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Alec Baldwin's "Rust" denied New Mexico tax incentives ahead of actor's involuntary manslaughter trial 2024-07-03 14:25:00+00:00 - Producers of the western movie "Rust" may have to forgo a robust economic incentive as they try to sell the film to distributors and fulfill financial obligations to the immediate family of a cinematographer who was fatally shot by Alec Baldwin during rehearsal in 2021. New Mexico tax authorities denied an application this spring by Rust Movie Productions for incentives worth as much as $1.6 million, according to documents obtained by The Associated Press. A late July deadline for producers to appeal the decision is approaching. Meanwhile, Baldwin is scheduled to go on trial starting next week on an involuntary manslaughter charge in Halyna Hutchins' death. The lead actor and co-producer of "Rust" was pointing a gun at Hutchins when it went off, killing her and wounding director Joel Souza. Melina Spadone, an attorney representing the production company, said the film production tax incentive was going to be used to finance a legal settlement between producers and Hutchins' widower and son. A musician plays a violin behind a photograph of cinematographer Halyna Hutchins during a vigil in her honor in Albuquerque, N.M., Saturday, Oct. 23, 2021. Andres Leighton/AP "The denial of the tax credit has disrupted those financial arrangements," said Spadone, a New York- and Los Angeles-based senior counsel at Pillsbury Winthrop Shaw Pittman. She helped broker the 2022 settlement that rebooted the stalled production of "Rust" in Montana with some of the original cast and crew, including Baldwin and Souza. Filming wrapped up last year. Terms of the settlement are confidential, but producers say finishing the film was meant to honor Hutchins' artistic vision and generate money for her young son. When the settlement was announced, Baldwin called it a "resolution of this tragic and painful situation" on social media. "Throughout this difficult process, everyone has maintained the specific desire to do what is best for Halyna's son," Baldwin said in the post. Court documents indicate that settlement payments are up to a year late, as attorneys for Hutchins' widower determine "next steps" that include whether to resume wrongful death litigation or initiate new claims. Legal representatives for Matthew Hutchins did not respond to telephone and email messages seeking comment. The prosecution of Baldwin and the film's tax incentive application both have financial implications for New Mexico taxpayers. The Santa Fe district attorney's office says it spent $625,000 on "Rust"-related prosecution through the end of April. What to know about New Mexico film incentives New Mexico's film incentives program is among the most generous in the nation, offering a direct rebate of between 25% and 40% on an array of expenditures to entice movie projects, employment and infrastructure investments. As a percentage of the state budget, only Georgia pays out more in incentives. It includes a one-time option to assign the payment to a financial institution. That lets producers use the rebate to underwrite production ahead of time, often layering rights to the rebate and future movie income into production loans. Among the beneficiaries of the rebate program are the 2011 movie "Cowboys and Aliens" and the TV series "Better Call Saul," a spinoff of "Breaking Bad." As for current productions, New Mexico is the backdrop for a new film starring Matthew McConaughey and America Ferrera about the rescue of students in a 2018 wildfire in the town of Paradise — the most destructive in California's history. Charlie Moore, a spokesperson for the New Mexico Taxation and Revenue Department, declined to comment specifically on the "Rust" application, citing concerns about confidential taxpayer information. Applications are reviewed for a long list of accounting and claim requirements. During a recent 12-month period, 56 film incentive applications were approved and 43 were partially or fully denied, Moore said. Documents obtained by AP show the New Mexico Film Office issued a memo in January to "Rust" that approved eligibility to apply for the tax incentive, in a process that involves accounting ledgers, vetting against outstanding debts and an on-screen closing credit to New Mexico as a filming location. Taxation officials have final say on whether expenses are eligible. Spadone, the attorney for "Rust," said the denial of the application is "surprising" and could disrupt confidence in the tax program with a chilling effect on rebate-backed loans that propel the local film industry. An aerial photo shows the Bonanza Creek Ranch that was used for the Western film "Rust" in Santa Fe, N.M., on Oct. 23, 2021. AP Photo/Jae C. Hong Alton Walpole, a production manager at Santa Fe-based Mountainair Films who was not involved in "Rust," said he faults the movie's creators for seemingly cutting corners on safety but officials have an obligation to review its tax credit application based on legal and accounting principles only — or risk losing major projects to other states. Movies are inherently dangerous even without firearms on set, he noted. "They're going to say, 'Wait, are we going to New Mexico? They could deny the rebate,'" Walpole said. "They're watching every penny." "Popular opinion? I'd say don't give them the rebate. But legally, I think they qualified for it all," he said. At least 18 states have enacted measures to implement or expand film tax incentives since 2021, while some have gone in the opposite direction and sought to limit the transferability and refundability of credit. Under Democratic Gov. Michelle Lujan Grisham, New Mexico has raised annual spending caps and expanded the film tax credit amid a multibillion-dollar surplus linked to record oil and natural gas production. Film rebate payouts were $100 million in the fiscal year ending in June 2023 and are expected to rise to nearly $272 million by 2027, according to tax agency records and the Legislature's budget and accountability office. Democratic state Sen. George Muñoz has criticized the incentive program and asked whether taxpayers should be responsible for unforeseen expenses. "If we're going to do tax credits and there's a problem on the film or the set, do they really qualify or do they disqualify themselves?" said Muñoz, chairman of the lead Senate budget writing committee. "Rust" does not yet have a U.S. distributor as producers shop the newly completed movie at film festivals.

