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Secretary of State Antony Blinken exchanged a warm greeting with Palestinian President Mahmoud Abbas on Tuesday.

The pair met in Amman, Jordan, to discuss the humanitarian situation in Gaza. Blinken remained silent when reporters asked whether he was hopeful that aid would begin flowing in the near future, however.

While the U.S. has fully endorsed Israel’s right to defend itself and to retaliate against Hamas terrorists, President Biden’s administration has distinguished between Hamas and the Palestinian people.

Blinken smiled and shook Abbas’ hand as they joked that the U.S. official should buy a house in Amman given how much time he had been spending in the region.

Abbas and Blinken’s meeting comes as Israel is poised to begin a ground invasion of Northern Gaza. The Israeli military has spent nearly a week warning Gaza residents to flee toward the south, though Hamas has sought to obstruct that movement.

Blinken held a similar meeting with Israeli Prime Minister Benjamin Netanyahu on Monday. There, he reiterated America’s support for Israel, but also highlighted the humanitarian situation.

Israel has not set a date for its invasion of Gaza, though it has been delayed from initial plans.

The Biden administration’s push for aid for Palestinians has received some criticism at home. Sen. Marsha Blackburn, R-Tenn., has argued that the aid will simply fall into the hands of Hamas. Several Republican 2024 presidential candidates have also stated that the U.S. must not accept any refugees from Gaza.

Egypt, Jordan and Gaza’s other Arab neighbors have also refused to accept refugees from the conflict.

Biden is scheduled to travel to Israel personally later Tuesday.

This post appeared first on FOX NEWS

House Judiciary Committee Chairman Jim Jordan, R-Ohio, faces an unclear path to the speakership after securing the GOP nomination.

In the chaotic fight to replace recently ousted Speaker Kevin McCarthy, R-Calif., Jordan has been making calls to shore up support for his bid after House Majority Leader Steve Scalise, R-La., the initial nominee, bowed out due to a lack of support in the divided Republican caucus.

However, Jordan does not necessarily need to get the required House majority to take the gavel. The House has elected a speaker a few times in history on a plurality rather than an outright majority.

The House is allowed to decide how the speaker election is held, according to House Practice, so changing the threshold is an option on the table.

In fact, there have been two plurality elections to decide the House speaker in American history.

In 1856, during the 34th Congress ahead of the Civil War, the House faced a fractured chamber after concessions and dividing lines over slavery had been burned into the sand.

A fledgling Republican Party, a decimated Democratic Party, the nativist American (Know-Nothing) Party and a declining Whig Party could not decide on a top House lawmaker.

When voting began, 21 members received votes backing them for speaker on the first ballot, throwing the House into a deadlock that lasted two months.

Amid the votes, American Party Rep. Felix Zollicoffer of Tennessee introduced and passed a House resolution having the three top candidates for speaker to ‘publicly state their opinions of Congress’ recent actions on the spread of slavery to the western territories.’

Even after the questioning session the House could not decide on a speaker.

That deadlock was broken when the House voted to reduce the threshold to elect the speaker from the traditional simple majority to a plurality election.

After 133 votes, Speaker Nathaniel Banks of the Know-Nothings was elected as speaker of the 34th Congress with 103 votes backing him.

Before then, during the 31st Congress in 1849, the House was without a speaker for 19 days with neither the Whigs and Democrats holding a House majority and the Free Soil Party splitting the votes further.

The first ballot was a split one that did not yield a speaker, leading to several weeks of elections to determine the leader of the House. 

After 13 ballots, then-Rep. Andrew Johnson of Tennessee proposed a resolution to lower the speaker election threshold to a plurality as well as an amendment to ballot the election.

The resolution and amendment passed, and Georgia Democrat Rep. Howell Cobb was elected speaker via plurality after 63 votes, three votes after the rules had been changed.

Jordan, the House Judiciary Committee chairman, has made headway, flipping key no votes to support him, but there is still a real chance that his bid will be dashed on the House floor.

Scalise faced a problem that Jordan is working to solve: Getting the numbers up in a slim majority to propel him behind the gavel.

