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FIRST ON FOX: Florida Republican Rep. Matt Gaetz sent a letter to FBI Director Christopher Wray this week regarding officers who were seen kneeling before Black Lives Matter (BLM) protesters in 2020.

Several FBI officers were photographed kneeling during a June 4, 2020, demonstration in Washington, D.C. The protests during summer 2020 often turned into violent riots across the country in outrage over the murder of George Floyd in Minneapolis.

Some agents who kneeled reportedly received commendations from FBI executive management, Gaetz claimed in his letter, and the Florida congressman demanded to know whether their support for the demonstrators contributed to their career advancement.  

‘Many FBI personnel we were trusting to be on the front lines were photographed kneeling in surrender to people who at times were violent,’ Gaetz told Fox News Digital in an interview.

Gaetz says one of the kneeling agents appears to be Washington field office assistant special agent in charge Sarah Linden.

Gaetz said he heard from a whistleblower and other information that ‘people were rewarded for this at [the] FBI with plum personnel opportunities and promotions and advancements.’

‘To climb the ladder in federal employment, you shouldn’t have to shimmy up the woke totem pole,’ Gaetz added, asking Wray ‘about how various personnel engaged in these acts of supplication were then given plum professional opportunities.’

Gaetz said the ‘FBI’s behavior is demoralizing’ to law enforcement from the local to the federal levels and that ‘it showcases a real misunderstanding of the purpose of law enforcement.’

‘The purpose of law enforcement is to keep people safe, not to engage in politics,’ Gaetz said. ‘And for the last several years, we’ve seen the FBI more interested in virtue signaling and political activity than in just the nuts and bolts in evaluating the facts and the law.’

The Florida Republican named Linden in his letter to Wray, telling Fox News Digital he sent the letter to get ‘confirmation’ that the whistleblower information he received was correct.

‘And Sarah Linden, we understand, now is leading the criminal division of the Washington field office,’ Gaetz said. ‘And if that’s the case, we want to know that that was a decision based on merit, not a decision solely as a consequence of a political performance.’

When asked about his confidence level that the agent wearing sunglasses and a surgical mask in the picture was Linden, Gaetz said: ‘That’s why we’ve asked the question.’

‘We have reason to believe that’s who it is and that’s what we are seeking to confirm,’ Gaetz said.

Gaetz said he did not know the identities of the other kneeling agents, but that ‘we’ll see if their careers got an otherwise unwarranted updraft as a consequence.’

The Florida Republican added that the ‘Biden administration seeks to reward those who participate in these virtue signals rather than doing their job.’

‘Wasn’t it the Biden administration that wanted to have the intricacies of nuclear energy handled by the suitcase-stealing weirdo?’ he added, referring to embattled former senior Department of Energy official Sam Brinton.

In the letter exclusively obtained by Fox News Digital, Gaetz noted the 2020 ‘coordinated’ summer riots that caused ‘millions of dollars in property damage’ as well as the May 29, 2020, altercation where ‘violent protestors threw rocks, urine, and alcohol at United States Secret Service Agents, injuring over 60 of them.’

‘Some protestors also scaled the barriers to the White House and Department of the Treasury complex,’ Gaetz wrote.

 

Rep. Matt Gaetz letter to F… by Houston Keene

‘This shameful and unprecedented violence took place over several days, and included the arson attack on St. John’s Episcopal Church adjacent to the White House. During these events, Federal Bureau of Investigation (FBI) personnel were quite literally ‘on the line’ defending our nation’s Capitol in an attack that has not been surpassed since in either its scope or violence.’

‘Perhaps in an effort to placate the mob, on June 4, 2020, at least six alleged FBI agents were filmed kneeling in supplication,’ Gaetz wrote. He claimed that Linden appeared to be ‘expressing her support for these seditious riots that caused so much destruction.’

Gaetz gave Wray a July 7 deadline to respond to his questions.

The FBI did not immediately respond to Fox News Digital’s request for comment.

