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Tag: Aerospace/Defense

  • Nancy Pelosi steps down as leader of House Democrats after two decades

    Nancy Pelosi steps down as leader of House Democrats after two decades

    Speaker Nancy Pelosi on Thursday said she will no longer serve as the top Democrat in the U.S. House of Representatives, with her departure coming after her party lost its majority in the chamber in this month’s midterm elections.

    “With great confidence in our caucus, I will not seek re-election to Democratic leadership in the next Congress,” Pelosi said during a speech on the House floor.

    “For me, the hour’s come for a new generation to lead the Democratic caucus that I so deeply respect, and I’m grateful that so many are ready and willing to shoulder this awesome responsibility.”

    She said she will continue to represent her district in the House.

    Some Democratic lawmakers have long called for new leadership in the House, wanting the California Democrat and her deputies to make way for the next generation. Pelosi, 82, has led the chamber’s Democrats in both the majority and minority for about two decades — since January 2003.

    The No. 2 House Democrat, Majority Leader Steny Hoyer of Maryland, who is 83, announced Thursday that he also will not seek a leadership position next year. 

    New York Democratic Rep. Hakeem Jeffries, 52, is seen as a frontrunner to become House minority leader.  

    Pelosi is the country’s first female speaker and has been in Congress for about 35 years. She had made a deal with House members to serve for two more terms as leader — or four years — after Democrats scored a majority in that chamber of Congress in the 2018 midterms.

    Pelosi said earlier this month that family issues would be key in her decision about her future plans. Her husband, Paul Pelosi, was attacked by an intruder in their San Francisco home last month and faces a long recovery from his injuries.

    While Republican hopes for a strong red wave on Election Day — which was Nov. 8 — have been dashed, the Associated Press projected Wednesday that the GOP had won enough House seats to control that chamber of Congress.

    The GOP’s slim majority is expected to cause trouble for the party’s leaders in the House. Meanwhile, the battle for control of the U.S. Senate went to the Democrats late Saturday. 

    The major laws passed during Pelosi’s time as speaker have included 2010’s Affordable Care Act, also known as Obamacare and which overhauled the U.S. healthcare
    XLV,
    +0.12%

    system; 2010’s Dodd–Frank Wall Street Reform and Consumer Protection Act that targeted banks
    KBE,
    -1.09%

    ; and 2021’s Infrastructure
    PAVE,
    -0.92%

    Investment and Jobs Act.

    U.S. stocks
    SPX,
    -0.23%

    DJIA,
    +0.09%

    lost ground Thursday as a key Federal Reserve official suggested interest rates may need to rise much further in order to subdue inflation.

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  • Republicans clinch slim majority in House, likely signaling gridlock ahead

    Republicans clinch slim majority in House, likely signaling gridlock ahead

    Republicans will take over the U.S. House of Representatives two years into President Joe Biden’s term, though their narrow majority looks set to cause headaches for GOP leaders.

    Republican hopes for a strong red wave have been dashed, but the Associated Press said Wednesday that the party won enough House seats — 218 — to control that chamber of Congress, as results from the midterm elections continue to be tabulated.

    The battle for the U.S. Senate went to the Democrats late Saturday. Democrats will retain their hold on the Senate after winning a key race in Nevada, giving Biden’s party control of at least one chamber of Congress for the next two years.

    “Republicans have officially flipped the People’s House!” Rep. Kevin McCarthy, R-Calif., the front-runner to become House Speaker, tweeted late Wednesday. “Americans are ready for a new direction, and House Republicans are ready to deliver.”

    While Republicans will control just one chamber of Congress, they now are expected to deliver a check on Biden’s policy priorities, such as by potentially using a debt-ceiling showdown to force spending cuts. 

    In a statement late Wednesday, President Joe Biden called for bipartisanship: “The American people want us to get things done for them. They want us to focus on the issues that matter to them and on making their lives better. And I will work with anyone — Republican or Democrat — willing to work with me to deliver results.”

    Related: Democrats weigh end run around Republicans to raise debt limit

    And see: Republican lawmakers likely to target ‘woke capitalism’ after the midterm elections, analysts say

    The Republican House majority has yet to be finalized but could be the narrowest of the 21st century, even less than in 2001, when the GOP had a nine-seat majority with two independents.

