before making a move. Wall Street saw Thursday’s report, which showed milder price increases than expected from a year earlier for gasoline, cars and other things U.S. consumers bought during June, as providing just that. “One word: pivotal,” said Lindsay Rosner, head of multi-sector investing within Goldman Sachs Asset Management. “With three inflation prints between this morning and September’s Fed meeting, today’s print was crucial in helping the Fed gain confidence inflation is still moving in the right direction.” Following the report’s release, Treasury yields tumbled immediately. The yield on the 10-year Treasury dropped to 4.20% from 4.28% late Wednesday and from 4.70% in April. That’s a major move for the bond market and provides a big lift for stock prices. Lower yields helped real-estate owners and utilities lead the way in the stock market. Falling bond yields make those stocks’ relatively high dividends more attractive to investors seeking income. Real-estate investment trusts in the S & P 500, including SBA Communications, jumped 2.7% for the biggest gain among the 11 sectors that make up the index. Utility stocks were close behind with a gain of 1.8%. Homebuilders were also strong on hopes that lower mortgage rates will juice the industry. D.R. Horton climbed 7.3%, and Lennar rose 6.9% for some of the biggest gains in the S & P 500. Mohawk Industries, which makes flooring for homes, jumped 7.4%. Besides hopes for coming cuts to interest rates, expectations for strong profit growth have also pushed the U.S. stock market to its records. Analysts expect S & P 500 companies to deliver their best overall growth in more than two years this upcoming reporting season, according to FactSet, but it’s getting off to a mixed start. Delta Air Lines lost 4% after reporting slightly weaker revenue and profit for the spring than analysts expected. The airline said demand is strong for summer travel, but it also gave a profit forecast for the current quarter that fell short of Wall Street’s estimates. Tesla fell 8.4% to give back some of the gains from an 11-day romp where the electric-vehicle maker’s stock had soared 44%. It and all the other stocks in the group that’s come to be known as the “Magnificent Seven” fell for the day. Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla have been behind the bulk of the S & P 500’s returns for more than a year because their fortunes seemed to rise regardless of the economy’s strength or where interest rates were. All told, the S & P 500 fell 49.37 points to 5,584.54. The Dow rose 32.39 to 39,753.75, and the Nasdaq composite dropped 364.04 to 18,283.41. In stock markets abroad, Japan’s Nikkei 225 rose 0.9% to set another all-time high. Indexes were also strong across much of the rest of Asia and Europe. ___ AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Fewer Americans applied for jobless claims last week as labor market remains sturdy None - Fewer Americans filed for unemployment benefits last week as the labor market remains sturdy despite high interest rates Fewer Americans filed for unemployment benefits last week as the labor market remains sturdy despite high interest rates. The Labor Department reported Thursday that jobless claims for the week ending July 6 fell by 17,000 to 222,000 from 239,000 the previous week. The total number of Americans collecting unemployment benefits declined for the first time in 10 weeks. About 1.85 million Americans were collecting jobless benefits for the week of June 29, around 4,000 fewer than the previous week. Economists say that because so-called continuing claims have been on the rise in recent months, it suggests that some who are receiving unemployment benefits are finding it more challenging to land jobs. Weekly unemployment claims are widely considered as representative of layoffs. The four-week average of claims, which evens out some of the week-to-week volatility, fell by 5,250 to 233,500. The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in an attempt to extinguish the four-decade high inflation that shook the economy after it rebounded from the COVID-19 recession of 2020. The Fed’s intention was to cool off a red-hot labor market and slow wage growth, which can fuel inflation. Many economists had expected the rapid rate hikes would trigger a recession, but so far that hasn’t happened, thanks in large part to strong consumer demand and a resilient labor market. As inflation continues to ease, the Fed's goal of a soft-landing — bringing down inflation without causing a recession and mass layoffs — appears within reach. The Fed’s next policy meeting comes at the end of this month, but few experts are expecting a rate cut then. However, investors are betting that there is nearly a 70% chance for a reduction at the Fed’s September meeting. While the labor market remains historically healthy, recent government data suggest some softness creeping in. Until last week, applications for jobless benefits were trending higher in June after mostly staying below 220,000 this year. The unemployment rate ticked up to 4.1% in June, despite the fact that America’s employers added 206,000 jobs. Job postings in May rose slightly to 8.1 million, however, April’s figure was revised lower to 7.9 million, the first reading below 8 million since February 2021.

