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Earnings reviews, the Fed will check the market rally within the week forward

A Wall Street sign is seen near the New York Stock Exchange (NYSE) in New York City on May 4, 2021.

Brendan McDermid | Reuters

Investors will see if stocks maintain their newfound momentum over the coming week as major retailers like Walmart and Home Depot report earnings and housing data dominate the calendar.

The Federal Reserve can play a role as well. The minutes of the last meeting will be released on Wednesday and after the above-expected consumer and producer inflation in April, market pros will be watching this closely.

Central bank officials are also scheduled to provide comments, including Fed vice chairman Richard Clarida, who will speak next Monday.

Stocks were volatile. The rally on Thursday and Friday could not undo the heavy losses of the week. Defensive consumer staples, financials and materials were on the right track in major sectors for a positive week. The worst results came in consumer staples, down about 3.7% for the week, and technology, down 2.2%.

Technology stocks were among the top performers on Friday’s rally, up around 2.1%. Energy was the best performer with a plus of more than 3%.

“Watch it with a degree of fear,” said Art Hogan, chief marketing strategist at National Securities. “It’s not that the things that terrified us this week like inflation are going away … I think the fact that we recovered at the end of the week is constructive.” He added that he still expects the market to move forward with seizures and starts.

Fed Ahead

The Fed minutes should basically be a repeat of the last central bank meeting. However, it did so before the consumer price index rose a whopping 4.2% yoy in April.

That final meeting also came before the April employment report, which employed just 266,000 people, a quarter of what was expected.

“I think the Fed is ready to look through these weird data points. They think a data point is not a trend,” said Joseph Song, senior US economist at Bank of America.

However, markets have focused on whether data will help clarify when the Fed might be talking about winding up its bond purchase. This would be a precursor to the slow end of the $ 120 billion monthly asset purchase program and a signal that it is one step closer to the rate hike.

Hogan said when the weak employment report was released, market views had turned away from the idea that the Fed might discuss reducing its bond purchases when it holds its Jackson Hole Economic Symposium in late summer.

But the market returned to that view when the hot CPI report was released on Wednesday.

“We saw a hot CPI and a hot PPI,” said Hogan, referring to the producer price index. “That tells us the Fed could be behind the curve.”

The Fed has announced that it is expecting a temporary rate of inflation, but fears it may not be a temporary spike in the market. However, according to Hogan, investors consoled themselves with a decline in iron ore and copper, which fell nearly 2% over the week.

Retail income and housing

Large retailers report quarterly profits during the week. Walmart and Home Depot will report on Tuesday. Target, TJX and Lowes release results on Wednesday and BJ’s Wholesale and Kohl’s on Thursday.

Another disappointing data point was Friday retail sales in April, which was flat with March. But they are still at a high level. Based on the sales report, Hogan said retailers should have done well.

“You will likely hear the usual suspects outperforming. It used to be Walmart, Target, Home Depot and Lowe’s,” Hogan said. He said now others like TJX and Gap have joined the list and should do well.

In addition to income, there is housing data. The National Association of Home Builders Sentiment Index will be released on Monday, and construction starts will be released on Tuesday. Existing home sales will be issued on Friday.

Hogan said depending on the data, it could help builders who have fallen hard over the past week. He noted that DR Horton and Hovnanian had both been down for the week.

“The housing index was down 5% for the week, even though it was up 1%. [Friday]. This is a brand new sector that has a lot of implications, “he said.” What is good for home sales is good for auto sales too. It’s good for Home Depot and Lowe’s. “

Home builders were part of a broad market that rebounded on Friday.

Scott Redler, chief strategist at T3Live.com, said by the end of the week that some of the growth and tech names were doing better, like Facebook and Alphabet.

“The S&P 500 held the 50-day moving average, which is constructive,” he said.

The S&P 500 reached its 50-day period within about a dozen points, which is the average price of the last 50 closes. It is often a level that acts as a support, but when broken it can signal a negative trend.

The S&P 500 fell 1.5% for the week to 4,173.85. The Nasdaq ended the week at 13,429.98, down 2.3% from the week.

“The tech sector under pressure held its annual uptrend earlier in the week. Today it felt a little better than the rest of the week,” Redler said on Friday. “That doesn’t mean you can get into everything, but you can say that traders are buying better-trading stocks at these prices.”

Calendar for the week ahead

Monday

Merits: Hostess Brands, Lordstown Motors, Tencent

8:30 am Raphael Bostic, Atlanta Fed President, on CNBC

8:30 a.m. Empire production

10:00 am NAHB index

10:25 am Richard Clarida, vice chairman of the Fed, at the Fed conference in Atlanta

4:00 p.m. TIC data

6:00 p.m. Rob Kaplan, President of the Dallas Fed

Tuesday

Merits: Walmart, Home Depot, Macys, Baidu, Take-Two Interactive, Trip.com, NetEase

8:30 a.m. Housing construction begins

11:05 am Rob Kaplan, President of the Dallas Fed

Wednesday

Merits: Target, Lowe’s, JD.Com, Cisco, Schuhkarneval, TJX, Eagle Materials, Analog Devices, L Brands

10:00 am James Bullard, St. Louis Fed President, on economics and monetary policy

2 p.m. FOMC minutes

Thursday

Merits: BJ’s Wholesale, Kohl’s, Petco, Ralph Lauren, Applied Materials, Ross Stores, Deckers Outdoor, Hormel Foods, Palo Alto Networks

8:30 am Initial jobless claims

8:30 a.m. Philadelphia Fed

10:00 a.m. leading indicators

10:00 a.m. St. Louis Fed’s Bullard

10:30 a.m. Dallas Fed Chaplain

Friday

Merits: Deere, Foot Locker, Buckle, VF Corp, Booz Allen Hamilton

9:45 am Markit Manufacturing PMI

9:45 a.m. Markit Services PMI

10:00 am Existing home sales

12:15 p.m. Dallas Fed Chaplain, Atlanta Fed Bostic, and Richmond Fed President Thomas Barkin in a panel

1:30 p.m. Mary Daly, San Francisco Fed President

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Israel-Palestinian Battle: Reside Updates – The New York Instances

Here’s what you need to know:

Credit…Dan Balilty for The New York Times

Israeli ground forces bombarded Gaza with artillery on Friday, escalating a conflict that has already brought Israeli airstrikes, Palestinian rocket attacks and sectarian violence on the streets of Israeli cities.

As world leaders called for calm and American and Egyptian officials tried to broker an end to the violence, the fighting that began on Monday ratcheted up instead. By Friday morning, the Israeli authorities reported that eight Israelis, including one soldier, had been killed. Palestinian health officials reported the death toll in Gaza at 120 and the overall number of wounded in the latest violence at 900.

The Israeli military said on Friday that it had killed 75 operatives of Hamas, the militant group that controls Gaza. It said that more than 2,000 rockets had been fired from Gaza (including about 400 that fell short of Israeli territory), while the Gaza authorities reported more than 150 strikes from Israeli jets and drones, along with the artillery fire, wounding more than 50 people overnight.

