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Myanmar Earthquake: Death Toll Climbs to 3,145 Amid Ongoing Rescue Efforts

The devastating earthquake that struck Myanmar nearly a week ago has claimed at least 3,145 lives, with search and rescue teams continuing to recover bodies from the rubble. The 7.7 magnitude quake, which had its epicenter near Mandalay, Myanmar's second-largest city, caused widespread destruction, including collapsed buildings, damaged roads, and destroyed bridges.  Humanitarian aid groups are working tirelessly to provide survivors with medical care and shelter, as thousands remain homeless and vulnerable to disease outbreaks. The United Nations estimates that over 17 million people have been affected by the disaster, with more than 9 million severely impacted.  In response to the crisis, Myanmar's military government has declared a temporary ceasefire to facilitate relief efforts. However, ongoing challenges, including communication blackouts and difficult-to-reach areas, have hindered the full assessment of the disaster's impact.  The coming days will be critical in d...
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Stock Market Today: Dow Extends Slide as Lackluster Earnings and Rate Fears Weigh on Investors’ Spirits

 

US stocks faced further losses on Thursday, with lingering concerns about higher-for-longer interest rates and a Salesforce sell-off dampening investor spirits. Here are the key points from today’s market:

  1. Dow Jones Industrial Average (DJI): The Dow sank as much as 1%, shedding roughly 380 points, following Wednesday’s stock market slide. The tech-heavy Nasdaq Composite (IXIC) dropped about 0.6%, while the broader S&P 500 (GSPC) fell 0.5%.

  2. Interest Rate Worries: Renewed gloom about the odds for rate cuts contributed to the stock market decline. Data showed less cooling in inflation than the Federal Reserve desires, driving US bond yields to their highest levels since early May. The benchmark 10-year Treasury yield hovered around 4.6%.

  3. Salesforce Results: Salesforce (CRM) reported that sales growth would stall to the slowest rate in its history, causing its shares to slide 15%. This sparked concerns about likely losers in the AI boom.

  4. US Economic Growth: The Bureau of Economic Analysis revised the first-quarter US gross domestic product (GDP) growth rate to 1.3%, down from the initial reading of 1.6% in April.

  5. Retail Earnings: Retailers Kohl’s (KSS) and Best Buy (BBY) provided clues to consumer resilience and economic health. Kohl’s shares cratered after a surprise quarterly loss and a cut to its annual sales forecast, while Best Buy posted a bigger drop in comparable sales than expected.

Despite these challenges, investors remain watchful for any signs of economic recovery and potential market shifts. 



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