This post appeared first on FOX NEWS

Democrat presidential candidate Robert F. Kennedy Jr. announced online that another of his interviews has been removed from social media giant YouTube.

Kennedy announced that his interview with former New York Post reporter Al Guart had been taken off the prominent video-sharing platform.

The Democrat challenger to President Biden in the 2024 primaries has already seen one of his interviews removed from YouTube due to an apparent violation of the website’s vaccine misinformation policy.

‘[YouTube] just pulled another of my videos, with former NY Post political reporter [Guart],’ Kennedy wrote in a Tuesday Twitter thread. ‘People made a big deal about Russia supposedly manipulating internet information to influence a Presidential election. Shouldn’t we be worried when giant tech corporations do the same?’

‘When industry and government are so closely linked, there is little difference between ‘private’ and ‘government’ censorship,’ he continued. ‘Suppression of free speech is not suddenly OK when it is contracted out to the private corporations that control the public square.’

Kennedy wrote that the ‘Twitter Files proved that numerous government agencies, acting through the FBI, told Twitter whom to censor’ and that ‘Twitter complied.’

‘Doubtless, Facebook, YouTube, and the rest received similar requests,’ Kennedy wrote.

‘In the case of my interview with [Guart], [YouTube] probably acted on its own initiative,’ he continued. ‘It has internalized the political wishes of the establishment to the point where it knows what to censor without being told.’

Google, YouTube’s parent company, did not respond to Fox News Digital’s request for comment.

Kennedy’s comments came after YouTube took down a different interview between the Democrat presidential candidate and podcast host Jordan Peterson, citing the website’s vaccine misinformation policy.

This month, both Kennedy and Peterson tweeted that the video-sharing website had taken down their interview from an episode of Peterson’s show and accused the social media platform of censorship and interfering with a presidential campaign.

A Google spokesperson previously told Fox News Digital that YouTube ‘removed a video from the Jordan Peterson channel for violating YouTube’s general vaccine misinformation policy, which prohibits content that alleges that vaccines cause chronic side effects, outside of rare side effects that are recognized by health authorities.’

The spokesperson also said the company ‘removed a video from the Jordan Peterson channel featuring a conversation with Robert F Kennedy Jr.’ and that Google’s ‘Community Guidelines apply equally to all creators on our platform, regardless of political viewpoint.’

‘Under our general vaccine misinformation policies, we remove false claims about currently administered vaccines that are approved and confirmed to be safe and effective by local health authorities and the WHO. This includes content that falsely alleges that approved vaccines are dangerous and cause chronic health effects, claims that vaccines do not reduce transmission or contraction of disease, or contains misinformation on the substances contained in vaccines will be removed. This would include content that falsely says that approved vaccines cause autism, cancer or infertility, or that substances in vaccines can track those who receive them.’

‘Our policies not only cover specific routine immunizations like for measles or Hepatitis B, but also apply to general statements about vaccines,’ the spokesperson said. ‘Content that would otherwise violate our Community Guidelines may stay on YouTube when it has Educational, Documentary, Scientific, or Artistic (EDSA) context, such as providing countervailing views to the remarks that violate our policies.’

In the interview, Kennedy said that ‘a lot of the sexual dysphoria’ America is seeing comes from exposure to chemicals in the water.

This post appeared first on FOX NEWS

The U.S. Attorney who led the federal investigation into Hunter Biden was ‘briefed’ on the key FBI form that contained allegations that then-Vice President Joe Biden and a foreign national were engaged in a criminal bribery scheme that involved influence over U.S. policy decisions, the top Republican on the Senate Judiciary Committee revealed Wednesday.

Sen. Lindsey Graham, R-S.C., the ranking member of the Senate Judiciary Committee, sent letters to Attorney General Merrick Garland and the Trump-appointed Delaware U.S. Attorney David Weiss, who led the federal investigation into Hunter Biden demanding answers amid allegations from whistleblowers suggesting the probe was slow-walked and influenced by politics.

Graham wrote to Garland and Weiss separately, seeking information on the alleged politicization that influenced decisions throughout the Hunter Biden probe.