“This is the largest focused operation against a focused target that we have conducted so far,” said Jonathan Conricus, a spokesman for the Israel Defense Forces. Hidai Zilberman, another spokesman, told Kan Radio on Friday that the Israel Defense Forces had deployed as many as 160 aircraft at once in the attack.

Mr. Conricus said the target of the attack was a network of tunnels underneath the Palestinian-controlled territory, through which Hamas is known to deploy militants and smuggle weapons. The spokesman described the complex network as a “city beneath a city.”

The Israel Defense Forces clarified that no Israeli troops were actually in Gaza despite earlier reports to the contrary. Instead, the army had massed troops along the Gazan border and was shelling the territory from Israel.

Credit…Hosam Salem for The New York Times

“This operation will continue as long as it takes to restore peace and security to the State of Israel,” Prime Minister Benjamin Netanyahu said in a statement released early Friday.

Mr. Zilberman warned that the operation might intensify, saying that “all options are on the table, and forces are preparing and will continue to accumulate during the holiday” — the feast of Eid al-Fitr, which marks the end of the holy Muslim month of Ramadan.

Hamas launched dozens of rocket volleys overnight at Israeli targets, killing an 87-year-old woman who was running to a safe room.

The latest round of Israeli-Palestinian unrest began Monday after clashes between protesters and the Israeli police at the Aqsa Mosque in Jerusalem. Hamas then began firing into Israel with the increasingly potent rockets it has built with the aid of Iran, and Israel responded with air attacks on Hamas and other militant targets in Gaza.

The Biden administration has called for peaceful resolution, while insisting that the rocket attacks on Israel must stop and refraining from any public criticism of Israel.

But the two entrenched sides did not appear ready to cede ground.

“The Americans are talking to me, the Egyptians are talking to me,” Israel’s defense minister, Benny Gantz, said during a video meeting with local council heads, “but I remain focused on the reason we went out on this campaign: to make Hamas and Islamic Jihad pay a price.”

Credit…Dan Balilty for The New York Times

The most surprising turn has been the violence between Jews and Arabs who have lived side by side in Israeli cities, with reports of gangs of people from one group pummeling members of another. Riots, stone throwing and protests continued overnight.

The crisis has come at a time when Israel’s political leaders are struggling to form a government after four inconclusive elections in two years. Mr. Netanyahu’s attempt to build a majority coalition in the Israeli Parliament failed, and his rival, Yair Lapid, had been invited to try to form a government.

Workers fixing a power line after an Israeli strike in Gaza City on Thursday.Credit…Samar Abu Elouf for The New York Times

Before the current crisis, Gazans already lived in what one United Nations human rights official called a “toxic slum”: a jagged strip of land blockaded indefinitely by Israel and Egypt whose roughly two million residents endured daily power outages of up to 16 hours and running water that worked only every other day.

Now, they are down to about five hours of electricity per day and half their usual water supply, according to an Israeli security official. The official, speaking on condition of anonymity because of briefing rules, said the shortages were partly because Israel has closed the border crossing through which most of Gaza’s fuel arrives, but also because Hamas, the militant group that governs the area, shot off rockets that damaged power lines. That claim could not be independently confirmed.

The official said that the power lines to two Gaza sewage treatment plants were damaged or down, and the U.N.’s humanitarian aid coordination agency said that a water desalination plant was not operational, cutting 250,000 residents off from water. About 150,000 people in Gaza City had limited access to water because the power cuts were affecting the piped supply, the agency added.

Gaza usually gets roughly a quarter of its electricity from Israel, with another portion coming from a power plant in the territory that relies on fuel from Israel, plus donated fuel from Qatar and aid groups. Before the current conflict, that left the area perpetually short of half to two-thirds of its power needs, meaning residents had no more than eight consecutive hours of electricity, according to Gisha, a Gaza-focused advocacy group. Those who could afford it turned to diesel generators to cover the gap.

Eager to push back on the idea that Israel alone is responsible for Gazans’ deteriorating living conditions, senior officials at the Israeli defense agency that deals with the West Bank and Gaza, , known as COGAT, said that Hamas was using Gaza residents as a “human shield.”

“Instead of focusing on welfare and economy,” the head of the agency’s civil department, Col. Elad Goren, said on Wednesday, “it’s focusing on violence and incitement.”

The lack of power was starting to affect hospitals, which were already at full capacity because of the coronavirus pandemic, the Gisha group said. The Gaza Health Ministry on Friday called on Israel to open a border crossing for patients to receive treatment and medical personnel and supplies to enter.

A tunnel in 2018 that Israel said was dug by the Islamic Jihad group at the Israel-Gaza border.Credit…Uriel Sinai for The New York Times

As the Israel Defense Forces strike Gaza with jets, drones and artillery, a key target has been a network of tunnels beneath the Palestinian-controlled territory that the militant Islamic group Hamas is known to use for deploying militants and smuggling weapons.

A spokesman for the Israeli military described the complex network as a “city beneath a city.”

The tunnels were also the main rationale that Israel gave for its ground invasion of Gaza in 2014. Israel’s leaders said afterward that they had destroyed 32 tunnels during that operation, including 14 that penetrated into Israeli territory.

At the time of that fighting, the Israel Defense Forces took reporters into a 6-foot-by-2-foot underground passage running almost two miles under the border to show the threat posed by the tunnels, and the difficulty that Israel has in finding and destroying them.

Here is an excerpt from what The New York Times reported then:

Tunnels from Gaza to Israel have had a powerful hold on the Israeli psyche since 2006, when Hamas militants used one to capture an Israeli soldier, Gilad Shalit, who was held for five years before being released in a prisoner exchange.

The tunnels can be quite elaborate. The tunnel toured by journalists was reinforced with concrete and had a rack on the wall for electrical wiring. It also featured a metal track along the floor, used by carts that removed dirt during the tunnel’s construction, that could be used to ferry equipment and weapons, the Israeli military said.

Israeli officials acknowledge that it is a difficult technological and operational challenge to destroy all of the subterranean passageways and neutralize the threat they pose. The tunnels are well hidden, said the officer who conducted the tour, and some tunnels are booby-trapped.

The conflict is taking a growing toll as Israeli military strikes, Palestinian rocket attacks and street violence continue.

As violence between Israel and the Palestinians has grown this week, misinformation about the situation has circulated on Twitter, TikTok, Facebook, WhatsApp and other social media outlets.

The false information has included videos, photos and clips of text purported to be from government officials in the region. And the lies have been amplified as they have been shared thousands of times on Twitter and Facebook, spreading to WhatsApp and Telegram groups that have thousands of members, according to an analysis by The New York Times.

The effect is potentially deadly, disinformation experts said, inflaming tensions when suspicions and distrust are already running high.

“A lot of it is rumor and broken telephone, but it is being shared right now because people are desperate to share information about the unfolding situation,” said Arieh Kovler, a political analyst and independent researcher in Jerusalem who studies misinformation.

Israeli soldiers near the border between Israel and Gaza on Friday.Credit…Amir Cohen/Reuters

As United States and Egyptian mediators headed to Israel to begin de-escalation talks, the antagonists were weighing delicate internal considerations before agreeing to discussions on ending the violence.

