U.S. Stocks Rebound Wednesday After Suffering Worst Day Drop on Tuesday Since May
U.S. stocks bounced back Wednesday after plunging on Tuesday, helping to fight off several unfavorable trading sessions during September.
The Dow Jones Industrial Average increased about 236.82 points, or nearly 0.7%, to 34,814.39, CNBC reported. The S&P 500 climbed up 0.8% to 4,480.70. The Nasdaq Composite traded up 0.8% to 15,161.53.
According to the Wall Street Journal, the S&P regained some of its losses after falling 2% on Tuesday, which was its its worst one-day performance since May. The decline came as Federal Reserve Bank Chairman Jerome Powell is set to testify to Congress that a jump in inflation could last longer than expected, MarketsBusinessInsider.com reported. The benchmark 10-Year U.S. Treasury yield hit a three-month high of 1.53% on Tuesday.
Still, investors remain optimistic though some predict a correction could be forthcoming.
“Despite concerns about the recent downshift in economic and business cycle momentum, we remain confident that strong growth lies ahead and activity is bound to re-accelerate,” JPMorgan strategist Dubravko Lakos-Bujas, wrote in a note Wednesday per CNBC
“We remain positive on the equity outlook, and expect S&P 500 to reach 4,700 by end of this year and surpass 5,000 next year on better than expected earnings.”
Stocks were uneven in recent days after the Federal Reserve indicated it would start to reduce its bond-buying as soon as November—and potentially start to raise interest rates next year. Rising prices for oil and other commodities also helped push bond yields up as investors prepared for higher inflation.
Markets have been bumpy this month amid rising investor worries about the delta variant sidetracking the economic recovery, combined with concerns about what the Fed’s next action will be.
For September, the Dow is down 1.5% and the S&P 500 is off roughly 0.9%. The S&P 500 is on track for its worst monthly performance since January.
The recent stock reversal is not astonishing to some investors as its comes after a long tranquil period. According to Dow Jones Market Data, the S&P has increased for seven consecutive months, marking its longest such streak since the 10 months through January 2018, the WSJ reported.
In a survey of global fund managers done in September, Bank of America revealed investors were betting on stock prices rising and inflation pressures easing.
“That’s often how it happens— you have quiet and complacent markets and then a gut check,” Keith Lerner, co-chief investment officer of Truist Advisory Services, told the WSJ.
Yet he stated he remains optimistic about the market’s outlook over the longer term.
How Omega Psi Phi Helped Change Rutgers University
When the Tau Zeta Chapter of Omega Psi Phi Fraternity was founded at Rutgers University in 1971, it was a turning point for the University in more ways than one.
The 17 brothers who founded that chapter also brought to their campus what has become an important component of the college experience for many Black students. Tau Zeta made the Ques the first Black Greek-letter organization at Rutgers. But their presence didn’t just pave the way for the Divine Nine, they effectively made the school’s Camden campus a safer and more inviting space for Black students in general.
“Back in 1971, Rutgers was not on radar for a lot of Black students coming out of the Camden schools system,” founding member Larry Jonestells NJ.com.
“In 1970, Rutgers really reached out and a lot of us were enrolled as a result of them. They reached out to the community and said ‘We want to be a part of this community.’”
Jones and his brothers arrived on campus during what had been a tumultuous time for the city of Camden. Just weeks before the start of the ’71-’72 school year, both a police officer and a 15-year-old girl had died during protests that involved physical conflicts with the police and dozens of fires across the city. With a spotlight on the newly formed Omega chapter, it became much easier for Black kids in Camden to see themselves at the institution in their backyard.
“The work that they did allowed me to be a student here,” Nyeema Watson told NJ.com.
“It was their actions that made a space for me. I was born and raised here in Camden City.” said Watson, who currently serves as the vice chancellor for Diversity, Inclusion, and Civic Engagement at Rutgers University-Camden, graduated from the school in 2000.