    Washington is likely to face new periods of gridlock, with Democrats also keeping their hold on the White House since Biden still has two years to serve before the 2024 presidential election. That’s after Democrats in the past two years used party-line votes to push through measures such as March 2021’s stimulus law and this past summer’s package targeting healthcare, climate change and taxes.

    The House switching to red from blue fits the historical pattern in which a first-term president’s party tends to lose congressional ground in the midterms. The GOP highlighted raging inflation in its effort to win over American voters.

    The House seats to flip to the GOP included one held by Democratic Rep. Elaine Luria of Virginia, who lost to Republican challenger Jen Kiggans, as well as two seats in Florida. But Democrats also flipped House seats and won re-elections in bellwether races, with Virginia Rep. Abigail Spanberger and Indiana Rep. Frank Mrvan notching victories.

    Read more: Here are the congressional seats that have flipped in the midterm elections

    Democrats have had a grip on the House since the 2018 midterms. They’ve run the Senate for two years, controlling the 50-50 chamber only because Vice President Kamala Harris can cast tiebreaking votes.

    Among the competitive Senate races, Democrats kept their hold on seats in Arizona, Colorado and New Hampshire, while scoring a pick-up in Pennsylvania. Republicans maintained their control of seats in North Carolina, Ohio and Wisconsin.

    Georgia’s Senate contest is headed to a Dec. 6 runoff, but its outcome has become less significant.

    Related: Ohio’s J.D. Vance tells MarketWatch he wants to end tax loopholes for tech companies and ban congressional stock trading

    Betting markets since late on Election Day have been seeing Democrats staying in charge of the Senate and Republicans winning the House. Ahead of last Tuesday’s voting, betting markets had signaled confidence in GOP prospects for taking over both the Senate and House.

    Analysts had said voters last month appeared increasingly focused on Republican issues such as high prices for gasoline
    RB00,
    -0.35%

    and other essentials, at the expense of Democrats’ agenda items such as climate change and abortion rights.

    But exit polls suggested that Republicans performed worse than expected because many Democrats and independents voted partly to show their disapproval of former President Donald Trump — and those voters were energized by the Supreme Court’s Dobbs decision that overturned Roe.

    See: Anti-Trump vote and Dobbs abortion ruling boost Democrats in 2022 election

    The former president announced his 2024 White House run late Tuesday. Earlier Tuesday, House Republicans chose Rep. Kevin McCarthy of California, the current minority leader, as their candidate for speaker. Thirty-one Republicans voted against McCarthy, signaling that he must shore up his support before the vote on the speakership takes place in January.  It’s an early sign of how Republicans’ narrow majority is creating turbulence for the House GOP leadership. 

    Now read: What a Republican-controlled House might mean for tech: Plenty of hand-wringing over Section 230 liability shield

    And see: DeSantis viewed as frontrunner for Republican 2024 presidential nomination after Trump’s candidates flop in midterm elections

    Plus: Senate Republicans pick Mitch McConnell as their leader, as Rick Scott’s challenge flops

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  • NASA’s mightiest rocket lifts off 50 years after Apollo

    NASA’s mightiest rocket lifts off 50 years after Apollo

    CAPE CANAVERAL, Fla. (AP) — NASA’s new moon rocket blasted off on its debut flight with three test dummies aboard early Wednesday, bringing the U.S. a big step closer to putting astronauts back on the lunar surface for the first time since the end of the Apollo program 50 years ago.

    If all goes well during the three-week, make-or-break shakedown flight, the rocket will propel an empty crew capsule into a wide orbit around the moon, and then the capsule will return to Earth with a splashdown in the Pacific in December.

    After years of delays and billions in cost overruns, the Space Launch System rocket thundered skyward, rising from Kennedy Space Center on 8.8 million pounds (4 million kilograms) of thrust and hitting 100 mph (160 kph) within seconds. The Orion capsule was perched on top, ready to bust out of Earth orbit toward the moon not quite two hours into the flight.

    The moonshot follows nearly three months of vexing fuel leaks that kept the rocket bouncing between its hangar and the pad. Forced back indoors by Hurricane Ian at the end of September, the rocket stood its ground outside as Nicole swept through last week with gusts of more than 80 mph (130 kph). Although the wind peeled away a 10-foot (3-meter) strip of caulking high up near the capsule, managers gave the green light for the launch.