Historically, there is precedent for a plurality speaker election, but the move is risky if the math does not add up.

Any miscalculation on votes in a plurality election would run the risk of the GOP inadvertently handing the speakership to the Democrats, should GOP members break from the party.

However, should the GOP need a nuclear option to choose a new speaker, historical precedent provides one.

Fox News Digital’s Aubrie Spady and Matteo Cina contributed reporting.

This post appeared first on FOX NEWS

The House Democrats’ campaign arm sent a memo to blue members with messaging guidance on ‘GOP extremism’ under a potential speakership helmed by current House Judiciary Committee chairman Jim Jordan, R-Ohio.

Fox News Digital obtained the memo sent out by the Democratic Congressional Campaign Committee (DCCC) with talking points and communications guidance as Jordan continues his quest for the speaker’s gavel.

‘A Speaker Jordan means extremism and far-right priorities will govern the House of Representatives,’ the guidance reads.

‘It is imperative that our caucus makes clear to voters just how extreme Congressman Jordan is and how his Speakership would negatively impact working families across the country, threaten democratic norms, and weaken relationships with our allies,’ the memo continues.

Jordan was selected as the GOP nominee for speaker on Friday after weeks of deliberations that saw the initial nominee — House Majority Leader Steve Scalise, R-La., — drop out of the race.

The ‘messaging guidance’ gives Democrat members several talking points against a Jordan speakership, including that it ‘appears there are no more moderates left in the Republican conference capable of standing up to the far right.’

‘Jordan will only win the speakership if so-called ‘moderates’ continue to cave and get him there,’ the guidance reads. ‘Every Republican who votes for Jordan for Speaker is simply following Trump’s marching orders– it’s clear Republicans are incapable of governing themselves and instead look to the indicted former president for guidance on everything.’

The talkers also suggest members say ‘Jordan has shown voters just how extreme he is and there is no indication that he’ll moderate himself in any way if he becomes speaker’ and that Jordan will ‘pull the entire Republican caucus even further to the right.’

‘House Democrats stand ready to work across the aisle to lower costs for working families and make our communities safer,’ the last talking point reads. ‘With a Speaker Jordan, that isn’t likely. Jim Jordan is one of the least bipartisan members of Congress, coming nearly dead last on the Lugar Center’s bipartisanship score.’

The messaging memo also highlighted controversies about Jordan, including that the speaker nominee ‘sought to overturn the 2020 presidential election and has refused to comply with multiple subpoenas seeking to uncover details of the January 6 insurrection.’

‘Jordan is a conspiracy theorist who has espoused talking points associated with the Great Replacement Conspiracy Theory in official government hearings,’ the memo reads.

 

DCCC Memo – Messaging Guida… by Houston Keene

‘Jordan is a founding member of the far-right House Freedom Caucus, whose ‘our way or no way’ approach has torpedoed comprehensive immigration reform, sought repeatedly to kill the Affordable Care Act, and led the charge on multiple government shutdowns,’ it continues.

The DCCC did not immediately respond to Fox News Digital’s request for comment on the memo.

The Democrats’ messaging memo comes as Jordan potentially closes in on the speaker’s gavel.

The House is convening on Tuesday for the first expected ballot on Jordan’s bid for the big chair.

Jordan has been making calls for days since getting the nomination to shore up support for his candidacy— but nothing in Washington is guaranteed.

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A U.S. official confirmed to Fox News the United States secretly sent the Army Tactical Missile System (ATACMS) to Ukraine and that Ukraine has successfully used them. 

The missiles have a range of about 100 miles. 

In an evening address, Ukrainian President Volodymyr Zelenskyy himself later confirmed Tuesday that the United States has quietly delivered the long-range ballistic missiles that Kyiv said it urgently needed and that President Biden promised last month. 

‘Thank you to everyone who is fighting and working for Ukraine!’ he said in the video shared on his Telegram account. ‘Thank you to everyone who is helping us! And today I am especially grateful to the United States. Our agreements with President Biden are being implemented. And they are being implemented very accurately – ATACMS have proven themselves.’ 

