Business
Is Pima County Sheriff Chris Nanos’ Position At Risk Due To No Progress In the Case?
TUCSON, Ariz. — Pima County Sheriff Chris Nanos is under growing scrutiny and faces potential political consequences as the disappearance of 84-year-old Nancy Guthrie approaches 100 days with no major breakthroughs, no arrests and mounting criticism over the pace and coordination of the investigation. The case, which has drawn national attention due to Nancy’s daughter Savannah Guthrie’s prominent role on NBC’s “Today” show, remains one of the most high-profile missing persons investigations in recent Arizona history.
Nanos, who has served as sheriff since 2019, has seen his handling of the case become a focal point of public frustration. Local officials and some community leaders have quietly questioned whether leadership changes could be on the horizon if the investigation does not yield significant progress soon. While no formal calls for resignation have been made by elected officials, sources close to county government say Nanos is feeling increased internal and external pressure as the milestone approaches.
Nancy Guthrie vanished from her Catalina Foothills home on February 1, 2026. Security footage captured a masked individual near her door around the time of her disappearance. Blood evidence, a disabled Ring camera, propped-open doors and signs of a struggle led authorities to classify the incident as an abduction rather than a voluntary departure. Despite thousands of tips, extensive searches and advanced forensic testing, no suspect has been publicly named and no proof of life has emerged.
Savannah Guthrie has balanced public pleas for information with her professional duties. In recent appearances on the “Today” show, she has worn yellow — a color of hope — while urging viewers to remain vigilant. The family has offered a $1 million reward for information leading to Nancy’s safe return or the arrest of those responsible.
Investigation Faces Criticism
The case has occasionally exposed tensions between local and federal agencies. FBI Director Kash Patel publicly criticized early coordination, claiming the bureau was initially kept out for several days. Sheriff Nanos has pushed back, insisting collaboration has improved and that the investigation remains a top priority. Hundreds of law enforcement personnel have been involved at various stages, but the lack of tangible results after nearly 100 days has fueled public dissatisfaction.
Advanced DNA testing on a rootless hair sample and potential glove DNA recovered from the home is ongoing at the FBI lab in Quantico. Genetic genealogy analysis offers hope for a breakthrough, but results have not yet yielded a suspect. Behavioral profilers have suggested the perpetrator may have sought fame or had some personal connection to the victim. Multiple ransom-style notes received by media outlets have been deemed likely hoaxes, further complicating the probe.
The unrelated discovery of ancient human bones near the home earlier this week briefly raised false hopes before forensic analysis ruled them out. The incident highlighted the challenges of searching Arizona’s desert terrain, where old remains frequently surface.
Political Pressure on Sheriff Nanos
Nanos, a Democrat elected in 2018 and re-elected in 2024, has built his reputation on community policing and transparency. However, the prolonged Nancy Guthrie case has become a political liability as local elections loom. Some Republican opponents have begun quietly positioning themselves to challenge him, citing the case as evidence of leadership shortcomings. Community activists have also voiced concerns about resource allocation and communication with the public.
A source familiar with county politics said, “The sheriff is feeling the heat. One hundred days without answers in such a high-profile case is not a good look.” Nanos has defended his department’s efforts, emphasizing the complexity of the investigation and the dedication of his team. “We are working tirelessly,” he said in a recent briefing. “Every lead is being pursued. We will not stop until we have answers for the Guthrie family.”
Family’s Resilience and Public Support
Savannah Guthrie has shown remarkable composure amid the ordeal. She briefly stepped away from the “Today” show earlier this week due to emotional strain but returned the following day. The family continues to balance public advocacy with private grief, with five children between them navigating the uncertainty.
Elizabeth Smart, the abduction survivor who was held captive for nine months in 2002, has publicly expressed hope that Nancy could still be alive. “I absolutely believe Nancy could still be alive,” Smart said recently. She has offered private support to the Guthrie family and continues advocating for improved missing persons protocols.
The Catalina Foothills neighborhood remains on edge, with yellow ribbons symbolizing hope displayed prominently. Neighbors and the broader Tucson community have participated in searches and vigils. National media coverage has kept the case visible while the family urges focus on verified facts rather than speculation.
What Comes Next
As the case nears the 100-day mark, authorities have renewed their appeal for tips. Forensic experts say advanced DNA techniques, including genetic genealogy, remain the strongest hope for resolution. The involvement of elite labs and profilers underscores the case’s priority.