    NASA expected 15,000 to jam the launch site, with thousands more lining the beaches and roads outside the gates, to witness NASA’s long-awaited sequel to Project Apollo, when 12 astronauts walked on the moon from 1969 and 1972.

    Crowds also gathered outside NASA centers in Houston and Huntsville, Alabama, to watch the spectacle on giant screens.

    Cheers accompanied the rocket as it rode a huge trail of flame toward space, with a half-moon glowing brightly and buildings shaking as though hit by a major quake.
    “For the Artemis generation, this is for you,” launch director Charlie Blackwell-Thompson called out, referring to all those born after Apollo.

    The liftoff marked the start of NASA’s Artemis lunar-exploration program, named after Apollo’s mythological twin sister. The space agency is aiming to send four astronauts around the moon on the next flight, in 2024, and land humans there as early as 2025.

    “You have earned your place in history,” Blackwell-Thompson told her team following liftoff. “You’re part of a first. Doesn’t come along very often. Once in a career maybe. But we are all part of something incredibly special: the first launch of Artemis. The first step in returning our country to the moon and on to Mars.”

    The 322-foot (98-meter) SLS is the most powerful rocket ever built by NASA, with more thrust than either the space shuttle or the mighty Saturn V that carried men to the moon. A series of hydrogen fuel leaks plagued the summertime launch attempts as well as countdown tests. A fresh leak erupted at a new location during Tuesday night’s fueling, but an emergency team managed to tighten the faulty valve on the pad. Then a U.S. Space Force radar station went down, resulting in another scramble, this time to replace an ethernet switch.

    Orion should reach the moon by Monday, more than 230,000 miles (370,000 kilometers) from Earth. After coming within 80 miles (130 kilometers) of the moon, the capsule will enter a far-flung orbit stretching about 40,000 miles (64,000 kilometers) beyond.

    The $4.1 billion test flight is set to last 25 days, roughly the same as when crews will be aboard. The space agency intends to push the spacecraft to its limits and uncover any problems before astronauts strap in. The mannequins — NASA calls them moonequins — are fitted with sensors to measure such things as vibration, acceleration and cosmic radiation.

    “There’s a fair amount of risk with this particular initial flight test,” said mission manager Mike Sarafin.

    The rocket was supposed to have made its dry run by 2017. Government watchdogs estimate NASA will have spent $93 billion on the project by 2025.

    Ultimately, NASA hopes to establish a base on the moon and send astronauts to Mars by the late 2030s or early 2040s.

    But many hurdles still need to be cleared. The Orion capsule will take astronauts only to lunar orbit, not the surface.

    NASA has hired Elon Musk’s SpaceX to develop Starship, the 21st-century answer to Apollo’s lunar lander. Starship will carry astronauts back and forth between Orion and the lunar surface, at least on the first trip in 2025. The plan is to station Starship and eventually other companies’ landers in orbit around the moon, ready for use whenever new Orion crews pull up.

    Reprising an argument that was made during the 1960s, Duke University historian Alex Roland questions the value of human spaceflight, saying robots and remote-controlled spacecraft could get the job done more cheaply, efficiently and safely.

    “In all these years, no evidence has emerged to justify the investment we have made in human spaceflight — save the prestige involved in this conspicuous consumption,” he said.

    NASA is waiting until this test flight is over before introducing the astronauts who will be on the next one and those who will follow in the bootsteps of Apollo 11’s Neil Armstrong and Buzz Aldrin.

    Most of NASA’s corps of 42 active astronauts and 10 trainees were not even born yet when Apollo 17 moonwalkers Gene Cernan and Harrison Schmitt closed out the era, 50 years ago next month.

    “We are jumping out of our spacesuits with excitement,” astronaut Christina Koch said Tuesday.

    After a nearly yearlong space station mission and all-female spacewalk, Koch, 43, is on NASA’s short list for a lunar flight. So is astronaut Kayla Barron, 35, who finally got to witness her first rocket launch, not counting her own a year ago.

    “It took my breath away, and I was tearing up,” Barron said. “What an amazing acccomplishment for this team.”