‘ATACMS. More to come,’ Ukraine’s defense ministry wrote on X, accompanied by American and Ukrainian flags.

The delivery of the ATACMS, was shrouded in secrecy, with the expectation that the first public acknowledgment would come when the missiles were used on the battlefield. That intense secrecy is a marked change from previous U.S. weapons sent by the Biden administration. In nearly all other cases, the U.S. has publicly announced its decision prior to the weapons and equipment being shipped overseas.

However, the Pentagon has said before not every weapon sent to Ukraine is listed in the official PDA announcement.

Because of lingering U.S. concerns about escalating tensions with Russia, the ATACMS version that went to Ukraine will have a shorter range than the maximum distance the missiles can have, according to The Associated Press, which cited sources of their own to confirm the U.S. shipment. While some versions of the missiles can go as far as about 180 miles, the ones sent to Ukraine have a shorter range and carry cluster munitions, which, when fired, open in the air, releasing hundreds of bomblets rather than a single warhead.

Ukraine’s Special Operations Forces claimed that a nighttime attack on targets in eastern and southern Ukraine destroyed nine Russian helicopters and other military equipment and personnel at two airfields in Russia-occupied regions.

Ukraine’s Special Operations Forces also claimed to have hit military equipment, an air-defense system, ammunition warehouses and runways, a statement said. Dozens of Russian military personnel were injured in the attack codenamed Operation Dragonfly, it said.

The ATACMS would be key in Ukraine’s ability to hit the airfield in Berdyansk since it is within striking distance of the shorter-range version of the missile, and the cluster munitions would be effective in hitting multiple targets. The closest Ukrainian troop positions on the western bank of the Dnieper River are just about 100 miles from Berdyansk.

The Associated Press contributed to this report. 

This post appeared first on FOX NEWS

House Judiciary Committee Chairman Jim Jordan, R-Ohio, lost the first-round vote to be House speaker on Tuesday after 20 Republicans joined all Democrats to shoot down his candidacy.

Seven Republicans voted for Majority Leader Steve Scalise, R-La., who was the previous speaker-designate before being forced to withdraw due to mounting opposition. Six GOP lawmakers voted for ousted ex-Speaker Kevin McCarthy, R-Calif., and three moderate New York Republicans voted for former GOP Rep. Lee Zeldin of New York.

Additional votes were cast for House Rules Committee Chairman Tom Cole, R-Okla., Majority Whip Tom Emmer, R-Minn., Rep. Mike Garcia, R-Calif., and Rep. Thomas Massie, R-Ky.

Jordan told reporters later on Tuesday that he intended to hold another vote later in the day. 

‘We need to get a speaker as soon as possible to get back to work for the American people,’ he said. 

But there appears to be some friction going on behind closed doors. A source familiar with discussions told Fox News Digital that Jordan and Scalise met after the vote. During the meeting, Jordan asked for Scalise’s support for speaker, but Scalise would not commit, the source said. 

A spokesperson for Scalise told Fox News Digital that the report was ‘not accurate.’

‘Leader Scalise has been the only candidate throughout this process who has publicly declared he will be supportive of whomever the conference nominates for Speaker, and his position has not changed. He voted for Jim Jordan on the floor and will continue to do so,’ the spokesperson said.

Jordan was selected to be the House GOP’s candidate for speaker in an anonymous vote last week, but it became immediately clear that it would be an uphill battle to win the support of moderates and other wary establishment Republicans.

The latter had been Republicans’ original speaker-designate after McCarthy’s ouster two weeks ago. But opposition, primarily from Jordan allies who insisted they would vote for the Ohio Republican no matter what, forced him to drop out just a day later.

Speaking to reporters on Tuesday morning, Jordan would not answer when asked how many rounds of voting he was willing to hold.

‘We need to get a speaker as soon as possible,’ he said instead.

This post appeared first on FOX NEWS

Sen. Marco Rubio, R-Fla., is leading a resolution Tuesday to deport foreigners and cancel their visas if they support the Islamic militant group Hamas.