The document in question is an FBI-generated FD-1023 form. The form, dated June 30, 2020, reflects the FBI’s interview with a ‘highly credible’ confidential source who detailed multiple meetings and conversations he or she had with a top executive of Burisma Holdings over the course of several years, starting in 2015. Hunter Biden sat on the board of Burisma.

In the letter to Weiss, Graham said that he has ‘been informed that you and your office were briefed on allegations in an FD-1023 form suggesting there may have been phone calls recorded between Hunter Biden and Joe Biden with a senior official at Burisma Holdings, a Ukrainian energy company.’

‘The FD-1023 in question alleges that the confidential informant told the Department of Justice and FBI that such tapes may exist,’ Graham wrote.

Former Attorney General Bill Barr earlier this month said the FD-1023 form had been routed to Weiss. Sources told Fox News Digital that Weiss’ team was briefed on the FD-1023 form in September 2020. 

Fox News Digital was briefed on the heavily-redacted form, in which the Burisma executive explained to the confidential source that Burisma had to ‘pay the Bidens’ because Ukrainian prosecutor Viktor Shokin was investigating Burisma, and explained how difficult it would be to enter the U.S. market in the midst of that investigation.

According to a source familiar with the document, the Burisma executive told the confidential human source, ‘$5 million for one Biden, $5 million for the other Biden.’

Sources familiar told Fox News Digital that the confidential human source believes that the $5 million payment to Joe Biden and the $5 million payment to Hunter Biden occurred, based on his or her conversations with the Burisma executive.

The confidential source said the Burisma executive told him he ‘paid’ the Bidens in such a manner ‘through so many different bank accounts’ that investigators would not be able to ‘unravel this for at least 10 years.’

The document then makes reference to ‘the Big Guy,’ which many believe is a reference to Joe Biden.

A whistleblower first alerted Sen. Chuck Grassley, R-Iowa, to the existence of the document. Grassley has seen the unredacted form, and claims that under the redactions is a reference to the Burisma executive saying he kept 17 audio recordings of his conversations with them as an ‘insurance policy.’

Grassley, earlier this month, said the FD-1023 has a redacted reference that the Burisma executive possesses 15 audio recordings of phone calls between himself and Hunter Biden.

According to Grassley, the FD-1023 also states that the executive possesses two audio recordings of phone calls between himself and then-Vice President Biden.

Graham, in the letter, is asking Weiss to clarify whether he was ‘in fact briefed on these allegations,’ which President Biden has dismissed as ‘a bunch of malarkey.’ 

‘If yes, what actions were taken to investigate this matter and what was the final disposition?’ Graham wrote.

‘As I write, I do not know if the allegations are credible, but I know they are serious, and I believe it is incumbent on you to clarify and inform the public,’ Graham continued. ‘I am confident this can be achieved without compromising confidential sources.’

Graham and Grassley last week asked the FBI to turn over an unredacted version of the FD-1023 form. House Oversight Committee Chairman James Comer, R-Ky., had subpoenaed the document, but the FBI did not comply, and instead, brought a redacted version to a sensitive compartmented information facility (SCIF) on Capitol Hill for committee members to review.

Meanwhile, in his letter to Garland, Graham refers to allegations brought to the House Ways and Means Committee by two IRS whistleblowers, claiming the entire federal investigation into Hunter Biden was influenced by politics.

‘To the American people, it appears DOJ had its thumb on the scale of justice,’ Graham wrote to the attorney general.

Graham’s letter comes after two IRS whistleblowers said officials at the Justice Department, FBI and IRS interfered with the federal investigation into Hunter Biden. Those whistleblowers said the decisions in the case seemed to be ‘influenced by politics.’

The whistleblowers testified before the House Ways and Means Committee and alleged that Weiss was ‘constantly hamstrung, limited, and marginalized by DOJ officials as well as other U.S. Attorneys.’ They testified that Weiss had requested to have special counsel authority, but was denied.

