The Trump Counterrevolution Is a Return to Sanity
NEW YORK (AP) — U.S. stock indexes drifted lower Tuesday in the runup to the highlight of the week for the market, the latest update on inflation that’s coming on Wednesday. The S&P 500 dipped 0.3%, a day after pulling back from its latest all-time high . They’re the first back-to-back losses for the index in nearly a month, as momentum slows following a big rally that has it on track for one of its best years of the millennium . The Dow Jones Industrial Average fell 154 points, or 0.3%, and the Nasdaq composite slipped 0.3%. Tech titan Oracle dragged on the market and sank 6.7% after reporting growth for the latest quarter that fell just short of analysts’ expectations. It was one of the heaviest weights on the S&P 500, even though CEO Safra Catz said the company saw record demand related to artificial-intelligence technology for its cloud infrastructure business, which trains generative AI models. AI has been a big source of growth that’s helped many companies’ stock prices skyrocket. Oracle’s stock had already leaped more than 80% for the year coming into Tuesday, which raised the bar of expectations for its profit report. In the bond market, Treasury yields ticked higher ahead of Wednesday’s report on the inflation that U.S. consumers are feeling. Economists expect it to show similar increases as the month before. Wednesday’s update and a report on Thursday about inflation at the wholesale level will be the final big pieces of data the Federal Reserve will get before its meeting next week, where many investors expect the year’s third cut to interest rates . The Fed has been easing its main interest rate from a two-decade high since September to take pressure off the slowing jobs market, after bringing inflation nearly down to its 2% target. Lower rates would help give support to the economy, but they could also provide more fuel for inflation. Expectations for a series of cuts through next year have been a big reason the S&P 500 has set so many records this year. Trading in the options market suggests traders aren’t expecting a very big move for U.S. stocks following Wednesday’s report, according to strategists at Barclays. But a reading far off expectations in either direction could quickly change that. The yield on the 10-year Treasury rose to 4.22% from 4.20% late Monday. Even though the Fed has been cutting its main interest rate, mortgage rates have been more stubborn to stay high and have been volatile since the autumn. That has hampered the housing industry, and homebuilder Toll Brothers’ stock fell 6.9% even though it delivered profit and revenue for the latest quarter that topped analysts’ expectations. CEO Douglas Yearley Jr. said the luxury builder has been seeing strong demand since the start of its fiscal year six weeks ago, an encouraging signal as it approaches the beginning of the spring selling season in mid-January. Elsewhere on Wall Street, Alaska Air Group soared 13.2% after raising its forecast for profit in the current quarter. The airline said demand for flying around the holidays has been stronger than expected. It also approved a plan to buy back up to $1 billion of its stock, along with new service from Seattle to Tokyo and Seoul . Boeing climbed 4.5% after saying it’s resuming production of its bestselling plane , the 737 Max, for the first time since 33,000 workers began a seven-week strike that ended in early November. Vail Resorts rose 2.5% after the ski resort operator reported a smaller first-quarter loss than analysts expected in what is traditionally its worst quarter. All told, the S&P 500 fell 17.94 points to 6,034.91. The Dow dipped 154.10 to 44,247.83, and the Nasdaq composite slipped 49.45 to 19,687.24. In stock markets abroad, indexes were mixed in China after the world’s second-largest economy said its exports rose by less than expected in November. Stocks rose 0.6% in Shanghai but fell 0.5% in Hong Kong. Indexes fell across much of Europe ahead of a meeting this week by the European Central Bank, where the widespread expectation is for another cut in interest rates. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
The sons of an American woman executed for spying on the United States during the Cold War want President Joe Biden to clear her name before he leaves office. Ethel Rosenberg and her husband, Julius, were executed on June 19, 1953, for conspiracy to commit espionage. They were accused of giving “the secret” of the atomic bomb to the Soviet Union, meaning they supposedly passed vital technological information to help the Soviets develop their own bomb. As the author of a book on the Rosenberg case, I know that there was no “secret,” and that while Julius was a spy, Ethel was not. Yet generations of Americans have learned that the Rosenbergs – both of them – betrayed their country. If now, 75 years later, we know that an innocent woman was killed, how can the government rectify this? In 2015, Rosenberg sons Michael and Robert Meeropol – they took the last name of the couple who adopted them after their parents’ deaths – argued in The New York Times that their mother was wrongfully convicted and executed. They urged then-President Barack Obama to exonerate Ethel, which would officially declare her not guilty of the crime for which she was killed. Many were sympathetic to their plea. Executing the Rosenbergs orphaned the two boys – 6-year-old Robert and 10-year-old Michael. But theirs wasn’t just an emotional plea. The facts were on their side. Documents from the case reveal that FBI Director J. Edgar Hoover knew Ethel was not an active spy. FBI agents arrested her only as leverage to pressure Julius to name his dozen or so collaborators. An electrical engineer and devoted communist, Julius gained access to classified information while working with Emerson Radio Corp. and the U.S. Army Signal Corps. He recruited and managed a spy ring that provided whatever military information it could to the Soviet Union. The pressure on Julius didn’t work, and he never named names. He and Ethel were electrocuted after a trial riddled with problems such as perjured testimony and an incompetent defense team. The trial also featured inappropriate communications between the presiding judge and federal prosecutors. Judge Irving Kaufman had lobbied to preside over the Rosenberg case, and Justice Department officials supported his selection to further pressure Julius: Kaufman was open to imposing the death penalty. After the jury found the couple guilty, Kaufman