Inflation cooled in June, outperforming economists' expectations None - Inflation has fallen significantly from its peak but remains elevated. Consumer prices rose 3.0% in June compared to a year ago, extending a monthslong stretch of progress in the fight to slow price increases. The inflation reading outperformed economists' expectations. The latest sign of cooling inflation could heighten pressure on the Federal Reserve to move forward with a set of interest rate cuts that the central bank forecast late last year. Inflation has cooled for four consecutive months, reversing a surge in prices that took hold at the outset of 2024. Price increases have slowed significantly from a peak of more than 9%, but inflation remains more than a percentage point higher than the Fed's target rate of 2%. The prices increases last month marked a slowdown from the 3.3% rate recorded in May. A decline in gas prices in June offset an increase in housing and grocery prices, the U.S. Bureau of Labor Statistics said. Despite the cooldown of prices in recent months, the Federal Reserve has opted to keep its benchmark interest rate highly elevated. The Fed Funds rate remains between 5.25% and 5.5%, matching its highest level since 2001. Speaking to House members in Washington, D.C., on Wednesday, Fed Chair Jerome Powell touted "modest further progress" in the fight to slow price hikes over recent months. Still, he added, the Fed will not lower interest rates until it has "gained greater confidence that inflation is moving sustainably toward 2%." While the economy has proven resilient this year, recent performance suggests that high interest rates have begun to slow activity. Federal Reserve Bank Chair Jerome Powell speaks during a House Financial Services Committee hearing on the Federal Reserve's Semi-Annual Monetary Policy Report at the U.S. Capitol on July 10, 2024 in Washington, DC. Bonnie Cash/Getty Images A jobs report released on Friday showed that the economy added a robust 206,000 jobs in June. However, downward revisions for hiring over the previous two months brought the three-month average to its lowest level since January 2021. The unemployment rate has ticked up this year from 3.7% to 4.1%. Economic output has slowed markedly at the outset of 2024, though it has continued to grow at a solid pace. Interest rate cuts would lower borrowing costs for consumers and businesses, potentially triggering a burst of economic activity through greater household spending and company investment. But the Fed risks a rebound of inflation if it cuts interest rates too quickly, since stronger consumer demand and higher wages could lead to an acceleration of price increases. On the other hand, recent data suggesting an economic slowdown heightens the risk of keeping interest rates too high for too long, since the borrowing costs could ultimately tip the economy into a recession. The Fed is guided by a dual mandate to keep inflation under control and maximize employment. Addressing lawmakers at the Capitol on Wednesday, Powell said recent progress in the fight against inflation has allowed the central bank to bring greater attention to its role in employment. "Elevated inflation is not the only risk we face," Powell told lawmakers on Wednesday. If the Fed opts to lower interest rates "too late or too little," he added, it could "unduly weaken economic activity and employment."