Sheriff Nanos has vowed to continue dedicating resources to the investigation. “This case is not going away,” he said. “We owe it to Nancy and her family to keep pushing.” Whether his job security becomes tied to a breakthrough remains to be seen, but the pressure is clearly mounting as the days pass without resolution.
The disappearance of Nancy Guthrie has highlighted vulnerabilities even in protected communities and the enduring power of hope in the face of uncertainty. Whether the case ends in a joyful reunion or brings closure through other means, it has already left an indelible mark on those following the story — a testament to one family’s resilience and a community’s determination to bring answers home.
As the investigation enters its fourth month, the Guthrie family and law enforcement refuse to give up. For now, the search continues, supported by a survivor’s empathy, a family’s strength, and a sheriff fighting to keep his department’s reputation intact while racing against time.
Business
(VIDEO) Jose Alvarado’s Dive Sends Knicks Guard Crashing Into Mike Bloomberg During NBA Finals Game 3
NEW YORK — New York Knicks guard Jose Alvarado’s all-out hustle for a loose ball in the fourth quarter of Game 3 of the 2026 NBA Finals resulted in an unexpected collision with former New York City Mayor Michael Bloomberg, momentarily halting play and capturing widespread attention at Madison Square Garden on Monday night.
The incident unfolded as the Knicks trailed the San Antonio Spurs late in the contest. Alvarado, known for his tenacious defense and energy off the bench, chased the ball into the front row of seats where Bloomberg, 84, was seated courtside. The 28-year-old guard tumbled directly into the billionaire philanthropist and former three-term mayor, leaving Bloomberg briefly shaken but unharmed.
Video of the moment quickly circulated on social media and was highlighted during the ABC broadcast. Play-by-play announcer Mike Breen narrated the sequence for viewers: “As Alvarado dives into the stands and checks with former New York City Mayor Mike Bloomberg.” Breen added lightheartedly, “You never know who you’ll run into at a Knick game.”
Alvarado immediately checked on Bloomberg after untangling himself, patting his knee and inquiring about his well-being. Bloomberg appeared rattled but signaled that he was fine, offering a thumbs-up according to multiple reports and allowing the game to resume without further delay. Nearby spectators, including former NFL quarterback Eli Manning and baseball Hall of Famer Derek Jeter, also expressed concern.
The collision added an unusual sidebar to an already star-studded evening at Madison Square Garden. High-profile attendees included former President Donald Trump, who drew loud boos from sections of the crowd when shown on the arena’s jumbotron before tipoff. He attended alongside his granddaughter Kai Trump. Halftime featured a performance by rapper Cardi B.
On the court, the Spurs edged the Knicks 115-111, with Victor Wembanyama leading the way with 32 points. The loss narrowed the Knicks’ series lead to 2-1, with Game 4 scheduled for Thursday night back at the Garden. The Knicks had taken the first two games on the road in San Antonio.
Bloomberg, a lifelong New Yorker and prominent Knicks supporter, has maintained a high public profile since leaving office in 2013. The 84-year-old billionaire founded Bloomberg LP, the global financial media and data company, and has been deeply involved in philanthropy, public health initiatives and climate efforts. His presence courtside underscored the deep connections between New York business, politics and sports.
The moment highlighted the physical risks inherent in professional basketball, even for spectators in premium seats. Courtside seating at NBA arenas places fans in close proximity to the action, occasionally leading to such collisions despite safety measures. League officials and arenas typically review incidents like this, though no immediate statements were issued regarding changes to seating protocols.
Alvarado, a key contributor for the Knicks with his defensive intensity, has earned praise throughout the playoffs for his hustle plays. Monday’s dive exemplified the aggressive style that has helped propel the Knicks back to the Finals for the first time in decades. The team last reached the championship series in the late 1990s.
For Bloomberg, the brief scare came during a high-stakes game in his home city. He has long been a fixture at major New York sporting events and has expressed support for the Knicks over the years. Reports indicated he recovered quickly and remained at the game.
The 2026 NBA Finals have generated significant buzz, pitting the rising superstar Wembanyama and the Spurs against a resilient Knicks squad led by Jalen Brunson. The series marks a return to prominence for New York basketball and has drawn intense national and international interest.
Security and arena staff at Madison Square Garden are accustomed to managing high-profile crowds during marquee events. The venue, often called “The World’s Most Famous Arena,” frequently hosts celebrities, politicians and business leaders alongside passionate Knicks fans.
