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Dow slides and S&P 500 closes in correction as Trump’s trade war escalates

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New York
CNN
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US stocks slid Thursday and the S&P 500 closed in correction, down more than 10% from its record high in February, as President Donald Trump threatened new tariffs on the European Union.

The Dow ended the day down by 537 points, or 1.3%. The S&P 500 fell 1.39% and the Nasdaq Composite was 1.96% lower.

The selloff extends a rout in US markets that has been driven by the uncertainty around Trump’s tariff announcements. The Nasdaq entered correction territory last week, and as of Thursday closed down 14.2% from its record high in December.

The S&P 500 closed at 5,521.52, down 10.1% from its record high of 6,144.15 on February 19 and notching its first correction in over a year. Correction is a Wall Street term for falling more than 10% from a recent high.

The last correction to the S&P 500 occurred in October 2023, when the benchmark index closed down 10.3% from its recent high that July, according to Adam Turnquist, chief technical strategist at LPL Financial. That correction took 24 days to recover from, Turnquist said.

Trump on Thursday threatened to impose a 200% tariff on alcoholic beverages from the European Union after the bloc on Wednesday imposed a 50% tariff on US spirits like bourbon. The EU’s tariff on US spirits was in retaliation for Trump’s sweeping 25% tariffs on steel and aluminum.

Cooling inflation data and a slight rebound in tech stocks had helped the S&P 500 and Nasdaq close higher Wednesday, but they slid Thursday as the trade tensions between Washington and Brussels escalated.

Turnquist said drawdowns are “nothing out of the ordinary,” but noted the recent drop in stocks has been “painful” because it’s been just three weeks since the S&P 500 hit a record high on February 19.

“In only a few weeks, the broader market has gone from record highs to correction territory,” Turnquist said in a note Thursday. “Tariff uncertainty has captured most of the blame for the selling pressure and is exacerbating economic growth concerns.”

Trump indicated Thursday that he is “not going to bend” on the 25% tariffs on steel and aluminum, vowing that any resulting economic disruption “won’t be very long.”

“No, I’m not going to bend at all aluminum or steel or cars. We’re not going to bend. We’ve been ripped off as a country for many, many years,” Trump told reporters in the Oval Office.

Markets dipped to their lowest level of the day after Trump’s remarks.

US Treasury Secretary Scott Bessent said Thursday on CNBC that he is not concerned about “a little bit of volatility over three weeks.”

Bessent said the Trump administration is focused on the “real economy” and the outlook for the long term.

Stocks initially wavered Thursday morning after the latest producer price index data showed inflation rose 3.2% year-over-year in February, a sharp slowdown from January. That came on the heels of consumer price index data Wednesday that also showed inflation slowed more than expected in February.

While the cooling inflation report was reassuring for investors, the budding trade war between the US and its biggest trading partners and allies has sent jitters through US stocks.

“Thursday’s inflation data is backward looking, and the real worry is the inflationary effects that may come from tariffs, which is a wildcard for markets and the Federal Reserve,” said Paul Stanley, chief investment officer at Granite Bay Wealth Management.

Wall Street’s fear gauge, the Cboe Volatility Index, or VIX, surged this week to its highest level since December. “Extreme fear” has been the sentiment driving markets since the end of February, according to CNN’s Fear and Greed Index.

“The last month has been a brutal sell-off for tech stocks and the overall market as every day (every hour) there is some newsflow coming out of the Trump White House that is changing the rules of the investing game from tariffs to chips to investments to policy changes among many others,” said Dan Ives, managing director and senior equity analyst at Wedbush Securities, in a note Wednesday.

Futures on gold surged to a record high on Thursday, signaling uncertainty about the impact of Trump’s tariffs on economic growth and geopolitical stability.

The benchmark S&P 500 is down more than 6% this year, lagging indexes in Europe and Asia.



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Bezos-Sanchez wedding: Venice protesters claim victory in venue change

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Rome
CNN
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Protesters in Venice rallying against the impending nuptials of billionaire Amazon founder Jeff Bezos and journalist Lauren Sanchez have claimed victory after their threats of disruption reportedly prompted a change of wedding venues.

