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Good evening. Here is the latest at the end of Friday.
1. The S&P 500 fell into bearish territory for the first time since 2020, then rallied to close just above this threshold.
The index ended the week with a 3% loss, its seventh consecutive weekly decline. This is its longest losing streak since 2001. The bear market threshold is 20% below the last record high, in this case set on January 3, 2020. It is a marker of investor pessimism and is generally, but not always, followed by a recession.
At one point, today’s index was down 2.3% but was up 0.57 points after the last hour of trading.
The market drama may be linked to rising interest rates and other challenges, such as the Covid lockdowns in China, the pandemic and the war in Ukraine. But big tech, despite losing more than $2.7 trillion in value this year, isn’t worried. Companies like Apple and Google have doubled bonuses and plan more hiring. Their confidence suggests they believe they will emerge from the recession stronger than ever.
2. Russia announced it would cut natural gas supplies to Finland, just days after Finland and Sweden applied to join NATO.
Finland’s state-owned energy supplier, Gasum, said Russia was suspending gas shipments tomorrow because Finland failed to make ruble payments. But President Vladimir Putin has a habit of using Russia’s energy supply as a political weapon.
Separately, eyewitness accounts and videos obtained by The Times show how Russian paratroopers executed at least eight Ukrainian men in the kyiv suburb of Bucha in March.
On the ground, Kharkiv, Ukraine’s second-largest city, springs to life after Russian forces were pushed back from its outskirts. But the Russians are close enough to remain a threat, entrenched and becoming harder to repel.
3. In an interview with The Times, Mitch McConnell, the Senate Minority Leader, explained why the United States should fully support Ukraine.
He opposes former President Donald Trump, who has supported an anti-interventionist stance. McConnell, who secretly visited Ukraine, Sweden and Finland last weekend, told Republicans that the United States would benefit from helping a young democracy. Trump had spoken out against the $40 billion aid package for Ukraine, approved this week with just 11 dissenting Republican senators.
“There’s not a lot we agree on with this administration,” McConnell told us. But on Ukraine he added: “I think they’ve stepped up their game. I think they’re fully committed. And I think the administration shares my view that the result should be victory.
In other policy newsPresident Biden has arrived in South Korea on the first leg of a trip to Asia intended to bring the countries back into American orbit.
4. The CDC now advises everyone 50 or older to get a second booster as Covid cases rise in US
The second injection is recommended if at least four months have passed since the first booster dose. Previously, only people over 65 or with underlying conditions received this advice.
The CDC said it was changing its advice because of a steady increase in infections over the past month, coupled with “a sharp and substantial increase in hospitalizations for older Americans.”
Cases, while underreported, still topped around 100,000 a day this week, according to a Times database. The United States has officially counted one million deaths, more than any other country. In their wake, the dead left craters of grief.
5. A day after a Massachusetts man was diagnosed with monkeypox, New York reported a possible case.
The New York patient was hospitalized yesterday, in isolation, while laboratory tests are analyzed to confirm whether the illness is monkeypox. Clusters of cases have been reported in Europe and Canada.
Monkeypox is a rare virus, considered a mild form of smallpox. Still, officials say that shouldn’t set off Covid-level alarms because it doesn’t usually lead to major outbreaks. Here’s what to know about monkeypox and the risks it poses.
6. In an unusual move, Princeton may fire a tenured professor. The university president says the problem is unwanted sexual behavior. The professor says he is being targeted for criticizing a campus protest group.
In July 2020, Joshua Katz, 52, a classics professor at Princeton, wrote about anti-racism proposals at Princeton, calling a black group there “a homegrown terrorist organization.”
Embroiled in a debate over free speech on campus, he was condemned by some, celebrated by others. But an in-depth examination of Katz has led to new details about a consensual affair he had with a student in 2007 and the discovery that he had made other female students uncomfortable by buying them expensive dinners. . Katz’s wife, 27 and also a former student, said he had received job offers following the campus uproar, but ‘none of them are the jobs he loved do all his life”.
Russo-Ukrainian War: Main Developments
The Russian punishment of Finland. Russia will cut off natural gas supply to Finland on May 21, according to Finland’s national energy supplier. Russia said it was suspending supplies because Finland failed to comply with its request to make ruble payments. Finland has also submitted an application for NATO membership, angering Russia.
President Biden’s new chief spokeswoman was born to Haitian parents, who moved to New York and then scrambled to survive. In a memoir, Jean-Pierre wrote about a troubled childhood, including sexual abuse and the family’s refusal to acknowledge his sexuality. In her early twenties, she attempted suicide. After becoming interested in politics, she worked with several politicians including John Edwards and then at the Obama White House, where she met Joe Biden.
When a new press secretary comes on the scene, there is a tradition of handing out a gag gift. The new one has a bright yellow accent.
8. After a three-year hiatus, ‘Stranger Things’ is back. It’s a more ambitious (and longer) season of the Dunce brothers.
Matt and Ross Duffer, 38-year-old twins, now lead what is perhaps Netflix’s most important and enduring brand. The first half of Season 4 will air on May 27.
At a time when Netflix is competing with other streaming services and has lost billions in market value, a lot is playing into the show. Season 4 will be his penultimate. The brothers gave our Times reporter a rare chance to watch them work for two days. A point to remember: expect changes in tone. Think “A Nightmare on Elm Street” and “Hellraiser”.
9. Here’s a food and wine pairing secret: It’s hard to go wrong.
Well-matched food and wine come together in a blend greater than the sum of the parts. But advice on the subject often requires more knowledge of food and wine chemistry than most people. Over the years, our wine critic, Eric Asimov, has come to some simple, basic truths.
Among his suggestions: Work with a wine merchant, where the merchants know their grapes. Remember that the simpler a recipe, the more options there are for good pairings.
Another weekend idea:Downton Abbey: A New Era” hits theaters this weekend and is a “lovable sequel,” our reviewer writes.
ten. And finally, surf monster waves, without a board.
Brazilian bodysurfer Kalani Lattanzi – nickname Aqua Gorilla – uses nothing more than flippers and sometimes a handplane (a board the size of a serving tray). From the age of 12 he bodysurfed some of the toughest waves in the world and now, at 28, he hopes to surf the famous giant waves of Mavericks in California this year.
Bodysurfing has become increasingly popular, with some enthusiasts hoping to see it make it into the 2032 Summer Olympics. But Lattanzi is taking it to the next level. “It’s so extreme it’s like being suspended from the wing of an airplane”, marvels a surfer of big waves.
Have a tubular weekend.
Eve Edelheit compiled photos for this briefing.
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