Archive

2024

Browsing

In this edition of StockCharts TV‘s The Final Bar, Dave breaks down the hourly chart of Bitcoin and highlights recent breakouts for regional banks. Guest Julius de Kempenaer of RRG Research focuses in on the Communication Services sector, including META, DIS, and GOOG, and shows how defensive sectors have not really shown signs of out-performance.

This video originally premiered on March 5, 2024. Watch on our dedicated Final Bar page on StockCharts TV!

New episodes of The Final Bar premiere every weekday afternoon. You can view all previously recorded episodes at this link.

The Biden administration is seeking to impose a new limit on the typical credit card late fee, but the consumer credit and banking industry warns the change could ultimately affect other consumers in the form of higher interest rates.

The Consumer Financial Protection Bureau said in a release Tuesday that a proposed $8 cap for a typical late fee would help save consumers a cumulative $10 billion.

“For over a decade, credit card giants have been exploiting a loophole to harvest billions of dollars in junk fees from American consumers,” CFPB Director Rohit Chopra said. “Today’s rule ends the era of big credit card companies hiding behind the excuse of inflation when they hike fees on borrowers and boost their own bottom lines.

President Joe Biden has made targeting ‘junk’ fees a major focus of his administration. Earlier Tuesday, he announced the formation of a task force targeting unfair and illegal pricing schemes.

But the credit card industry and other financial associations are already hitting out at the CFPB’s proposed new rule, saying it could lead to unintended consequences for consumers.

In a statement, Rob Nichols, the president and CEO of the American Bankers Association, called the proposal ‘flawed,’ arguing it could actually result in more late payments and ultimately lower credit scores. It could also have a knock-on effect for card users who do pay what they owe on time, Nichols said.

‘The Bureau’s misguided decision to cap credit card late fees at a level far below banks’ actual costs will force card issuers to reduce credit lines, tighten standards for new accounts and raise APRs for all consumers — even those who pay on time,’ Nichols said.

The Consumer Bankers Association, another trade group, echoed those concerns.

“The rule’s policy goals are, at best, consumer redistribution, not consumer protection,” the organization’s president and chief executive, Lindsey Johnson, said in a statement.

Later Tuesday afternoon, the U.S. Chamber of Commerce announced it was suing over the proposal.

“Once again, the Consumer Financial Protection Bureau has exceeded its authority,’ the business group said in a statement. ‘The agency’s final credit card late fee rule punishes Americans who pay their credit card bills on time by forcing them to pay for those who don’t. This will result in fewer card offerings and limit access to affordable credit for many consumers.’

The proposed rule would apply only to large credit card companies. Currently, credit card companies can charge as much as $30 for a first late payment under a law enacted in the wake of the 2008-09 financial crisis.

The CFPB said it had reviewed market data to arrive at the $8 late fee it is proposing. As part of the new rule, the CFPB would nevertheless allow banks to charge higher late fees under a ‘show your work’ provision.

Nichols of the bankers’ association said that the $8 level is ‘far below’ banks’ actual cost of managing late fees and that the association is likely to challenge it.

‘We will closely review this final rule and consider all options to fight the harmful consumer policy coming out of Director Chopra’s CFPB,’ Nichols said, adding: ‘This rule should not be allowed to go into effect.”

This post appeared first on NBC NEWS

United Airlines expects its busiest spring break ever this year, even as travelers say they are concerned about rising costs.

The carrier said Monday it expects to serve more than 21 million passengers from March 8 to April 21 — up nearly 10% compared with last year.

That equates to more than 200,000 people per day on average during the period — about 15,000 more people flying per day than last year.

United said it expects the busiest travel day to be Friday, March 22, when more than 500,000 passengers are scheduled to travel via the carrier. Likewise, the week of March 25 will be the busiest travel week, with about 480,000 people flying each day that week, on average.

The travel group Expedia separately reported last month that the April 8 solar eclipse appears to be driving some of the biggest surges in bookings, with locations in Texas — the state with one of the largest exposures to the event — nearly doubling; searches for Dallas are up 95% year over year, Expedia said, while Austin searches are up 90%.

United and Expedia both said traditional spring getaway locations like Florida; Cancún, Mexico; and Las Vegas remain at the top of this year’s most-sought-after destinations list.

According to the travel booking group Hopper, 90% of survey respondents traveling this spring said price and affordability are top of mind.