Rubio’s office told Fox News Digital he would be hotlining the resolution — meaning he will request unanimous consent to pass the resolution without going through the usual formalities of a full debate and vote on the floor.

According to the resolution text, it requests that the president ‘revoke visas and initiate deportation proceedings for any foreign national who has endorsed or espoused the terrorist activities of Hamas, Palestinian Islamic Jihad, Hezbollah,’ or other terrorist groups in the attacks against Israel last week.

The resolution also states that Hamas ‘terrorists operated death squads tasked with exterminating Jews, as well as hostage-taking squads tasked with abducting Jews for ransom, propaganda, and torture, if not [for] simply sadistic pleasure.’ 

Citing a former Hamas leader’s call for a ‘Day of Rage’ on Oct. 13, the resolution said some in the U.S. responded to this call and ‘incited others’ to endorse Hamas. ‘Antisemitic’ protests and riots in South Florida, Washington, D.C., New York City, Pittsburgh, Los Angeles and Portland, Oregon, were also cited.

‘America is the most generous nation on earth, but we cannot allow foreign nationals who support terrorist groups like Hamas and march in our streets calling for ‘intifada’ to enter or stay in our country,’ Rubio said in a statement. 

The resolution comes as universities including Harvard, University of California, Los Angeles, Columbia University and the University of Virginia blamed Israel for the attacks. Harvard alone had 34 student groups write in a letter the ‘Israeli regime’ was ‘entirely responsible’ for the ‘unfolding violence’ in Israel.

The Harvard student organizations’ statement, released on the day of the Hamas attacks, also said the events did not occur ‘in a vacuum.’

A pro-Palestinian chapter at the University of California, Berkeley also said they ‘invariably reject Israel’s framing as a victim.’

Rubio’s resolution follows his letter to U.S. Secretary of State Antony Blinken on Sunday, in which he first called for visas to be revoked from foreigners who support Hamas. 

In a separate letter sent to Department of Homeland Security Secretary Alejandro Mayorkas on Monday, Sen. Tom Cotton, R-Ark., also demanded the department take immediate action to remove the foreign nationals, who the GOP lawmaker says have ‘no place’ in the U.S.

‘I write to urge you to immediately deport any foreign national — including and especially any alien on a student visa — that has expressed support for Hamas and its murderous attacks on Israel. These fifth-columnists have no place in the United States,’ Cotton wrote.

More than 4,200 people have been killed in Gaza and Israel since Hamas launched its Oct. 7 attack against the Jewish State, leading to retaliatory action from Israeli forces. Thousands more have been wounded, and many others have been taken hostage by Hamas and raped, tortured and murdered.

‘They should never have been allowed in,’ Rubio said on Fox News on Sunday. 

‘We probably didn’t know that about them. No one’s going to tell you, ‘I’m a Hamas supporter,’ on the way in. But once we know you are, our laws say you shouldn’t have a visa, and you need to go. … We should not have people inside of our country who are here as visitors, foreign nationals, who then take to the streets and call for supporting this terrorist organization that just butchered babies, slaughtered innocents, and took hostages, including Americans, into Gaza,’ he said.

Fox News’ Landon Mion contributed to this report.

This post appeared first on FOX NEWS

Israel’s national security adviser on Tuesday predicted U.S. ‘involvement’ in the escalating Israel-Hamas war if Iran and Hezbollah join to fight alongside Hamas.

Tzachi Hanegbi, head of the National Security Council of Israel, made the comments during a televised briefing, pointing to President Biden’s public warning to Hezbollah and Iran to keep out of the fighting and the deployment of U.S. Navy carrier strike groups to the Eastern Mediterranean.

‘He is making clear to our enemies that if they even imagine taking part in the offensive against the citizens of Israel, there will be American involvement here,’ Hanegbi said of Biden’s support.

‘Israel will not be alone. … A U.S. force is here and it is ready,’ he added, without elaborating, according to Reuters.

The Pentagon has said no U.S. troops have been deployed, and it has not signaled that U.S. troops would be sent to the battlefield.