‘It is imperative these allegations are addressed head-on,’ Graham wrote to Garland, questioning whether he was ‘aware of any request’ by Weiss to be designated special counsel.

‘And likewise, were you aware of any effort to seek support to bring felony charges in Washington, D.C. or California?’ Graham asked, referring to allegations that Weiss sought to bring charges against Hunter Biden in two separate venues. ‘If such requests were made by U.S. Attorney Weiss and you were not aware, who would be the decision-making authority in such a case?’

The Justice Department has denied the whistleblowers’ claims, with Attorney General Merrick Garland saying Weiss was ‘given complete authority to make all decisions on his own behalf.’ 

Graham, in his letter to Weiss, also pressed for clarification on whether he did seek special counsel authority from the Justice Department and whether he was denied.

‘Whistleblower allegations indicate that while you were investigating Hunter Biden you requested Special Counsel designation and were denied, and that you sought more serious charges and that attempt was rejected,’ Graham wrote to Weiss. ‘Whistleblowers also indicated that you made efforts to bring charges in Washington, D.C., and California, and were also rejected.’

Graham demanded Weiss provide information regarding the allegations, including the corroborating ‘contemporaneous e-mail’ referring to those sought after charges.

‘Please provide information regarding these allegations, as a prompt response is necessary to reassure the public that there is equal justice under the law,’ Graham wrote.

The Justice Department said it has received Graham’s letter, but did not comment further.

This post appeared first on FOX NEWS

Democratic Sen. John Fetterman, who has consistently struggled through public events due to the aftermath of a stroke he suffered more than a year ago, is falling to President Biden’s unpopularity level in their home state of Pennsylvania. 

According to a Quinnipiac poll released Wednesday, half of Keystone State voters disapprove of Fetterman’s job handling, while only 39% approve. President Biden, a Scranton native, has a worse approval rating in the state, with 57% of Pennsylvanians disapproving of his job handling as president, while 39% approve.

Voters view Fetterman much worse than his fellow statewide Democrats, the poll shows. Pennsylvania Democratic Gov. Josh Shapiro garners a 57% job approval rating, while 23% disapprove. Democratic Sen. Bob Casey, meanwhile, also earns good marks from voters, with 44% approval and 32% who disapprove of the job he’s doing in office. The remaining percentages for each politician reflect individuals who did not offer an opinion. 

Fetterman has floundered through Senate hearings and other public events since taking office, often coming across incoherent due to his injuries from the stroke. His office has repeatedly slammed critics for drawing attention to the issue and maintains he is fine outside of auditory processing problems. 

The issue exploded when Jeff Stein, a Washington Post economics reporter, admitted in May to amplifying a misquote Fetterman’s office provided to him. Meanwhile, Fetterman’s office has quietly and significantly altered the senator’s transcribed comments on several occasions to make him sound more coherent, Fox News Digital previously reported.

After spending over a month in a hospital for clinical depression treatment, Fetterman revealed his depression was ‘in full force’ during his first few weeks in the Senate.

He initially suffered the stroke in May 2022 while campaigning in the Pennsylvania Senate race, resulting in auditory processing issues. 

Fetterman described his only midterm debate against Dr. Mehmet Oz as similar to ‘trying to run a marathon with a broken ankle.’ During the debate, Fetterman was granted the use of a closed captioning system so that he would be able to read the questions.

Fox News Digital’s Aubrie Spady contributed to this report.

This post appeared first on FOX NEWS

On June 12th, Goldman Sachs (GS) came out stating how bearish they are on oil. I wrote a Daily about it on June 20th.

It’s not uncommon for me to stick my neck out and go against the big analysts. Heck, I have made a career out of looking at the economy and the market differently. Plus, those who know me know that I often make bold calls. However, not so fast on bragging rights just yet.

Nonetheless, with oil inventories hitting the tape today, it does make one wonder what planet these analysts live on? I guess the one where the government did not drain reserves to lower costs and then neglected to replace those reserves.