Yet despite higher demand, prices are actually down this year, according to Hayley Berg, the lead economist with Hopper. A ‘good deal’ average price for someone who plans ahead for a spring break trip in the U.S. is down 2% from last year and 11% from 2019 to about $250, Hopper data shows.

In fact, the lower prices are helping drive demand, Berg said. Thanks to increased competition from low-cost carriers, increased seating capacity on planes and a return to full-strength staffing, the price the average consumer is likely to encounter when booking continues to fall — a trend that had been occurring before the onset of Covid-19 in 2020.

‘It’s been great for consumers,’ she said. ‘Pre-pandemic, prices were down consistently for years. It’s something that’s allowed the millennial generation to have travel be something they do a lot of.’

This post appeared first on NBC NEWS

A group of pro-Palestinian protesters on Monday accosted Rep. Alexandria Ocasio-Cortez, D-N.Y., and her fiancé outside a movie theater in Brooklyn and demanded that she call Israel’s offensive in Gaza a ‘genocide.’

Video obtained by Fox News Digital shows the protesters, phones in hand, approaching the congresswoman outside the Alamo Drafthouse. 

‘You refuse to call it a genocide,’ one of the protesters can be heard saying, to which Ocasio-Cortez fires back: ‘I need you to understand that this is not okay.’ 

‘It’s not okay that there’s a genocide happening and you’re not actively against it,’ the protester says. 

‘You’re lying!’ Ocasio-Cortez shouts back. 

The video shows the protesters following her down the escalator, continually berating her for not labeling the war a ‘genocide.’ 

‘If you can’t say it, just say it. Literally. We’re just talking to you like normal people. Just say it’s a genocide. Just say it. Over 30,000 people are dead AOC, you can’t just say it for once?’ another protester shouts, citing figures from the Hamas-run Health Ministry in Gaza. ‘Just say the word, that’s it. That’s all we want you to say.’ 

The protesters chase her and her fiancé, Riley Roberts, outside the building. At one point, Roberts pleads with the protesters to stop as they continue following the couple down the sidewalk. 

One of the protesters asks whether Ocasio-Cortez is concerned her comments would ‘go viral.’ 

A visibly angry Ocasio-Cortez tells the protesters that they’re going to clip the video so that her comments are ‘completely out of context.’ 

She then appears to concede that Israel’s actions constitute a genocide. 

‘I already said that it was. And y’all are just gonna pretend that it wasn’t. Over and over again. It’s f—ed up man. And you’re not helping these people. You’re not helping them,’ Ocasio-Cortez says. 

The protesters, clearly unassuaged and dissatisfied with her answer, continue chasing the couple down the sidewalk. One of them mentions her past comments, condemning the Armenian genocide. 

‘Why won’t you say it in front of everybody, why us?’ 

Fox News Digital has reached out to Ocasio-Cortez’s office for comment. 

Ocasio-Cortez has repeatedly condemned Israel’s retaliation after the Oct. 7 massacre, in which Hamas militants killed 1,200 civilians, injured hundreds more, and took around 250 hostages. 

She has called for a ceasefire and suggested the U.S. ‘conditioning aid, if not cutting aid to the Netanyahu government.’  

Just weeks after the Oct. 7 attack, Ocasio-Cortez accused Israel of committing war crimes, while qualifying that she was not defending Hamas. 

This post appeared first on FOX NEWS

The White House on Monday lifted regulations on those working in close contact with President Biden and Vice President Kamala Harris, no longer requiring a negative COVID-19 test.

The decision marks the end of one of the last remaining federal restrictions from the pandemic era.

The White House has pointed to changing guidance from the U.S. Centers for Disease Control and Prevention (CDC) as a key factor in its policies surrounding COVID-19.

On March 1, the CDC officially dropped its recommendation for people to isolate themselves for five days after a positive COVID test.

The agency’s new guidance tells people to stay home if they are sick, but when they are feeling better and have been fever-free for 24 hours, they can return to school or work.

Prior to this most recent update, the CDC called for people who test positive for the virus to ‘stay home for at least five days and isolate from others in your home,’ a recommendation that was implemented in late 2021.

The contrast between the CDC’s rhetoric about COVID-19 during the pandemic and afterward has caused controversy among some.

In response to last week’s change in guidance, a community called LC/DC, which describes itself as non-partisan, is planning a protest at the Lincoln Memorial on March 15.

