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Wall Street Futures Rise Ahead of Thanksgiving Holiday

  US stock futures edged higher on Wednesday as investors looked to extend the market’s recent rally into the Thanksgiving holiday. Dow Jones Industrial Average futures gained 0.2%, S&P 500 futures rose 0.2%, and Nasdaq 100 futures climbed 0.3% . The move follows a strong session on Tuesday, when the Dow surged more than 660 points (1.4%) , marking its third consecutive day of gains. Tech stocks continued to drive momentum, with Alphabet closing at record highs after reports that Meta may adopt Google’s TPU chips in the coming years. Meanwhile, Nvidia shares slipped over 2.5% as competition in the AI chip space intensified. Investors are also keeping a close eye on the Federal Reserve. Markets are currently pricing in an 85% probability of a quarter-point rate cut in December , which has helped bolster optimism. Lower Treasury yields and easing inflation pressures have further supported the bullish sentiment. Through the first two trading days of this holiday-shortened we...
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Ship Attacked by Yemen’s Houthi Rebels Sinks in Red Sea: First Vessel Lost in Conflict

 

On Saturday, March 2, 2024, the Belize-flagged ship Rubymar met a tragic fate in the Red Sea. After days of battling the relentless onslaught of water, it succumbed to its watery grave, becoming the first vessel fully destroyed in the ongoing conflict.

The Rubymar had been drifting northward, a mere shadow of its former self, after being struck by a Houthi anti-ship ballistic missile on February 18. The attack occurred in the Bab el-Mandeb Strait, a crucial waterway that links the Red Sea and the Gulf of Aden. Yemen’s internationally recognized government, along with a regional military official, confirmed the ship’s tragic fate.

The sinking of the Rubymar reverberates far beyond its steel hull. As ships navigate the Red Sea, a vital artery for cargo and energy shipments between Asia, the Middle East, and Europe, the Houthi attacks have already disrupted maritime traffic. Many vessels have rerouted to avoid the danger zone. Now, with the Rubymar’s demise, further detours and higher insurance rates may plague the waterway, potentially impacting global inflation and aid shipments to the region.

The Rubymar carried a cargo of fertilizer, and fuel leaked from its battered frame. The U.S. military’s Central Command had previously warned that this combination could cause ecological damage to the Red Sea. Yemen’s exiled government, backed by a Saudi-led coalition since 2015, lamented the ship’s sinking as an “unprecedented environmental disaster.” Prime Minister Ahmed Awad Bin Mubarak expressed his anguish, stating, “It’s a new disaster for our country and our people.”

Curiously, the Iran-backed Houthis, who had initially claimed the ship sank almost instantly after the attack, remained silent about the Rubymar’s final plunge. Their lack of acknowledgment adds to the mystery surrounding this maritime tragedy.

The Rubymar’s fate serves as a stark reminder of the human and environmental toll exacted by conflict. As the waves close over its wreckage, the Red Sea bears witness to yet another chapter in a long and troubled history.

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