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AI Surge Lifts Markets as Investors Shrug Off U.S. Shutdown Fears

  U.S. stock futures climbed Thursday morning, buoyed by a wave of optimism surrounding artificial intelligence that overshadowed concerns about the ongoing government shutdown. The S&P 500 and Nasdaq 100 futures rose 0.3% and 0.5% respectively, with the S&P 500 closing above 6,700 for the first time ever. Driving the rally was OpenAI’s meteoric rise in valuation to $500 billion following a $6.6 billion employee share sale, making it the world’s most valuable startup and surpassing SpaceX. The company also inked major chip supply deals with Samsung and SK Hynix, sparking a global rally in semiconductor stocks. Despite the shutdown halting nonessential government functions and delaying key economic data like the September jobs report, investors remained focused on tech gains and potential Federal Reserve rate cuts. Weak private payroll data and signs of a softening labor market have further fueled expectations for monetary easing. While the Dow Jones futures remained flat...

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Cebu Quake Tragedy: Death Toll Climbs to 69 as Rescuers Race Against Time

 

Rescuers search for three people who were reported missing under the rubble of a collapsed building in Bogo City, the Philippines.

A powerful 6.9-magnitude earthquake struck the central Philippines late Tuesday, leaving at least 69 people dead and more than 150 injured as rescuers continue to search for survivors in collapsed buildings and landslide-hit villages.

The quake’s epicenter was located off the coast of Cebu province, where entire communities were cut off by damaged roads, floods, and power outages. In Bogo City, hospitals were overwhelmed, forcing medical staff to treat patients outdoors under makeshift tents. Local officials reported that some victims were killed when a sports complex collapsed during a basketball game.

President Ferdinand Marcos Jr. pledged swift government aid, deploying cabinet members to oversee relief operations. Several towns, including San Remigio and Medellin, have been placed under a state of calamity to speed up emergency response.

The Philippine Institute of Volcanology and Seismology has recorded hundreds of aftershocks, including one as strong as magnitude 6, though no tsunami threat was issued.

The Philippines, located on the Pacific “Ring of Fire”, is highly prone to earthquakes. This disaster is the deadliest in the region since the 2013 Bohol quake, which killed more than 200 people.

Authorities warn the death toll could rise further as rescuers reach remote areas still cut off by landslides and heavy rains.


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