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5 things for February 6: Stock market, Dem memo, Syria, Jacob Zuma, Olympics
Global markets tumbled this morning, following the stunning 1,175-point drop of the Dow. That was its worst point drop on record for one day. The 4.6% decline was the stock market's worst day since August 2011 and wiped out all this year's gains. It also erased a quarter of the "Trump rally." It's unclear what will happen today: US futures were down overnight, then started to recover.
Why is this happening? The hot economy may be a little too hot. Unemployment's so low that we finally saw decent wage growth in the latest jobs report, sparking inflation fears. And that, in turn, worries investors that the Fed will be more aggressive in raising interest rates to cool everything down.
So, what should you do? Probably nothing. It's best to play the long game with stocks, and the market had been so hot that it had to cool down eventually.
That Democratic memo rebutting GOP allegations of FBI abuses got the OK from the House Intelligence Committee to be released. Now, it heads to President Trump for review. Will he release it? The consensus seems to be that he will -- but with a lot of redactions. Dems worry Trump will block out not just sensitive stuff but also things that are politically inconvenient for the GOP.
Meanwhile, House Republicans plan a vote today on yet another short-term spending bill to keep the government open. The government shuts down Thursday unless a spending deal is reached. The bill, which would keep the lights on through March 23, would also fund the military for a full year. That'd pass the House, but it'd be DOA in the Senate. Combine that with lingering uncertainty over a DACA deal, and, well, who knows how this will play out.
Are civilians in Syria being attacked with chemical weapons again? The Syrian National Coalition, made up of opposition groups, thinks so and wants the UN to stop it. There were reports over the weekend that chlorine gas attacks took place in Idlib province, but CNN hasn't independently verified those claims. Russia, an ally of Syria's government, has ramped up airstrikes there after one of its pilots was shot down and later killed in an exchange of gunfire.
South African President Jacob Zuma is in a fight. His party, the African National Congress, may try to oust him tomorrow. Senior members of the party tried to get him to resign over the weekend, but he refused. His supporters clashed with party activists outside the ANC headquarters in Johannesburg. So, why is he in trouble? There are many reasons, with the main one being years of corruption allegations against him.
Meantime, officials in Cape Town pushed back their projections for "Day Zero" -- the day the South African city's taps are expected to run dry -- to May 11, citing a decline in agricultural water use.
Amid flu fears, the Olympic facilities in Pyeongchang, South Korea, now battle a norovirus outbreak, just days before the Games start. At least 41 security guards have been hospitalized with vomiting and diarrhea. To stop the disease's spread, the other guards have been pulled and replaced with 900 military personnel.
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Love him like a rock
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Watch and learn
Watch these cats watch a Japanese chef make homemade tofu. (Click to view.)