Stocks Mixed After Three-Day S&P 500 Rally
Stocks were mixed this morning as investors weighed uncertainty over unfolding events in Europe, concern over inflation and nagging worries about ongoing supply chain challenges.
“U.S. equities were mixed on Friday following a three-day rally for the S&P 500 that put the equity benchmark on pace for its biggest weekly gain in more than a year. The Dow Jones Industrial Average fell 64 points, or 0.1%. The S&P 500 gained 0.2%, and the Nasdaq Composite rose 1%,” write Tanaya Macheel and Yun Li of CNBC. “Stocks are coming off a massive three-day surge that’s set the S&P 500 up for its best week since November 2020. The broad market index is up more than 4% for the week, while the tech-heavy Nasdaq Composite has advanced more than 5% this week and is headed for its best week since February 2021.”
Zelensky Demonstrates Superlative Leadership in Passionate Video Address to Congress
During World War II, Churchill and Roosevelt leveraged the power of radio to rally their nations and to prepare them for the fight against the Axis powers. On Wednesday morning, President Volodymyr Zelensky of Ukraine used 21st century digital technology to appeal directly to the U.S. Congress and press his nation’s case for additional military aid to defend against Russian aggression.
“Using stark, often stern language, Mr. Zelensky delivered a remarkably direct call to action by a wartime leader, as he made the case that aiding Ukraine was a moral imperative for a country that has promoted itself as the beacon of freedom and democracy for the world,” wrote Catie Edmondson of The New York Times. “Wearing his standard military-issue green T-shirt and seated next to a Ukrainian flag, he briefly stopped his remarks to show lawmakers a graphic and wrenching video featuring images of his war-torn country, including bombs exploding in cities, and civilians, including young children, bloodied and killed by Russian attacks.”
Zelensky received a standing ovation from the U.S. lawmakers. A short time later, “President Joe Biden said the U.S. would send Ukraine drones and thousands of anti-aircraft and anti-tank missiles, a robust new package of aid to fight Russia’s invasion that followed an emotional appeal from the country’s leader,” wrote Jennifer Jacobs and Josh Wingrove of Bloomberg News.
From my perspective, Zelensky’s leadership raises the bar and sets a new level of excellence that all of us should aspire to emulate. His ability to convey passion, sincerity, hopefulness, confidence and competence over a video connection is truly remarkable. In my opinion, he has become the face of modern leadership in the digital age.
Intel Plans $89 Billion Investment in Chips
Intel's CEO Pat Gelsinger has major plans for strengthening the global semiconductor supply chain.
“Intel plans to invest up to €80 billion ($89 billion) over the next decade to build up Europe's supply chain for semiconductor chips. The tech giant said on Tuesday that it will spend an initial €17 billion ($19 billion) to create two new chip factories in Germany,” writes Anna Cooban of CNN Business. “The company plans to pour money into every part of the chip supply chain — including research, manufacturing and packaging — with investments also going to France, Ireland, Italy, Poland and Spain.”
UK Plans to Hold Top Tech Execs Accountable for Internet Safety Compliance
Senior technology executives will face greater legal risks under legislation being drafted in the UK.
“The UK is speeding up the application of powers that could see tech CEOs sent to prison if their businesses fail to comply with incoming safety-focused Internet content legislation, the government confirmed (Wednesday),” writes Natasha Lomas of TechCrunch. “The latest revisions to the draft legislation include a radically reduced timeframe for being able to apply criminal liability powers against senior tech execs who fail to cooperate with information requests from the regulator — down to just two months after the legislation gets passed.”