Homeowner who lives next to Trump rally site describes 'free for all' with 'no security' None - Homeowner who lives next to Trump rally site describes 'free for all' with 'no security' A homeowner in the area around Trump's Saturday rally described a "free for all" with "no security" and a fence secured with zip ties outside the perimeter of the event, NBC's Tom Llamas reports.July 14, 2024

‘A lot of fear and uncertainty”: NBC News reporter describes shooting at rally None - Electing Biden over Trump is ‘the way out’: Swalwell on how to fix the Supreme Court

‘Pop, pop, pop, pop’: Witness describes assassination attempt on Trump None - Erin Autenreith, an attendee at the Trump rally on Saturday, tells MSNBC's Katy Tur what she witnessed during the assassination attempt.July 14, 2024

FBI: Shooter's ideology not yet identified, 2000+ tips received so far None - The FBI has not yet identified an underlying ideology for the Trump rally shooter, 20-year-old Thomas Matthew Crooks, but the investigation is in its early stages. The FBI is still working to get access to Crooks’ phone, which is being shipped to a lab, according to the bureau. NBC's Ryan Reilly reports.July 14, 2024

Trump confides in friend after assassination attempt: 'I’ve heard from people I wasn’t expecting to’ None - CNBC's Joe Kernen tells Katy Tur about his conversation with former President Donald Trump Sunday following the assassination attempt on Trump. Kernen says he and Trump spoke over the phone for three or four minutes.July 14, 2024

'It was not an improbable thing': Reporter details scene of Trump rally shooting None - 'It was not an improbable thing': Reporter details scene of Trump rally shooting Boston Globe political reporter James Pindell described the scene of the shooting at former President Donald Trump's rally and how reporters often have to prepare to cover attempted presidential assassinations.July 14, 2024

Biden: ‘No place in America’ for violence after Trump assassination attempt None - President Biden spoke after receiving a briefing with his cabinet on the shooting at former President Trump's rally. Biden said he had a "short but good" conversation with Trump, expressed his condolences for the victim who lost his life and urged Americans to not make assumptions about the shooter's motive.July 14, 2024

Sale of US Steel kicks up a political storm, but Pittsburgh isn't Steeltown USA anymore None - Pittsburgh's most storied steel company, U.S. Steel, is on the cusp of being bought by Japanese steelmaker Nippon Steel Corp. in a deal that's kicking up an election year political maelstrom PITTSBURGH -- Generations of Pittsburghers have worked at steel mills, rooted for the Steelers or ridden the rollercoaster at Kennywood amusement park, giving them a bird's eye view of the massive Edgar Thomson Works, the region’s last blast furnace. Now, Steeltown USA's most storied steel company, U.S. Steel, is on the cusp of being bought by Japanese steelmaker Nippon Steel Corp. in a deal that's kicking up an election year political maelstrom across America's industrial heartland. The sale comes during a tide of renewed political support for rebuilding America's manufacturing sector and in the middle of a presidential campaign in which the politically dynamic Pittsburgh region is a destination for President Joe Biden, former President Donald Trump and their surrogates. The deal follows a long stretch of protectionist U.S. tariffs that analysts say has helped reinvigorate domestic steel. And it is eliciting complicated feelings in a region where steel is largely a thing of the past after people, particularly those 50 or older, watched mills shut down and their Rust Belt towns wither. “The fear is that these jobs went away once, and the fear is that these jobs could go away again,” said Mike Mikus, a Pittsburgh-based Democratic campaign consultant whose grandfather lost his steel mill job 40 years ago. U.S. Steel is no longer a major steelmaker in an industry dominated by the Chinese. But its workers still carry political heft in what some see as a larger symbolic fight to save what’s left of manufacturing in the United States. With the United Steelworkers against the deal, Biden — a Democrat who has made his support for organized labor explicit and has won the union's endorsement — has all but vowed to block U.S. Steel's sale, saying in an April rally with steelworkers in Pittsburgh that the company "should remain totally American.” Trump, a Republican who as president opposed union organizing efforts but describes himself as pro-worker, has said he would block it “instantaneously.” Biden’s White House has indicated the secretive Committee on Foreign Investment in the United States will review the transaction for national security concerns. The committee can recommend that the president block a transaction, and federal law gives the president that power. In the meantime, the Department of Justice is reviewing it for antitrust compliance, and the steelworkers union has filed a grievance over it. In a rare flurry of bipartisan unity, the