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Kanye West’s South Korea Concert Canceled Amid Controversy

Kanye West’s highly anticipated concert in South Korea, scheduled for May 31 at Incheon’s Munhak Stadium, has been officially canceled. The event organizers, South Korean e-commerce company Coupang and ticket outlet Interpark, announced the decision on Monday, citing “recent controversies involving the artist”. The cancellation follows backlash over West’s latest song, *Heil Hitler*, which has been widely criticized for its glorification of the Nazi leader. The track was swiftly removed from major streaming platforms, including Spotify and SoundCloud, but continued to circulate on social media. Additionally, West’s recent public appearances, including an interview where he wore a Ku Klux Klan outfit, have further fueled outrage. In response to the controversy, Coupang has also suspended the sale of Yeezy merchandise, effective May 19. All purchased tickets for the concert will be fully refunded. West has faced repeated criticism for his inflammatory remarks and actions, leading to seve...

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S&P 500 Breaks 5,000 Barrier as US Stocks Rally

US stocks continued their upward momentum on Friday, as the S&P 500 index closed above the 5,000 mark for the first time in history. The benchmark index gained 0.57% to end at 5,026.61, boosted by strong earnings from tech giants such as Amazon and Meta. The Nasdaq 100 also hit a new record high, rising 1.25% to 15,990.66.

The rally came amid signs of a cooling inflationary pressure and a robust economic recovery in the US. The latest data showed that the consumer price index (CPI) rose 3.9% year-over-year in January, down from 4.1% in December and below market expectations. The core CPI, which excludes food and energy, also eased to 3.6% from 3.8% over the same period.

The Fed has been closely monitoring the inflation situation, as it prepares to start tapering its massive bond-buying program and eventually raise interest rates. The central bank has signaled that it could hike rates as soon as March, depending on the economic data and the pandemic situation. However, some Fed officials have also expressed caution about tightening too quickly, given the uncertainty and risks posed by the Omicron variant and the supply chain disruptions.

Investors will be looking for more clues on the Fed’s policy outlook this week, as several Fed speakers are scheduled to appear, including Chair Jerome Powell, who will deliver his semi-annual testimony to Congress on Tuesday and Wednesday. The market will also pay attention to the retail sales and industrial production data for January, as well as the minutes of the Fed’s latest meeting.

Meanwhile, the earnings season is still in full swing, with more than 300 companies set to report their quarterly results this week. Some of the notable names include John Deere, Coca-Cola, Airbnb, Kraft Heinz, Walmart, and Nvidia. So far, about 80% of the S&P 500 companies that have reported have beaten analysts’ estimates, according to FactSet.

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