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  • University of Virginia shooting suspect in custody, university police announce

    University of Virginia shooting suspect in custody, university police announce

    CHARLOTTESVILLE, Va. (AP) — The three students killed in a shooting at the University of Virginia were all members of the school’s football team, the school’s president said.

    President Jim Ryan told a Monday morning news conference the shooting happened Sunday night on a school bus of students returning from an off-campus trip.

    The suspect has been identified as Christopher Darnell Jones Jr., who is also student.

    The incident occurred Sunday near a university parking garage. In addition to the three football players killed, two others were reported to have been wounded.

    Police went on a manhunt Monday in search of the student suspected in the attack, officials said.

    During a press conference in the 11 o’clock hour local time, the university police chief, Tim Longo, was given word that the suspect was in custody. He immediately returned to the microphone and reported that update to the assembled reporters.

    Classes at the university were canceled Monday, following the violence Sunday night, and the Charlottesville campus was unusually quiet as authorities searched for the suspect, whom university President Ryan identified as Christopher Darnell Jones Jr.

    A shelter-in-place order to the university community had been lifted less than an hour earlier after a law-enforcement search of the campus.

    In a letter to the university posted on social media, Ryan said the shooting happened around 10:30 p.m. Sunday.

    The university’s emergency management issued an alert Sunday night notifying the campus community of an “active attacker firearm.” The message warned students to shelter in place following a report of shots fired on Culbreth Road on the northern outskirts of campus.

    Access to the shooting scene was blocked by police vehicles Monday morning.

    Officials urged students to shelter in place and helicopters could be heard overhead as a smattering of traffic and dog-walkers made their way around campus.

    The university police department posted a notice online saying multiple police agencies including the state police were searching for a suspect who was considered “armed and dangerous.”

    In his letter to campus, the university president said Jones was suspected to have committed the shooting and that he was a student.

    “This is a message any leader hopes never to have to send, and I am devastated that this violence has visited the University of Virginia,” Ryan wrote. “This is a traumatic incident for everyone in our community.”

    Eva Surovell, 21, the editor in chief of the student newspaper, The Cavalier Daily, said that after students received an alert about an active shooter late Sunday night, she ran to the parking garage, but saw that it was blocked off by police. When she went to a nearby intersection, she was told to go shelter in place.

    “A police officer told me that the shooter was nearby and I needed to return home as soon as possible,” she said.

    She waited with other reporters, hoping to get additional details, then returned to her room to start working on the story. The gravity of the situation sunk in.

    “My generation is certainly one that’s grown up with generalized gun violence, but that doesn’t make it any easier when it’s your own community,” she said.

    The Bureau of Alcohol, Tobacco, Firearms and Explosives said agents were responding to the campus to assist in the investigation.

    The Virginia shooting came as police were investigating the deaths of four University of Idaho students found Sunday in a home near the campus. Officers with the Moscow Police Department discovered the deaths when they responded to a report of an unconscious person just before noon, according to a news release from the city. Authorities have called the deaths suspected homicides but did not release additional details, including the cause of death.

    On April 16, 2007, another Virginia university was the scene of what was then one of the deadliest shootings in U.S. history. Twenty-seven students and five faculty members at Virginia Tech were gunned down by Seung-Hui Cho, a 23-year-old mentally ill student who later died from a self-inflicted gunshot wound.

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  • Live Q&A: Ask us about the midterm election results, and what comes next

    Live Q&A: Ask us about the midterm election results, and what comes next

    MarketWatch readers: Ask our Washington bureau chief Robert Schroeder about the results of Tuesday’s midterm elections — and what comes next — during a live, dynamic session beginning at 11 a.m. Eastern on Wednesday.

    Before the Q&A starts, please start leaving your questions and comments here and let us know what’s on your mind.  

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  • U.S. manufacturing barely expands in October, ISM says

    U.S. manufacturing barely expands in October, ISM says

    The numbers: A closely-watched index that measures U.S. manufacturing activity fell 0.7 percentage points to 50.2 in October, according to the Institute for Supply Management on Tuesday.

    Economists surveyed by the Wall Street Journal had forecast the index to inch down to 50. Any number below 50% reflects a shrinking economy.

    It is the lowest level since May 2020.

    Key details: The index for new orders remained in contraction territory, rising 2.1 points to 47.1. The production index rose 1.7 points to 52.3.

    The employment index rose 1.3 points to 50 in October.