But even before the mediators got to work, Israel’s caretaker prime minister, Benjamin Netanyahu, appeared to have calculated that brute force was required first.

Early Friday, Israeli ground troops shelled Gaza — a potentially major move of escalation against the Hamas militants who have been launching hundreds of rockets at Israel.

For the Palestinians, the indefinite postponement of elections last month by the Palestinian Authority president, Mahmoud Abbas, created a vacuum that Hamas is more than willing to fill. Hamas argues that it is the only Palestinian faction that, with its large stockpile of improved missiles, is defending the holy places of Jerusalem, turning Mr. Abbas into a spectator.

President Biden has spoken to Mr. Netanyahu and repeated the usual formula about Israel’s right to self-defense. The American leader also dispatched an experienced diplomat, the deputy assistant secretary of state Hady Amr, to urge de-escalation on both sides.

The Biden administration has resisted calls at the United Nations Security Council for an immediate discussion of the crisis, arguing that Mr. Amr and other diplomats need at least a few days to work toward a possible solution.

A proposal to convene an urgent meeting on Friday by the 15-member council was effectively blocked by the United States, diplomats said. Criticism of Israeli policies toward the Palestinians is widespread among members of the United Nations, and the United States has often stood alone in defending Israel, its key Middle East ally.

In Washington, Secretary of State Antony J. Blinken, when asked about American objections to a Security Council meeting, told reporters on Thursday that “we are open to and supportive of a discussion, an open discussion, at the United Nations,” but wanted to wait until early next week.

“This, I hope, will give some time for the diplomacy to have some effect and to see if indeed we get a real de-escalation,” Mr. Blinken said.

Jordanian protesters gathered near the Israeli embassy in Amman, the capital, this week.Credit…Khalil Mazraawi/Agence France-Presse — Getty Images

AMMAN, Jordan — Thousands of protesters in Jordan, Israel’s western neighbor, marched toward the border on Friday morning, chanting slogans in solidarity with the Palestinians and waving Palestinian flags as Jordanian riot police surrounded them.

“We are here. Either we go down, or they will have to carry us back,” they chanted, videos posted to social media showed. “To Palestine, to Palestine. We are going to Palestine. We are going in millions as martyrs to Palestine.”

Arriving in buses and cars, the protesters called on Jordan’s government to open the border, where it has stepped up security in recent days amid the growing conflict between Israel and the Palestinians. Before the protesters could reach the demarcation line, however, the riot police blocked their path, social media videos and photos at the scene showed.

Jordanians have been protesting near the Israeli Embassy in Amman for several days, some of the largest expressions of solidarity for the Palestinians in a region that has otherwise reacted mildly if at all to the outbreak of violence. Protesters have called on the government to expel the Israeli ambassador.

Jordan’s 1994 treaty normalizing relations with Israel produced a chilly-at-best peace between the two countries, and the latest conflict has strained it further. This week, Jordan summoned the Israeli chargé d’affaires in Amman to condemn Israeli “attacks on worshipers” around the Aqsa Mosque compound in the walled Old City of Jerusalem, which played a major role in setting off the current conflict.

A damaged building in Petah Tikva, Israel, that was hit by a rocket fired from the Gaza Strip.Credit…Dan Balilty for The New York Times

There is no simple answer to the question “What set off the current violence in Israel?”

But in an episode of The Daily this week, Isabel Kershner, The New York Times’s Jerusalem correspondent, explained the series of recent events that reignited violence in the region.

In Jerusalem, nearly every square foot of land is contested — its ownership and tenancy symbolic of larger abiding questions about who has rightful claim to a city considered holy by three major world religions.

As Isabel explained, a longstanding legal battle over attempts to forcibly evict six Palestinian families from their homes in East Jerusalem heightened tensions in the weeks leading up to the outbreak of violence.

The always tenuous peace was further tested by the overlap of the Muslim holy month of Ramadan with a month of politically charged days in Israel.

A series of provocative events followed: Israeli forces barred people from gathering to celebrate Ramadan outside Damascus Gate, an Old City entrance that is usually a festive meeting place for young people after the breaking of the daily fast during the holy month.

Then young Palestinians filmed themselves slapping an ultra-Orthodox Jew on a light rail, videos that went viral on TikTok.

And on Jerusalem Day, an annual event marking the capture of East Jerusalem during the Arab-Israeli war of 1967, groups of young Israelis marched through the Old City’s Muslim Quarter to reach the Western Wall, chanting, “Death to Arabs,” along the way.

Stability in the city collapsed after a police raid on the Aqsa Mosque complex, an overture that Palestinians saw as an invasion on holy territory. Muslim worshipers threw rocks, and officers met them with tear gas, rubber tipped bullets and stun grenades. At least 21 police officers and more than 330 Palestinians were wounded in that fighting.

Listen to the episode to hear how these clashes spiraled into an exchange of airstrikes that has brought Israeli forces to the edge of Gaza — and the brink of war.

The Daily Poster

Listen to ‘The Daily’: The Israeli-Palestinian Crisis, Reignited

Rockets, airstrikes and mob violence: Why is this happening now, and how much worse could it get?A building in Gaza City on Thursday that was destroyed by an Israeli airstrike.Credit…Hosam Salem for The New York Times

GAZA CITY — The taxi was loaded with everything the family would need for Eid al-Fitr, a holiday of feasts and cookies and new clothes that Israeli airstrikes on Gaza had, even before the assault by ground forces on Friday, transfigured into a time of explosions and fear.

In their four suitcases, the al-Hatu family — mother, father, son and daughter — had made sure to pack kaak filled with date paste, the biscuits traditionally shared among friends and family during Eid al-Fitr, which marks the end of the fasting month of Ramadan.

But they also brought enough clothing and food for several days — no one knew when it might be safe to go back home. Until then, to try to escape the airstrikes, they were going to stay with another daughter, on Al Mughrabi Street, a five-minute drive away.

They had all agreed: It would feel safer if they were all together, said the son, Mohammed al-Hatu, 28.

They were still unloading the taxi driver’s white Skoda sedan outside their temporary home shortly before noon on Wednesday when the first drone attacked.

Mr. al-Hatu’s sister had already lugged one suitcase inside. Mr. al-Hatu, who had been carrying another, staggered into the doorway of the building, bleeding, and collapsed.

Out on the street, their father, Said al-Hatu, 65, and the taxi driver lay dead. A few yards away, their mother, Maysoun al-Hatu, 58, was alive, but desperately wounded.

“Save me,” she begged Yousef al-Draimly, a neighbor who had rushed downstairs, he recounted. “I need an ambulance. Save me.”

An ambulance came, but Ms. al-Hatu did not make it.

Less than a minute after the first strike, a second drone strike ruptured the street, killing two more men: a worker at a laundry on the block and a passer-by. Another man, a barber whose shop was next to the laundry, was so badly wounded that his leg had to be amputated.

