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Myanmar Earthquake: Death Toll Climbs to 3,145 Amid Ongoing Rescue Efforts

The devastating earthquake that struck Myanmar nearly a week ago has claimed at least 3,145 lives, with search and rescue teams continuing to recover bodies from the rubble. The 7.7 magnitude quake, which had its epicenter near Mandalay, Myanmar's second-largest city, caused widespread destruction, including collapsed buildings, damaged roads, and destroyed bridges.  Humanitarian aid groups are working tirelessly to provide survivors with medical care and shelter, as thousands remain homeless and vulnerable to disease outbreaks. The United Nations estimates that over 17 million people have been affected by the disaster, with more than 9 million severely impacted.  In response to the crisis, Myanmar's military government has declared a temporary ceasefire to facilitate relief efforts. However, ongoing challenges, including communication blackouts and difficult-to-reach areas, have hindered the full assessment of the disaster's impact.  The coming days will be critical in d...
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Tech Stocks Slide Amid China Export Curbs and Trump’s Taiwan Stance

                                              

In today’s stock market, US equities faced a sharp pullback from recent record highs. The tech sector, in particular, grappled with dual pressures. Here’s a summary of the key developments:

  1. China Export Curbs: Concerns over US export restrictions on China weighed heavily on tech stocks. The Biden administration is reportedly considering tougher measures against companies providing advanced chip technology to China, despite existing export limits. Chipmaker Nvidia saw pre-market declines of over 4%.

  2. Trump’s Taiwan Remarks: In a Bloomberg interview, presidential candidate Donald Trump questioned US defense support for Taiwan, suggesting that the island—claimed by China—should bear the cost of US protection. This geopolitical tension added to the market unease.

  3. Market Reaction: Nasdaq 100 futures (NQ=F) led the decline, down 1.4%, while S&P 500 futures (ES=F) sank 1%. Dow Jones Industrial Average futures (YM=F) slid 0.3% after Tuesday’s surge to an all-time high.

  4. Corporate Earnings: Johnson & Johnson (JNJ), United Airlines (UAL), and Discover (DFS) are among the companies reporting earnings today. Positive results across various sectors could potentially shift sentiment.

  5. Fed Beige Book: Investors are closely watching the Federal Reserve Beige Book release for insights into the likelihood of a second rate cut in 2024.

While tech stocks face headwinds, the broader market remains dynamic. Stay tuned for further updates as the day unfolds! 


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