    Supplier deliveries fell 5.6 points to 46.8 in October. This is the first time that deliveries were in a “faster” territory since February 2016.

    The price index dropped 5.1 points to 46.6., also the lowest reading since the pandemic. Pricing power is shifting back to the buyer, the ISM said.

    Only 8 of the 18 manufacturing industries reported growth in October.

    Big picture: Manufacturing has been slowing recently led by softening business spending and fading demand for consumer goods. Economists think it is inevitable the index slips below the 50 threshold.

    In a separate data, the S&P global U.S. manufacturing PMI inched up to 50.4 in its “final” reading in October from the “flash” reading of 49.9. This is down from a reading of 52 in September.

    What ISM said: Manufacturing is slowing down and could soon enter contraction territory, but that doesn’t mean there will be a recession in the U.S., said Timothy Fiore, chair of the ISM factory business survey.

    “I don’t see a collapse of new orders. I don’t see a collapse of the PMI,” Fiore said.

    Looking ahead: “Recession jitters among manufacturers won’t disappear any time soon…manufacturing will endure more pain as demand weakens at home and abroad while prices stay high and interest rates remain fairly elevated,” said Oren Klachkin, economist at Oxford Economics.

    Market reaction: Stocks
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    -0.24%

    SPX,
    -0.41%

    were lower after the economic data. The yield on the 10-year Treasury note
    TMUBMUSD10Y,
    4.053%

    moved back above 4%.

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  • Chicago PMI weakens further in October

    Chicago PMI weakens further in October

    The Chicago Business Barometer, also known as the Chicago PMI, dropped to 45.2 in October from 45.7 in the prior month, according to data released Monday.

    Economists polled by the Wall Street Journal forecast a 47 reading. 

    Readings below 50 indicate contraction territory.

    The index is produced by the ISM-Chicago with MNI. It is released to subscribers three minutes before its release to the public at 9:45 am Eastern.

    The Chicago PMI is the last of the regional manufacturing indices before the national factory data for October is released on Tuesday.

    Economist polled by the Wall Street Journal expect the closely-watched Institute for Supply Management’s factory index to barely remain above the 50 breakeven level in October. 

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  • Cash Is the Focus as Boeing Reports Its Earnings

    Cash Is the Focus as Boeing Reports Its Earnings



    Boeing


    has reported positive free cash flow in only one quarter in more than three years. Whether the company generated more than it burned through in the three months through September, and how much it will produce in coming quarters, holds the key to the stock’s next move.

    Wednesday morning, B


    oeing


    (ticker: BA) is due to report third-quarter numbers. Wall Street is looking for earnings of about 10 cents a share from $17.8 billion in sales, a significant improvement from the second quarter, when


    Boeing


     reported an adjusted loss of 37 cents a share from sales of $16.7 billion.

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  • North Korea fires another missile, flies warplanes near border

    North Korea fires another missile, flies warplanes near border

    North Korea early Friday local time launched a short-range ballistic missile toward its eastern waters and flew warplanes near the border with South Korea, further raising animosities triggered by the North’s recent barrage of weapons tests.

    South Korea’s military also said it detected North Korea firing about 170 rounds of artillery from eastern and western coastal areas near the border region and that the shells fell inside maritime buffer zones the Koreas established under a 2018 military agreement on reducing tensions.

    The North Korean moves suggest it would keep up a provocative run of weapons tests designed to bolster its nuclear capability for now. Some experts say North Korea would eventually want the United States and others to accept it as a nuclear state, lifting economic sanctions and making other concessions.

    South Korea’s Joint Chiefs of Staff said in a statement the missile lifted off from the North’s capital region at 1:49 a.m. Friday (1649 GMT Thursday; 12:49 p.m. EDT Thursday). It said the North’s artillery firings were a clear violation of the 2018 agreement, which created buffer zones along land and sea boundaries and no-fly zones above the border to prevent clashes and that the military has boosted its surveillance and defense posture in close coordination with the United States.

    Friday’s ballistic launch extended a record number of missile demonstrations by North Korea this year as it exploits the distraction created by Russia’s war on Ukraine to accelerate its arms development and increase pressure on Washington and its Asian allies.