‘LC/DC is fighting to raise awareness about long COVID, and we recognize that reducing the isolation policy will result in more infections, long-term illnesses and disability,’ said Paul Hennessy, one of the three main organizers of the planned event.

The demonstration at Lincoln Memorial will take place on March 15 from 10:30 a.m. to 1 p.m.

This post appeared first on FOX NEWS

House Speaker Mike Johnson will host the parents of Wall Street Journal reporter Evan Gershkovich – who has been wrongfully imprisoned in Russia for nearly a year – at President Biden’s State of the Union address on Thursday.

In a statement to Fox News Digital, Johnson’s office confirmed that Ella Milman and Mikhail Gershkovich would be the speaker’s special guests.

‘I’m honored to host Ella Milman and Mikhail Gershkovich for the State of the Union address,’ Johnson said in a statement.

By hosting Evan’s parents, Congress will shine a spotlight on the unjust detention of their son,’ he said.

The Republican speaker of the House said that the Biden administration ‘must bring Evan home.’

‘The United States must always stand for freedom of the press around the world, especially in places like Russia, where it is under assault,’ Johnson said. ‘The Administration must bring Evan home.’

Gershkovich’s parents have previously pleaded with the Biden administration to bring their son home.

‘We had President Biden’s promise to do whatever it takes, to bring Evan back. He also told us that he relates to us as a parent, he feels our pain, and his words are in my ears every single day. But it’s been 250 days and Evan is not here,’ his mother, Ella Milman, told Steve Doocy on ‘FOX & Friends’ in December 2023.

‘The efforts to do whatever it takes hasn’t been done,’ Milman said. 

March 29 is the one-year anniversary of Gershkovich’s arrest by Russian authorities on charges of espionage.

Gershkovich was detained March 29, 2023, during a reporting trip in Yekaterinburg, the fourth-largest city in Russia, and accused of being a spy. 

The U.S. has long asserted that Russia’s allegation is ridiculous, as have his colleagues, who describe the American-born son of Soviet immigrants as a diligent reporter who is being used as a political pawn due to his high profile.

The Wall Street Journal and the U.S. government vehemently denied the espionage allegations against Gershkovich and have called for his immediate release. 

His arrest was seen as a brazen violation of press freedom that not only poses widespread consequences for journalism and the media, but for governments and democracies everywhere, and part of a wider journalism crackdown by the autocratic Russian Federation.

‘He is definitely not a spy. That is an outrage. He is a reporter, he was there doing his job,’ Wall Street Journal editor-in-chief Emma Tucker said.

Fox News’ Brian Flood contributed to this report.

This post appeared first on FOX NEWS

Fifteen states and one U.S. territory are holding presidential primaries this evening.

President Biden only faces nominal opposition on Democratic primary ballots, and barring any surprises, could get close to securing his party’s nomination tonight.

On the Republican side, 35% of the total delegates at stake will be settled.

Former President Trump comes into the race with formidable advantages. He has six times as many delegates as Haley, and has polled well ahead of her in recent national surveys.

Haley will be hoping for an upset to make this race competitive, and even if she doesn’t, she is likely to walk away with some delegates, thanks to varying rules.

But regardless of the overall result, the vote count in certain parts of the country tonight will tell us something about Republican voters in 2024.

1. Will counties with high college-educated populations still trend Haley?

College education has been a useful indicator of Haley support so far this year. 

In New Hampshire, 56% of GOP primary voters who graduated from college cast a ballot for Haley, according to the Fox News Voter Analysis. She ran about even with Trump on college-educated voters in South Carolina.

That makes these counties, which have the highest share of residents with a college degree, worth watching:

Falls Church, Virginia – 78.5%
Arlington County, Virginia – 74.6%
Pitkin County, Colorado – 63.1%
Alexandria, Virginia – 62.1%
Fairfax County, Virginia – 61.1%

Four of these five counties are in D.C. suburban areas; the other is best known as the home of the luxury ski resort, Aspen.

Haley will look to run up the score as much as possible in places like these.

Conversely, the counties with the lowest college degree populations:

Loving County, Texas – 0%
Kenedy County, Texas – 0.1%
Hudspeth County, Texas – 0.1%
Frio County, Texas – 0.1%
Morgan County, Texas – 0.1%

All of these areas are likely to lean heavily towards Trump.