This was not the first notable courtside moment in recent NBA history. Similar incidents have occurred with players landing near or on spectators, prompting occasional discussions about additional protective barriers or adjusted seating arrangements. However, the league has historically favored maintaining the intimate atmosphere that makes courtside seats premium experiences.
Following the game, social media erupted with reactions ranging from concern for Bloomberg to memes about the collision. Clips of Alvarado checking on the former mayor were widely shared, turning the moment into one of the most memorable non-basketball highlights of the Finals so far.
Knicks coach Tom Thibodeau and players have emphasized playing with urgency and physicality throughout the postseason. Alvarado’s effort, while resulting in an unusual outcome, aligned with that approach. The guard has carved out a role as a spark plug for the team, contributing energy even when not in the starting lineup.
Bloomberg’s involvement in public life extends far beyond his mayoral tenure. He ran for president in 2020 and continues to influence policy debates through his foundation. His appearance at the game served as a reminder of New York’s interconnected worlds of sports, finance and politics.
As the series shifts back to New York for Game 4, fans and observers will watch to see if the Knicks can regain momentum after dropping Game 3. The Alvarado-Bloomberg incident is likely to be replayed in highlight packages, adding color to the narrative of a competitive and dramatic Finals.
NBA officials, teams and broadcasters often celebrate the league’s accessibility to fans, but incidents like Monday’s underscore the need for balance between excitement and safety. Both Alvarado and Bloomberg handled the situation with composure, allowing focus to return swiftly to the competition.
The Knicks organization has not commented specifically on the collision, focusing instead on preparation for the next game. With the series far from decided, physical play and resilience will remain central themes as both teams vie for the championship.
For longtime observers of New York sports, the sight of a Knicks player interacting directly with a former mayor exemplified the unique energy of Madison Square Garden during playoff runs. Bloomberg emerged unscathed, and the moment became another chapter in the lore of the 2026 Finals.
A GM energy display is seen at the New York International Auto Show on April 16, 2025.
Danielle DeVries | CNBC
General Motors is expanding efforts to capitalize on the expected growth of energy storage and data centers by promoting different battery cell chemistries, while also offering more support for its electric vehicle owners to combat higher energy costs.
The Detroit automaker detailed plans Tuesday to increase its vehicle-to-grid capabilities — in which a vehicle can provide energy to the electric grid — for its EV customers and develop next-generation sodium-ion batteries that GM’s battery leader said “will reshape grid-scale energy storage.”
Both moves are meant to address concerns about rising energy costs amid an artificial intelligence boom. The stock market has speculated that vast sums of money will be spent on infrastructure to support a big data center buildout.
“Sodium-ion-powered energy storage systems have the potential to operate without active cooling and with much less system complexity,” Kurt Kelty, GM’s vice president of battery and sustainability, said Tuesday in a blog post. “In large energy storage systems, that matters.”
Not having to cool the battery cells could lead to lower upfront costs as well as operating costs, the automaker said.
At a foundational level, a sodium-ion battery works much like a lithium-ion battery, but GM says it has the potential to perform across a wider range of
temperatures and for more cycles.
Courtesy GM
GM is partnering with Denver-based startup Peak Energy on sodium-ion battery cell development, after the company already demonstrated how the chemistry can “translate into lower costs and greater reliability,” Kelty said.
The automaker expects the tie-up with Peak Energy will produce sodium-ion cells for customer use after 2028.
The leadership team of Peak Energy — which was founded in 2023 — includes former employees of Tesla, Lockheed Martin and battery developer Northvolt, according to its website.
A GM spokesman declined to comment on details or cost of the partnership with Peak Energy.
Along with developing new sodium-ion battery cells, GM said it is continuing work on reusing its large EV batteries for energy storage systems with companies such as Redwood Materials and producing lower-cost lithium iron phosphate, or LFP, battery cells through a joint venture with LG Energy Solution.
LFP batteries are viewed as a quick way for companies to take advantage of existing battery capacity, while GM said it sees the sodium-ion battery cells as a future solution for such systems.
“Our next-generation sodium-ion cell development will drive energy density higher, with the potential to outperform more mature chemistries, including LFP, over time. In a market increasingly shaped by cost pressure, energy demand growth, and geopolitical risk, that’s a real differentiator,” Kelty said.
GM has spent billions of dollars in recent years to increase its research and development as well as battery cell production for exponential growth of all-electric vehicles that did not materialize as planned.
GM, through its Ultium Cells joint venture, currently has about 90 gigawatt hours of production capacity at two plants, one in Ohio and one in Tennessee. Ultium Cells in March announced a $70 million investment to begin producing LFP batteries for energy storage systems at the Tennessee plant.