sale has drawn opposition from Democratic Sens. Bob Casey and John Fetterman of Pennsylvania and Sherrod Brown of Ohio and from Republican Sens. J.D. Vance of Ohio, Ted Cruz of Texas and Josh Hawley of Missouri, on both economic and national security grounds. Nippon Steel has scheduled the deal to close later this year. Once the world’s largest corporation, U.S. Steel was the world’s 27th-largest steelmaker in 2023, according to World Steel Association figures. It reported just under $900 million in net income on $16 billion in sales last year. The deal includes all of U.S. Steel’s ore mining, coking, steelmaking and processing plants around the country, including the Edgar Thomson Works, which looms over the Monongahela River just south of Pittsburgh and still churns out steel slabs 150 years after it was built. U.S. Steel employs 3,000 people at its four major Pennsylvania plants, including the Edgar Thomson and the nation's largest coke-making plant in nearby Clairton. Nippon Steel — the world’s fourth-largest steelmaker in 2023, according to association figures — and U.S. Steel are now in the midst of a broad public relations effort to promote the sale. Their ads are on social media, TV screens and billboards, as the companies promise to protect jobs, move Nippon Steel’s U.S. headquarters to Pittsburgh from Houston and invest in the badly aging Pittsburgh-area plants to make them cleaner and more efficient. Flyers landing in Pittsburgh-area mailboxes tout the “future of American steel” and urge residents to contact their elected officials to support the companies' “partnership.” And, they say, “U.S. Steel remains U.S. Steel.” Meanwhile, Pittsburgh is a changed place. It is no longer a destination for new steel investment. Gone are the 20 or so miles (32 kilometers) of contiguous iron and steel mills from downtown Pittsburgh and up the Monongahela River that helped the U.S. industrialize and wage wars. Now, Pittsburgh is seen as an “eds and meds” city in which universities and hospitals are the major employers. Allegheny County, which surrounds Pittsburgh, just began growing again, after decades of population decline. Some city neighborhoods have emerged from a long period of struggle and are thriving, and a younger generation is attracted to the city’s growing high-tech industry. Younger residents or transplants don’t necessarily want steelworkers to lose jobs, but they care about the environment, too. Local elections are increasingly elevating insurgent progressives who take a dim view of fossil fuels and heavy industries — such as U.S. Steel's plants — that use them. Edith Abeyta, an artist and California transplant who lives near Edgar Thomson Works, keeps an air monitor at her house to check daily for air quality. For her, Edgar Thomson Works is a massive eyesore and a health threat. “Not every place you go smells like rotten eggs or burning metal or you see big plumes of red smoke or black smoke or flares that are burning all night long,” Abeyta said. “Not everybody lives with that.” Steelworkers have changed too. The union still endorses Democrats, but rank-and-file blue-collar union members, like the steelworkers, are no longer viewed as a bedrock of the Democratic Party’s coalition, in part because of shrinking union numbers but also because there were defections to Republicans. In 2016, Trump became the first Republican to win Rust Belt states Michigan and Pennsylvania since 1988. Christopher Briem, an economist at the University of Pittsburgh’s Center for Social and Urban Research, estimated there are 5,000 steel mill jobs in the region, a tiny percentage of the number of mill jobs when steelmaking there was at its peak. He puts the region’s competitive steelmaking peak in the 1920s, before technological advances rendered the region’s metallurgical coal unnecessary for steelmaking and gave rise to electric arc furnaces that don't require coal. And while Pittsburgh has recovered from the collapse of steel, some smaller neighboring towns haven’t. “And that’s what got people so concerned, is the fact that we’ve been through this before and it changed the region and it devastated people’s lives,” said August Carlino, president and chief executive officer of the Rivers of Steel Heritage Corporation, based in Homestead. Tony Buba, a filmmaker who lives near the Edgar Thomson plant and whose father worked for 44 years at a steel mill, sees a misplaced nostalgia around Pittsburgh's steel industry. Mill jobs were dangerous work that didn't pay decent wages until shortly before steel's collapse in the early 1980s, he said. “Sirens would go off when someone got hurt, and mother would start praying,” he said. Regardless of who owns them, Buba expects that Pittsburgh's steel plants will be gone in 30 or 40 years — and that political support will be fleeting. “It’ll be interesting to see after the election,” Buba said, “how many people are opposed to the sale.” ___ Follow Marc Levy at twitter.com/timelywriter. ___ Follow the AP's coverage of the 2024 election at https://apnews.com/hub/election-2024.