All five of these Texas counties, predominantly in the southwest of the state, are rural counties with especially small populations.

2. Will northeast Republicans continue to buck the party trend?

Several northeastern states, including Vermont, Massachusetts, and Maine are voting today.

All three have become further out of reach of the GOP in the Trump era.

And Republican voters, particularly in the urban and suburban areas of these states, should be more favorable to Haley.

Those areas have a higher proportion of wealthy and, as discussed above, college-educated voters, who trend Haley.

Her best chance is in Vermont; a great night for her would make her competitive in the other northeastern states.

The former South Carolina governor has held events in all three in the last week.

At an event in Needham, Massachusetts, Haley brought moderate New Hampshire governor Chris Sununu along with her.

3. Can Haley win Virginia?

Haley got her first win of the primary season in Washington, D.C. on Sunday night.

Today, voters in neighboring Virginia will also have their say, giving Haley an opportunity to pick up more delegates.

The closer to D.C., the better chance Haley has to run up the vote.

In particular, look to:

Fairfax County (Rubio +15)
Loudoun County (Rubio +13)
Prince William County (Rubio +2)

The references to Rubio in brackets show how many points the Florida Senator won each county by in 2016; Haley generally appeals to the same kinds of voters now as he did then.

Further down the state, Haley also has opportunities in Henrico County, Chesterfield County, Albemarle County, and James City.

She will need to do as much as she can in those areas, since the rest of the state contains dozens of heavily Trump-skewing, rural counties.

4. Has Trump remolded Utah?

Utah was one of Trump’s weakest states in the 2016 primaries.

His chief rival in that election, Sen. Ted Cruz, dominated statewide, with 69% of the vote and all 40 delegates on offer then.

Trump came third, after former Ohio Governor John Kasich, with 14% of the vote and no county wins.

Trump went on to win the state in the general election, but his margin shrunk by 27 points compared to Mitt Romney’s performance in the state four years prior (thanks in part to a challenge from independent candidate Evan McMullin).

He added 13 points back to his margin in the 2020 general election.

Now, in 2024, Trump is the favorite to win this primary. Watch the statewide margin to see how much the former president has been able to reshape the party.

5. How high will Trump’s margin be in rural America?

Over 2,000 counties are voting today, and 84% of them are in rural areas.

Collectively, they add up to a powerful voting bloc.

Trump has dominated with these voters since 2016, and is expected to do so again tonight.

Watch for the results in the lowest populated parts of west Texas, Alabama, and Oklahoma, especially. 

Of all the Super Tuesday states, these parts of the country have skewed the most Republican in recent general elections.

This post appeared first on FOX NEWS

Democrat New Jersey Sen. Bob Menendez was charged by federal prosecutors with obstruction of justice in yet another superseding indictment unsealed on Tuesday relating to a multiyear alleged bribery scheme involving the Egypt and Qatar governments.

The 18-page indictment is wrapped into Menendez’s existing charges already against him and his co-defendants — including his wife, Nadine — for allegedly acting as a foreign agent and accepting hundreds of thousands of dollars in bribes to benefit the Egyptian government through his power and influence as a senator.

The indictment comes after co-defendant Jose Uribe accepted a plea deal and agreed to cooperate last week. The charges on Tuesday also alleged Menendez committed conspiracy, bribery, acting as a foreign agent, extortion and wire fraud.

Prosecutors also state in the new indictment that Menendez instructed his lawyers to inform the U.S. Attorney’s Office for the Southern District of New York in 2022 about his awareness of businessman Wael Hana issuing a payment exceeding $23,000 for Nadine’s home mortgage and the money that Uribe contributed for her new luxury vehicle.

Menendez also allegedly advised his attorneys to disclose to the prosecuting office that he later discovered the funds were actually loans, when ‘In truth and in fact, and as Menendez well knew,’ the mortgage and car payments were made prior to 2022 ‘and they were not loans, but bribe payments,’ prosecutors wrote in Tuesday’s indictment.

Menendez is also accused of accepting bribes and gifts in exchange for helping to benefit Qatar as part of a corruption scheme from 2021 through 2023.

Menendez, along with his wife and three New Jersey businessmen – Hana, Uribe and Fred Daibes – were first charged in the federal bribery scheme on Sept. 23. Hana, Daibes, Nadine and Menendez have pleaded not guilty.