Other automakers, including GM crosstown rival Ford Motor, have shifted to focus on energy storage to assist in filling capacity at multibillion-dollar battery plants in the U.S.
For GM customers, the ability to have an EV be capable of sending energy back to the grid during peak hours, or to power their home, through an energy storage system from the Detroit automaker could help with reducing energy costs and grid usage.
GM said it is seeking partnerships with utility companies nationwide to assist in offering such vehicle-to-grid services for customers. It’s already working with utility companies in California and Michigan.
Residential electricity prices in the U.S. have risen by nearly 48% since January 2020, from 12.76 cents per kilowatt-hour to 18.83 cents per kilowatt-hour in March 2026, and are expected to rise to around 19 cents per kilowatt-hour starting in March 2027, according to a recent forecast by the U.S. Energy Information Administration.
GM on Tuesday also announced an “Energy Pass” that targets more seamless public charging for its EV customers, including when using Tesla Superchargers, and said all of the all-electric vehicles it produces as of the 2027 model year will include a North American Charging Standard charging port.
Wall Street was buying the big dip in technology stocks to start the week.
The Nasdaq rose 1.1% in the first hour of trading on Monday. The S&P 500 was up 0.7%. The Dow was up 160 points, or 0.3%.
Stock futures gained some steam after Iran said it would end military operations against Israel. Oil prices eased off their highs from earlier in the morning.
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NEW YORK — President Donald Trump responded Tuesday to ESPN commentator Stephen A. Smith’s pregame prediction that he would blame Trump if the New York Knicks lost Game 3 of the 2026 NBA Finals, dismissing the remarks while describing Smith as a “nice guy” but questioning his qualifications for higher office.
The exchange added a political layer to an already star-studded and dramatic night at Madison Square Garden, where the San Antonio Spurs defeated the Knicks 115-111 on Monday, narrowing New York’s series lead to 2-1. Victor Wembanyama led the Spurs with 32 points in the victory.
Before the game, Smith, a prominent Knicks supporter and vocal analyst, expressed strong opposition to Trump’s attendance. He warned that the president’s presence would create unnecessary chaos in Midtown Manhattan and vowed to hold Trump responsible for any Knicks defeat.
“If they lose tonight, I’m looking right at him. I’m saying it. This is just me. I’m blaming him. I’m blaming the president of the United States of America if the New York Knicks lose this tonight,” Smith said on air.
Trump, seated in a luxury suite as a guest of Knicks owner James Dolan, became the first sitting U.S. president to attend an NBA Finals game. His appearance drew a mixed reaction from the crowd, with notable boos captured on broadcast cameras, though he later characterized the reception positively.
After the loss, Trump addressed Smith’s comments directly when asked by reporters. “I think he’s a nice guy, but you need a certain aptitude to run for president. You need a high IQ. I’m not sure that Stephen has that. I don’t think he does actually,” Trump said.
The president also spoke about his interactions at the game, mentioning conversations with Dolan and NBA Commissioner Adam Silver. He noted the league’s physical style of play has intensified compared to previous eras.
“We did. We talked about it. He’s a friend of mine for a long time and he’s a great guy. He’s done a fantastic job,” Trump said of Dolan. Regarding Silver, Trump recalled discussing changes in the game.
On the crowd’s reaction when shown on the jumbotron, Trump remarked, “I thought it was amazing actually. … It was loud and it was very enthusiastic.” He added that it was “mostly cheers.”
The Knicks entered the game with momentum after winning the first two contests in San Antonio, extending a lengthy playoff winning streak. Monday’s defeat snapped that run and shifted focus back to New York for Game 4 on Thursday.
Trump’s visit generated significant pregame buzz and logistical challenges. Extra security measures were implemented, contributing to the heightened atmosphere Smith had anticipated. The commentator had pleaded with Trump to skip the event, calling it “selfish” and “narcissistic” and arguing it diverted attention from the players.
“This president has no business showing up in New York City. I am dead serious. It is selfish. It is narcissistic. It is ridiculous that he is coming to this game,” Smith stated in the lead-up.
The clash between the two high-profile New York figures — Trump, a longtime Knicks fan, and Smith, one of the league’s most outspoken voices — quickly became a viral storyline beyond the basketball court. Clips of Trump’s response and Smith’s original comments spread rapidly on social media.