    In response to North Korea’s intensifying testing activity and hostility, South Korea on Friday imposed unilateral sanctions on the North for the first time in five years, targeting 15 North Korean individuals and 16 organizations suspected of involvement in illicit activities to finance North Korea’s nuclear weapons and missile program

    Japanese Defense Minister Yasukazu Hamada said the missile flew on an “irregular” trajectory — a possible reference to describe the North’s highly maneuverable KN-23 weapon modeled on Russia’s Iskander missile.

    “Whatever the intentions are, North Korea’s repeated ballistic missile launches are absolutely impermissible and we cannot overlook its substantial advancement of missile technology,” Hamada said. “North Korea’s series of actions pose threats to Japan, as well as the region and the international community, and are absolutely intolerable.”

    The South Korean and Japanese militaries assessed that the missile traveled 650 to 700 kilometers (403-434 miles) at a maximum altitude of 50 kilometers (30 miles) before landing in waters between the Korean Peninsula and Japan.

    The U.S. Indo-Pacific Command said in a statement the North Korean launch didn’t pose an immediate threat to U.S. personnel or territory, or to its allies, adding that the U.S. commitments to the defense of South Korea and Japan remain “ironclad.”

    It was the latest in a series of missile launches by North Korea in recent weeks.

    North Korea said Monday that its missile tests in the past two weeks simulated nuclear attacks on key South Korean and U.S. targets. It said the tests included a new intermediate-range missile that flew over Japan and demonstrated a potential range to reach the U.S. Pacific territory of Guam, and a ballistic missile fired from an inland reservoir, a first for the country.

    North Korea said the weapons tests were meant to issue a warning to Seoul and Washington for staging “dangerous” joint naval exercises involving a U.S. aircraft carrier.

    Friday’s launch was the North’s second since its announcement on the simulation of nuclear strikes. Some observers had predicted North Korea would likely temporarily pause its testing activities in consideration of its major ally China, which is set to begin a major political conference Sunday to give President Xi Jinping a third five-year term as party leader.

    North Korea said leader Kim Jong Un supervised the test-launches Wednesday of long-range cruise missiles that he said successfully demonstrated his military’s expanding nuclear strike capabilities.

    After the tests, Kim praised the readiness of his nuclear forces, which he said were fully prepared for “actual war to bring enemies under their control at a blow” with various weapons systems that are “mobile, precise and powerful.” He also vowed to expand the operational realm of his nuclear armed forces, according to KCNA.

    The urgency of North Korea’s nuclear program has grown since it passed a new law last month authorizing the preemptive use of nuclear weapons over a broad range of situations.

    Most of the recent North Korean tests were mostly of short-range nuclear-capable missiles targeting South Korea. Some experts say North Korea’s possible upcoming nuclear test, the first of in five years, would be related to efforts to manufacture battlefield tactical warheads to be placed on such short-range missiles.

    These developments sparked security jitters in South Korea, with some politicians and scholars renewing their calls for the U.S. to redeploy its tactical nuclear weapons in South Korea as deterrence against intensifying North Korean nuclear threats.

    South Korea’s Joint Chiefs of Staff said in a separate statement that North Korea had flown warplanes, presumably 10 aircraft, near the rivals’ border late Thursday and early Friday, prompting South Korea to scramble fighter jets.

    The North Korean planes flew as close as 12 kilometers (7 miles) north of the inter-Korean border. South Korea responded by scrambling F-35 jets and other warplanes, according to the Joint Chiefs of Staff.

    There were no reports of clashes. A similar incident took place last week, but it was still uncommon for North Korea to fly its warplanes near the border. Also, in the previous flight last week, North Korean warplanes flew much farther away from the border.

    North Korea’s military early Friday accused South Korea of carrying out artillery fire for about 10 hours near the border. It didn’t say whether the artillery fire was an exercise or firing at North Korea. The North Korean military said it took unspecified “strong military countermeasures” in response.

    “The (North) Korean People’s Army sends a stern warning to the South Korean military inciting military tension in the front-line area with reckless action,” an unidentified spokesman for the General Staff of the Korean People’s Army said in a statement carried by KCNA.

    The public affairs office at the South Korean Defense Ministry said it had no immediate comment.