We live on the planet that this chart shows quite clearly, an alarming drop in reserves after a huge government drain. The lowest amount of oil in reserves since 1983. Plus, the analysts talk about a lack of demand, just as airline stocks are flying along with the Transportation Sector — as we discussed in another Daily featured this week.

First off, note June 12th. THE LOW (so far).

Note June 20th. A rally into resistance (so far).

Hence, not bragging rights at this point.

Move to today’s price action and we see some resistance to clear over 63.00.

The Leadership Indicator is very interesting. The blue line as measured by the benchmark or red line, looks like potential change in leadership. Should oil begin to outperform the S&P 500, not only will the Fed get concerned, but so should the deflationists.

Real Motion, or the momentum, is even more interesting. The 50 (blue) sits atop the 200-DMA (green). Momentum is gaining and could easily go back to a bullish divergence, just like it did briefly after June 20th. Momentum fell though since, so again, no bragging yet.

Last night’s Daily was about the Energy sector.

Maybe it’s nothing. Or then again, at the very least, it is worth watching… especially ahead of a holiday weekend.

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

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

Get your copy of Plant Your Money Tree: A Guide to Growing Your Wealth and a special bonus here.

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 shares why the transportation ETF is such an important measure of economic strength and how retail stocks (XRT) continue to underwhelm on the Tuesday, June 27 edition of StockCharts TV’s The Final Bar with David Keller.

Mish discusses how business have been watching Russia in this appearance on Business First AM.

Read Mish’s commentary on how the situation in Russia impacts the markets in this article from Kitco.

Watch Mish’s 45-minute coaching session for MarketGauge’s comprehensive product for discretionary traders, the Complete Trader.

On the Friday, June 23 edition of StockCharts TV’s Your Daily Five, Mish covers a variety of stocks and ETFs, with eyes on the retail sector for best clues in market direction.

Read Mish’s interview with CMC Markets for “Tricks of the Trade: Interviews with World-Class Traders” here!

Mish delves into the potential next market moves for several key markets, including USD/JPY, Gold and West Texas crude oil in this appearance on CMC Markets.

Mish and Dale Pinkert cover the macro, the geopolitical backdrop, commodities, and stocks to watch on FACE Live Market Analysis and Interviews.

Mish and Ashley discuss buying raw materials and keeping an eye on Biotech on Fox Business’s Making Money with Charles Payne.

Coming Up:

June 29: Twitter Spaces with Wolf Financial (12pm ET) & CNBC Asia (9pm ET)

June 30: Benzinga Pre-Market Prep

July 6: Yahoo Finance

July 7: TD Ameritrade

ETF Summary

S&P 500 (SPY): 430-437 tight range.Russell 2000 (IWM): 180 held; can we get back over 185?Dow (DIA): 33,500 the 23-month MA now back above.Nasdaq (QQQ): 360 support and an inside week.Regional Banks (KRE): Back over 40, so now we need a new move over 42.Semiconductors (SMH): 150 back to pivotal.Transportation (IYT): New yearly highs; think impact on oilBiotechnology (IBB): 121-135 range.Retail (XRT): 63 pivotal.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

Bitcoin has been on a strong but volatile uptrend over the last seven months since hitting multi-year lows in November. But is the uptrend sustainable and robust enough to warrant an early buy?

Financial Institutions Are Betting On a Bullish Turn

Last Tuesday, there were talks that Fidelity Investments is preparing to apply for a Bitcoin exchange-traded fund (ETF) soon. If this happens, it will be the fifth company to do this, following BlackRock, which applied on June 15. Not to mention, the first leveraged Bitcoin ETF started trading this week.

Are these large financial companies noticing a change in the situation that most of us can’t clearly see yet? In other words, is this the beginning of the end of the crypto ice age?

As the saying goes, it ain’t over til it’s over. But while you wait, there’s no harm in planning a few bold moves to buy Bitcoin.

Where is Bitcoin Now?

Let’s take a look at the chart and plot a couple of indicators—the 50-day and 200-day simple moving average (SMA), Rate of Change (ROC), and the Chaikin Money Flow (CMF)—to get our bearings, gauge momentum, and check the buying/selling pressure.