Clarivate: The Cheapest AI Stock Worth Buying? 2024-07-03 14:03:00+00:00 - Clarivate NYSE: CLVT may not be the cheapest AI stock worth buying, but it is inexpensive and set up to rebound strongly over the next few quarters. Trading at a mere 7.5x its earnings outlook for 2025, it is a super-deep value compared to leading AI plays, and the estimates for earnings growth underestimate the company’s potential. Clarivate Today CLVT Clarivate $5.64 +0.08 (+1.44%) 52-Week Range $5.19 ▼ $10.03 Price Target $7.78 Add to Watchlist Clarivate is an information services company serving academia, governments, the life sciences, and the health industries. It is heavily investing in AI. According to its website, Clarivate creates, develops, and uses AI. Because its business is data-centric, AI can help it in many ways, including increased automation to aid margin and enhanced insights to leverage revenue. Get Clarivate alerts: Sign Up What does Clarivate do, and how does it make money? Clarivate uses its platforms to explore and manage academic research. The company provides services like curated content collections for institutions and a platform for publishers to connect and launch content. Future Growth for Clarivate: Analyzing the Inflection Point The Q1 results were mixed, with revenue falling compared to the prior year offset by outperformance and expected growth to resume in the second half. The company posted revenue of $621.2 million, a decline of 1.3%, but worse was expected. Subscription revenue was strong, with a gain of 2.4% offset by decreased transactions and recurring revenue. The earnings news is equally mixed, but guidance offsets it. The adjusted earnings are down compared to last year and flat compared to the consensus targets at MarketBeat.com but sufficient to drive free cash flow. Free cash flow was solid at 18% of revenue and helped sustain the strong balance sheet by allowing early debt repayment. The cash balance fell slightly in Q1 due to the timing of payments and acquisitions but remains healthy, and leverage is low at less than 1x equity. Guidance isn’t robust but provides a catalyst for the market. The company guided the outlook for revenue and earnings in alignment with the analyst forecast for 0% to 2% top-line growth in fiscal 2024. The salient detail is that 0-2% annual growth indicates an inflection to quarterly YoY growth sometime mid-year and will accelerate as the year progresses. Because the guidance for Q2 is for a 2.7% contraction, the inflection will likely take place in Q3 and lead to a mid-to-high single-digit advance in the year's second half. Analyst Sentiment and Clarivate's Stock Price Outlook Clarivate MarketRank™ Stock Analysis Overall MarketRank™ 3.38 out of 5 Analyst Rating Hold Upside/Downside 37.9% Upside Short Interest Healthy Dividend Strength N/A Sustainability N/A News Sentiment 0.98 Insider Trading N/A Projected Earnings Growth 9.68% See Full Details The problem with Clarivate’s share price today is that Q2 will be weak, and the inflection won’t happen until the next quarter. This has analysts lowering sentiment ratings and price targets, helping to pressure the market lower, but the sell-off is overdone. The stock is trading well below the lowest price target set by Wall Street analysts, offering a 7% upside at the low end of $6. The consensus is closer to $7.75, providing a more robust 40% upside for this Hold-rated stock. Although institutional activity is not robust on a quarter-to-quarter basis, it is bullish for this market. Institutions have bought this stock on balance every quarter since the IPO and own more than 85% of the shares. With this force in play and short interest relatively high at 8%, a short-covering rally could commence anytime. The Q2 results are due in early August and could be a catalyst because the bar has been set very low. Clarivate is in Rebound Mode: Stock Price Reversal Imminent Clarivate stock price has been trending lower and recently hit a new low. The mandatory conversion of preferred shares caused the new low, but now a bottom is in play. The market rebounded strongly and confirmed support at the previous low, creating a potential Head & Shoulders pattern. With this in play, a retest of the critical resistance near $5.85 is likely. If it can move above that level, the market should easily reenter the analyst target range. Before you consider Clarivate, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Clarivate wasn't on the list. While Clarivate currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Survey: America’s Top 100 Hidden Gem Cities for Startups 2024-07-03 14:00:00+00:00 - © MarketBeat Media, LLC® 2010-2024. All rights reserved. © 2024 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see Barchart's disclaimer.

The Meaning Behind Short Interest: Beyond the Short Squeeze Hype 2024-07-03 13:00:00+00:00 - A significant short interest may result in a squeeze, but what do the prominent short positions represent? Understanding the implications of high short interest, including the potential for significant price volatility and the underlying health of companies, is essential for retail traders. Before you make your next trade, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list. They believe these five stocks are the five best companies for investors to buy now... See The Five Stocks Here

Hurricane Beryl lashes Jamaica as its center brushes past island coast 2024-07-03 12:30:00+00:00 - At least seven people are known to have died as a result of the storm, which has destroyed homes and devastated farms on islands across the Caribbean. The small island nation of St. Vincent and the Grenadines was badly hit, with at least one person dead and more casualties feared. In Grenada, where least three people have died, Prime Minister Dickon Mitchell said many homes had been destroyed and called the storm's effect "Armageddon-like." Venezuela was hit by heavy flooding and at least three people have died there, with four more missing, the country's president, Nicolás Maduro, said. In Barbados, the fishing community and coastline were hit hard, Prime Minister Mia Mottley said. In a video shared on X, large waves could be seen crashing over a hotel balcony in Dover Beach. On Tuesday, Beryl was classified as a Category 5 hurricane with record-breaking 165 mph winds by the National Hurricane Center, making it the strongest July hurricane on record. Beryl has continued to weaken as it moved west across the Caribbean Sea toward the Gulf of Mexico — but it is still forecast to be at or near major hurricane status when it the Cayman Islands, which like Jamaica is under a hurricane warning. The storm is forecast to pass near or over the Cayman Islands Wednesday night or Thursday, the National Hurricane Center said. While some slight weakening occurred as the storm approached Jamaica, authorities made clear that this is a major weather event that should not be taken lightly. "If you live in a low-lying area, an area that is historically prone to flooding and landslide, or if you live on the banks of a river ... I implore you to evacuate to a shelter or to safer ground," Jamaican Prime Minister Andrew Holness said in a video statement Tuesday. Casey and Warner Haley, of Knoxville, Tennessee, were enjoying their honeymoon after getting married Saturday when they were told they needed to hunker down at their resort in Montego Bay. "Yesterday morning it was perfect weather. We went snorkeling and we went kayaking and by the time we got back, the forecast had changed," Casey, 23, said in a phone interview Wednesday. The couple said they immediately contacted their travel agent but were told there were no flights available. At the airport, they were told the same. "It was quite literally doomsday-type level scenery," Casey said. "We went to all the flight counters, just saying, ‘Hey can you get us anywhere at all, particularly in the U.S., but literally just anywhere. And they all said, ‘No, we’re all booked.'" The local grocery was packed, Casey said, describing it as "an absolute frenzy" with lines reaching to the back. A mandatory evacuation has not been ordered at the resort, but a conference room has been opened up for guests to ride out the hurricane.

If Not President Biden, Then Who? 2024-07-03 11:43:26+00:00 - Plan B talks get louder The Biden campaign’s attempts to soothe panicked Democrats and donors after the president’s calamitous debate appear to have cratered. One Democratic lawmaker has openly called on President Biden to withdraw from the race, while others are sharply criticizing his campaign’s response. Polls show his approval ratings are falling. And many party backers remain as nervous about sticking with him as they were last week — but also worry about the alternatives. The latest: Representative Lloyd Doggett of Texas became the first sitting Democrat to demand that Biden step aside. And some Biden allies qualified their post-debate defenses: Representative Jim Clyburn of South Carolina told The Hill on NewsNation, “I think that the American people want an explanation.” Barack Obama has said privately that Biden’s already tough fight has gotten harder, according to The Washington Post. Democrats and foreign allies worry that Biden has increasingly seemed confused or listless, The Times reports.