While eight of the 13 fraternities and sororities currently active at Rutgers are Black Greek letter organizations, the Tau Zeta Omegas closed their chapter in 2018.
Still, the University sponsored a 50-year reunion celebration for Jones and eight of the surviving 12 members of his line over the summer, complete with a tour of the renovated campus and a private dinner.
Newlywed Issa Rae Admits She Worries Kids Might ‘Slow Her Down’
Between the excitement of her summer nuptials and the upcoming premiere of the final season of Insecure, Issa Rae recently sat down with Self magazine to talk about how health and self-care inform her work.
Remaining as private as she has always been about her personal life, the actress and producer shared that these days, she dedicates what precious free time she has to the personal relationships in her life. And while she knows where society expects her thoughts to turn now that she is married and in her mid-30s, she’s still not sure how soon she and husband Louis Diame will be starting a family.
“I’m extremely happy,” she says. “I like my life, I like this selfishness, and I know that I have a window. I’ve always felt that way, that women, Black women especially—unless you’re Viola Davis or Angela Bassett—you have a window when people are going to want to continue to see you and see what you can do. Then there are so many limitations placed upon you, and that does keep me up. I want to do as much as I can while I still can. I know it’s not the proper mentality to think that kids will slow you down, but I do feel that way.”
At this moment, there’s no sign of anything slowing down for Rae, who happens to be behind the scenes on the majority of her current projects.
In addition to Insecureand Sweet Life: Los Angeles, which both wrapped weeks ago, Rae was also getting to work on a new scripted HBO series called Rap S— in the weeks leading up to her wedding. Outside of her TV projects, to which HBO and Warner Media have exclusive rights for the next five years, she’s also working on a handful of films and a reboot of Matt Damon and Ben Affleck’s groundbreaking Project Greenlight, an incubator of sorts for filmmakers.
While she generously discusses her work both in TV and film and as an advocate for Black-owned businesses; and willingly talks “self-care,” sharing what works for her and why she finds it so vital, Rae is clear about the fact that she intends on keeping her private life close to the cuff.
“There’s something really nice to have a piece of me that no one knows about or no one can talk about except for the people that are part of my life,” she says. “Self-care has been having a private piece that’s just for me.”
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Arbitrator Rules Donald Trump’s NDA With Omarosa Manigault Is Unenforceable
A New York Arbitrator ruled Monday former President Donald Trump’s nondisclosure agreement (NDA) with former White House aideOmarosa Manigault-Newman is “unenforceable.”
Arbitrator T. Andrew Brown said in his ruling the terms of the NDA were “highly problematic” because it did not adhere to typical legal standards. Brown went on to call the NDA “vague, indefinite and therefore void and unenforceable.”
“The Agreement effectively imposes on [Manigault Newman] an obligation to never say anything remotely critical of Mr. Trump, his family or his or his family members’ businesses for the rest of her life,” Brown said according to NBC News.
Trump’s campaign initially filed the arbitration complaint against Manigault-Newman alleging she was in breach of a 2016 NDA due to her 2018 book Unhinged: An Insider’s Account of the Trump White House. In the book, Manigault describes the former president as a racist and in mental decline.
Manigault-Newman was a three time contestant on The Apprentice, where she became close to Trump, stumping for him and following him to the White House after he was elected in 2016. Manigault quickly became one of his prominent Black supporters. However, the relationship soured less than a year after Trump was inaugurated and she was forced out, although she maintains she chose to leave.
Manigault wrote in her book that she did not sign an NDA for working in the White House. The Howard University graduate added within a day of leaving the White House, Trump’s daughter-in-law, Lara Trump offered her a $15,000 a month salary to work on his re-election campaign in exchange for signing an NDA, Manigault-Newman called “as harsh and restrictive as any I’d seen in all my years of television.”
According to Brown, the NDA was more about expressing negative opinions about Trump than giving away any actual information related to the administration.