consulted with the prosecuting attorneys to determine whether both Rosenbergs should get the same sentence. Prosecutors were reluctant to support Ethel’s execution. Judge Kaufman decided to sentence both Ethel and Julius to death anyway. The crime for which they died was not spying but conspiracy to commit espionage. Prosecutors argued that since Ethel was cognizant of her husband’s espionage activities, she was involved in the conspiracy. I used to think that, too. “In all likelihood Ethel’s role in the spy ring was at least that of an aware spectator,” I wrote in a 2015 opinion piece after the Rosenberg sons requested her exoneration, “placing her inside the fluid category of conspiracy in the eyes of the law.” I concluded that imposing the death penalty on Ethel was a “cruel and unjust act” for which the U.S. government should apologize – but not exonerate. I was wrong. I now believe that a presidential exoneration is appropriate and necessary because it will correct the view that Ethel was an active spy. It will address the serious flaws in her trial and conviction. And it will set right the historical record. Many popular books, textbooks, tweets and news sites get the case wrong. They incorrectly lump Julius and Ethel together, labeling both as spies for the Soviet Union, and claim they were convicted of espionage. Time magazine once ranked the couple among America’s “Top 10 Crime Duos.” For decades, the U.S. government has gotten the facts of its own criminal case wrong, too. The National Security Agency falsely stated in a 2018 publication that the couple were executed for treason. Even the FBI’s website incorrectly claims Julius and Ethel together ran an espionage ring that passed atomic bomb secrets to the Soviet Union. A newly declassified document clarifies the truth. In August 2024, the Rosenberg sons obtained a handwritten memo from August 1950 authored by the NSA’s chief analyst, Meredith Gardner. He wrote that, based on Soviet intelligence, Ethel knew about Julius’ espionage work but “due to illness she did not engage in the work herself.” This document confirms what other sources such as the FBI had already indicated: Ethel was not a spy and “did not engage in the work” of espionage and – most importantly – U.S. government officials knew it. They knew it when FBI agents arrested Ethel on Aug. 11, 1950. They knew it when the jury convicted her nine months later. They knew it when the judge sentenced her to death on April 5, 1951. And they knew it when prison officials executed her on Friday, June 19, 1953. Now, Michael and Robert Meeropol are using the declassified memo to urge Biden “to exonerate (Ethel) Rosenberg by issuing a formal presidential proclamation saying that she was wrongly convicted and executed.” I, too, have come to believe Ethel Rosenberg’s killing was a morally repugnant miscarriage of justice. That’s why a presidential pardon by Biden, who is now contemplating his end-of-term pardon list, would not be sufficient redress. A pardon forgives someone for a crime they committed. Ethel Rosenberg did not commit the crime for which she was convicted, so it’s the U.S. government that should beg forgiveness from Ethel’s descendants. “President Biden has the power to right this historic injustice,” said Jennifer Meeropol, Ethel’s granddaughter and director of the Rosenberg Fund for Children, on Sept. 10, 2024. Only a full exoneration, Meeropol argued, could “redress the harm done to my family and bring peace to my father and uncle in their lifetimes.” This almost surely will not happen under President-elect Donald Trump. Roy Cohn, Trump’s late personal lawyer, was an important member of the Rosenberg trial prosecutorial team. Cohn claimed in interviews throughout his life that Ethel “alone was the ringleader, who led Julius around by a leash.” He was wrong, but Trump won’t likely contradict his mentor. We historians know that our understanding of the past is always evolving. When new facts cast light on a past injustice, I think we should learn from those mistakes and correct the injustices that we can. Exonerating Ethel would be an important step toward truth. And it would correct the historical record. The sons of an American woman executed for spying on Tucked between national retailer discounts on Black Friday and online The California Chamber of Commerce (CalChamber) annual poll, “The People’s The holiday season is quickly approaching and for many that
Channapatna: Will Nikhil be lucky this time?
The NBA got viewers for Christmas, even while going up against NFL games. The NBA's five-game Christmas lineup was the league's most-watched in five years, with the games averaging about 5.25 million viewers per game across ABC, ESPN and its platforms, the league said Thursday based on Nielsen's preliminary numbers. It's an 84% rise over the NBA's Christmas numbers from 2023. The Los Angeles Lakers’ 115-113 victory over the Golden State Warriors — a game pitting Olympic teammates LeBron James and Stephen Curry — averaged 7.76 million viewers and peaked with about 8.32 million viewers toward the end of the contest, the league said. Those numbers represent the most-watched NBA regular season game in five years. “I love the NFL,” James said in his televised postgame interview Wednesday night. “But Christmas is our day.” The NBA said all five Christmas games on its schedule — San Antonio at New York in Victor Wembanyama's holiday debut, Minnesota at Dallas, Philadelphia at Boston, Denver at Phoenix and Lakers-Warriors — saw year-over-year viewership increases. Wednesday's numbers pushed NBA viewership for the season across ESPN platforms to up 4% over last season. The league also saw more than 500 million video views on its social media platforms Wednesday, a new record. For the NBA, those are all good signs amid cries that NBA viewership is hurting. “Ratings are down a bit at beginning of the season. But cable television viewership is down double digits so far this year versus last year," NBA Commissioner Adam Silver said earlier this month. “You know, we’re almost at the inflection point where people are watching more programing on streaming than they are on traditional television. And it’s a reason why for our new television deals, which we enter into next year, every game is going to be available on a streaming service.” Part of that new package of television deals that the NBA is entering into next season also increases the number of regular season games broadcast on television from 15 to 75. AP NBA: https://www.apnews.com/hub/NBA