America’s Divided Summer Economy Is Coming to an Airport or Hotel Near You 2024-07-03 09:00:34+00:00 - The travel industry is in the midst of another hot summer as Americans hit the road and make for the airport to take advantage of slightly cheaper flights and gas. But the 2024 vacation outlook isn’t all sunny: Like the rest of the American consumer experience this year, it is sharply divided. Many richer consumers — always the lifeblood of the travel industry — are feeling good this year as a strong stock market and rising home values boost their wealth. While they have felt the bite of rapid inflation over the last few years, they are likely to have more wiggle room in their budgets and more options to ease the pain by trading down from name brands to generic, or Whole Foods to Walmart. Poorer families have had less room to maneuver to avoid the brunt of high prices. Although the job market is strong, with low unemployment and wages that have risen especially rapidly at the bottom of the income scale in recent years, some signs of economic strain have been surfacing among lower-income Americans. Credit card delinquencies have risen, many lower earners report feeling less confident in their own household finances, and companies that serve lower-income groups report that they are under stress. The gulf between higher- and lower-income consumers has been widening for years, but it is expected to show up especially clearly in travel this summer. Surveys show that richer households are more optimistic about their ability to take trips, and services that they are more likely to use — like full-service hotels — are flourishing. Budget hotel chains, by contrast, are expected to report a pullback.

How to Choose the Right Tour Group 2024-07-03 09:00:06.307000+00:00 - Tour companies that offer multiday trips arrange most everything for you: lodging, sightseeing, food and transportation. But group size, style of travel and budget are among the considerations travelers should assess before picking a tour. Read on for tips. Big group or small Start your research by thinking about how many people you want to travel with and what your tolerance is for the social demands dictated by group size. Smaller groups can move more nimbly and possibly see more. But they can also be more intensely social as you spend a great deal of time with the same people touring and dining. Larger groups tend to require more time to get around, but they can also offer more social variety — for example, you can change up your lunch partners more easily.

10-year Treasury yield tumbles after weak economic data 2024-07-03 08:56:00+00:00 - Yields and prices have an inverted relationship, so falling yields mean higher prices for Treasurys. One basis point equals 0.01%. The yield on the 10-year Treasury dropped by more than 8 basis points to 4.352%. The 2-year Treasury yield was last at 4.698%, sliding by close to 4 basis points. The 10-year U.S. Treasury yield retreated for another session on Wednesday after weak economic data. The 10-year yield took a leg down following economic releases Wednesday signaling that the labor market is cooling. ADP data showed weaker private payroll growth than expected in June, while weekly claims for unemployment benefits came in higher than economists forecast. These numbers are a prelude to Friday's closely watched nonfarm payroll report for June. Bond yields across the board declined later in the morning after ISM services data came in notably below the consensus expectation of economists. This data added to growing concerns that the U.S. economy is slowing down. The bond market closes early at 2 p.m. ET on Wednesday and will remain dark on Thursday for the Fourth of July holiday. On Wednesday afternoon, traders will watch for minutes from the policy-setting Federal Open Market Committee's June meeting. Treasury yields fell Tuesday after Fed chair Jerome Powell said the central bank wants to see more inflation progress before cutting interest rates, now at a range of 5.25% to 5.50%. Speaking at a monetary forum in Sintra, Portugal, Powell admitted that the U.S. is coming closer to a disinflationary path. "We want to be more confident that inflation is moving sustainably down toward 2% before we start the process of reducing or loosening policy," Powell said, echoing sentiments expressed by other policymakers in recent months.

How China and Russia Compete, and Cooperate, in Central Asia 2024-07-03 05:47:55+00:00 - With Russia mired in a long war in Ukraine and increasingly dependent on China for supplies, Beijing is moving quickly to expand its sway in Central Asia, a region that was once in the Kremlin’s sphere of influence. Russia, for its part, is pushing back hard. As the leaders of Central Asian countries meet with the presidents of China and Russia this week in Astana, the capital of Kazakhstan, China’s rising presence is visible in the region. New rail lines and other infrastructure are being built, while trade and investment are rising. Flag-waving Kazakh children who sang in Chinese greeted Xi Jinping, China’s leader, upon his arrival in Astana on Tuesday. He praised ties with Kazakhstan as a friendship that has “endured for generations.” President Vladimir V. Putin of Russia arrived on Wednesday for the start of the gathering in Astana, an annual summit of the Shanghai Cooperation Organization, and he met with Mr. Xi, according to Xinhua, the state-run news agency.

Tesla stock surges 10% as quarterly vehicle deliveries beat Wall Street estimates 2024-07-03 05:11:00+00:00 - Tesla stock (TSLA) jumped more than 10% on Tuesday after the electric vehicle giant reported quarterly vehicle deliveries that beat Wall Street expectations. The EV maker delivered 443,956 vehicles during the second quarter, versus an analyst consensus estimate of 439,302, per Bloomberg data. “In the second quarter, we produced approximately 411,000 vehicles and delivered approximately 444,000 vehicles,” read a company statement. Broken down by car type, Tesla said it delivered 422,405 models 3/Y and 21,551 other models. That second quarter total delivery figure is higher than the 386,810 vehicles globally delivered in the first quarter but lower than the approximate 466,140 delivered a year ago. Despite the year-over-year drop in deliveries, some analysts pointed to signs the EV industry may be holding up better than expected. "We continue to see scope for improving sentiment in Tesla shares as well as broader EV sentiment as compared with the negative sentiment we have seen over the past ~6 months," wrote Citi analysts on Tuesday. "From here, the focus will turn to Tesla's Q2 auto gross margins to gauge the price vs. cost equation (Tesla reports July 23), as well as any updates on future product launches," said the note. Tesla has faced stiff competition abroad from its Chinese counterparts amid a waning market for EVs. In an effort to reduce costs, Tesla embarked on a plan to cut more than 10% of its global staff earlier this year in what some analysts saw as a signal of tough times ahead. During Tesla's shareholder meeting last month CEO Elon Musk confirmed that near-term demand and sales will still struggle somewhat as the industry goes through a transitionary period. “It’s tough sledding out there,” Musk said with regard to the EV market, adding that competitors have also been scaling back their investments and production of electric vehicles. Ahead of the delivery numbers on Monday, Wells Fargo analysts noted the company’s gross margin will likely be impacted amid a crowded market. During Tesla's shareholder meeting last month CEO Elon Musk confirmed that near-term demand and sales will still struggle. (AP Photo/Kirsty Wigglesworth, Pool, File) (ASSOCIATED PRESS) “Flattening EV adoption in the US and EU, with aggressive competition in China leave little immediate levers to pull to increase volumes,” wrote Colin Langan and his team. The firm has an Underweight rating on the stock with a $120 price target. Tesla does not break out its sales of the Cybertruck, but investors have been able to pick up on hints about those deliveries based on recalls. Last month Tesla announced its fourth Cybertruck recall since the vehicle’s release late last year. Within the recall notice, 11,688 trucks appeared to be affected. Story continues Ahead of the deliveries print, Tesla shares gained more than 6% on Monday as Chinese peers Li Auto (LI), Nio (NIO), and XPeng (XPEV) reported better-than-expected deliveries. Tesla shares have rallied more than 55% since their 52-week low on April 22. The stock is down almost 7% year to date. Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance

Stock market today: S&P 500, Nasdaq close at record highs as Powell touts inflation progress 2024-07-03 04:27:00+00:00 - US stocks rallied on Tuesday as investors digested fresh commentary from Federal Reserve chair Jerome Powell, who cheered the "disinflationary path" of recent economic data. The S&P 500 (^GSPC) added more than 0.6% to close at 5,509, marking the index's first-ever close above 5,500. The tech-filled Nasdaq Composite (^IXIC) also notched a record close as it gained more than 0.8% to close at 18,028. Meanwhile, the Dow Jones Industrial Average (^DJI) rose about 0.4%. The market came off its lows just after 10 a.m. ET, when fresh data on job openings showed the labor market remains resilient despite concerns over recent softer data. New data from the Bureau of Labor Statistics released Tuesday showed there were 8.14 million jobs open at the end of May, an unexpected increase from the 7.92 million job openings in April. For his part, Powell said he is encouraged by cooler inflation but reinforced that the central bank will need to see more evidence before cutting interest rates. He noted the latest inflation readings from April and May "do suggest that we are getting back on a disinflationary path." The 10-year Treasury yield (^TNX) nudged lower to 4.43% on Tuesday after one of its largest single-day gains of the year on Monday. On the corporate front, Tesla (TSLA) delivered more vehicles than expected in the second quarter, sending shares up about 10%. LIVE COVERAGE IS OVER 12 updates Nasdaq Composite crosses 18,000 for first time ever, S&P 500 breaks 5,500 US stocks rallied on Tuesday as investors digested fresh commentary from Federal Reserve Chair Jerome Powell, who cheered the "disinflationary path" of recent economic data. The S&P 500 (^GSPC) added more than 0.6% to close at 5,509, marking the index's first-ever close above 5,500. The tech-filled Nasdaq Composite (^IXIC) also notched a record close as it gained roughly 0.8% to close at 18,028. Meanwhile, the Dow Jones Industrial Average (^DJI) rose just more than 0.4%. The move was largely driven by a rally in megacap tech. A 10% surge in Tesla (TSLA) after better-than-expected second quarter deliveries helped push the indexes to new highs, while Amazon (AMZN), Apple (AAPL), and Alphabet (GOOGL, GOOG) were all also up more than 1%. Why home prices are still soaring despite rising supply Home prices have continued to hit new records despite rising inventory this year. Goldman Sachs analysts laid out three reasons why in a research note this week. First, the new housing inventory is "heavily skewed toward homes under construction," Goldman Sachs analyst Vinay Viswanathan explains. But the reason for the backlog isn't overbuilding. It's that homes are taking longer to complete as a result of a shortage of construction workers and supply chain disruptions for building products and appliances. Second, construction activity has been mainly in metropolitan areas that have fewer land regulations, while areas with strict zoning are facing housing shortages. So new supply isn't really alleviating housing needs. Third, rising new home supply has helped balance a lack of inventory in the resale market. This side of the market has been impacted by the so-called lock-in effect of homeowners securing ultracheap mortgages when rates were lower during the pandemic, which has caused owners to stay put. “With strong demographic tailwinds for housing demand, we think housing supply is still imbalanced vs. demand, underpinning our economists’ forecast for the US homeowner vacancy rate to rise only gradually from 0.8% today to 1.1% by year-end 2024 (below the 2019 average of 1.4%)," the note said. Powell: The labor market is 'not steeply' cooling off In recent weeks, we've highlighted commentary from several economists pointing out that recent cooling in the labor market could be the start of a more concerning trend. In a speech on June 24, San Francisco Fed president Mary Daly also opined on the topic, noting that the labor market is moving toward a point where a "benign" slowing outcome could be less likely. Daly highlighted that further declines in job openings would likely come with an increase in the unemployment rate. But recent data from the Job Openings and Labor Turnover Survey (JOLTS), didn't fuel those concerns. New data from the Bureau of Labor Statistics released Tuesday showed the job openings rate ticked higher to 4.9% from 4.8% the month prior. There were 8.14 million jobs open at the end of May, an increase from the 7.92 million job openings in April. Economists surveyed by Bloomberg had expected the report to show 7.95 million openings in May. Around the time the survey was released Fed Chair Jerome Powell spoke about labor market conditions during a panel in Portugal for a European Central Bank conference. Powell implied that any further softening in labor demand could be met with higher unemployment but added that if the unemployment rate merely moved “plus or minus a couple of tenths” from its current 4% rate, that would be a "good outcome.” Powell added that the labor market isn't cooling too quickly, suddenly, or steeply. Instead, it's been “kind of what we were hoping to see, and what we have been seeing," Powell said. Q2 earnings season comes with a 'high bar' Wall Street has high hopes for the upcoming earnings season, which will kick off in earnest with reports from big banks on July 12. Consensus expects earnings to grow 9% from the year prior during the second quarter, which would mark the largest year-over-year gain since the fourth quarter of 2021. Given that expectations have been trimmed less than normal entering earnings season, Wall Street strategists have noted both earnings beats and stock pops following releases could be less frequent than normal. "We expect the magnitude of EPS beats to diminish as consensus forecasts set a higher bar than in previous quarters," Goldman Sachs chief US equity strategist David Kostin wrote in a note previewing earnings season. With the market trading near record levels entering earnings season, Kostin and other strategists are cautious about how much upside investors should expect following earnings that top Wall Street analysts' expectations. Kostin notes that last quarter, companies that beat expectations outperformed the S&P 500 by 3 basis points in the following day of trading, well below the historical average of 100 basis points. Given investor sentiment is still elevated entering this round of earnings, Kostin reasons, "the reward for beats should be smaller than average this quarter, although not as extreme as during the 1Q season." Deutsche Bank chief equity strategist Binky Chadha detailed a similar outcome in his research note previewing second quarter reports. Chadha's work shows that the S&P 500 rises 80% of the time during earnings season with an average return of 2%. But Chadha noted, "On the other hand, the market run up into earnings season and overweight equity positioning argue for a muted rally." Oil prices rise amid Hurricane Beryl concerns, Middle East tensions Oil prices have been picking up as a Category 5 hurricane looms amid what some fear could be a "very active" hurricane season. Yahoo Finance's Ines Ferre reports: Oil prices remained near a two-month high on Tuesday as the first Category 5 hurricane of the season threatened to disrupt the markets and tensions in the Middle East showed no signs of abating. West Texas Intermediate (CL=F) topped $83 per barrel while Brent (BZ=F) hovered above $86 per barrel in midday trading. Traders are keeping a close eye on Hurricane Beryl in the Caribbean, the earliest Category 5 storm on record. “The weather agencies are suggesting that this is going to be a very active hurricane season," TD Cowen managing director Jason Gabelman told Yahoo Finance on Tuesday. "If [hurricanes] hit the Gulf Coast, it could disrupt that center of US refining