“The statements do not disclose hard data such as internal polling results or donor financial information,” Brown wrote. “Rather, they are for the most part simply expressions of unflattering opinions, which are deemed ‘confidential information’ based solely upon the designation of Mr. Trump. This is exactly the kind of indefiniteness which New York courts do not allow to form the terms of a binding contract.”
Democrats Are Too Busy Arguing With Each Other To Turn Biden’s Agenda Into Reality
Reuters – Divisions among congressional Democrats threatened to derail President Joe Biden’s agenda on Wednesday, as moderates voiced anger at the idea of delaying a $1 trillion infrastructure bill ahead of a critical vote to avert a government shutdown.
The White House said talks over twin bills revitalizing the nation’s roads and airports, as well as addressing social spending and climate change, were at a “precarious” point as moderates and progressives disagreed over the scope of some $4 trillion in spending.
Congress is due to vote on a bipartisan resolution to fund federal operations through early December before funding expires at midnight on Thursday. Thursday is also the previously agreed — and once delayed — day that the House of Representatives votes on a $1 trillion infrastructure bill already passed by the Senate.
Representative Stephanie Murphy, a moderate House Democrat who backs the infrastructure bill, warned against a failure of the bill on Thursday — or a delay.
“If the vote were to fail tomorrow or be delayed, there would be a significant breach of trust that would slow the momentum in moving forward in delivering the Biden agenda,” she told reporters on Wednesday.
But with House progressives warning they will vote against the $1 trillion bill until a deal is reached on a sweeping, multitrillion-dollar plan to boost social spending and address climate change, the vote was not guaranteed.
“The only way the vote happens (Thursday) is if we have the votes to pass the bill,” Representative Dan Kildee, House Democrats’ chief deputy whip, told reporters.
Biden canceled a trip to Chicago so he could lead negotiations with Congress.
“We’re obviously at a precarious and important time,” White House press secretary Jen Psaki said on Wednesday.
A White House staffer met at the Capitol with moderate Democratic Senator Kyrsten Sinema, who has expressed deep concern over the size of Biden’s plans and has the power to block them due to the Democrats’ razor-thin majority in the Senate.
If this latest resolution to fund the government passes the Senate, the House could vote quickly to send the measure to Biden to sign into law, averting a partial government shutdown in the midst of a national health crisis.
Biden’s Democrats, who narrowly control both chambers of Congress, campaigned on a platform of responsible government after Republican Donald Trump’s turbulent four years in office.
Republican Senator John Cornyn expressed optimism on Wednesday.
“Democrats don’t want to shut down the government. Republicans don’t want to shut down the government. That will supply the result that we all expect, which is to keep the lights on,” he told a news conference.
Senate Democrats tried to both fund the government and head off a potentially catastrophic federal government default next month but were thwarted by Republicans who twice blocked attempts to raise the nation’s $28.4 trillion debt ceiling.
The government will hit the ceiling around Oct. 18, an event that could cause a historic default with long-lasting economic fallout and implications for financial markets.
The House and Senate may vote on a separate bill that temporarily lifts the debt limit, but that too is the subject of a bitter partisan fight.
Senate Republicans refuse to vote for it, telling Democrats to act alone, while Senate Democratic Leader Schumer has demanded bipartisan cooperation on a measure to address debts racked up during both Democratic and Republican administrations.
Investment bank Goldman Sachs this month described the standoff as “the riskiest debt-limit deadline in a decade.”
DIVISIONS
Biden also must negotiate a $3.5 trillion bill that aims to expand social programs and address climate change. Several senior Democrats have said that the “reconciliation” bill – so called because it is being drawn up under a budgetary procedure to avoid Senate rules requiring 60 votes out of 100 members for passage – will need to be scaled back to pass.
Moderate Democratic Senator Joe Manchin said he believed it would take weeks to reach agreement on that plan.
“(The) reconciliation (bill) is going to take a while; it’s not going to be a week or two or three weeks. There’s a lot,” Manchin said.