Higher costs, low base fares send Delta's profit down 29% None - Americans are traveling in record numbers this summer, but Delta Air Lines says it saw second-quarter profit drop 29% due to higher costs and discounting of base-level fares across the industry Americans are traveling in record numbers this summer, but Delta Air Lines said Thursday that it saw second-quarter profit drop 29% due to higher costs and discounting of base-level fares across the industry. The airline is also predicting a lower profit than Wall Street expects for the third quarter. On a call with analysts and reporters, Delta CEO Ed Bastian sent a clear message to low-cost carriers: Slow your growth to end the oversupply of seats on domestic routes. Delta shares tumbled 6% in midday trading Thursday, and the shares of other carriers were dragged down as well. JetBlue, American, United and Southwest fell between 3% and 6%. Delta said it earned $1.31 billion from April through June, down from $1.83 billion a year earlier. Revenue rose 7% to nearly $16.66 billion — a company record for the quarter. That is not surprising to anyone who has been in an airport recently. The Transportation Security Administration screened more than 3 million travelers Sunday, a single-day high. “Demand has been really strong,” Bastian said in an interview. “International, business (travel), our premium sector all outperformed.” Delta's results showed a continuing divide between passengers who sit in the front of the plane and those in economy class. Revenue from premium passengers jumped 10% — about $500 million — but sales in the main cabin were flat with a year earlier. Wealthier Americans are benefiting from strong gains in stock prices and the value of their homes, according to economists, while middle-class families are more likely to be holding back on spending because high inflation over the last three years has eroded their paychecks. Delta and United -- with their focus on premium customers, a bigger share of business travel and extensive international routes — have emerged from the pandemic as the most profitable U.S. carriers. Others that cater to budget-conscious leisure travelers, including Southwest, JetBlue and Spirit, have posted losses and cut prices to fill seats. The changing market has caused Southwest to consider adding premium seats for the first time in its half-century history. “Our more affluent customers are contributing meaningfully to our growth, and that's why we continue to bring more and more product to them,” Bastian said. Bastian, however, disputed any notion that middle-class travelers are pulling back on spending. He said it is simply supply and demand — the airline industry, including low-fare carriers, is adding flights even faster than demand is growing, leading to lower fares. “The discounting is in the lower-fare bucket,” he said. Delta's passenger-carrying capacity grew 8% in the second quarter, but it plans to throttle back to between 5% and 6% growth in the third quarter. Bastian said other, less-profitable airlines should do the same. “You cannot, if you are on the lower end of the industry’s food chain, continue to post losses, particularly given the health of the demand set we have all seen over these last couple of years," he told analysts. “There is a lot of other work that others need to lift … there is only so much more we can do on our own.” The signal to other airlines about capacity was remarkable. During the Obama administration, the Justice Department investigated whether U.S. carriers colluded by signaling each other during events such as conference calls to raise prices by reducing the number of seats for sale. That investigation ended without charges, although Southwest and American later paid to settle private lawsuits that made similar accusations. Delta doesn't disclose average fares, but passengers paid 2% less per mile in the second quarter, and there were a couple more empty seats on the average flight, compared with a year earlier. Delta's increase in revenue was more than offset by higher costs. Expenses jumped 10%, with labor, jet fuel, airport fees, airplane maintenance and even the cost of running its oil refinery all rising sharply. Spending on labor grew 9% over last year. The airline hired thousands of new workers when travel began recovering from the coronavirus pandemic, but hiring now is mostly limited to replacing workers who leave or retire. Delta laid off an undisclosed number of nonunion office employees last fall in a sign that management considered the company overstaffed. Atlanta-based Delta said its earnings, excluding one-time items, worked out to $2.36 per share, a penny less than the average forecast among analysts in a FactSet survey. The airline said its adjusted profit in the third quarter will be between $1.70 and $2 per share, below analysts' forecast of $2.04 per share. Delta repeated its previous prediction that full-year profit will be $6 to $7 per share. ___ Koenig reported from Dallas. Christopher Rugaber in Washington contributed to this report.