capacity, which is about 50% of total capacity in the US," he said. Analysts are keeping an eye out for Mexico's oil output. The country is responsible for about 5% of global production. Hurricane Beryl is expected to threaten Jamaica on Wednesday and continue toward Mexico's Yucatan Peninsula this week. "Gulf Coast refineries import about 400,000 barrels per day of crude oil from Mexico, representing 25% of the crude oil that is imported into the Gulf Coast. Damage to the oil production facilities as well as to the export locations is a possibility," wrote Andy Lipow, president of Lipow Oil Associates, in a note on Tuesday. Tesla leads Consumer Discretionary, Nasdaq higher Consumer Discretionary (XLY) led the gains in the S&P 500 (^GSPC) on Tuesday as Tesla surged roughly 9%. Meanwhile, Health Care (XLV) was the biggest laggard, falling about 0.7%. Across the board, the major indexes were rather quiet on Wednesday. The Nasdaq Composite (^IXIC) led the gains, rising more than 0.2% and approaching a close at 18,000 for the first time ever. Source: Yahoo Finance RBC Capital Markets raises S&P 500 year-end target to 5,700 More strategists are calling for a rise in the S&P 500 (^GSPC) during the second half of 2024. RBC Capital Markets head of US equity strategy Lori Calvasina raised her year-end target to 5,700 from 5,300 on Tuesday. "The story we see in our data for 2024 is that the stock market has gotten a bit ahead of itself from a valuation perspective, as well as on some of our sentiment work," Calvasina wrote. "But that some of our tools (including one of our sentiment models) do still point to the potential for the S&P 500 to move a little bit higher between now and year-end." RBC's upgrade came with a boost to their earnings outlook which now sees $242 in earnings per share for the S&P 500, up from $237. The team also now sees margins expanding in both 2024 and 2025, as opposed to prior forecast of flat margins in 2024. Still, Calvasina calls herself a “nervous and jumpy bull," noting economic certainty remains a key risk to her market call. "We are mindful that there is a lot of fog in the 2H24-2025 outlook (specifically regarding the US consumer and election), that the US economy appears to be entering a soft patch, and that stock market volatility often picks up to some extent in Presidential election years," Calvasina wrote. "We assume any pullback will end up being a pothole on the path to recovery (off conditions that were close to a recession in 2022) that will get back on track before too long. "But if we are wrong and the economic forecast takes a turn for the worse in the months ahead, or looks like it’s poised to do so in 2025, there is downside risk to our year-end 2024 call." Powell: 'We are getting back on a disinflationary path' Federal Reserve Chair Jerome Powell spoke publicly on Tuesday for the first time since the Fed's preferred inflation gauge showed prices increased at their slowest pace in more than three years during the month of May. While still showing signs of caution, Powell admitted the data has been in the right direction recently. Yahoo Finance's Jennifer Schonberger reports: Powell said Tuesday that he is encouraged by cooler inflation but reinforced that the central bank will need to see more evidence before cutting interest rates. The last two inflation readings in April and May "do suggest that we are getting back on a disinflationary path,” Powell said speaking on a panel in Portugal for a European Central Bank conference. Powell’s comments come days after the latest reading of the Fed’s preferred inflation target — the "core" Personal Consumption Expenditures (PCE) index — rose 2.6% in May, in line with expectations and down from 2.8% in April. On a month-over-month basis, the inflation measure rose 0.1%, also in line with expectations and down from 0.2% in April. The reading offered new support for rate cuts later this year, easing concerns that mounted during the first quarter that hotter-than-expected inflation could upend plans for a loosening of monetary policy in 2024. Despite another positive signal that inflation is easing, the central bank isn't likely to cut rates at its next meeting in late July. Powell declined to answer a question about whether the Fed could cut as soon as September. Instead, he underscored the Fed will need more time and evidence that inflation is moving sustainably down to its 2% target, noting that the central bank can afford to be patient given a strong job market that is cooling gradually. "We've made a lot of progress," said Powell. "We just want to understand that the levels that we're seeing are a true reading on what is actually happening with underlying inflation." Job openings unexpectedly increase in May Job openings picked up in May, surprising Wall Street which had been watching for further signs of cooling in the labor market New data from the Bureau of Labor Statistics released Tuesday showed there were 8.14 million jobs open at the end of May, an increase from the 7.92 million job openings in April. March's figure was revised lower from the 8.06 million open jobs initially reported. Economists surveyed by Bloomberg had expected the report to show 7.95 million openings in May. The Job Openings and Labor Turnover Survey (JOLTS) also showed 5.8 million hires were made during the month, a slight uptick from April. The hiring rate held at 3.6%, unchanged from April. Also in Tuesday's report, the quits rate, a sign of confidence among workers, held steady at 2.2%. Tesla shares rise after deliveries beat Tesla stock (TSLA) jumped roughly 5% in early trading Tuesday after the electric vehicle maker reported quarterly vehicle deliveries that beat Wall Street expectations. The EV giant delivered 443,956 vehicles during the second quarter, versus an analyst consensus estimate of 439,302 deliveries, per Bloomberg data. “In the second quarter, we produced approximately 411,000 vehicles and delivered approximately 444,000 vehicles,” read a company statement. Broken down by car type, Tesla said it delivered 422,405 models 3/Y, and 21,551 other models. That second quarter total delivery figure is higher than the 386,810 vehicles globally delivered in the first quarter but lower than the approximate 466,140 delivered a year ago. Stocks slip at the open US stocks retreated on Tuesday as investors cautiously weighed rate-cut odds ahead of crucial jobs data and eyed what higher chances of a Donald Trump win could mean for markets. The Dow Jones Industrial Average (^DJI) slipped 0.1% while the S&P 500 (^GSPC) nearly 0.2%. The tech-filled Nasdaq Composite (^IXIC) slid more than 0.2%. Meanwhile, political risk is preying on minds as Wall Street assesses what a Trump election win could mean for markets as speculation grows about Biden's future as the Democratic Party's standard bearer. The 10-year Treasury yield (^TNX) nudged lower to 4.43% on Tuesday after one of its largest single-day gains of the year on Monday. Roaring Kitty's likely investment thesis on Chewy... Talk about a well-timed note from Evercore ISI tech analyst Mark Mahaney. Mahaney nicely breaks down the investment thesis in Chewy (CHWY) the day after Keith 'Roaring Kitty' Gill disclosed a 6.6% stake in the company. He also shared some helpful survey analysis below. Mahaney wrote: "We continue to view Chewy as a solid business that is impacted by broader industry weakness, but still holds many investment positives – consistently rising spend/loyalty per Chewy customer, budding growth opportunities in sponsored ads, international expansion, and vertical expansion (e.g. vet care clinics), and the potential for ongoing gross and EBITDA margin expansion." Mahaney is sticking with an in-line rating for now, citing competitive pressures, valuation, and an unproven push into Canada. Chewy is a top-of-mind destination for pet products, according to a new survey from Evercore ISI. (EvercoreISI)