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  • Midterm elections: Republicans regain edge over Democrats in generic ballot, scoring biggest advantage in 2 months in key indicator

    Midterm elections: Republicans regain edge over Democrats in generic ballot, scoring biggest advantage in 2 months in key indicator

    The Republican Party has an edge again in the generic ballot, and that advantage has reached a level last seen in late July, according to a RealClearPolitics average for that closely watched indicator.

    That could be another sign that the GOP may be getting back some momentum as November’s midterm elections approach, after Democratic prospects improved during the summer.

    Republicans are now scoring 46.0% support in the RCP average of generic ballots, a percentage point ahead of Democrats at 45.0%.

    The GOP hit a 1-point edge last Wednesday, then saw a dip, but as of Tuesday was back at that level, as shown in the chart below.

    It’s not a big advantage, but it’s the best showing for Republicans in RCP’s data for generic ballots since July 28, as Democrats had the advantage for much of August and September.

    Related: If this seat flips red, Republicans will have ‘probably won a relatively comfortable House majority’

    Also read: ‘Republican control of the House is not a foregone conclusion,’ says political analyst


    RealClearPolitics

    The generic ballot refers to a poll question that asks voters which party they would support in a congressional election without naming individual candidates. Analysts tend to see it as a useful indicator.

    Other websites focused on political analysis and forecasting, such as FiveThirtyEight, still show Democrats with an edge in their data for generic ballots.

    Election Day for the midterm contests is now five weeks away. Democrats have focused their campaigns on abortion rights after the Supreme Court’s June decision that overturned Roe v. Wade, while Republicans have seized on Americans’ frustration with high inflation.

    The additional chart below is interactive and shows RCP’s data for the generic ballot over a longer time frame.

    Related: Biden to talk up Democrats’ support for abortion rights, with midterm elections now just 5 weeks away

    And see: New poll finds just 30% of Americans approve of how Biden is handling inflation

    Plus: Republicans’ chances for taking control of Senate rebound to 46%, a level last seen about 8 weeks ago

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  • These 20 stocks in the S&P 500 tumbled between 20% and 30% in September

    These 20 stocks in the S&P 500 tumbled between 20% and 30% in September

    Stocks declined again on Friday, closing out September with large losses across the board as the rally from the June lows partway through August faded into memory.

    The S&P 500
    SPX,
    -1.51%

    fell 1.5% on Friday. The benchmark index slumped 9.3% for September, leading to a 2022 loss of 24.8%. The Dow Jones Industrial Average
    DJIA,
    -1.71%

    gave up 1.7% on Friday, for a September decline of 8.8%. The Dow has now fallen 20.9% for 2022. The Nasdaq Composite Index
    COMP,
    -1.51%

    pulled back 1.5% on Friday for a September drop of 10.5% and a year-to-date plunge of 32.4%. (All price changes in this article exclude dividends.)

    Below is a list of stocks in the S&P 500 that fell the most during September.

    It was the worst September performance for U.S. stocks since 2008, according to Dow Jones Market Data. William Watts looked back to see what poor performance during September may portend for October.

    Real estate leads the sector bloodbath

    All sectors of the S&P 500 were down during September, including five that fell by double digits:

    S&P 500 sector

    Sept. 30 price change

    September price change

    2022 price change

    Real Estate

    1.0%

    -13.6%

    -30.4%

    Communication Services

    -1.7%

    -12.2%

    -39.4%

    Information Technology

    -1.9%

    -12.0%

    -31.9%

    Utilities

    -2.0%

    -11.5%

    -8.6%

    Industrials

    -1.3%

    -10.6%

    -21.7%

    Energy

    -0.9%

    -9.7%

    30.7%

    Materials

    -0.3%

    -9.6%

    -24.9%

    Consumer Staples

    -1.8%

    -8.3%

    -13.5%

    Consumer Discretionary

    -1.8%

    -8.1%

    -30.3%

    Financials

    -1.1%

    -7.9%

    -22.4%

    Health Care

    -1.4%

    -2.7%

    -14.1%

    S&P 500

    -1.5%

    -9.3%

    -24.8%

    Source: FactSet

    Worst performers in the S&P 500 in September
    Company

    Ticker

    Sept. 30 price change

    September price change

    2022 price change

    Decline from 52-week intraday high

    Date of 52-week intraday high

    FedEx Corp.

    FDX,
    -2.52%
    -2.5%

    -29.6%

    -42.6%

    -44.4%

    01/05/2022

    V.F. Corp.