Families of workers killed in Idaho airport hangar collapse sue construction company None - The families of two construction workers killed when an airport hangar in Idaho collapsed are suing several companies that were involved in the building process, alleging the businesses recklessly cut corners and used inappropriate materials for the build BOISE, Idaho -- The families of two construction workers killed when an airport hangar in Idaho collapsed are suing several companies that were involved in the building process, alleging the businesses recklessly cut corners and used inappropriate materials for the build. The private hangar at the Boise airport was still under construction when it collapsed under high winds on Jan. 31, killing three people and injuring nine others. The families of Mario Sontay and Mariano Coc filed the wrongful death lawsuit against Big D Builders, Steel Building Systems, Inland Crane and Speck Steel in federal court earlier this week, asking for unspecified monetary damages. Sontay, 32, and Coc, 24, had only been working on the hangar job for six days when the massive metal structure collapsed. They'd been sent to the hangar from another construction site by Big D Builders because the shell of the building was supposed to be completed by the end of January, according to the lawsuit, and that contract deadline was looming. Problems with the construction may have been evident in the days before the collapse, with some subcontractors on the site reporting that the metal beams that made up the skeleton of the building looked like they were twisting or weren't properly braced. “Many subcontractors were critical of the rushed schedule,” Enrique Serna and Jane Gordon, the attorneys representing the families, wrote in the lawsuit. “They cited ‘cutting of corners,’ reported ‘bowing of beams,’ snapping cables, a lack of key cross bracing, flange bracing and cable bracing." Big D Builders, based in Meridian, Idaho, declined to comment on the lawsuit. Both Inland Crane, based in Boise, and Steel Building Systems, based in Emmett, Idaho, expressed condolences to the families of the victims in written statements. “While we mourn the loss of our partners, friends, and colleagues, all evidence demonstrates that Inland Crane and our employees are not at fault for this tragedy,” Inland Crane wrote. “Family is the core of who we are at Steel Building Systems,” Andy Speck, the co-owner of SBS and Speck Steel, wrote in an email. “Our heartfelt condolences go out to the victims and their families. We cannot speak to a majority of the complaints filed as SBS was not the installer of the metal building, nor did we possess or demonstrate any authority over job site operations.” On the day of the collapse, Sontay and Coc were installing bolts to secure the rafters of the building, standing on a manlift that hoisted them 40 feet (12.19 meters) above the ground. Stiff winds were blowing at the airport, reaching between 25 miles and 35 miles per hour (about 40 to 56 kilometers per hour). Around 5 p.m., witnesses began hearing popping noises and a loud roaring sound. Some of the workers inside the building were able to run to safety, but others were trapped. The lift that was holding Coc and Sontay was struck by a falling rafter and slammed into the ground. Coc, who had moved to the United States from Guatemala in 2020, died instantly. Sontay, also a Guatemala citizen who came to the U.S. in 2021, succumbed to his injuries about five minutes later. Both men were supporting families in their home countries, according to the lawsuit. Big D Builders co-owner Craig Durrant, 59, was also in the building when it fell, and was decapitated. Serna, the attorney for the Coc and Sontay families, said in a press conference Wednesday that Big D Builders and the other companies acted negligently with disregard for the workers' safety. Big D Builders had a set of construction plans that had already been approved by the city of Boise, but instead decided to use a second set of plans designed by Steel Building Systems that called for roughly 30% less bracing, according to the lawsuit. The building was also constructed using a combination of purchased prefabricated materials and locally-manufactured bracing and structural supports that weren't properly designed to fit the prefabricated pieces, according to the lawsuit. It all resulted in “serious design and engineering defects,” the workers' families contend, a problem that was exacerbated when the strong winds began. On that day, Inland Crane had removed three of the four cranes that were at the construction site, according to the lawsuit, but left an older model that was serving as an erection support. It wasn't rated for high wind speeds and was improperly tied to the structure, according to the lawsuit. “They know better! They know better, not to act like this. But a lot of the time they think it’s going to be OK,” Serna said. “I hope these practices are not carried on because practices like this kill people. It clearly killed my clients.” The Occupational Health and Safety Administration is still investigating the collapse, and a report on the agency's findings is expected to be released within the next several weeks.