On Thursday, the first day of Eid al-Fitr, and the fourth day of the worst conflict between Israel and Palestinian militants in years, Gaza City was silent with fear, except when it was loud with terror: the sudden smash of Israeli airstrikes, the whoosh of militants’ rockets arcing toward Israel, the shouts of people checking on one another, the last moans of the dying

Rockets launched toward Israel from the Gaza Strip on Friday.Credit…Anas Baba/Agence France-Presse — Getty Images

Palestinian militants have fired some 1,800 rockets from Gaza at Israel this week, far more than in previous clashes, according to Israeli officials, who on Thursday expressed surprise at the size of the barrage and the range of some of the rockets.

Israel’s “Iron Dome” antimissile system has shot down many of the rockets, and many others have struck places where they could do little damage. But some of the rockets, which are unguided, have hit populated areas, blowing up buildings and cars and killing seven people in Israel.

The increasingly sophisticated arsenal of rockets is the primary weapon of Hamas, the militant group that controls Gaza. Other groups there, like Islamic Jihad, also have them. Israeli intelligence estimates there are 30,000 rockets and mortar projectiles stockpiled in Gaza.

Hamas was believed before this week to have rockets with ranges approaching 100 miles, and many more with shorter ranges. Israel’s largest cities, Jerusalem and Tel-Aviv, as well as its primary airport, Ben Gurion airport, are within 40 miles of Gaza. The airport has been closed to incoming passenger flights because of the danger, with flights diverted to Ramon airport to the southeast.

But rockets have also been fired at Ramon, more than 110 miles from the nearest part of Gaza. A Hamas spokesman said the rockets aimed at that airport were a new type that could travel 155 miles, putting all of Israel within range of Gaza. The claim could not be verified, and it was not clear how many of the new rockets the group had.

In the past, many of the rockets fired from Gaza were smuggled in from Egypt, or assembled locally from smuggled parts. But in recent years, most have been made in Gaza, with technical assistance from Iran that Hamas has openly acknowledged.

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Goldman Sachs banker quits after making tens of millions on cryptocurrency

A collection of Bitcoin, Litecoin, and Ethereum tokens.

Chris Ratcliffe | Bloomberg | Getty Images

LONDON – A Goldman Sachs executive has resigned after making a fortune on a cryptocurrency investment, according to industry reports.

Aziz McMahon, Goldman’s chief executive officer and head of emerging markets sales in London, quit after making millions of pounds on a wager on the digital currency ether, three former investment bank employees told CNBC.

The former employees, who all know McMahon personally, preferred to remain anonymous because of the sensitivity of the discussions. McMahon is believed to have redeemed cryptocurrency worth at least 10 million pounds ($ 14 million).

Previous reports from eFinancial Careers and The Guardian said McMahon left Goldman after making money from Dogecoin.

It is possible that McMahon had some stakes in Dogecoin as well. According to eFinancialCareers, he is now said to have set up his own hedge fund.

When approached by CNBC, Goldman Sachs confirmed McMahon’s departure but declined to comment. McMahon wasn’t immediately available for comment when CNBC contacted him via LinkedIn.

Ether, the digital asset McMahon is said to have invested in, has grown more than 400% since early 2021. Ether was developed about six years after Bitcoin and is based on another technology known as Ethereum. Ether and Ethereum are often used interchangeably to describe the currency.

Bitcoin and other cryptocurrencies have fluctuated a lot lately. On Wednesday, the entire market lost as much as $ 365.85 billion after a tweet from Elon Musk that said his electric car company Tesla would no longer accept bitcoin payments due to environmental concerns about the cryptocurrency.

Musk’s preferred crypto is Dogecoin, a token that started out as a joke in 2013. Inspired by the meme “Doge”, which contains a Shiba-Inu dog and cartoon-style text, Dogecoin was thought of by its creators as a “fun” alternative to Bitcoin.

It has since gained a growing online community and is now the fourth largest digital asset by market value on CoinMarketCap. While proponents like to refer to it as “folk crypto,” investors warn that Dogecoin is a sign of foaming in the crypto market.

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Israel Floor Forces Shell Gaza as Preventing Intensifies

Die israelischen Bodentruppen führten am frühen Freitag Angriffe auf den Gazastreifen durch, um einen Konflikt mit palästinensischen Militanten zu eskalieren, der durch Luftangriffe aus Israel und Raketen aus dem Gazastreifen geführt worden war.

Es war nicht sofort klar, ob der Angriff der Auftakt zu einer Bodeninvasion gegen die Hamas war, die militante islamistische Gruppe, die Gaza kontrolliert.

Ein israelischer Militärsprecher, Oberstleutnant Jonathan Conricus, sagte zunächst, dass “Bodentruppen in Gaza angreifen”, stellte jedoch später klar, dass israelische Truppen nicht in Gaza eingedrungen waren, was auf die Möglichkeit eines Artilleriefeuers von außen hindeutete. Er gab keine weiteren Details an.

Der Anstieg der Kämpfe hat die beispiellose Position Israels unterstrichen – im Kampf gegen palästinensische Militante an seiner Südflanke, um die schlimmsten Unruhen seit Jahrzehnten zu bekämpfen.

Es folgte ein weiterer Tag der Zusammenstöße zwischen arabischen und jüdischen Mobs auf den Straßen israelischer Städte. Die Behörden riefen die Reserven der Armee auf und schickten Verstärkungen der bewaffneten Grenzpolizei in die Innenstadt von Lod, um zu versuchen, das abzuwenden, was die israelischen Führer gewarnt hatten ein Bürgerkrieg werden.

Zusammengenommen deuteten die beiden Schauplätze des Aufruhrs auf eine schrittweise Veränderung des jahrzehntelangen Konflikts zwischen Israel und den Palästinensern hin. Während gewalttätige Eskalationen oft einem vorhersehbaren Verlauf folgen, entwickelt sich dieser letzte Kampf, der schlimmste seit sieben Jahren, schnell zu einer neuen Art von Krieg – schneller, destruktiver und in der Lage, sich in unvorhersehbare neue Richtungen zu drehen.

In Gaza, einem verarmten Küstenstreifen, der 2014 der Schmelztiegel eines verheerenden siebenwöchigen Krieges war, feuerten palästinensische Militante überraschend große Sperrfeuer mit Raketen mit erhöhter Reichweite ab – etwa 1.800 in drei Tagen -, die weit nach Israel reichten.

Nach Angaben der Gesundheitsbehörden des Gazastreifens hat Israel am Donnerstag seine Kampagne für unerbittliche Luftangriffe gegen Hamas-Ziele intensiviert und Gebäude, Büros und Häuser in Streiks pulverisiert, bei denen 103 Menschen, darunter 27 Kinder, getötet wurden.

Sechs Zivilisten und ein Soldat wurden von Hamas-Raketen in Israel getötet.

Ägyptische Vermittler kamen am Donnerstag in Israel an, um den sich verschärfenden Konflikt zu stoppen.

Am alarmierendsten für Israel war jedoch die gewaltsame Gärung auf seinen eigenen Gehwegen und Straßen, wo Tage der Unruhen jüdischer Bürgerwehren und arabischer Mobs keine Anzeichen eines Nachlassens zeigten.

Die Unruhen in mehreren Städten gemischter ethnischer Zugehörigkeit, in denen wütende junge Männer Autos steinigten, Moscheen und Synagogen in Brand steckten und sich gegenseitig angriffen, signalisierten einen Zusammenbruch von Recht und Ordnung in Israel in einem Ausmaß, das seit Beginn des zweiten palästinensischen Aufstands nicht mehr zu beobachten war oder Intifada vor 21 Jahren.

