Wall Street drops to its worst day since June after the sell-off for tech stocks deepens

NEW YORK (AP) — The sell-off for tech stocks on Wall Street got even worse on worries that the frenzy around AI sent prices too high. The S&P 500 dropped 1.8% Friday for its worst day since June. The Nasdaq composite fell 2.9%, while the Dow Jones Industrial Average dropped 1.1%. Intel plunged to its biggest loss since 1974 after giving a profit forecast that fell below analysts’ expectations, while Amazon’s latest profit report raised more worries about how much companies are spending on their AI Investments. Treasury yields sank as investors searched for safer things to own, even though oil prices rose.

Amazon offers cautious view after disappointing 3Q results but delivers strong cloud growth

NEW YORK (AP) — Amazon offered a cautious sales outlook for the current fourth quarter that encompasses the critical holiday shopping period after delivering fiscal third-quarter results that came in below Wall Street analysts’ expectations. The Seattle-based company, however, posted strong growth in its prominent cloud computing unit. Sales in the cloud computing unit, called Amazon Web Services, or AWS, rose 39.3% during the latest quarter ending Sept. 30, higher than the 37% clip during the previous quarter. The company said it marked the fastest growth rate in nearly five years.

Long accused of abetting crypto crimes, Binance has now become a victim

NEW YORK (AP) — Binance and its billionaire founder have long been accused of profiting off crypto criminals. Now they have become victims. Targeted in what looks like the largest cryptocurrency heist in history, Binance and Changpeng Zhao have been front-page news for most of the crypto exchange’s short history. He and his company have been accused of looking the other way as the exchange was used by drug traffickers, child abusers, terrorists and money launderers. Now in a curious turn of fate, the alleged abettor of crypto crimes has become a target as details suggest North Korea is behind a massive bitcoin theft.

China’s factory activity slips as new export orders weaken

BEIJING (AP) — China's factory activity contracted in October, reversing the previous month's reboujnd. The National Bureau of Statistics reported Saturday that the official purchasing managers' index fell to 49.3, down from 50.1 in September. A PMI below 50 indicates contraction. Key subindexes, like new export orders and production, also showed declines. Chinese companies have been exporting more due to weakened domestic demand, but this has led to complaints from trading partners about trade deficits. The European Union has been particularly vocal with demands to rebalance trade. Some economists have predicted China's exports will remain strong for the rest of this year despite ongoing trade tensions.

Europe's economy brushes off energy shock from Iran war, shows moderate growth in Q3

FRANKFURT, Germany (AP) — Europe’s economy persevered with moderate growth in the third quarter despite higher oil prices from the US-Iran war, as gross domestic product increased by 0.4% over the quarter before. The figure released Friday for the 21-country eurozone was better than the 0.2% expected by market analysts. Compared to the same quarter a year ago, the economy of the 21 countries using the euro grew by 1.3% in the July-September period, according to EU statistics agency Eurostat.

ExxonMobil and Chevron top Q3 estimates on higher prices and strong output

ExxonMobil and Chevron both reported better than expected quarterly results Friday as the oil majors benefited from higher prices and record production. Besides the disruption caused by the wars in Iran and Ukraine that have driven up the cost of fuel, Exxon is also seeing strong production in its fields in Guyana and the Permian Basin in the Southwest. Chevron said its results include one month of production in Venezuela where it’s making a big investment.

Frances Tiafoe supports young tennis players' careers while still building his own

Frances Tiafoe may still be waiting for his first Grand Slam championship, but the American tennis star has already celebrated a meaningful career milestone. His Frances Tiafoe Fund, which supports tennis programs for young people in underresourced communities, recently passed $1 million in funds raised, only three years after its launch. Tiafoe, who made his third trip in the past five years to the U.S. Open semifinals this summer, first started playing tennis when he was 4 years old at the Junior Tennis Champions Center in College Park, Maryland. His father was the center’s head of maintenance after immigrating from Sierra Leone in 1996.

Starbucks says US sales remain a bright spot as quarterly revenue falls short of forecasts

Strong U.S. demand pumped up Starbucks’ results in its fiscal fourth quarter, but the coffee giant still fell short of revenue expectations. The Seattle coffee giant said global same-store sales rose 7.2% for the July-September period, which was higher than the 6% increase Wall Street was expecting, according to analysts polled by FactSet. That was largely due to strong demand in the U.S., where same-store sales jumped 7.7%. International same-store sales rose less than 1%, and Starbucks noted a 2.8% decline in international store traffic. Net revenue fell 4% for the quarter to $9.1 billion. Starbucks said that was mostly due to the transfer of its China business to a joint venture.

Dockworkers worldwide strike against arms shipments and to demand better working conditions

PARIS (AP) — Dockworkers are staging strikes as part of an international campaign against arms shipments and to demand better working conditions. Unions in countries like France, Italy, Greece, Spain, Turkey, and Morocco are calling for an end to the militarization of ports. They say more than 100 ports are participating, which could affect operations in Europe, North Africa, and North America. The scale of disruption remains unclear, but experts expect limited impact on the global supply chain. They say the strikes add complexity to supply chains already under pressure from geopolitical tensions and climate-related events.

European Central Bank head resigns, allowing EU leaders to choose successor before French election

FRANKFURT, Germany (AP) — European Central Bank President Christine Lagarde will resign nine months before her term ends. The ECB announced Thursday that Lagarde will leave on February 7. Her departure opens the way for European leaders to choose a successor ahead of France's presidential election next year. Lagarde's resignation is expected to lead to complex political negotiations over her successor and replacements for two other top officials leaving next year. The ECB president leads the bank's governing council, which sets interest rates for the 21 countries using the euro. European Council President Antonio Costa said the selection process will proceed without delay.