The group, No Space for Bezos, had called for a blockade on canals around the 14th-century Grande Scuola Misericordia in central Venice, which is thought to be where the couple wanted to hold a massive party on June 28, the day after exchanging vows.

It claims the party will now move to the less picturesque venue of a “tese,” or shipyard, in a renovated maritime area known as the Arsenale on the outer edge of Venice. This, it said, was victory over Venice Mayor Luigi Brugnaro’s condemnation of the protests.

“We won! The protest managed to ruin Bezos’ plans and Mayor Brugnaro’s palace games,” the group said in an online campaign post. “They were forced to flee and take refuge in Tese 91 of the Arsenale. Even Bezos’ two yachts, Koru and Abeona, will not arrive in Venice.”

Details remain a secret, but Bezos and Sanchez are expected to exchange vows on the island of San Giorgio Maggiore.

Few details of the Bezos and Sanchez wedding have been publicly confirmed, with dates, venues and guest lists remaining closely guarded secrets.

While some in Venice have voiced support for the upcoming wedding, opposition has intensified in recent days. No Space for Bezos also hung a banner with the Amazon owner’s name crossed out on the main bell tower on the secluded Island of San Giorgio Maggiore, where the couple are expected to be wed. Another banner was strung across the world-famous Rialto Bridge over the Grand Canal.

In a separate protest on Monday, environmental activists from Greenpeace unfurled a giant tarp with an image of a smiling Bezos below the words: “If you can rent Venice for your wedding you can pay more taxes.” Local police quickly removed the tarp, which measured approximately 400 square meters in size, according to the group.

The protests against Bezos are the latest of many to flare in Venice in recent years, with residents in the ancient lagoon city long railing against damage caused by gigantic cruise ships and the pressures of overtourism, which they say is destroying the quality of life for locals.

‘Love and responsibility’

Protesters claim their threats of disruption have resulted in a wedding party venue move to the Arsenale, an area of renovated shipyards on the outskirts of Venice.

It is thought the wedding will be a three-day affair beginning June 26 in Venice with a party likely on the Venice Lido where the city’s famous film festival is held. Locals and protesters then say the couple will exchange vows on the island of San Giorgio on June 27, and finish the destination wedding festivities with a party and concert on June 28. It is the final night’s venue that protesters say has been changed.

The No Space for Bezos protesters, who will not be able to reach the Arsenale venue, say they will now relocate their action to Venice’s Santa Lucia train station for Saturday afternoon to protest not only Bezos but also war.

“We have shown once again that Venice is not a servant of the powerful but continues to be rebellious and resistant,” the group posted on social media. “Now, faced with the war scenario that looms on the horizon, at a time when the eyes of the world are focused on Venice, we invite everyone to join the cry ‘no war.’”

Protests against the Bezos wedding have been intensifying in recent days.

On Monday evening, Luca Zaia, president of the surrounding Veneto region, announced a €1 million ($1.16 million) donation by Bezos and Sanchez to the Corila Consortium, an international scientific research group doing work on the Venice lagoon.

Zaia, who had previously called the protests against the wedding shameful, said the donation was a gesture of “love and responsibility” toward the city.

“The generous donation by Jeff Bezos and Lauren Sanchez represents an act of great sensitivity and foresight. Venice is not only a symbolic city of Veneto and Italy, it is a heritage of humanity that demands attention, respect and care,” he said.

“Knowing that world-renowned personalities choose not only to celebrate important moments in their lives here, but also to contribute concretely to its protection, is a strong sign of love and responsibility.”

CNN’s Sharon Braithwaite contributed to this story from London



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Jessie J shares ‘the good and hard bits’ of her breast cancer journey

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CNN
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Jessie J is pulling back the curtain on her fight to beat breast cancer.

The singer posted a series of photos and videos Monday on her verfied Instagram account, showing her undergoing treatment for the disease. She started the post off with a “blood warning.’

“This post is some of the honest lows and highs of the last 48 hours,” she wrote in the caption. “I will always show the good and hard bits of any journey I go through.”