Die Gewalt folgt auf einen Monat kochender Spannungen in Jerusalem, in dem die drohende Vertreibung palästinensischer Familien aus ihren Häusern mit einer Flut arabischer Angriffe gegen israelische Juden und einem Marsch von Rechtsextremisten durch die Stadt zusammenfiel, die „Tod den Arabern“ sangen.

Die erschütternde Gewalt in dieser Woche veranlasste die israelischen Führer, angeführt von Präsident Reuven Rivlin, das Gespenst eines Bürgerkriegs hervorzurufen – eine einst undenkbare Idee. “Wir müssen unsere Probleme lösen, ohne einen Bürgerkrieg auszulösen, der eine Gefahr für unsere Existenz darstellen kann”, sagte Rivlin. “Die stille Mehrheit sagt nichts, weil es absolut fassungslos ist.”

Ministerpräsident Benjamin Netanjahu besuchte Lod, eine Arbeiterstadt mit einer gemischten arabisch-israelischen Bevölkerung, die sich zum Zentrum des Umbruchs entwickelt hat. Haufen ausgebrannter Autos lagen auf den Straßen, wo einige Nächte zuvor arabische Jugendliche Synagogen und Autos verbrannten, Steine ​​warfen und sporadische Schüsse abfeuerten, bevor Banden jüdischer Bürgerwehrleute konterten und ihre eigenen Feuer entfachten.

.

Am Donnerstag wurde ein jüdischer Mann erstochen, als er dort zu einer Synagoge ging, aber überlebte.

“Es gibt jetzt keine größere Bedrohung als diese Unruhen”, sagte Netanjahu, der sich geschworen hatte, die israelischen Verteidigungskräfte einzusetzen, um den Frieden in Lod aufrechtzuerhalten. Einen Tag zuvor beschrieb er die Gewalt als “Anarchie” und sagte: “Nichts rechtfertigt das Lynchen von Juden durch Araber, und nichts rechtfertigt das Lynchen von Arabern durch Juden.”

Um Lod zu sichern, holte die Regierung Tausende bewaffneter Grenzpolizisten aus dem besetzten Westjordanland und verhängte eine Ausgangssperre um 20 Uhr, jedoch mit geringem Erfolg.

Arabische Einwohner, auf die etwa 30 Prozent der 80.000 Einwohner der Stadt entfallen, setzten eine Kampagne des Steinwurfs, des Vandalismus und der Brandstiftung fort, während jüdische Extremisten von außerhalb von Lod ankamen und arabische Autos und Eigentum verbrannten. Arabische Demonstranten errichteten brennende Straßensperren.

Als die Nacht hereinbrach, gab es Anzeichen dafür, dass die Gewalt eskalieren könnte, wenn ein großer Konvoi bewaffneter Juden in weißen Lieferwagen in die Stadt zog.

Palästinensische Führer sagten jedoch, die Rede von jüdischen Führern über einen Bürgerkrieg sei eine Ablenkung von dem, was sie als die wahre Ursache der Unruhen in Lod bezeichneten – Polizeibrutalität gegen palästinensische Demonstranten und provokative Aktionen von rechtsgerichteten israelischen Siedlergruppen.

Der israelisch-palästinensische Konflikt

Aktualisiert

13. Mai 2021, 17:47 Uhr ET

“Die Polizei hat einen arabischen Demonstranten in Lod erschossen”, sagte Ahmad Tibi, Vorsitzender der Ta’al-Partei und Mitglied des israelischen Parlaments. „Wir wollen kein Blutvergießen. Wir wollen protestieren. “

Herr Tibi sagte, dass Herr Netanjahu, der sich häufig mit rechtsextremen und nationalistischen Parteien zusammengetan hat, um an der Macht zu bleiben, nur sich selbst für die politische Zunderbüchse verantwortlich gemacht hat, die in ganz Israel mit solcher Wildheit explodiert ist.

Am Donnerstagabend forderte das Außenministerium die amerikanischen Bürger auf, die Reise nach Israel zu überdenken, und warnte davor, in das besetzte Westjordanland oder in den Gazastreifen zu gehen. In einem Gutachten stellte das Ministerium Raketenangriffe fest, die Jerusalem erreichen könnten, Proteste und Gewalt in ganz Israel sowie ein „gefährliches und volatiles“ Sicherheitsumfeld im Gazastreifen und an seinen Grenzen.

Die Probleme begannen am Montag, als eine schwere Polizeirazzia in der Al-Aqsa-Moschee in Jerusalem – der drittheiligsten Stätte im Islam, die sich auf einer Stätte befindet, die auch von Juden verehrt wird – eine sofortige Gegenreaktion auslöste.

Abgesehen von den Bildern von Polizisten, die Betäubungsgranaten schleuderten und Gummigeschosse in die Moschee feuerten, wurde die palästinensische Empörung auch durch viel größere, jahrzehntealte Frustrationen angeheizt.

Human Rights Watch beschuldigte Israel kürzlich, eine Form der Apartheid begangen zu haben, das rassistische Rechtssystem, das einst Südafrika regierte, und verwies auf eine Reihe von Gesetzen und Vorschriften, die angeblich die Palästinenser systematisch diskriminieren. Israel lehnte diese Anklage vehement ab. Aber seine Sicherheitskräfte sind jetzt mit einer wachsenden Welle der Wut der arabisch-israelischen Minderheit des Landes konfrontiert, die sich darüber beschwert, als Bürger zweiter Klasse behandelt zu werden.

“‘Koexistenz’ bedeutet, dass beide Seiten existieren”, sagte Tamer Nafar, ein berühmter Rapper aus Lod. “Aber bisher gibt es nur eine Seite – die jüdische Seite.”

Die Raketenangriffe aus dem Gazastreifen unterscheiden sich auch quantitativ und qualitativ vom letzten Krieg im Jahr 2014. Die mehr als 1.800 Raketen, die die Hamas und ihre Verbündeten seit Montag auf Israel abgefeuert haben, machen bereits ein Drittel der Gesamtzahl der während des siebenwöchigen Krieges 2014 abgefeuerten Raketen aus.

Der israelische Geheimdienst hat geschätzt, dass die Hamas, der Islamische Dschihad und andere militante palästinensische Gruppen etwa 30.000 Raketen und Mörsergeschosse im Gazastreifen versteckt haben, was darauf hinweist, dass es den Militanten trotz der israelisch-ägyptischen Blockade des Küstengebiets gelungen ist, ein riesiges Arsenal anzuhäufen.

Die Raketen haben auch eine größere Reichweite gezeigt als die in früheren Konflikten abgefeuerten und reichen bis nach Tel Aviv und Jerusalem.

Sie haben sich auch als wirksamer erwiesen. Im Krieg 2014 haben sie insgesamt sechs Zivilisten in Israel getötet, die gleiche Anzahl, die in den letzten drei Tagen getötet wurde.