'If You Don't Have At Least $10 Million, Don't Retire Early' — Suze Orman Warns It'll Be The 'Biggest Mistake Of Your Lifetime' 2024-07-03 04:10:00+00:00 - Suze Orman, a bestselling author and renowned financial advisor, has voiced strong opposition to the Financial Independence, Retire Early (FIRE) movement. This group advocates for aggressive saving and investing to retire early and gain financial freedom. However, Orman believes the movement underestimates life’s financial challenges and unpredictability. Don't Miss: Orman's extensive experience in financial planning informs her skepticism. She emphasizes that the pursuit of early retirement is precarious without substantial financial backing due to life’s uncertainties and potential economic changes. "I hate it. Really, I hate it," Orman said, addressing the FIRE movement’s fundamental premise. She argues that the necessary funds for a sustainable post-retirement life are often underestimated, particularly when considering health emergencies, accidents, or market downturns. Orman challenges the FIRE advocates to consider the absence of a safety net provided by ongoing employment income. "If you only have a few hundred thousand dollars, a million, or $2 million, I'm here to tell you ... if a catastrophe happens, what are you going to do? You are going to burn up alive," She asserted. Orman believes the sums many associate with financial sufficiency are grossly inadequate. She said, "If you have 20, 30, 50, or 100 million dollars ... be like me, OK." She argues that her substantial wealth allows her to face the future without monetary stress, unlike those aiming for early retirement with significantly less. She highlighted the potential pitfalls of underestimating retirement living costs, market fluctuations, reduced dividends, rising living expenses, and health care costs. "Two million is nothing. It's nothing. It's pennies in today's world, to tell you the truth," Orman stated, emphasizing the rapid depletion of what might seem like an ample nest egg. Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." These high-yield real estate notes that pay 7.5% – 9% make earning passive income easier than ever. The issue with the FIRE movement, according to Suze Orman, is that people tend not to think about the costs they will face as they age and their loved ones age. Orman described a scenario where you might need to support a disabled family member. She explained that the ordinary cost of care is around $100,000 per year, but full-time care can cost up to $250,000. She elaborated, "This means you'll need $350,000 per year after taxes to cover your costs, which is $500,000 per year before taxes, which at a five percent withdrawal rate means that you'd need a portfolio of $10 million." Story continues Orman summed it up by saying, "If you don't have at least $5 million or $10 million, don't retire early." She also pointed out broader economic trends, such as the rise of artificial intelligence and automation, which could lead to significant unemployment and strain on Social Security and tax systems. "Do not be surprised if by the year 2030, there is a 25% unemployment rate," she warned, suggesting that these developments could further challenge the sustainability of early retirement. While some may think Orman is out of touch and she receives tons of backlash for these bold comments and criticisms of FIRE, she may not be so far off. Orman raises concerns about the underestimated costs of caring for disabled family members. Experts echo her apprehensions. The median cost of 24/7 in-home care in 2024 is $21,823 per month, according to A Place For Mom. If you’re considering early retirement, don’t let Orman’s views discourage your dreams. Plenty of people successfully retire with far less. Explore modern strategies like diversifying your investments, building passive income streams, and picking up side hustles to grow your savings. A financial advisor can offer great insights and help you plan based on your personal goals and comfort level with risk. Read Next: Gen Z and Millennial millionaires couldn't care less for stocks and bonds — Here's what they're buying instead. Miami is expected to take New York's place as the U.S. Financial Capital. Here's how you can invest in the city before that happens. "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article 'If You Don't Have At Least $10 Million, Don't Retire Early' — Suze Orman Warns It'll Be The 'Biggest Mistake Of Your Lifetime' originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Is Nvidia Stock Going to $144? 1 Wall Street Analyst Thinks So. 2024-07-03 03:13:00+00:00 - Nvidia (NASDAQ: NVDA) share prices have recently reversed course after seemingly pushing higher for months without a breather. The stock now trades nearly 13% off its intraday high price of over $140 per share hit last month. There is one Wall Street analyst who thinks shares of the artificial intelligence (AI) leader will soon rebound and even exceed its all-time high. Morgan Stanley analyst Joseph Moore put out a new note on Nvidia on Monday increasing his price target from $116 to $144 per share. Moore determined that share price based on what he sees as a jump in earnings per share (EPS) through next year. Moore thinks Nvidia stock is worth buying as his new price target would represent a gain of about 17.5% from its current price. Nvidia's "compelling narrative" After data checks pointed to strong demand in China and Taiwan, as well as the U.S., Moore raised his EPS estimate for the semiconductor giant from $2.94 to $3.34 per share for next year. Moore believes Nvidia, "remains the most compelling narrative in the AI [semiconductor] space, and as we transition from H100 to H200 and then Blackwell, visibility and backlog will improve materially." That last point is the key to an investment in Nvidia right now. Even after its recent correction, Nvidia shares had run up ahead of revenue and earnings growth. In other words, further growth is already built into the stock price to some extent. But even as Nvidia prepares to begin bulk shipments of its new, Blackwell AI platform, its H100 and H200 graphics processing units (GPUs) are still in high demand. That's because many of Nvidia's customers have been waiting in line to get these high-strength computing chips needed for training generative AI models. Those sales will remain strong even as shipments of the new Blackwell chip accelerate. That's why investors should still feel comfortable buying Nvidia shares. Even after the massive gains, there is a strong base of sales, and an even stronger pipeline of new AI products ahead. Should you invest $1,000 in Nvidia right now? Before you buy stock in Nvidia, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Nvidia wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $761,658!* Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. Story continues See the 10 stocks » *Stock Advisor returns as of July 2, 2024 Howard Smith has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy. Is Nvidia Stock Going to $144? 1 Wall Street Analyst Thinks So. was originally published by The Motley Fool