The former coach on “The Voice UK” went on to thank her caregivers.

“Grateful to my doctor / surgeon and all the nurses who cared for me and all my family / friends who came to visit,” her posts reads. “🫂 I am home now, to rest and wait for my results 🤞🏻.”

She also joked about her romantic partner, former basketball player Chanan Safir Colman, being “in a nurse outfit” before writing, “No no, he isn’t, but funny to imagine.”

Colman is seen in some of the slides, along with their toddler son, Sky.

The British sonsgstress is also seen watching herself addressing a sold-out crowd at her June 16 concert at Wembley Stadium in the UK. It was her last before she underwent cancer surgery and treatment and she can be heard on the video telling the crowd “before I go and beat breast cancer.”

“As you are doing,” a voice believed to be Colman’s can be heard saying off camera.

The 37-year-old went public with her battle, shared on social media earlier this month that she had been diagnosed with “early breast cancer.”

“I’m highlighting the word ‘early,” she said in the video she wrote. “Cancer sucks in any form, but I’m holding on to the word ‘early.’”



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Winning design for Queen Elizabeth II memorial unveiled

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CNN
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Queen Elizabeth II’s official memorial in London’s St. James’ Park will feature a translucent bridge evoking the tiara she wore on her wedding day, as well as landscaped gardens and a statue of her husband Prince Philip.

The winning bid was submitted by architects Foster + Partners and fought off competition from four other shortlisted entries, the UK’s Cabinet Office announced on Tuesday.

With its two gates and two gardens joined by paths and a bridge, the design seeks to celebrate the ways in which the late Queen unified dualities in her life together, like “balancing tradition and modernity, public duty and private faith, the United Kingdom and a global Commonwealth,” the Cabinet Office said.

Foster + Partners’ proposal seeks to sit quietly within London’s oldest royal park, which borders three palaces – Westminster, St. James’ Palace and Buckingham Palace – in the heart of the British capital.

Its plan will remake the park with a “light touch,” much like the Queen who “encompassed… periods of significant change, socially and technologically… with a light touch,” the firm’s celebrated founder Norman Foster said in an interview with PA Media news agency.

A cast-glass balustrade along the bridge will echo the design of the Queen Mary Fringe diamond tiara Elizabeth wore at her wedding to Prince Philip. She later lent the tiara to her granddaughter Princess Beatrice for her wedding in 2020.

The bridge is one part of a design which also includes gardens, paths and statues.

Every effort will be taken to preserve the exisiting nature and biodiversity in the park, Foster added, with the bridge’s design avoiding the need for heavy building work or big excavations.

It will replace a pre-existing blue bridge and have a “very gentle presence at night, almost a kind of light lighting experience, and translucent and absolutely flat, hugging the surface of the lake so seamlessly.”

Construction of the memorial will be carried out in such a way that “the precious route across (St. James’ Park) will never be closed,” Foster added in a statement.

A statue of the late monarch will stand at the newly-named Queen Elizabeth II Place beside Marlborough Gate, an existing entrance to the park, while a statue of Philip will stand next to a new Prince Philip Gate on the other side of the park. A planned statue of the couple together will also feature in the memorial.

Meanwhile, a contemporary wind sculpture created by artist Yinka Shonibare will feature floral designs inspired by Elizabeth’s coronation gown, according to PA Media.

Gardens representing both the Commonwealth and the UK will “create spaces for reflection and coming together,” a statement released by Foster + Partners said.

The memorial will aim to create a “gentler, quieter, more contemplative” atmosphere, “and an opportunity to rediscover, or perhaps for some to discover, the legacy of Her Majesty,” Foster told PA Media.

Queen Elizabeth II and Prince Philip, Duke of Edinburgh wave at their wedding on November 20, 1947.

The finalized design, which is subject to change while it is refined, will be announced in April 2026 to coincide with the 100th anniversary of the late Queen’s birth.

The proposal was selected after a committee considered feedback from the public, stakeholders and cultural experts.

Other shortlisted designs included a lily pad-inspired walkway, a bronze oak tree and a pair of gently curved bridges.



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