On Monday, the U.S. Department of Defense issued ‘be ready to deploy’ orders for 2,000 troops, though it said no decisions have been made to deploy any forces at this time. Top officials emphasized that these U.S. troops would be used in advisory roles and provide medical support for Israeli forces.

Biden is preparing to visit the region as he and other world leaders work to prevent the war from spilling into a broader regional conflict.

Meanwhile, Iran’s supreme leader on Tuesday maintained that his country will not step in to stop Hamas and threatened that should Israel fail to end its airstrikes, which he called ‘crimes,’ resistance forces will be ‘impatient’ and no one will be able to stop them. 

‘If the crimes continue, Muslims will be impatient, resistance forces will be impatient, and nobody will be able to prevent them,’ Ayatollah Ali Khamenei said. ‘Bombardments should be immediately stopped, Muslim nations are angry.’

Fox News’ Liz Friden and the Associated Press contributed to this report.

This post appeared first on FOX NEWS

Former President Trump’s legal team formally appealed the partial gag order issued against him on Monday by the federal judge presiding over Special Counsel Jack Smith’s case related to the Jan. 6, 2021, Capitol riot.

Judge Tanya Chutkan of the U.S. District Court for the District of Columbia on Monday imposed a partial gag order against Trump, blocking him from making statements targeting Smith, his staff, potential witnesses and court personnel.

Trump attorneys pushed back against the order in court on Monday, arguing that by imposing the partial gag order, the court ‘would be embracing new ground in respect to the First Amendment that would regulate campaign speech.’

‘What’s going to happen if Trump says something about Pence during [the] debate?’ Trump attorney John Lauro asked.

Former Vice President Mike Pence, also a 2024 Republican presidential contender, could be called as a witness in the trial. 

‘Depends what he says,’ Chutkan replied, saying that she was ‘not confident that without some kind of restriction’ the speech would be limited.

Chutkan said Monday that the former president is able to criticize the Justice Department in general terms and has the right to post his view that the case against him is politically motivated. However, the judge said Trump cannot post attacks against prosecutors or court staff.

‘No other criminal defendant would be allowed to do so, and I’m not going to allow it in this case,’ Chutkan said, adding that, if necessary, she would impose sanctions if Trump violates the partial gag order.

The Trump campaign on Monday said in a statement that the decision to impose the partial gag order ‘is an absolute abomination and another partisan knife stuck in the heart of our Democracy by Crooked Joe Biden, who was granted the right to muzzle his political opponent, the leading candidate for the Presidency in 2024, and the most popular political leader in America, President Donald J. Trump.’

‘President Trump will continue to fight for our Constitution, the American people’s right to support him, and to keep our country free of the chains of weaponized and targeted law enforcement,’ the spokesperson added.

Trump pleaded not guilty in federal court to all four federal charges stemming from Smith’s investigation into 2020 election interference and the Capitol riot on Jan. 6, 2021.

Trump, the current 2024 GOP front-runner, is charged with conspiracy to defraud the United States, conspiracy to obstruct an official proceeding, obstruction of and attempt to obstruct an official proceeding, and conspiracy against rights.

The judge presiding over the New York Trump Organization trial also imposed a partial gag order to prevent all parties from engaging in any verbal attacks against court staff after Trump criticized a member of the judge’s office on social media.

Judge Arthur Engoron this month issued an order that he said applies to both the defense and New York Attorney General Letitia James’ team. The gag order only applies to verbal attacks on staff.

This post appeared first on FOX NEWS

With words like “Schneider’s dedication to educating others about stocks is unparalleled,” Traders World Fintech Awards honors me in the most amazing way possible.

I have always been a teacher, whether in Special Education, or on the floor of the NY Commodities Exchanges as a chartist to my fellow traders, or in the last two decades, with MarketGauge and our clients.

Financial literacy might be one of the most underrepresented curricula in the US, if not the world!

My Economic Modern Family was created to fill the gap between basically no financial literacy taught in schools and beyond, to how folks can learn about stocks and the markets in a fun, tangible, and incredibly accurate way.