With Biden fully engaged with Sinema and Manchin, other Senate Democrats avoided criticizing them but showed no sign of relenting on their own demands.
“We’re going to work very hard to ensure that we have a robust climate program that is in the reconciliation bill,” progressive Senator Ed Markey told reporters. “We’re not going to be satisfied unless we get it, as I’ve said many times: no climate, no deal.”
(Reporting by David Morgan, Steve Holland, Richard Cowan, Susan Cornwell and Alexandra Alper; Writing by Andy Sullivan and Sonya Hepinstall; Editing by Scott Malone, Peter Cooney, Jonathan Oatis and Cynthia Osterman)
New Kid In Town: Actor Da’Vinchi Talks ‘Black Mafia Family’ and Heading To Broadway
Actor Abraham D. Juste (A.K.A, Da’Vinchi) is a first generation Hatian-American born and raised in Brooklyn, whose personality, good looks, and raw talent have generated buzz in just three years.
“I didn’t think I had a chance. I wasn’t a child star or anything like that,” Da’Vinchi tells BLACK ENTERPRISE.
“Before I got in to acting I was hustling. I was in the streets of New York promoting, and doing some under the table stuff. I was also doing my music. One day one of my friends invited me out to Los Angles to meet their manager. I felt like I was old [21]. And things took off from there.”
After an array of smaller roles (The Way Back, Grown-ish), Da’Vinchi is starring in the highly anticipated series Black Mafia Family from executive producer Curtis “50 Cent” Jackson and prolific writer-executive producer Randy Huggins.
BMF is inspired by the true story of two brothers, Demetrius “Big Meech” Flenory and savvy business acumen of Terry “Southwest T” Flenory (Da’Vinchi), who rose from the poverty-stricken streets of Southwest Detroit in the late ’80s. The brothers’ vision influenced hip-hop and every street corner dealer.
BMF is about the hard pursuit of the American Dream, capitalism, love, and family. Da’Vinchi talked about the series, his new Broadway show, and why anyone can do what he does.
BLACK ENTERPRISE: Tell us about your role in Black Mafia Family? How were you selected for this role?
Da’Vinchi: In BMF I get to play Terry Flenory, he’s Big Meech little brother. I’m the genius to our corrupt family operation. The streets were not the way that Terry wanted to originally take. He really did try to go the school route. His mom even wanted him to take the school route. But with major pressure from his brother, it was like he couldn’t refuse the high calling of the streets. Meech convinces him that the streets are his best bet out of life. Basically, there’s no other options in life but this way of living. With his street savviness and [my character’s] brains, we were able to change Detroit, other states, and then the entire country.
How I got the role was I auditioned for the role, went to testing, and got the role. It wasn’t a long process. It was one audition. For some people it was a much longer process. I was fortunate not to have to do all that.
How does it feel to break in the industry as quickly as you have? Most don’t get the opportunities that you have.
That’s true. That’s a great question. I feel extremely grateful and blessed. I know behind the scenes I put in a lot of work to stay disciplined. To me it doesn’t seem as fast as a lot of other people are seeing it. I have to look at reality. A lot of actors can live four lifetimes and not be able to do what I’ve done in one lifetime. It makes me feel like I have to pay it forward. I have to reach back and help the next man to get on. That’s my goal. I’ve been extremely blessed. I’m very fortunate to be in this position so young.
You just mentioned that you do a lot of things to stay disciplined. What are the things that you do in the background What are some of the things you do to hone your craft?
I have a limit on how much fun I have. And usually I’m studying, working with different coaches. [I] read a lot, meditate, try to stay grounded as much as possible; not get so caught up in this life. Behind closed doors, the way I live my life is not like the normal entertainer. It’s very controlled. I’m not wilding out. Sometimes I will go out, but it’s like on off season. It’s very controlled.
You’re going to Broadway this fall with the highly anticipated show, Thoughts of a Colored Man. Talk to me about it.