CHART 1: SPOT BITCOIN IS CHALLENGING ITS APRIL HIGHS. After breaking out of a nearly two-month downtrending channel, the crypto rose sharply in mid-June following news of increasing institutional interest in offering Bitcoin ETFs. Still, bullish conviction seems hesitant, as price meets resistance near the $31,000 range.Chart source: StockCharts.com (click chart for live version). For illustrative purposes only.

Bitcoin ($BTCUSD) is pushing up against the $31,000 range. It broke slightly above its April highs before pulling back.Notice the late-June breakout from the downsloping price channel (see gray channel), a move fueled by news of large financial institutions signaling a commitment to crypto.The ROC reading shows a significant burst in bullish momentum coinciding with the channel breakout. While divergence in the ROC may not always be reliable, do note the divergence in price and ROC readings in March and June (both also indicating overbought levels). In short, this indicates the likelihood of a pullback.Checking this against the buying pressure, we also see a long period of buying pressure divergence in the Chaikin Money Flow (CMF) going as far back as January.

Still, markets can exhibit profoundly bullish (or bearish) behavior exceeding fundamental or technical justification for extended periods. And given Bitcoin bulls’ optimism over the support of large financial players, it shouldn’t surprise you if sentiment pushes the crypto above current highs.

But in case Bitcoin pulls back, here are a few buy levels to target if you’re willing to take a position in the digital asset early in (what just might be) winter’s thaw.

A Few Buy Points to Consider

Let’s take a look at the chart again. Notice that there are multiple areas of potential support (meaning, potential buy points), so pardon the busy chart.

CHART 2: POTENTIAL BUY POINTS GALORE. There are plenty of potential support levels on the chart, making Bitcoin conducive to a scaling-in strategy. However, before scaling in, you have to figure out at what level might a bullish perspective no longer be valid.Chart source: StockCharts.com (click chart for live version). For illustrative purposes only.

The first line of defense for bulls waiting to get in is the 50-day SMA, currently at 27,354 and rising, This is a commonly-viewed support level, but notice that it leaves very little room for much of a pullback. 

Below this line is a market-based support range near 26,500. This support level saw a heavy amount of trading activity, serving most recently as a congestion area from which the market eventually broke down, leading to the next level of support.

The area below 25,000 marks the most recent swing low and aligns with February highs, essentially resistance that became support. Note that this support area also sees the third touch of a rising (green) trendline that some traders might be eyeing as a potential springboard. And if that wasn’t enough, the rising 200-day SMA, currently under 25,00, has also entered this potential support range.

Now, depending on broader fundamental developments, and as strong as these levels appear, they can still fail. If they do, and price falls below this range, you can look forward to support at 21,500 and 19,500, both historical support levels (with the former also aligning with the November 2022 high or resistance turned support).

Managing Downside Risk

The buy levels are, indeed, far and wide. Depending on your bullishness and risk tolerance, you might consider scaling in at different levels.

The tricky thing, as always, is figuring out when and where your long bias may no longer be valid. This is all predicated on how the end of the crypto winter and institutional buying (and, to a lesser degree, retail market sentiment) will play a role in determining the turn in season.

It’s More of a Trade Than an Investment … For Now

And given the lack of fundamentals for Bitcoin as an alternative and widely-adopted currency (simply, because it isn’t … at least not yet), you’re wagering on sentiment toward the crypto as a speculative asset. In short, this is more a “trade” than an “investment,” so be careful.

The Bottom Line

Bitcoin has shown significant growth and has sparked interest, especially since financial giants like Fidelity and BlackRock have joined the ETF bandwagon. This movement could signal a warming trend in the crypto market—or not. Remember, Bitcoin is more of a speculative trade than an investment (in the traditional sense). But you probably already knew that. As always, exercise caution and diligent analysis, as both are key in navigating the crypto landscape.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

In this week’s edition of Trading Simplified, Dave shows his methodology in action with another “free roll,” a “so long and thanks for all the fish” trade, a new mystery chart, and a not “dead money” trade. He also presents a trade where he’s just following a system. He then continues his series on the wisdom of Jesse Livermore, discussing dealing with mistakes, taking losses, and the basic economics that all markets adhere to.