In yesterday’s Daily, we covered the Family and how there is no better time to look at the charts on a weekly timeframe.

Today, the Family shifted.

Small Caps (IWM) and Retail (XRT), a.k.a. Gramps and Granny, woke up while Sister Semiconductors (SMH) fell.Transportation (IYT) tested the top end of the range we discussed, which is between 220–235.For XRT, we can say the range to watch is 57–65.Small Caps or IWM needs to hold 170 and clear overhead resistance at 180.Biotech (IBB) has been stuck in time for the last four weeks. The best range to watch would be 120–125.Prodigal Son Regional Banks (KRE), except for a couple of rallies and sell-offs, sits between 40–45.Bitcoin, a new member of the Family, was featured over the weekend in our Daily. As it holds 28,000, we anticipate it can climb to $31,500.

And let’s not forget commodities.

In my recent interview with Kitco, I warned, “Higher bond yields could already be taking their toll on the US economy, and weak economic growth and stubborn inflation continue to create a stagflationary environment, which would be bullish for gold.”

In another recent Daily, we discussed DBA, the Agricultural ETF, and DBC, the commodity index ETF.

“Over 21.80, we would begin to think more bullish in agriculturals. DBC on the right, more oil and precious metals focused, also underperforms the SPY. That is surprising and supports a risk-on environment. Through 24.75 that picture changes.”

Traders’ World also wrote, “Her ability to connect with her students on a personal level, provide ongoing support, and foster a sense of community among her followers is remarkable.”

And for that, I THANK YOU, my loyal readers! Because of you and your support, I won this incredible award!

This is for educational purposes only. Trading comes with risk.

If you find it difficult to execute the MarketGauge strategies or want to explore how we can do it for you, please email Ben Scheibe at Benny@MGAMLLC.com, our Head of Institutional Sales. Cell 612-518-2482.

For more detailed trading information about our blended models, tools, and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.

Get your copy of Plant Your Money Tree: A Guide to Growing Your Wealth.

Grow your wealth today and plant your money tree!

“I grew my money tree and so can you!” – Mish Schneider

Follow Mish on Twitter @marketminute for stock picks and more. Follow Mish on Instagram (mishschneider) for daily morning videos. To see updated media clips, click here.

Mish in the Media

Mish and Dale Pinkert discuss the disconnect between news and markets-and how to best invest right now in this video from ForexAnalytix’s pre-market show.

In this video from CMC Markets, Mish shares her short-term forecast for USD/JPY and popular commodity instruments ahead of the US PPI announcement and September’s Fed meeting minutes, with recent dovish comments from Fed officials suggesting a potential shift in the committee’s policies.

Mish joins Business First AM to discuss the market reaction to the war in Gaza in this video.

Mish discusses what’s needed for a market bottom on the Financial Sense Newshour podcast with Jim Puplava.

Mish takes over as guest host for David Keller, CMT on the Monday, October 9 edition of StockCharts TV’s The Final Bar, where she shares her thoughts in the daily Market Recap during a day of uncertain news.

To quote Al Mendez, “The smartest woman in Business Analysis @marketminute [Mish] impresses Charles with her “deep dive” to interpret the present Market direction.” See Mish’s appearance on Fox Business’ Making Money with Charles Payne here!

Mish covers bonds, small caps, transports and commodities-dues for the next moves in this video from Yahoo! Finance.

In this video from Real Vision, Mish joins Maggie Lake to share what her framework suggests about junk bonds and investment-grade bonds, what she’s watching in commodity markets, and how to structure a portfolio to navigate both bull and bear markets.

Mish was interviewed by Kitco News for the article “This Could Be the Last Gasp of the Bond Market Selloff, Which Will be Bullish for Gold Prices”, available to read here.

Mish presents a warning in this appearance on BNN Bloomberg’s Opening Bell — before loading up seasonality trades or growth stocks, watch the “inside” sectors of the US economy.

Watch Mish and Nicole Petallides discuss how pros and cons working in tandem, plus why commodities are still a thing, in this video from Schwab.