EV maker Rivian denies media report on production talks with VW 2024-07-03 02:07:00+00:00 - SAN FRANCISCO (Reuters) -Rivian denied a media report on Tuesday that said the U.S. electric vehicle company was in early talks with Volkswagen to extend their partnership beyond a recently announced software joint venture. Shares of Rivian dipped 1.5% in extended trade. German newspaper Handelsblatt reported, citing people familiar with the matter, that an extended partnership might include producing Rivian's smaller and less expensive R2 SUV at VW's South Carolina plant, which is currently being built and where it so far plans to produce Scout-branded SUVs and pickups from 2026. Rivian said it had not changed its plans to start producing the R2 at its manufacturing facility in Normal, Illinois, followed by production at a planned Georgia plant. "There are no plans for production of vehicles with Volkswagen Group," a Rivian spokesperson said in an email to Reuters. Volkswagen declined to comment, saying its clear focus was on the proposed joint venture with Rivian. Its U.S. brand Scout did not immediately respond to a request for comment. (Reporting by Abhirup Roy in San Francisco and Victoria Waldersee in BerlinAdditional reporting by Noel Randewich in Oakland, CaliforniaEditing by Matthew Lewis)

Pew finds nation divided on whether the American Dream is still possible 2024-07-02 22:52:00+00:00 - The Dish: How a couple from El Salvador made their American dreams come true with BBQ About half of Americans still think the American Dream — the idea that anyone can get ahead through hard work and determination — is achievable, according to findings released Tuesday by Pew Research Center. While 53% say the American Dream remains possible, another 41% believe the life of relative economic security the notion once conjured up is now out of reach, the survey of 8,709 U.S. adults found. That divide roughly held regardless of race, ethnicity, partisanship and education of respondents, the nonpartisan think tank found. The gap proved wider by age and income, with older and wealthier Americans more likely to declare the American Dream to still be feasible, Pew stated. Americans 50 and older are more likely than younger adults to say the American Dream is still possible, with about two-thirds of those 65 and older, or 68%, expressing this view, as did 61% of those 50 to 64, according to Pew. Younger adults are less optimistic, with only four in 10, or 42%, under 50 saying it is still possible to achieve the American Dream. Sixty-four percent of upper-income Americans say the dream still lives, versus 39% of lower-income Americans — a gap of 25 percentage points. At the center, 56% of middle-income respondents agree the American Dream continues, Pew said. While relatively few, or 6%, voiced the view that the American Dream was never possible, that number nearly doubled to 11% among Black Americans surveyed. The findings may illustrate wishful thinking on the part of some respondents, depending on how one calculates what it takes to be living the American Dream. An analysis late last year from financial site Investopedia found that the American Dream costs about $3.4 million to achieve over the course of a lifetime, from getting married to saving for retirement. That estimate would put the dream out of reach for most folks, given that the median lifetime earnings for the typical U.S. worker stands at $1.7 million, according to researchers at Georgetown University. Further, multiple studies have shown that geography is key to a person's future success, with where you start out in life largely determining where you end up. Growing up in a more affluent neighborhood offers advantages such as a better education and access to healthier food, for instance.

Robert Pattinson and Suki Waterhouse have been dating for 6 years and share one child. Here's a complete timeline of their relationship. 2024-07-02 21:44:31+00:00 - July 2, 2024: Waterhouse opens up about parenthood and her relationship with Pattinson in a cover story for British Vogue's August issue. Robert Pattinson and Suki Waterhouse in October 2023 in Los Angeles. Jordan Strauss/Invision/AP Waterhouse posed on the cover of Briitish Vogue with her and Pattinson's daughter. In her interview, the musician explained that she and Pattinson met six years ago while playing Werewolf at a game night in LA. Waterhouse said that the "intense" game night featured stars such as Al Pacino, Javier Bardem, and Penélope Cruz. While the other guests were taking the game seriously, Waterhouse said and Pattinson gravitated toward each other. "I think we both sort of have the same slight uncomfortable-ness," she said, adding that they "started giggling at the absurdity of the whole thing" — to the point that a director split them up because of their distracting laughter. They bumped into each other six or seven months later, and Waterhouse, who's from the UK, told British Vogue that living in LA "definitely became a lot more fun" when she met Pattinson. Waterhouse told the publication that she and Pattinson planned the pregnancy during a time when they felt ready for parenthood. "One day we looked at each other and said, 'Well, this is as ready as we're going to be,'" she said. Waterhouse said that Pattinson was "really nervous," when the time came for her to give birth. "But for someone who's quite an anxious person, he's been very calm," she said, adding that he's "the dad I could have hoped for." Waterhouse's upcoming album, "Memoir of a Sparklemuffin," includes songs inspired by her past heartbreak as well as the joy of her relationship with Pattinson. "I had a very clear feeling of being like, 'Oh, wow, Rob and I have been together six years and I'm still really into this,'" she said of "To Love," the final track on the album. "That's never happened to me before, that's like a crazy thing."

New campaign ad ties Matt Gaetz to a convicted sex offender 2024-07-02 21:28:10+00:00 - A new political ad on Florida airwaves is targeting Rep. Matt Gaetz over his ties to a convicted sex offender. The ad — a boon for the Florida Republican’s primary challenger, Aaron Dimmock — might just be the latest chess move in Kevin McCarthy’s revenge tour, which has sought to oust the GOP lawmakers who voted to remove him as House speaker last year. The spot is funded by an organization called Florida Patriots PAC, which bears resemblance to similarly named PACs that were used to target other McCarthy foes during primary races in South Carolina and Virginia. The revenge tour sputtered out of the gate last month, as McCarthy’s pick in South Carolina failed to oust Rep. Nancy Mace in her primary. The revenge tour sputtered out of the gate last month, as McCarthy’s pick in South Carolina failed to oust Rep. Nancy Mace in her primary. And in Virginia, a McCarthy-backed candidate is leading Rep. Bob Good in his primary, but only after former President Donald Trump bashed Good and also endorsed the challenger. Gaetz won his primary comfortably in 2022, so ousting him seems like an uphill climb. But the ad targeting him (which you can watch here) is cutting, without question. It highlights Gaetz’s “close friendship” with Joel Greenberg, a former Florida tax official who pleaded guilty to several federal charges in 2021, including child sex trafficking. Gaetz once referred to Greenberg as his “wingman.” Greenberg cooperated with a federal sex trafficking probe into Gaetz that ultimately resulted in no charges being brought against the House Republican. Greenberg reportedly has cooperated with the House Ethics Committee’s probe into Gaetz as well. Two weeks ago, the committee said in a news release that it was reviewing allegations that the Florida representative may have “engaged in sexual misconduct and illicit drug use, accepted improper gifts, dispensed special privileges and favors to individuals with whom he had a personal relationship, and sought to obstruct government investigations of his conduct.” McCarthy has argued that Gaetz fueled the effort to oust him after the then-speaker declined to interfere in the ethics probe. McCarthy has argued that Gaetz fueled the effort to oust him after the then-speaker declined to interfere in the ethics probe. During an event at Georgetown University in April, McCarthy claimed that he was no longer speaker because “one person, a member of Congress, wanted me to stop an ethics complaint because he slept with a 17-year-old, an ethics complaint that started before I ever became speaker. And that’s illegal, and I’m not going to get in the middle. Did he do it or not? I don’t know.” It was a clear reference to Gaetz, who has denied the allegation and any wrongdoing. And now this new ad is continuing to hit him on the same front.