Fox News Digital has reached out to Menendez’s office and his wife’s lawyer for comment.

This post appeared first on FOX NEWS

Michelle Obama will not launch a bid for the White House amid rumors that the former first lady was eyeing a presidential run, according to her office.

‘As former First Lady Michelle Obama has expressed several times over the years, she will not be running for president,’ Crystal Carson, the director of communications for Obama’s office, said in a statement provided to ITK on Tuesday.

Obama supports President Biden and Vice President Harris, her office said. Fox News Digital has reached out to Obama’s communication team. 

Rumors of Obama’s candidacy came as questions about Biden’s mental capacity continue to swirl. The rumors began to circulate after some Republicans floated the idea that she could replace Biden on the November ballot. 

Some political commentators said the former first lady has the best chance of beating former President Trump, who is the leading candidate to secure the GOP presidential nomination. 

Biden is struggling with low poll numbers amid concerns from Republicans and some Democrats about his age and ability to lead the country. 

In 2019, Obama said there was ‘zero chance’ she would run for president. 

‘Just between us, and the readers of this magazine — there’s zero chance,’ Obama told Amtrak’s magazine The National. ‘There are so many ways to improve this country and build a better world, and I keep doing plenty of them, from working with young people to helping families lead healthier lives. But sitting behind the desk in the Oval Office will never be one of them. It’s just not for me.’

This post appeared first on FOX NEWS

Rep. Chip Roy, R-Texas, is unveiling a new bill on Tuesday that would allow Americans to sue COVID-19 vaccine makers over adverse health effects allegedly caused by the shot.

The Let Injured Americans Be Legally Empowered (LIABLE) Act is aimed at wiping away COVID-19 vaccine manufacturers’ statutory protections, opening them up to civil lawsuits.

A summary of the bill obtained by Fox News Digital said, ‘The LIABLE Act will allow Americans who took vaccines that were misleadingly promoted and forced onto many Americans via federal mandates to pursue civil litigation for their injuries. These vaccines were given emergency use authorization unilaterally and did not go through the normal FDA approval process.’

Currently, manufacturers and health care providers responsible for distributing COVID-19 vaccines are mostly immune from civil lawsuits, even if those seeking money damages have medical proof of their vaccine-related injuries.

That’s because the Public Readiness and Emergency Preparedness (PREP) Act of 2005 limits liability for the manufacturing, development and distribution of medical countermeasures related to a public health emergency.

The PREP Act also created the Countermeasures Injury Compensation Program (CICP), which has a one-year statute of limitations and only provides compensation in the event of death or serious injury. According to Roy, CICP has compensated people just 11 times despite thousands of claims lodged.

‘Millions of Americans were forced to take a COVID-19 shot out of fear of losing their livelihoods and under false pretenses,’ Roy told Fox News Digital. ‘Many have faced injury from the vaccine, but few have been afforded…recourse. To date, a mere 11 injury claims have been paid out despite nearly 700 million doses of the vaccine having been administered.’

Despite the public health emergency declaration for the COVID-19 pandemic expiring last May, PREP Act liability protections for the vaccine are expected to mostly last through the end of this year, according to a report by the Congressional Research Service. 

Roy’s LIABLE Act would allow Americans claiming to be injured from the vaccine to retroactively sue manufacturers despite the aforementioned protections.

While credited with saving countless lives during the pandemic, the COVID-19 vaccine has also been blamed by critics for side effects such as blood clots, strokes and even sudden death. 

Many of these cases still require further study, but it’s a trend that’s alarmed Republican lawmakers who have long said mandating the COVID-19 vaccine is a violation of Americans’ right to privacy.

Andrew Powaleny, PhRMA spokesperson, criticized the bill in a statement to Fox News Digital.

‘COVID-19 has been a reminder of why we need safe and effective vaccines. All vaccines, including those for COVID-19, are subject to a rigorous safety and efficacy review process and post-market monitoring. By upending the existing liability framework manufacturers rely upon to provide predictable vaccine development, our ability to address future public health threats will be at risk,’ he said.

Roy has led the charge against those vaccine mandates, including leading efforts to roll back COVID-19 vaccine mandates in the U.S. military.

His latest bill has at least a dozen House GOP co-sponsors.

Fox News Digital reached out to the Department of Health and Human Services for comment.

This post appeared first on FOX NEWS