This video was originally published on June 28, 2023. Click anywhere on the Trading Simplified logo above to watch on our dedicated show page, or at this link to watch on YouTube.

You can view all recorded episodes of the show at this link. Go to davelandry.com/stockcharts to access the slides for this episode and more. Dave can be contacted at davelandry.com/contact for any comments and questions.

Costco is taking a page from Netflix’s book.

The retailer is cracking down on people sneaking into its clubs and trying to shop with other people’s membership cards, it said Tuesday.

Costco said it has always asked shoppers for their membership cards at the cash registers when they check out. Now, it is also requesting to see cards with a photo at self-checkout registers — and to view a photo ID if a shopper’s membership card has no picture.

“We don’t feel it’s right that non members receive the same benefits and pricing as our members,” the company said in a statement.

The membership-based warehouse club said it has noticed more abuse of card sharing since it expanded self-checkout to more of its stores.

The stepped-up enforcement was previously reported by The Dallas Morning News.

Costco stands apart from other retailers because of its business model. The bulk of its earnings come from membership fees, which help cover company expenses and keep prices low. It charges $60 for annual memberships and $120 a year for its higher-tier plan, called Executive Membership.

Membership-based warehouse clubs have attracted more customers and won more of their wallets over the past three years. Shoppers who turned to the clubs to help with pantry loading of toilet paper and hand sanitizer during the Covid pandemic are now going there for cheaper gas and bulk-sized food during a period of inflation.

More from CNBC

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Walmart-owned Sam’s Club has seen a similar lift in business. Its membership count has hit a record high.

Yet even the clubs have felt pressured as consumers pull back because of inflation, or spend on experiences like travel and dining out instead. In the past two quarters, Costco has reported a heavier mix of sales coming from food as demand slows for pricier merchandise and popular pandemic categories like furniture and electronics.

Its net sales rose year over year by about 2% to $52.6 billion, including the impact of inflation during the quarter that ended May 7.

“It rains on all of us during these tougher times, particularly with bigger ticket, discretionary items,” Costco’s chief financial officer, Richard Galanti, said on an earnings call in December.

Shares of Costco have risen nearly 16% so far this year, outpacing the approximately 14% gain of the S&P 500. The stock closed Monday at $523.42.

This post appeared first on NBC NEWS

Former President Donald Trump is extending his lead over Florida Gov. Ron DeSantis in New Hampshire, with newcomers in the 2024 Republican primary for president also earning support from voters in the state, according to a new poll.

The Saint Anselm College Survey Center poll, released Tuesday, gathered responses from 1,065 registered Granite State voters from June 21 – 23 and found that Trump sits at 47% support from voters in the state.

Following Trump, DeSantis received 19% support, former New Jersey Gov. Chris Christie received six percent support, former United Nations Ambassador Gov. Nikki Haley garnered five percent support, and South Carolina GOP Sen. Tim Scott received four percent support.

Other contenders for the Republican presidential nomination — including entrepreneur Vivek Ramaswamy, former Vice President Mike Pence, North Dakota Gov. Doug Burgum, and former Arkansas Gov. Asa Hutchinson — received two percent support from survey respondents.

Compared to a similar poll from Saint Anselm College earlier this year, support for DeSantis in New Hampshire has dropped 10 points and support for Trump has increased seven points. The poll from March found Trump to have 42% support, followed by DeSantis at 29%, Haley at 4%, and Ramaswamy at 3%.

If an election rematch between Trump and President Biden was held today, New Hampshire voters who took part in the poll said they would vote for Biden over Trump 49% to 40%. DeSantis is in the same boat, with voters in the state still saying they would support Biden over the Florida governor 49% to 40% among general election voters.