Well, it definitely was a smart move. It shows a lot of range. From going on screen and playing a drug dealer and telling that story, to now going on Broadway in New York City. I think it’s a good lineup for my career. It’s a good set up. Thoughts of a Colored Man is about the seven different emotions of a Black man: anger, passion, lust, wisdom, love, happiness, and depression. I think it’s a genius approach of telling the story about a black man in this country through emotions. It’s pretty dope. On October 31, Broadway will change.
What do you want people to know about you other than that you are an actor?
I want people to know that I am no better or no smarter than they are. I’m a common man like everyone else. It’s not impossible. I’m the story of the underdog coming to the top. I’m not doing anything that you guys are not able to do. When I was a kid I would see people on TV and think that they must have something that I don’t possess and that why I’m not there. No. That’s not true at all. There’s no big shots in reality. That’s what I want people to know about me. I’m no better than you are.
What words would you like to leave with the readers?
Follow your intuition.
You can check out Da’Vinchi on BMF on STARZ, Sundays at 9 p.m. EST.
1 Million Businesses Have Applied For PPP Loan Forgiveness For More Than $17 Billion
Here is strong evidence the nation’s small businesses need support: 1 million of them have applied for Paycheck Protection Program (PPP) loan forgiveness with the U.S. Small Business Administration.
That stampede of applications come less than two months after the federal agency opened its SBA PPP Direct Forgiveness Portal. The platform is geared to make the process easier for businesses with a loan of $150,000 or less.
The SBA reports the portal has received applications for over $17 billion in financial relief since it was launched in early August. Loan forgiveness is a big deal because it means it means proprietors—particularly those hit hard by the COVID 19 pandemic—can start building their businesses back up. They can also use the monthly payments to invest in buying inventory, paying rent, or other operating functions without the burden of paying the loan.
“We are committed to delivering against the promise of forgiveness for our eligible PPP borrowers,” SBA Administrator Isabella Casillas Guzman stated. “Our innovative direct forgiveness portal is helping our PPP borrowers get back to doing what they do best—creating jobs and powering our nation’s economy.”
To help expedite the process, the number of direct forgiveness participating lenders is now over 1,400, more than double from 600 when the portal opened.
Yet, more than 5 million businesses with loans under $150,000 reportedly still haven’t submitted their 2021 PPP loan forgiveness application.
The SBA encourages eligible PPP borrowers who have not applied for loan forgiveness to do so here or contact their lender. The SBA has created a customer service line at (877) 552-2692 to help answer questions on forgiveness applications.
The loan forgiveness is tied to an effort to end one of the American government’s biggest relief programs in history. Nearly $800 billion in forgivable loans were handed out between April 2020 to May 2021. The PPP was primarily set up to help small businesses stay open during the COVID-19 pandemic.
Unvaccinated NBA Players To Face Extensive COVID-19 Restrictions
Reuters – NBA players who are not vaccinated against COVID-19 will have to comply with a long list of restrictions to take part in the upcoming season, according to a memo obtained by Reuters.
The NBA’s tentative protocols released to teams on Tuesday showed vaccinated players will only be tested if they show coronavirus symptoms or are a close contact of a positive case.
However, unvaccinated NBA players will have to undergo daily testing prior to entering a team facility, participating in team activities or interacting with players and coaches.
The NBPA did not immediately respond to a request for comment.
The 2021-2022 NBA season is set to begin on Oct. 19 amid continuing concerns over the highly contagious delta variant of the novel coronavirus that has hit those who are unvaccinated particularly hard.
A handful of high-profile players, including Brooklyn Nets’ Kyrie Irving and Washington Wizards Bradley Beal, have publicly refused to receive the shots, while some have repeated claims about the vaccine shown to be false by medical professionals.
“It’s untrue,” the nation’s top infectious disease expert Anthony Fauci told the Hugh Hewitt syndicated radio show on Wednesday referring to claims that the COVID-19 vaccine is dangerous or could hurt those who receive it.