    VFC,
    -2.73%
    -2.7%

    -27.8%

    -59.2%

    -62.1%

    11/16/2021

    Lumen Technologies Inc.

    LUMN,
    -1.36%
    -1.4%

    -26.9%

    -42.0%

    -49.8%

    11/05/2021

    Ford Motor Co.

    F,
    -2.35%
    -2.4%

    -26.5%

    -46.1%

    -56.7%

    01/13/2022

    Charter Communications Inc. Class A

    CHTR,
    -2.96%
    -3.0%

    -26.5%

    -53.5%

    -59.8%

    10/07/2021

    Adobe Inc.

    ADBE,
    -1.10%
    -1.1%

    -26.3%

    -51.5%

    -60.7%

    11/22/2021

    Carnival Corp.

    CCL,
    -23.25%
    -23.3%

    -25.7%

    -65.1%

    -73.5%

    10/01/2021

    CarMax Inc.

    KMX,
    +1.32%
    1.3%

    -25.4%

    -49.3%

    -57.7%

    11/08/2021

    Advanced Micro Devices Inc.

    AMD,
    -1.22%
    -1.2%

    -25.3%

    -56.0%

    -61.5%

    11/30/2021

    Caesars Entertainment Inc.

    CZR,
    -0.49%
    -0.5%

    -25.2%

    -65.5%

    -73.1%

    10/01/2021

    Boeing Co.

    BA,
    -3.39%
    -3.4%

    -24.4%

    -39.9%

    -48.2%

    11/15/2021

    WestRock Co.

    WRK,
    -1.56%
    -1.6%

    -23.9%

    -30.4%

    -43.6%

    05/05/2022

    International Paper Co.

    IP,
    -1.22%
    -1.2%

    -23.8%

    -32.5%

    -44.0%

    10/13/2021

    Western Digital Corp.

    WDC,
    +1.15%
    1.1%

    -23.0%

    -50.1%

    -53.1%

    01/05/2022

    Newell Brands Inc.

    NWL,
    -0.57%
    -0.6%

    -22.2%

    -36.4%

    -47.5%

    02/16/2022

    Eastman Chemical Co.

    EMN,
    +0.34%
    0.3%

    -21.9%

    -41.2%

    -45.1%

    01/19/2022

    Nike Inc. Class B

    NKE,
    -12.81%
    -12.8%

    -21.9%

    -50.1%

    -53.6%

    11/05/2021

    Seagate Technology Holdings PLC

    STX,
    -2.11%
    -2.1%

    -20.5%

    -52.9%

    -54.8%

    01/05/2022

    PVH Corp.

    PVH,
    -3.55%
    -3.6%

    -20.4%

    -58.0%

    -64.3%

    11/05/2021

    Dish Network Corp. Class A

    DISH,
    -2.19%
    -2.2%

    -20.3%

    -57.4%

    -70.1%

    10/04/2021

    Source: FactSet

    Click on the tickers for more about each company, including developments that led to their share-price declines.

    Click here for Tomi Kilgore’s detailed guide to the wealth of information for free on the MarketWatch quote page.

    FedEx Corp.
    FDX,
    -2.52%

    tops the list because of investors’ harsh reaction to the company’s sales and profit warning on Sept. 16. Claudia Assis and Greg Robb explained the implications of FedEx’s warning for the broad economy.

    Shares of Carnival Corp.
    CCL,
    -23.25%

    fell 23% on Friday (for a September decline of 26%) after the cruise giant again reported sales and earnings below what analysts had expected, even though it reported increasing its capacity usage to 92%.

    Nike Inc.
    NKE,
    -12.81%

    was down 13% on Friday for a September decline of 22%, after the company warned that discounting to clear inventory would continue to affect its earnings performance. Here’s how analysts reacted.

    Adobe Inc.
    ADBE,
    -1.10%

    made the list because of investors’ doubt about its dilutive $20 billion deal to acquire Figma.

    The bulk of CarMax’s
    KMX,
    +1.32%

    drop for the month came on Sept. 29, after the used-car dealer missed sales and earnings estimates and indicated that consumers were beginning to resist high prices.

    Don’t miss: Dividend yields on preferred stocks have soared. This is how to pick the best ones for your portfolio.

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