Russia declares newspaper The Moscow Times 'undesirable' amid crackdown on criticism None - The Russian prosecutor general’s office has declared The Moscow Times newspaper to be an “undesirable organization.” The Russian prosecutor general's office on Wednesday declared The Moscow Times, an online newspaper popular among Russia’s expatriate community, as an “undesirable organization.” The designation comes amid a crackdown on critical news media and the opposition. It means the newspaper must stop any work in Russia and it subjects any Russian who cooperates with the paper to up to five years in prison. It is a more severe measure than the “foreign agent” designation applied to the news outlet in November, which subjects individuals and organizations to increased financial scrutiny and requires any of their public material to prominently include notice of being declared a foreign agent. The Moscow Times already moved its editorial operations out of Russia in 2022 after the passage of a law imposing stiff penalties for material regarded as discrediting the Russian military and its war in Ukraine. It publishes in English and in Russian, but its Russian-language site was blocked in Russia several months after the Ukraine war began. In an editors' note on the decision, the newspaper said "the labeling of The Moscow Times as ‘undesirable’ is the latest of many efforts to suppress our reporting on the truth in Russia and its war in Ukraine. ... This designation will make it even more difficult for us to do our jobs, putting reporters and fixers inside Russia at risk of criminal prosecution and making sources even more hesitant to speak to us. “We refuse to give in to this pressure. We refuse to be silenced,” the newspaper said. The publication began in 1992 as a daily print paper distributed for free in restaurants, hotels and other locations popular with expatriates, whose presence in Moscow was soaring after the collapse of the Soviet Union. It later reduced its print edition to weekly, then became online only in 2017. Russia in recent years has methodically targeted people and organizations critical of the Kremlin, branding many as “foreign agents” and some as “undesirable." Other news outlets declared as undesirable include the independent newspaper Novaya Gazeta, whose editor Dmitry Muratov won a Nobel Peace Prize, and the online news site Meduza. Russia also has imprisoned prominent opposition figures including anti-corruption campaigner Alexei Navalny, who was President Vladimir Putin’s most persistent domestic foe, and dissidents Vladimir Kara-Murza and Ilya Yashin.

Amazon Prime Day deals are almost here. Should you take advantage of them? None - It’s summertime, and the bargains seem easy at a time when many consumer prices are high Amazon Prime Day deals are almost here. Should you take advantage of them? NEW YORK -- It's summertime, and the bargains seem easy at a time when many consumer prices are high. July sales events have become a seasonal revenue driver for the retail industry since Amazon launched its first Prime Day back in 2015. While consumers may be enticed by the advertised can't-miss savings on some products, personal finance experts say shoppers should be careful not to fall for potentially misleading marketing or give in to impulse buys. Amazon has drummed up expectations in recent weeks for its 10th Prime Day event, which will be held on Tuesday and Wednesday and is open only to customers who pay $14.99 per month, or $139 per year, to receive free shipping and other perks as Prime members. Rival retailers tried in the past to capture some of the Prime Day excitement by offering their own discounts during the two-day event. This year, Walmart, Target, Kohl's, and newcomers TikTok Shop and Temu launched summer promotions ahead of Amazon, hoping to siphon off some of the e-commerce giant's savings-hungry shoppers. Meanwhile, Macy's will be rolling out what it calls its “best summer deals” during an eight-day discount event that begins on Tuesday. July sales help retailers attract customers who are looking to get a head start on back-to-school shopping, which is the industry’s second-most important shopping season behind the winter holiday period. The markdowns also pull in some discretionary spending from shoppers who’ve had their eyes on gadgets, household products and seasonal items, such as a bikini or a new summer dress. Discounts can help retailers combat “a summer lull in retail spending” as consumers shift their spending to summer vacations and services, like going out to eat at restaurants, according to John Mercer, the head of global research at Coresight Research. “It drives a bit of excitement in that mid-year period," when retailers may otherwise struggle to generate more revenue, Mercer said. Companies also have relied on