“Although I do respect people’s individual rights… when you’re dealing with a deadly pandemic, you’ve got to also understand your responsibility to the society within which you live.”
Among U.S. adults, 11% – or roughly 23 million people – have said they do not want the vaccine, do not plan to get it and that there was nothing that would encourage them to do so, according to a Reuters/Ipsos poll conducted in August.
‘BEST SUITED’
Four-time NBA champion LeBron James of the Los Angeles Lakers said he decided to get the vaccine after initially being sceptical but stopped short of widely encouraging the jabs.
“I don’t talk about other people and what they should do,” James said. “I don’t think I personally should get involved in what other people do for their bodies and livelihoods … I felt like it was best suited for me and my family and my friends.”
In July, NBA Players Association executive director Michele Roberts told Yahoo Sports that vaccination was not mandatory but 90% of players had already received their shots.
“The situation is obviously we would like to see essentially all of the players for the general safety to get vaccinated,” Fauci told MSNBC in an interview on Wednesday.
Under the NBA draft rules circulated, the league would not allow unvaccinated players to dine in the same room as other players and they must also be given a locker as far away as possible from other players.
Unvaccinated players will also have to remain at the team hotel during road trips, outside game time except for team and essential activities.
With strict vaccination requirements in some local markets, including New York City and San Francisco, players could risk losing pay if they are unable to compete.
“Any player who elects not to comply with local vaccination mandates will not be paid for games that he misses,” said league spokesman Mike Bass.
Damian Lillard, a Portland Trail Blazer who won a gold medal as part of Team USA at the Tokyo Olympics, this week said he got the COVID-19 vaccine just as he had other immunizations growing up, noting some of his relatives had died from COVID.
“I’m just not going to put their health or their lives in danger,” he told reporters. “It’s pretty simple, actually.”
(Reporting by Manasi Pathak in Bengaluru and Amy Tennery in New York, additional reporting by Susan Heavey; Editing by Peter Rutherford and Ken Ferris)
Get On the Good Foot and Meet the Talented Trio of Sisters Taking Over TikTok
Norah, Yarah, and Rosa Mukangahave become viral sensations through their dope fashion style, trendy choreography, and amazing dance skills.
Known as the dance trio Let It Happen, the three sisters use social media to bring smiles and entertainment to people all over the world. Consisting of 15-year-old twins Norah and Yarah, and their 13-year-old younger sister, Rosa, the girls grew up dancing to their parents’ music at home in the Netherlands before they started sharing their dance videos online.
Their first viral video was a routine to James Brown’s “Get on the Good Foot” made in honor of the Godfather of Soul’s birthday. After James Brown’s official Facebook page reposted the video, the sisters became internet famous.
Since then, the sisters have made waves all in the name of fashion, hip-hop, and R&B. Their videos include routines to Mariah Carey mashups, Destiny’s Child, and even Mary Mary. No song is off-limits for the Mukanga sisters as long as it has some soul.
It was their father who helped them come up with their group name, Let It Happen.
“He said, ‘Guys, don’t worry, just let it happen!'” Norah toldPop Sugar. “Since that day, we never forgot his words and we started to use the phrase more often. After a while, we thought, ‘Why don’t we just call our group Let It Happen?’ It’s kind of our philosophy.”
Though they have a choreographer in Paris who assists them, the sisters primarily make up their routines all on their own. Their mom helps to style them and the rest is history. Their videos have been reposted by Alicia Keys, Viola Davis, and Janet Jackson and have helped them land two appearances on The Ellen DeGeneres Show, a campaign with Sprite, and a Lollapalooza gig.
The sisters are enjoying their newfound stardom but aren’t allowing their followers to pressure them into pushing out so much new content.
“We are never in a hurry [to share new content],” Norah said. “We give ourselves the time to create and to learn.”
