Plus, the Philippines elects a former dictator's son as president.
Uncertainty drives US stock market volatility; the Philippines elects the son of a former dictator as president. Tonight's Sentences was written by Jariel Arvin. |
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Why the stock market keeps diving |
Drew Angerer/Getty Images |
- In recent weeks, the US stock market has experienced intense volatility driven by rising interest rates, inflation, and Russia's war in Ukraine. [CNN / Nicole Goodkind]
- The S&P 500 fell 0.5 percent by Tuesday afternoon, the Dow Jones Industrial Average fell 1 percent, and Nasdaq fell 0.3 percent. The indexes sank to their lowest level this year on Monday. [CBS News]
- President Biden renewed a pledge Tuesday to fight inflation, but his options may be limited. [Washington Post]
- The Federal Reserve began hiking interest rates to curb record inflation in March. But the move spooked investors who worry the hikes could lead to a economic slowdown or recession. [Vox / Emily Stewart]
- Once considered a hedge against market volatility, cryptocurrencies are also down. Bitcoin has lost nearly 55 percent of its value from its peak in November. [CNBC / Mackenzie Sigalos]
- There is some positive news: Wednesday, economists expect the Bureau of Labor Statistics to report a slight slowdown in inflation from a 40-year high reached in March. [Yahoo Finance / Emily McCormick]
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A former dictator's son is the Philippines' next president |
- This week, Ferdinand Marcos Jr. won a landslide victory in the Philippines presidential election. Sara Duterte, daughter of outgoing President Rodrigo Duterte, will be vice president. [NYT / Sui-Lee Wee]
- Marcos ran a social media campaign that deliberately distorted the rule of his father, dictator Ferdinand Marcos — which saw egregious human rights abuses — as a peaceful, "golden age." [BBC / Jonathan Head]
- Public anger over more than 20 years of brutal rule led to the Marcos family being exiled in 1986; they took billions in stolen money with them. The family has sought a political comeback since returning to the Philippines in the 1990s. [Guardian / Rebecca Ratcliffe]
- While Marcos Jr. is expected to continue Duterte's deadly war on drugs, the rest of his plans are unknown, as he refused to debate other candidates or give interviews with the press. [Washington Post / Regine Cabato and Sammy Westfall]
- Expected to be an unpredictable partner, Marcos's win complicates US foreign policy in Asia as it tries to counter China's growing influence. [Associated Press / David Rising and Jim Gomez]
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- Prince Charles opened the UK parliament by giving the Queen's Speech for the first time Tuesday, laying out the government's legislative agenda. [Reuters / Luke McGee]
- Shanghai tightened its pandemic restrictions on Tuesday, shutting down the city's entire subway system for the first time. [AP / Ken Moritsugu]
- On Monday, the US charged former Haitian Sen. John Joel Joseph for his alleged involvement in last year's assassination of President Jovenel Moïse. [Axios / Rebecca Falconer]
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