A timeline of Dua Lipa and Callum Turner's relationship, from after-parties to Glastonbury 2024-07-02 21:24:59+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Thanks for signing up! Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Dua Lipa and Callum Turner are staking their claim as the hot new couple of 2024. The two were first spotted getting cozy at a party celebrating "Masters of the Air," a new Apple TV+ miniseries starring Turner, Austin Butler, and Barry Keoghan. Turner was previously known for playing Theseus Scamander, protagonist Newt Scamander's brother, in the "Fantastic Beasts and Where to Find Them" movie franchise. Have an account? Log in . This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Here's everything we know about Turner and Lipa's romance. Advertisement December 2023: Lipa says she's single In an interview with Rolling Stone's Brittany Spanos to promote her third album, "Radical Optimism," Lipa confirmed her single status. Lipa had recently split from French film director Romain Gavras after about eight months of dating. Before that, she dated Anwar Hadid (younger brother of models Bella and Gigi Hadid ) for two years before their breakup in December 2021. "Dating, I think overall, is just a little confusing," Lipa told Rolling Stone. "It's either through friends of friends or people you trust where you can meet new people, because [dating] is not really so straightforward when you are, I guess, a public person." January 10, 2024: Lipa and Turner are caught on video together Lipa and Callum both attended the "Masters of the Air" premiere after-party, where Lipa was filmed dancing with a "mystery man." Advertisement DUA LIPA AND CALLUM TURNER OMG pic.twitter.com/3cgw0zme4k — ً (@addictionlipa) January 11, 2024 TMZ published footage of the encounter the following day, causing fans to speculate it was Turner. Shortly after, Page Six confirmed his identity. "It's new, but they're mad about each other," an anonymous source told the tabloid. "She was at the premiere to support him." January 14, 2024: They go out to dinner together Two days after the video emerged, paparazzi photographed Lipa and Turner in Santa Monica, California. The couple dined at R+D Kitchen with a group of friends, Page Six reported. Advertisement January 16, 2024: They're spotted kissing and cuddling Lipa and Turner appeared to confirm their romance with a PDA-filled dinner date in Los Angeles. Related stories Turner was photographed planting a kiss on Lipa's cheek while they stood outside Sushi Park restaurant, a popular destination for celebrities. January 30, 2024: Lipa and Turner take a PDA-filled walk together in Los Angeles The pair was caught by paparazzi during a shopping trip in Beverly Hills. In several photos, Turner has his arm around Lipa's shoulder. They were also seen kissing and laughing. February 19, 2024: They make their first official public appearance together at a BAFTAs after-party Lipa and Turner at a BAFTAs after-party. Neil Mockford/Ricky Vigil M/GC Images Following the 2024 BAFTA Film Awards in London, Lipa and Turner attended the annual after-party hosted by British Vogue and Tiffany & Co. Advertisement Lipa and Turner held hands as they left Annabel's nightclub, all but confirming their relationship status. The couple also posed for photos in their car. March 26, 2024: They travel back to London together Dua Lipa and Callum Turner arriving at St Pancras railway station on March 26, 2024. Neil Mockford/GC Images Lipa and Turner were photographed arriving at London St Pancras Station after leaving Paris. Earlier that month, they had also been spotted traveling together in Los Angeles and Mexico City. "Callum is really the first serious relationship she's had in the past few years," an anonymous source told Us Weekly. "Dua and Callum spend almost all their time together and are nearly inseparable." Advertisement The source added that Lipa and Turner had met each other's families and had become "very serious" about their relationship. March 26, 2024: Lipa and Turner enjoyed a dinner date after the Time100 Gala in New York City Dua Lipa and Callum Turner are seen going to dinner on April 26, 2024 in Manhattan, New York. MEGA/GC Images The couple were photographed holding hands in Manhattan after Lipa posed solo on the red carpet for the Time100 Gala. (She also performed three songs at the event, including "Houdini.") May 13, 2024: Lipa and Turner become 'Instagram official' Lipa shared her first official photo with Turner amid a carousel of images on Instagram, captioned simply, "sunshineeeeeee :)))))." The photo shows Lipa and Turner with their arms wrapped around each other. However, neither of their faces is visible, and Turner is not tagged in the post. Advertisement July 2, 2024: Turner's face makes an official debut on Lipa's Instagram Following her celebrated headline performance at Glastonbury, Lipa shared a collection of photos taken at the music festival, including two with Turner. The first shows Turner kissing Lipa's head, while the second shows them lying on the grass together. "dancing until you see the sunrise at stone circle is the glasto ritual," Lipa wrote in the caption. Dua Lipa and Callum Turner at Glastonbury music festival on June 29, 2024. Samir Hussein/WireImage Lipa and Turner had also been photographed walking through the festival holding hands, dancing backstage, and partying together through the night.

Google’s emissions climb nearly 50% in five years due to AI energy demand 2024-07-02 21:21:00+00:00 - Google’s goal of reducing its climate footprint is in jeopardy as it relies on more and more energy-hungry data centres to power its new artificial intelligence products. The tech giant revealed Tuesday that its greenhouse gas emissions have climbed 48% over the past five years. Google said electricity consumption by data centres and supply chain emissions were the primary cause of the increase. It also revealed in its annual environmental report that its emissions had risen by 13% year-on-year. The tech company, which has invested substantially in AI, said its “extremely ambitious” goal of reaching net zero emissions by 2030 “won’t be easy”. It said “significant uncertainty” around reaching the target included “the uncertainty around the future environmental impact of AI, which is complex and difficult to predict”. Google’s emissions have risen by nearly 50% since 2019, the base year for Google’s goal of reaching net zero, which requires the company removing as much CO2 as it emits. The International Energy Agency estimates that data centres’ total electricity consumption could double from 2022 levels to 1,000 TWh (terawatt hours) in 2026, approximately Japan’s level of electricity demand. AI will result in data centres using 4.5% of global energy generation by 2030, according to calculations by research firm SemiAnalysis. Data centres play a crucial role in training and operating the models that underpin AI models like Google’s Gemini and OpenAI’s GPT-4, which powers the ChatGPT chatbot. Microsoft admitted this year that energy use related to its data centres was endangering its “moonshot” target of being carbon negative by 2030. Brad Smith, Microsoft’s president, admitted in May that “the moon has moved” due to the company’s AI strategy. Microsoft’s co-founder, Bill Gates, said last week that AI would help combat the climate crisis because big tech is “seriously willing” to pay extra to use clean electricity sources in order “to say that they’re using green energy”. Big tech companies have become major purchasers of renewable energy in a bid to meet their climate goals. However, pledges to reduce CO2 emissions are now coming up against pledges to invest heavily in AI products that require considerable amounts of energy for training and deployment in data centres, along with carbon emissions associated with manufacturing and transporting the computer servers and chips used in that process. Water usage is another environmental factor in the AI boom, with one study estimating that AI could account for up to 6.6bn cubic metres of water use by 2027 – nearly two-thirds of England’s annual consumption.