Diese Verluste schienen das Ergebnis der neuen Taktik der Hamas zu sein, mehr als 100 Raketen gleichzeitig abzufeuern und das von den USA finanzierte Raketenabwehrsystem Iron Dome zu vereiteln, das laut israelischen Beamten zu 90 Prozent Raketen abfangen kann, bevor sie in Israel landen.

Die Bewohner des Gazastreifens haben keinen solchen Schutz vor israelischen Luftangriffen, die drei mehrstöckige Gebäude im Streifen zerstörten, nachdem die Bewohner zur Evakuierung gewarnt worden waren. Israelische Beamte sagten, dass in den Gebäuden Hamas-Operationen untergebracht waren und dass sie sich bemühten, die Opfer unter der Zivilbevölkerung zu begrenzen, aber viele Bewohner des Gazastreifens betrachteten die israelischen Angriffe als eine Form der kollektiven Bestrafung.

Der Donnerstag sollte ein Festtag für die Palästinenser sein, da sie das Ende des heiligen Monats Ramadan markierten, an dem sich Muslime normalerweise versammeln, um zu beten, neue Kleidung zu tragen und ein Familienessen zu teilen. In Jerusalem versammelten sich Zehntausende von Gläubigen im Morgengrauen vor der Aqsa-Moschee, einige schwenkten palästinensische Flaggen und ein Banner mit einem Bild von Ismail Haniyeh, dem Führer der Hamas.

In Gaza war es jedoch ein düsterer Tag voller Beerdigungen, Angst und Raketenangriffe. Einige Familien begruben ihre Toten, andere legten Gebetsmatten neben Gebäuden aus, die kürzlich bei israelischen Luftangriffen zerstört wurden, und wieder andere wurden von über ihnen schwebenden israelischen Drohnen angegriffen.

“Rette mich”, plädierte Maysoun al-Hatu, 58, nachdem sie laut einem Zeugen bei einem Raketenangriff vor dem Haus ihrer Tochter in Gaza verwundet worden war. Augenblicke später kam ein Krankenwagen, aber es war zu spät. Frau al-Hatu war tot.

Amerikanische und ägyptische Diplomaten gingen nach Israel, um Deeskalationsgespräche zu beginnen. Die ägyptischen Vermittler spielten eine Schlüsselrolle bei der Beendigung des Gaza-Krieges 2014, aber diesmal gibt es wenig Optimismus, dass sie ein schnelles Ergebnis erzielen können.

Israelische Militärbeamte haben erklärt, ihre Mission sei es, die Raketen aus Gaza zu stoppen, und das Militär hat am Donnerstag Panzer und Truppen entlang der Grenze zu Gaza an Ort und Stelle gebracht, um sich auf eine mögliche Bodeninvasion vorzubereiten.

Die Entscheidung, die Kampagne zu verlängern, ist letztendlich politisch. Analysten sagten, dass eine Bodenoperation wahrscheinlich hohe Verluste verursachen würde, und es war unklar, ob der Truppeneinsatz mehr als eine Bedrohung war.

Die politische Berechnung wurde jedoch am Donnerstag nach dem Zusammenbruch der Verhandlungen zwischen Oppositionsparteien, die eine neue Regierung bilden wollten, komplizierter.

Naftali Bennett, ein ultranationalistischer ehemaliger Siedlerführer, der sich der palästinensischen Staatlichkeit widersetzt, zog sich aus den Gesprächen zurück und verwies auf den Ausnahmezustand in mehreren israelischen Städten.

Sein Rückzug erhöht die Wahrscheinlichkeit, dass Israel später in diesem Sommer Parlamentswahlen abhält – in etwas mehr als zwei Jahren zum fünften Mal. Und der Zusammenbruch der Gespräche scheint Herrn Netanjahu zu nützen, was es Oppositionsparteien unmöglich macht, ein Bündnis zu bilden, das groß genug ist, um ihn aus dem Amt zu verdrängen.

Herr Netanyahu, der wegen Korruptionsvorwürfen vor Gericht steht, fungiert als Ministerpräsident, bis eine neue Regierung gebildet werden kann.

Auf palästinensischer Seite hat die unbestimmte Verschiebung der Wahlen durch den palästinensischen Präsidenten Mahmoud Abbas im letzten Monat ein Vakuum geschaffen, das die Hamas mehr als bereit ist zu füllen.

Isabel Kershner berichtete aus Lod, Israel; Iyad Abuheweila aus Gaza-Stadt; Patrick Kingsley, Irit Pazner Garshowitz und Myra Noveck aus Jerusalem; Gabby Sobelman aus Rehovot, Israel; Mona el-Naggar und Vivian Yee aus Kairo; Megan Specia aus London; Steven Erlanger aus Brüssel; und Lara Jakes aus Washington.

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Dow rebounds 500 factors from worst loss since January

US stocks climbed Thursday, recovering from heavy losses in the previous session. Investors took on shares after the withdrawal.

The Dow Jones Industrial Average rose 500 points while the S&P 500 rose 1.4% as all 11 sectors traded in the green. The tech-heavy Nasdaq Composite rose 1.7%, but was only down 0.8% recently as investors tried to pinpoint some winners in the battered tech sector. Apple and Microsoft rebounded more than 2%, while Tesla lost ground with a 2.8% decline.

“This bull market has to go on in the end,” said Keith Lerner, chief market strategist at Truist. “Investors who are underweight stocks should try to identify market weakness and become more aggressive.”

Classic reopening businesses, including airlines, jumped after the Centers for Disease Control and Prevention said fully vaccinated people no longer need to wear face masks or stay half a meter away from others in most environments. American Airlines, United and Delta each gained 1%.

The stock market had a huge hit on Wednesday, causing technology stocks to move lower as key inflation data showed above-than-expected price pressures.

The Dow fell 680 points on Wednesday, its worst session since January. The S&P 500 was down 2.1%, its largest one-day decline since February, while the tech-heavy Nasdaq Composite was down 2.6%.

Traders across the board pointed to a rate hike triggered by a higher-than-expected inflation report for the week’s slump.

The Department of Labor reported that the prices American consumers pay for goods and services rose the fastest since 2008 last month, with the consumer price index up 4.2% year over year.

“We don’t think yesterday’s inflationary pressures will change the longer-term case for inflation after trading reopens, and that is ultimately important for markets,” AB Bernstein strategist Inigo Fraser-Jenkins said in a note.

Investors largely shook off another hot inflation report on Thursday. Producer prices rose by more than 6% in April compared to the previous year.

Investors have been quick to dump growth stocks on creeping inflation worries as rising prices tend to squeeze margins and hurt corporate profits. If price pressures get too high over a long period of time, the Federal Reserve would be forced to tighten accommodative monetary policy.

Tech, a best-performing sector in 2020 amid the height of the Covid-19 pandemic, has come under heavy pressure in recent weeks.

The S&P 500 and Dow are still down more than 2% this week. The Nasdaq Composite is the worst performer among the major averages, trailing 4% this week.

Bitcoin fell 9% after Elon Musk tweeted that Tesla would stop car purchases using the digital token for environmental reasons, a surprising reversal for the crypto backer. Coinbase, which just went public with the promise that crypto trading will go mainstream, fell 2% on Musk’s comments.