But Granite State voters said they believe a Biden-Trump matchup in 2024 signals that the system is broken. Fourteen percent of Republicans surveyed said they are somewhat more inclined than Democrats (6%) to believe such a match-up represents the best that each political party has to offer, but 83% disagreed overall.

As for age, 70% of respondents to the survey — including 50% of Democrats — expressed concern about the 80-year-old incumbent, while only 34% said they are concerned about the age of the 77-year-old former president.

Despite his polling numbers against Republicans, Biden remains in the clear among Democrats despite his primary challengers. Robert Kennedy Jr. received 9% support in the latest survey, while Marianne Williamson, who sought the party’s nomination for president in 2020, picked up 8% support.

The Saint Anselm College Survey Center poll — conducted via online surveys — has a margin of error of +/- 3.0% with a confidence interval of 95%.

This post appeared first on FOX NEWS

China is fully embracing the potential transformative power of artificial intelligence and determined to emerge as the world’s leading AI power, according to experts and Chinese state media.

The People’s Daily, the mouthpiece newspaper of the ruling Chinese Communist Party (CCP), on Monday published its second commentary in two weeks vowing to intensify efforts to unleash the potential of AI.

‘[AI] will become an important driving force in the new wave of technological revolution and industrial transformation, with a major impact on people’s production and life,’ the commentary says.

The article, first flagged by the South China Morning Post, lists several areas where China could benefit from AI, such as daily office work, pharmaceuticals, and meteorology.

The People’s Daily’s focus on AI comes as experts in the U.S. are warning of China’s tech ambitions.

In a new report, the Center for Strategic and Budgetary Assessments concludes that, while the U.S. currently leads China in industrial might and national security technology, Beijing is on the offensive in areas like AI and believes it can be a global leader in the next decade.

‘The United States has a powerful advantage because it played a central role in establishing the existing global techno-security order,’ the report states. ‘But the current revolution in global technology affairs offers a window of opportunity for China to stake a leadership claim on emerging domains such as 5G, AI, quantum technology, cybersecurity, clean energy, and biotechnology.’

The term ‘techno-security’ describes various innovations that can be applied to national security requirements.

According to the report, the U.S. needs to take action now to secure its stronger position or risk China catching up in the near future as it continues to close the technological gap between the two.

‘The U.S. techno-security system remains better organized and structured for the long-term techno-security competition than China, but it cannot be complacent and needs to urgently address a raft of structural flaws in its system,’ the authors conclude. ‘As China ramps up its efforts to transform its techno-security capabilities and sets deadlines to achieve its goals over the next 5–10 years, the U.S. has only a limited window of opportunity to act.’

Tai Ming Cheung, a co-author of the report and a professor at the University of California, San Diego, noted that China ‘is now doubling down’ on AI, telling the U.S. Naval Institute’s news website that the Chinese ‘think they have a real chance to lead’ in this sector.

Since the AI tool ChatGPT was releasee in November, many observers both in and out of government have highlighted the strategic importance of tracking China’s focus on developing AI to boost industrial productivity and its economy — the world’s second largest.

In April, the Politburo, the CCP’s decision-making body, said China should prioritize the ‘development of artificial general intelligence’ and ‘create an ecosystem for innovation’ while simultaneously trying to mitigate the risks of AI, according to a statement issued by state media outlet Xinhua summarizing the Politburo’s quarterly meeting on the country’s social and economic development.

According to the accounting and consulting firm PwC, China will benefit significantly from AI, which is set to contribute to a 26% increase in China’s gross domestic product by 2030.

However, the People’s Daily noted that China still faces challenges, such as a lack of compute-in-memory chips, tough ethical questions, intellectual property rights, and potential issues for personal privacy and online fraud.

‘The evolving nature of AI also poses certain risks,’ the commentary read. 

The Chinese government mouthpiece also called on governments and industry leaders to address the risks associated with AI.

Chinese leaders are deliberating over a new law to target telecoms and online fraud using AI face swapping technology.

Meanwhile, the Biden administration has reportedly reached out to China about working together on international norms for AI in weapons systems — a potential new area of both cooperation and competition amid tensions between the two countries.

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