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US stocks lower ahead of Fed, earnings deluge

Photo: Reuters

January 30 | By AFP |

Wall Street stocks fell early Monday to open a newsy week that includes central bank decisions, big earnings reports and major economic data releases.

A focal point will be Wednesday’s Federal Reserve announcement, which is expected to include a smaller interest rate hike compared with recent moves in the central bank’s quest to counter inflation.

The agenda also includes quarterly results from tech heavyweights such as Apple and Amazon, as well as from industrial companies including ExxonMobil and General Motors.

Later in the week, the Labor Department will release jobs data for the month of January.

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About 15 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 33,944.19.

The broad-based S&P 500 shed 0.6 percent to 4,047.87, while the tech-rich Nasdaq Composite Index dropped 1.1 percent to 11,494.81.

Briefing.com analyst Patrick O’Hare noted that Monday’s weakness follows a heady start to 2023 that has seen the S&P 500 gain six percent this month.

He cited a variety of market worries, including the fear that Fed Chair Jerome Powell “will make an extra effort during his… press conference on Wednesday to rein in the stock market’s bullish behavior.”

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International

Study finds COVID-19 vaccines prevented 2.5 million deaths worldwide

Moderna reduces production of COVID-19 vaccine

COVID-19 vaccines prevented an estimated 2,533,000 deaths worldwide between 2020 and 2024, according to an international study led by Università Cattolica del Sacro Cuore in Italy and Stanford University in the United States, published in the journal JAMA Health Forum. Researchers calculated that one death was prevented for every 5,400 doses administered.

The analysis also found that the vaccines saved 14.8 million years of life, equivalent to one year of life gained for every 900 doses given.

The study, coordinated by Professor Stefania Boccia, revealed that 82% of the lives saved were people vaccinated before becoming infected with the virus, and 57% of deaths avoided occurred during the Omicron wave. In addition, 90% of the beneficiaries were adults over 60 years old.

“This is the most comprehensive analysis to date, based on global data and fewer assumptions about the evolution of the pandemic,” explained Boccia and researcher Angelo Maria Pezzullo.

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International

Trump administration blasts judge’s ruling reinstating TPS for Honduras, Nepal, and Nicaragua

The administration of U.S. President Donald Trump criticized a federal judge’s ruling on Friday that reinstated Temporary Protected Status (TPS) for Honduras, Nepal, and Nicaragua, stressing that the immigration program was never intended to serve as a “de facto asylum system.”

On Thursday, Judge Trina Thompson extended protections for about 7,000 Nepalese immigrants, whose TPS was set to expire on August 5. The ruling also impacts roughly 51,000 Hondurans and nearly 3,000 Nicaraguans, whose TPS protections were scheduled to end on September 8.

Immigrants covered by TPS had sued the Department of Homeland Security (DHS), alleging that the program’s termination was driven by “racial animus” and stripped them of protection from deportation.

DHS Deputy Undersecretary Tricia McLaughlin issued a statement saying the decision to end TPS was part of a mandate to “restore the integrity” of the immigration system and return the program to its original purpose.

“TPS was never conceived as a de facto asylum system; however, that is how previous administrations have used it for decades,” McLaughlin emphasized.

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She also criticized Judge Thompson, calling the ruling “another example” of judges “stirring up claims of racism to distract from the facts.”

McLaughlin added that DHS would appeal the decision and take the legal battle to higher courts.

The Trump administration has also terminated TPS protections for approximately 160,000 Ukrainians, 350,000 Venezuelans, and at least half a million Haitians, among other immigrant groups.

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International

Trump to build $200M ballroom at the White House by 2028

The U.S. government under President Donald Trump announced on Thursday that it will begin construction in September on a new 8,000-square-meter ballroom at the White House.

The announcement was made by Karoline Leavitt, the administration’s press secretary, during a briefing in which she explained that the expansion responds to the need for a larger venue to host “major events.”

“Other presidents have long wished for a space capable of accommodating large gatherings within the White House complex… President Trump has committed to solving this issue,” Leavitt told reporters.

The project is estimated to cost $200 million, fully funded through donations from Trump himself and other “patriots,” according to a government statement. Construction is scheduled to begin in September and is expected to be completed before Trump’s term ends in 2028.

The Clark Construction Group, a Virginia-based company known for projects such as the Capital One Arena and L’Enfant Plaza in Washington, D.C., has been selected to lead the project.

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The new ballroom will be built on the East Wing of the White House, expanding the iconic residence with a space designed for state dinners, official ceremonies, and large-scale events.

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