– CNBC’s Maggie Fitzgerald and Patti Domm contributed to this report.

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A Phishing Check Promised Employees a Covid Bonus. Now They Need an Apology.

A report released this week by the UK’s National Cyber ​​Security Center showed a 15-fold increase in the number of scams being removed from the internet and said the agency had taken more fraudulent websites offline than in the past year together for the past three years.

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In the first quarter of this year, government statistics showed that nearly 40 percent of businesses in the UK reported digital security breaches or attacks, with the average cost for medium to large businesses around £ 13,400 or $ 18,800. The cost of a major breach can be far more daunting: a study last year by the Ponemon Institute for IBM Security that polled 524 organizations in 17 countries found that data breaches averaged an organization $ 3.86 million in 2020 costs.

Phishing has also been used by scammers trying to get grandparents out of their savings, intelligence agencies to get information and diplomatic levers, and IT departments to see if employees are paying attention.

“A well-designed phishing email gets 100 percent clicks,” said Steven J. Murdoch, professor of security engineering at University College London, adding that all companies are vulnerable to phishing.

However, testing employees with fake emails about bonuses is “a trap,” he said, adding that it could jeopardize the company-employee relationship, which is vital to security. For example, some attacks come from disgruntled employees, he said. “People responsible for fire safety do not set the building on fire,” he said of the tests.

Instead of preventing employees from clicking a link, more effective strategies could include blocking phishing emails, installing software to protect against ransomware, and addressing the use of passwords.

The alienation of employees also meant they were less likely to report suspicious activity to their corporate departments. It’s a crucial way to keep attacks from getting worse, said Jessica Barker, co-founder of Cygenta, a cybersecurity company.

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China autonomous driving agency WeRide valued at $3.Three billion after funding

A fleet of WeRide robot axles is shown. The company has been testing its robot axis in the southern Chinese city of Guangzhou since 2019.

We drive

GUANGZHOU, China – WeRide autonomous driving company raised new funds to value the company at $ 3.3 billion.

The Nissan-backed startup did not disclose the amount it raised, but said it was “hundreds of millions” of dollars from venture capital investors such as IDG Capital and Sky9 Capital. A number of other supporters and existing investors attended the round.

Tony Han, CEO of WeRide, said in a statement that the new funds will be used for research and development as well as commercialization “with the aim of ensuring comprehensive autonomous mobility in the future.”

WeRide is one of the many China-based companies aggressively pushing to be a global leader in autonomous driving.

In 2019, a Robotaxi project was opened in the southern Chinese city of Guangzhou, where the headquarters are located. The public has been able to use the service in a specific area of ​​the city since last year.

In April, WeRide received approval from the California Department of Motor Vehicles (DMV) to conduct driverless tests on public roads in San Jose.

The company competes with other startups like Pony.ai, which raised $ 267 million in November, and AutoX. Larger tech companies, including internet giant Baidu and hail-fighting company Didi, are also exploring the space.

WeRide’s final round of funding is based on an injection of $ 310 million in January.

WeRide’s CEO previously told CNBC that he predicts that large-scale application of robotaxis will occur between 2023 and 2025. He said WeRide will start making money from the business from 2025.

The company doesn’t make cars. Instead, the autonomous drive systems are sold to other car manufacturers.

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Many States with Unhealthy Latest Outbreaks Present Instances and Hospitalization Drops

According to a database from the New York Times, many of the states that have seen the worst coronavirus outbreaks recently have seen significant decreases in both new cases and hospitalizations over the past two weeks.

For example, in Michigan, which has had one of the steepest declines in the country, the average number of daily cases fell 45 percent and hospital admissions fell 32 percent during that period as of Tuesday.

The average number of new cases in the past two weeks has decreased 30 percent in Minnesota, 38 percent in Pennsylvania, and 33 percent in Florida. In the same three states, hospital admissions are down 20 percent, 27 percent, and 11 percent.

Advances for states like Michigan, which recently began to recover from one of the worst sections of the pandemic, may suggest vaccinations are starting to curb the virus in the United States. Hospitalization dates can often lag behind case numbers for a number of reasons.

The director of the Centers for Disease Control and Prevention, Dr. Rochelle Walensky testified at a Senate hearing Tuesday that, although encouraged by the achievements against the pandemic, she urged Americans to remain vigilant about the threat from the virus around the world.

Ms. Walensky said a vaccine is the fastest way to end the pandemic.

“But even with this powerful tool, while we continue to have community transmission, we must adhere to public health measures that we know will prevent the spread of this virus, mask hygiene, hand hygiene and physical distancing “, she said.

Dr. Michael Osterholm, director of the Center for Infectious Disease Research and Policy at the University of Minnesota, said in an interview that the vaccines had been a major contributor to improving case numbers and hospitalizations, but that the virus behaved in surprising ways There remained aspects that experts had to learn more about.

As an example of the unpredictable ups and downs of the virus, Dr. Osterholm pointed to Indiana, which borders Michigan and has lower vaccination rates, but has not seen the same increase in case numbers recently as its northern neighbor.

“I don’t see any national upswing. We won’t be like India. I think the vaccine concentration has certainly helped us immensely in getting that off the table, ”said Dr. Osterholm. “But I think at the state level, where we have significant populations that need vaccination, we could still see significant activity.”

After reaching an average high of 3.38 million doses per day in mid-April, the pace of US vaccinations had slowed. Almost every state now has a spate of vaccine doses that could be quickly distributed to teenagers once the Pfizer BionTech vaccine is approved for 12-15 year olds.

President Biden is pursuing a strategy that focuses on local reach and expanded vaccine access to meet his goal of at least partially vaccinating 70 percent of Americans by Independence Day.

“When it’s available, when it’s close by, when it’s convenient, people get vaccinated,” Biden said at the White House on Wednesday, highlighting initiatives like the availability of walk-ins and free Uber and Lyft trips to vaccination sites .

The vaccination relief could appeal to the 30 million or so Americans who say they’ll get the shot but have not yet done so for a myriad of reasons. Local officials and private companies are also offering a wide range of different incentives, such as free subway rides, beer, baseball tickets, and cash withdrawals, to make Americans reluctant to get vaccinated.

The changes in the virus’ trajectory in the United States are due to other regions of the world, particularly India and Southeast Asia, being hit hard. A number of variants are also spreading around the world, and scientists told a US Congressional panel on Wednesday that variants will pose an ongoing threat to the nation.

Dr. Tedros Adhanom Ghebreyesus, WHO director general, said Monday that the world is seeing a plateau in known cases, “but it’s an unacceptably high plateau, with more than 5.4 million cases and nearly 90,000 deaths in the past week.”

He continued, “Any decline is welcome, but we’ve been here before. Over the past year, many countries have seen a downward trend in cases and deaths, public health and society policies too quickly eased, and individuals have disappointed their vigilance only for these hard-won gains are being lost. “

Bryan Pietsch contributed to the reporting.

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Tech-led sell-off intensifies with Nasdaq dropping 2%, Dow falls greater than 300 factors

US stocks fell on Wednesday, causing technology stocks to move lower as key inflation data showed higher than expected price pressures.