discounts to drive consumer spending during the recent period of inflation and high interest rates, he said. Amazon doesn't disclose how much revenue it pulls in from Prime Day, but it has given some indications of its success. The company said last year's event resulted in the “single largest sales day" in the company's history, with customers purchasing more than 375 million items. An estimate from market research firm Emarketer indicated Amazon's global sales on Prime Day went up to $12.5 billion in 2023. The firm forecasts sales to jump roughly 7% this year. It depends on who you ask. Retailers hype up their promotions to pull people in. But the New York Times-owned product review website Wirecutter published an article this month saying most of Amazon's early deals this year so far “stink.” Santa Clara University business professor Kirthi Kalyanam, who is writing a book about Amazon, said Prime Day offers have been good, historically. That's because the company was able to source discounts from well-known brands such as Apple and to incentivize third-party sellers to lower their prices by promising to feature them prominently on the Amandon website, according to Halyanam. But Prime Day discounts may matter less these days because customers are getting accustomed to the ultra-cheap products sold by Amazon competitors Shein and Temu, which were both founded in China. “Many of (the) deals may not be as competitive compared to Temu and Shien,” Kalyanam said. At the same time, he noted rival retailers will most likely be looking at Amazon's prices and trying to match them overnight. Last week, he said he saw Best Buy discount two products after Amazon revealed some of its early deals. Consumer data company Numerator reported that a majority of the roughly 5,000 Prime Day shoppers it surveyed after last year's event saw product discounts of up to 40%. Survey respondents said they saw a quarter of items selling at a discount of 60% or more. Some shopping experts have said that some past Prime discounts were not as big as they appeared. If you're watching your budget, personal finance experts say you should exercise caution before you buy. “Avoid the false sense of urgency of manufactured holidays,” advises Mark Elliot, chief customer officer at financial services company LendingClub. “The idea that ‘The more you spend, the more you save’ — that’s just definitionally not true.” Dan Egan, a vice president at financial advising and investment company Betterment, says shoppers should make a list of what they need before the sales begin to be intentional about purchases. He also encourages consumers to avoid shopping late at night or out of boredom. “Once you have a list, it’s less likely you’ll get distracted by things you don’t need," Egan said. "If that list contains almost nothing, I would say to delete the (retailers') apps off your phone for the next week or two. Or you’re going to get lots of notifications.” Any shopper already carrying a credit card balance should keep in mind that the interest paid on that balance could end up cancelling out any perceived savings from a summer sale purchase, he added. “A deal is not a deal if you have to pay interest on it," Egan said. While it may make sense for shoppers to try out free or temporary memberships to qualify for the best deals during the summer sales, those programs typically charge a fee to the customer’s credit card on file after a short period of time, noted Erin Witte, the Consumer Federation of America's director of consumer protection. “Set a calendar reminder to cancel if you don't want to go through with that subscription,” Witte said. “Think about it right at the beginning. And remember that these companies design this product to make it easy to sign up, but more difficult to cancel." Consumer Reports also offers a few tips: Download Amazon's app, sign-up for invite-only deals available for a select group of shoppers, and join the waitlist on limited-time offers that are already sold out. Filling up an online Amazon cart is tempting for Prime members since they are paying for access to Prime Day deals. But it’s always a smart idea to compare prices across multiple websites before completing a purchase. Unlike Prime Day offers, Walmart’s discount event this month was open to everyone. However, the company sweetened the deal for its Walmart+ members by offering them early access. Target only offered discounts to shoppers enrolled in its Target Circle loyalty program and used the weeklong event to promote a new membership program that aims to rejuvenate sales and traffic. TikTok Shop, the e-commerce arm of the popular video-sharing app, opened its summer sales event to everyone. The event started on July 9 and runs until Wednesday. _______ The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism. '