NBA Commissioner Adam Silver acknowledged the unique circumstances but emphasized the league’s focus on the competition. Trump’s presence highlighted the intersection of sports, politics and celebrity in one of the world’s most famous arenas.
For Knicks fans, the loss stung after promising early series success. Jalen Brunson and the team’s core will look to regroup at home, where the atmosphere is expected to remain electric despite the political distractions.
The incident underscores broader cultural tensions. Sports events have long served as shared national experiences, but in an era of polarized politics, even a basketball game can become a flashpoint. Smith’s willingness to tie the outcome to Trump’s attendance reflected deep-seated frustrations for some, while Trump’s retort exemplified his combative style.
Analysts noted the irony of the situation. While Smith’s prediction came true with the Knicks’ loss, attributing the result solely to the president’s visit overlooks on-court factors, including Wembanyama’s dominance and defensive lapses by New York.
Trump has maintained a visible presence in New York sports circles over the years. His attendance, alongside family members including granddaughter Kai Trump, added to the spectacle alongside other celebrities like former Mayor Michael Bloomberg, who was involved in a separate courtside collision earlier in the game.
As the series continues, the focus will shift back to basketball. The Spurs, led by their young superstar, demonstrated resilience on the road. For the Knicks, avoiding further distractions and harnessing home-court energy will be key in Game 4.
The Trump-Smith exchange provided entertainment for observers outside the immediate playoff narrative. Commentators and fans debated the appropriateness of presidential involvement in high-stakes sporting events, a discussion likely to persist as long as prominent figures continue crossing into the arena.
In the broader context of the 2026 NBA Finals, Monday’s events blended athletic competition with real-time cultural commentary. Whether the verbal sparring influences future attendance or fan behavior remains to be seen, but it ensured the game will be remembered for reasons beyond the final score.
League officials and team executives typically prioritize minimizing off-court disruptions. However, with figures of Trump’s stature, such intersections appear inevitable in a city like New York, where sports, media and politics have long intertwined.
For now, both Trump and Smith have moved on to the next chapter, with the president continuing his public schedule and the analyst preparing for further coverage of the series. The Knicks-Spurs matchup promises more intensity as it heads toward a potential decisive stretch.
SAN FRANCISCO — San Francisco Giants outfielder Jung Hoo Lee delivered a standout performance with four singles in five at-bats, extending his hitting streak to 16 games, but the Giants dropped a heartbreaker to the Washington Nationals 4-3 on Monday night at Oracle Park.
Lee, batting in the leadoff spot, went 4-for-5 with two runs scored as part of a 12-hit attack for the Giants. His performance highlighted a season in which the 27-year-old South Korean star has emerged as one of the National League’s most consistent hitters.
The Giants led 3-1 entering the ninth inning but could not hold on against a late Nationals rally. Washington scored three runs in the final frame to secure the victory, improving to 33-33 while dropping San Francisco to 27-39.
Logan Webb pitched effectively for the Giants, allowing one run over eight innings with seven strikeouts. However, the bullpen faltered after manager Tony Vitello opted to pull Webb to preserve him for potential extra innings. Reliever Keaton Winn surrendered the go-ahead runs in the ninth.
Bryce Eldridge contributed a key RBI double in the eighth that scored Lee and gave the Giants a temporary 2-1 lead. Matt Chapman also drove in a run earlier with a single. Despite the offensive output, defensive miscues and the bullpen collapse proved costly.
Lee’s four-hit night underscored his breakout 2026 campaign. Entering the game, he was batting around .323 with a strong on-base percentage and slugging mark, ranking among the league leaders. His 16-game hitting streak is the longest active in the majors and the best by a Giant in recent years.
The South Korean native, who signed a lucrative deal with the Giants after dominating in the KBO League, has overcome previous injury setbacks to establish himself as a cornerstone player. In recent weeks, he has slashed over .480 during hot stretches, showcasing line-drive power and plate discipline.
Monday’s game featured steady drizzle and gray skies, with wind affecting play throughout. Lee collected singles in multiple innings, including a fourth-inning hit that pushed his streak forward and an eighth-inning infield single upheld after a successful challenge.
Nationals starter Miles Mikolas and the bullpen navigated the Giants’ lineup effectively enough to keep the game close until the late surge. CJ Abrams and Daylen Lile delivered crucial hits in the ninth, capitalizing on the bullpen change. Gus Varland earned the save for Washington.
The Giants’ season has been marked by inconsistency, with injuries and bullpen issues contributing to their position in the NL West standings. Despite strong individual performances like Lee’s and Webb’s outings, late-game execution has been a recurring challenge.