The Dow Jones Industrial Average fell 330 points on Tuesday after its worst day since February. The S&P 500 lost 1.3% while the tech-heavy Nasdaq Composite was down 2%.

Selling strengthened after the S&P 500 fell below Tuesday’s lows. A level trader was watching this closely due to the intraday rebound a day ago. As soon as the S&P fell below that low about an hour after it started trading, the benchmark fell even further.

Inflation accelerated last month, at its fastest level since 2008, with the consumer price index up 4.2% yoy, compared with the Dow Jones estimate for a 3.6% increase. The monthly profit was 0.8% versus the expected 0.2%.

Excluding volatile food and energy prices, the core CPI rose 3% over the same period in 2020 and 0.9% monthly. The respective estimates were 2.3% and 0.3%.

“The markets are at all their highs, and much of the reopened trading has already been priced in. So there is no question that the oversized inflation rate could bring us back down a little,” said Mike Loewengart, managing director of investment strategy at E -Trade.

“Remember that the Fed has made it clear that inflation hikes will not necessarily deviate from its simple monetary policy, and that further jumps like this could be temporary. So is this a trend? That remains to be seen,” Loewengart said.

Tech stocks that have been under pressure this week and month saw another decline on Wednesday. Alphabet, Microsoft, Facebook, Amazon, and Apple’s shares all fell more than 2%, while chipmakers Nvidia and AMD’s shares were also lower. Tesla slipped 3%.

The strength of bank stocks and energy stocks, which could do well in an inflationary environment, helped support the broader market. JPMorgan was up 1% while Occidental Petroleum was up 6.5%. Chevron was also trading 2% higher.

The tech sector saw a major reversal during the previous session, with the Nasdaq Composite taking a loss north of 2% and ending the day flat. However, the blue chip Dow lost more than 450 points. The S&P 500 was down 0.9% but avoided its second consecutive 1% loss.

The Technology Select Sector SPDR is down nearly 2% this week and 5% this month as investors re-evaluate the group’s high valuations amid rising inflation.

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Why Jerusalem’s Aqsa Mosque Is an Arab-Israeli Fuse

The violent clashes between Palestinians and Israeli security forces at the Aqsa Mosque in Jerusalem this month reflect their importance as part of one of the most controversial religious areas in the Holy Land.

Here are some basics of the mosque site, from its importance over the centuries to three major religions, to why it’s such a hot spot today.

The Aqsa Mosque is one of the most sacred structures of the Islamic faith.

The mosque sits on 35 hectares of land known as Haram al-Sharif or Noble Sanctuary by Muslims and the Temple Mount by Jews. The site is part of the old city of Jerusalem, which is sacred to Christians, Jews and Muslims.

In Arabic, “aqsa” means furthest away, and in this case it refers to Islamic scriptures and their account of Prophet Muhammad traveling from Mecca to the mosque one night to pray and then ascending to heaven.

The mosque, which can accommodate 5,000 worshipers, was probably completed at the beginning of the 8th century and is located opposite the Dome of the Rock, the Islamic shrine with the golden dome that is a widely recognized symbol of Jerusalem. Muslims consider the entire site sacred, and many worshipers fill its courtyards to pray on holidays.

For Jews, the Temple Mount, known in Hebrew as Har Habayit, is the holiest place, as two ancient temples stood here – the first, according to the Bible, was built by King Solomon and later destroyed by the Babylonians; and the second stood for nearly 600 years before the Roman Empire destroyed it in the first century.

The United Nations Education, Science and Culture Organization (UNESCO) has classified the Old City of Jerusalem and its walls as a World Heritage Site, which means that it is “of outstanding international importance and therefore deserves special protection”.

During the Arab-Israeli War of 1967, Israel captured and annexed East Jerusalem, including the Old City, from Jordan. Israel later declared a united Jerusalem its capital, although this move was never recognized internationally.

Under a delicate status quo arrangement, a Jordan-funded and controlled Islamic trust called Waqf continued to administer the Aqsa Mosque and Dome of the Rock as it had for decades, a special role affirmed in the 1994 Israeli peace treaty with Jordan .

The Israeli security forces are still present on the premises and are coordinating with the Waqf. Jews and Christians are allowed to visit, but unlike Muslims, they are prohibited from praying for reasons of the status quo. (Jews pray just below the sacred plateau on the western wall, the remains of a retaining wall that once surrounded the Temple Mount.)

Israeli-Palestinian conflict

Updated

May 12, 2021, 3:00 p.m. ET

Tensions over what critics are calling the arrangement Discrimination against non-Muslims has turned into violence at regular intervals.

Adding to the tensions is Israel’s annual celebration of Jerusalem Day, an official holiday to commemorate the conquest of the entire city. The celebration, which last took place on Monday, is a provocation for many Palestinians, including residents of the eastern part of Jerusalem. The Palestinians want East Jerusalem to be the capital of a future Palestinian state – a perspective that seems increasingly distant.

Israeli officials, including Prime Minister Benjamin Netanyahu, have said they have no intention of changing the status quo.

But some Israeli religious groups have long pushed for the right to pray locally. In April, the Jordanian Foreign Ministry officially complained about large numbers of Jewish visitors to the site, calling it a violation of the status quo.

In the weeks leading up to Monday’s violence in Al Aqsa, tensions built between some Jews and Palestinians over issues unrelated to the mosque grounds.

These included violent clashes between Israelis and Palestinians that broke out in the old city a few weeks ago. Some Palestinians attacked Orthodox Jews in Jerusalem, and an extremist Jewish supremacy group held a march in which participants sang “Death to the Arabs.”

The Palestinians were also angry that the police had banned them from gathering in a favorite spot in the old city during the first few weeks of the holy month of Ramadan.

In another spark of tension, Palestinians have fought with Israeli police over the expected eviction of Palestinian residents of the Sheikh Jarrah neighborhood in East Jerusalem to make way for Israeli settlements to be built.

The clashes have come after the Israeli government is in political limbo after four undecided elections in the past two years and after Palestinian Authority President Mahmoud Abbas indefinitely postponed the Palestinian parliamentary elections scheduled for later this month. It would have been the first such ballot since 2006.

Bitter accusations and hardened attitudes have been reflected in all the clashes over the religious shrines in Jerusalem’s Old City, but some are particularly notable for having shaped Israeli politics.

In 1990, for example, deadly riots exploded after a group of Jewish extremists tried to lay the foundation stone for a temple to replace the two destroyed in ancient times. The violence resulted in widespread condemnation of Israel, including by the United States.

In 2000, there was a site visit to make Jewish claims, led by right-wing Israeli politician Ariel Sharon – then Israel’s opposition leader – that sparked an explosive attack of Israeli-Palestinian violence that led to the well-known Palestinian uprising second intifada.

A crisis broke out in 2017 after three Arab-Israeli citizens shot dead two Israeli Druze police officers on the premises. This prompted the Israeli authorities to restrict access to the site and install metal detectors and cameras.

Arab outrage over these security measures led to increased violence and tension with Jordan, which required US diplomatic mediation. The metal detectors have been removed.

Patrick Kingsley and Isabel Kershner contributed to the coverage.