Coming Up:

October 18: Crypto Town Hall X Spaces

October 19: Live Coaching

October 20: StockCharts TV’s Your Daily Five

October 23: BNN Bloomberg

October 27: Live in-studio with Charles Payne, Fox Business

October 29-31: The Money Show

Weekly: Business First AM, CMC Markets

ETF Summary

S&P 500 (SPY): 440 resistance, 429 support.Russell 2000 (IWM): 177 resistance, 170 KEY support.Dow (DIA): 344 resistance, 332 support.Nasdaq (QQQ): 368 pivotal.Regional Banks (KRE): 39.80 -42.00 range.Semiconductors (SMH): 150 pivotal.Transportation (IYT): 237 resistance, 225 support.Biotechnology (IBB): 120-125 range.Retail (XRT): 57 key support if can climb over 61, better.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

Rite Aid, the third-largest U.S. drugstore chain, filed for Chapter 11 bankruptcy protection Sunday, and it’s likely the company will close a big chunk of its 2,000 stores.

One result is that people will have fewer options for where they fill their prescriptions. That has been the trend in drugstores lately, and it looks like they’ll dwindle further.

The Wall Street Journal reported in September that Rite Aid might close 400 to 500 stores as part of bankruptcy proceedings. (The company hasn’t confirmed the report.) CVS is closing 300 stores per year, a process that began last year and is expected to continue into next year, and Walgreens announced in June that it would close about 150 U.S. stores by next summer.

At the same time, big box chains and grocery stores like Walmart and Target are opening pharmacies in their stores, and more people are getting their medications delivered through apps.

The decline of the neighborhood pharmacy

So a consumer reading this news might think, ‘So what? Nobody likes going to drugstores.’ And that’s partly the point.

Drugstores have done the wrong thing over and over again, said Neil Saunders, the managing director at the consulting company GlobalData. The result is that people don’t want to shop at them, and that has made lots of openings for competitors.

“You go into the store, usually they’re badly lit, they are fairly depressing, there isn’t lot of great customer service, the products are locked very often, there aren’t enough staff to help, the prices are very expensive relative to other retailers,” Saunders told NBC News. ‘They’ve shot themselves in the foot, and now they’re reaping the consequences of all those years of poor decisions and underinvestment.”

Poor decisions, crushing debt and failed deals

Rite Aid’s bankruptcy filing wasn’t a surprise, because the 60-year-old chain has been in dire financial shape for a long time. It has lost money in each of its last six fiscal years, it had already been closing stores to cut spending, and it was looking at a $1 billion charge related to its role in the opioid crisis.

CVS and Walgreens have paid similar settlements, but it was much harder for Rite Aid to do so. In recent years, the stock market has valued Rite Aid in the tens of millions of dollars even though it had $24 billion in sales last year.

Rite Aid’s downfall arguably dates to its purchase of the Brooks and Eckerd chains in 2007. The company borrowed money to pay for the deal and also assumed some of the debt of Brooks and Eckerd’s former parent company, the Canadian drugstore company Jean Coutu Group.

At one point, Rite Aid agreed to be bought by Walgreens, but the deal fell through. Walgreens ultimately sold almost 2,000 stores, and Rite Aid unsuccessfully pursued other deals to stabilize its business.

The company had $3.3 billion in long-term debt as of June 3.

All that debt made it harder for Rite Aid to invest in its stores or to expand and branch out into new businesses the way its rivals did. CVS now has more than 1,000 clinics in its stores, and it bought a pharmacy benefits manager and a health insurer over the years. Walgreens and CVS both expanded into some types of primary care, as well.

But Saunders said all three have neglected their stores as they have prioritized the health care parts of their businesses over the retail parts.

‘They are not good retailers. None of them,’ he said. ‘They just haven’t really evolved and changed with the times at all.’

As Rite Aid shrinks even further, it will create opportunities for all of its rivals to boost their sales. Saunders said there will always be a place for physical pharmacies.

‘We’re still going to have a physical pharmacy retail space, but it’s going to be somewhat smaller than it has been traditionally,’ he said.

This post appeared first on NBC NEWS