Lee’s consistency provides a bright spot for San Francisco fans. His ability to make consistent contact and get on base has drawn comparisons to elite contact hitters. Over his last 15-plus games, he has produced at an elite level, with multiple multi-hit games.
The Giants acquired Lee with expectations that he would anchor the outfield and provide a steady bat in the lineup. After injury-limited campaigns earlier in his MLB tenure, 2026 represents a return to form reminiscent of his KBO success, where he was a perennial All-Star and batting champion.
For the Nationals, the win marked a resilient effort on the road. Trailing late, they mounted a comeback that highlighted their depth and timely hitting. The victory helped them maintain a .500 record amid a competitive NL East race.
Oracle Park, known for its scenic views and pitcher-friendly dimensions, played host to a competitive matchup. Fans braved the weather to support the Giants, with Lee’s hits drawing loud cheers throughout the evening. The loss, however, left the home crowd disappointed after a promising late lead.
Lee’s four singles were all well-placed line drives and ground balls that exploited gaps in the defense. His speed and instincts allowed him to turn potential outs into hits, including the challenged play in the eighth.
As the season progresses into mid-June, the Giants will look to build momentum with contributions from young talents like Eldridge alongside veterans. Lee’s hot streak offers hope that the offense can carry the team through pitching inconsistencies.
Analysts point to Lee’s plate approach as key to his success. He rarely chases pitches outside the zone and has improved his power stroke, contributing to a career-best OPS around .820. His presence at the top of the order sets a tone for the Giants’ lineup.
The series continues Tuesday with the Nationals and Giants facing off again at Oracle Park. San Francisco will aim to bounce back and even the set, relying once more on strong starting pitching and Lee’s bat.
Broader context in the NL West shows the division remaining competitive, with several teams jostling for positioning. The Giants’ record reflects challenges in closing out games, an area they must address to climb the standings.
Lee, often called “Jung Hoo” by fans and teammates, has become a fan favorite not only for his production but for his work ethic and humility. His journey from KBO stardom to MLB success embodies the growing international influence in baseball.
While Monday’s result was a tough pill to swallow, Lee’s performance provided a reminder of the talent on the roster. As the Giants prepare for the remainder of the season, consistent contributions from their outfielder could prove pivotal in any playoff push or late-season surge.
The Nationals’ late heroics demonstrated the unpredictable nature of baseball, where even dominant individual efforts like Lee’s can be overshadowed by team outcomes. Both clubs will regroup for the next chapter in their series.
Business
US stocks: S&P 500, Nasdaq fall as tech selling resumes, Trump vows to react to downed US helicopter
The Cboe Volatility Index hit its highest level since April 7 during the session as stocks sold off.
Technology stocks resumed Friday’s selloff following a bounce on Monday. The S&P 500 tech index fell more than 4% before paring losses. The Philadelphia SE Semiconductor Index dropped as much as 8.6% after rising 3% in early trading.
“When the bounce ran its course this morning, the tape came for sale more broadly. There’s also a rotation going on … so part of it is more of a momentum unwind,” said Michael O’Rourke, chief market strategist at JonesTrading in Stamford, Connecticut.
The Russell 1000 value index outperformed the growth index.
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Trump’s post also briefly “created another leg down,” O’Rourke said. In addition, investors may be worried ahead of inflation data and a highly anticipated SpaceX IPO later this week.
According to preliminary data, the S&P 500 lost 20.25 points, or 0.27%, to end at 7,385.48 points, while the Nasdaq Composite lost 254.47 points, or 0.98%, to 25,675.19. The Dow Jones Industrial Average rose 84.28 points, or 0.14%, to 50,857.58. Consumer price data for May could offer fresh clues on how the rise in energy prices, driven by the Iran war, is impacting inflation. The data is due on Wednesday. SpaceX’s market debut on Friday could also be a hurdle for U.S. stocks as investors worry about possible overexuberance among high-growth technology stocks. Elon Musk’s SpaceX is aiming to raise $75 billion and targeting a valuation of $1.75 trillion, the most ever for an IPO.
Some strategists have said investors are potentially booking profits in the high-flying semiconductor stocks to make room for SpaceX in their portfolios.
Technology and AI-linked stocks sold off sharply on Friday after Broadcom’s disappointing forecast fueled concerns about high valuations in the sector, particularly in chipmakers, which have rallied sharply this year. The semiconductor index remains up more than 70% for the year so far.
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