Williams have submitted a ‘Right of Review’ request over the penalty handed out to Carlos Sainz for a clash with Racing Bulls rival Liam Lawson during the Dutch Grand Prix.
Lawson and Sainz were running in seventh and eighth respectively following a Safety Car period at the end of Lap 26, with Sainz getting a run on Lawson into the Zandvoort Circuit’s first corner.
With Lawson defending on the inside, Sainz went to the outside line in an attempt to slot ahead, only for the front-right of the Williams to clip the rear-left of the Racing Bulls car mid-corner.
Both drivers suffered punctures as a result of the contact and were forced to limp back to the pits, after which they dropped a lap down and crossed the line outside the points-paying places in 12th and 13th respectively.
Sainz was subsequently deemed at fault for the incident and handed a 10-second penalty, which prompted frustrated radio messages from the Spaniard, whose Williams team have now sought a review of the situation.
“We can confirm we have submitted a Right of Review to the FIA relating to Carlos’ penalty in Zandvoort,” read a note issued by Williams to the media ahead of the Italian Grand Prix.
“It is important for us to understand how to go racing in future, and we are hopeful of a positive outcome.”
Further information over the review – and when it will take place – has yet to be communicated by F1’s governing body, the FIA.
As modern military and aerospace operations increasingly depend on seamless communication and real-time intelligence, fiber optics are enabling faster, more secure, and more reliable data exchange. In contrast with traditional copper cables, which are heavier and bandwidth-limited, fiber optics offer lightweight, high-performance connectivity for a range of applications, including remote bases, advanced uncrewed aerial systems (UASs), and wearable tech. Fiber is transforming how personnel, command centers, and autonomous systems stay connected, even in the most demanding scenarios.
The world is rapidly becoming more technologically interconnected, and the military is no exception: Modern military operations are increasingly dependent on having a seamless, secure exchange of information to connect personnel, autonomous systems, command centers, and intelligence networks in real time.
Meeting the needs of communication networks across military bases and other operational areas requires an advanced technological infrastructure – one that has gradually become reliant on next-generation fiber optic cables. The use of fiber optics continues to grow swiftly across all sectors: According to Global Market Insights, the aerospace and defense fiber optics market, valued at $6 billion in 2024, is projected to be worth $15.8 billion by the end of 2034. (Figure 1.)
[Figure 1 ǀ A market forecast shows that the defense and aerospace fiber-optics market continues to grow rapidly, with the expectation that the market will more than double in size over the next decade (2025-2034).]
With high-bandwidth applications like radar, electronic warfare (EW), unmanned systems, and space-based platforms requiring the ability to transmit ever-greater volumes of data across increasingly complex platforms, fiber optics are constantly evolving to meet that challenge.
Fiber versus copper
In decades past, military installations used only copper cable architectures, which tend to be less expensive than fiber optics. The method by which fiber optics transmit data – converting electrical signals into light, sending them along hair-thin strands of glass, then converting them back into electrical signals at the other end – enables signals to travel further than traditional copper systems, with greater bandwidth and less signal degradation.
Fiber’s ability to transmit data over long distances makes it a smart option for military bases, ships, and aircraft, which are often located in isolated or extreme environments where infrastructure is limited or signal amplification is difficult. Fiber is also markedly more lightweight than copper cable, an important distinction for drones, satellites, wearable gear, and mobile command units, where saving weight in wiring can allow for easier transport or create room for other onboard features. (Figure 2.)
Also, crucially, the use of fiber increases the security of classified or mission-critical data communications, since it’s significantly more difficult to tap into than copper. In addition, fiber’s resistance to electromagnetic interference (EMI) makes it a logical choice for radar, shipboard systems, and EW systems because it prevents disruptions both natural (lightning strikes) and human-made (electronic jamming).
[Figure 2 ǀ A fiber versus copper table shows that, especially for military uses where large amounts of data need to be securely transmitted over long distances, fiber optics conveys many benefits over RF cables.]
Replacing an aging infrastructure
While many military installations and networks have already upgraded from older copper cable architectures to fiber optics, an aging infrastructure remains in place in many areas.
Even the fiber-optic cable currently in place at military facilities falls short of the capabilities offered by newer generations of multimode fiber. Today’s fiber is capable of higher speeds and greater data capacity, which are needed to support artificial intelligence (AI)-driven tools, real-time data integration, secure communications and other next-generation military technologies.
The still-common OM1 fiber optic cable was introduced in 1989, and at the time set a new standard for multimode fiber, which is designed to carry multiple light signals simultaneously through its relatively large (62.5 micrometer) core. Over short distances, it can support data speeds of as fast as 10 Gb/sec.
In contrast, the newest generation of multimode fiber optics, OM5, is engineered for high-speed data transmission over multiple wavelengths, enabling a minimum of 28 Gb/sec per channel and as high as 100 Gb/sec over 150 meters (492 feet), making it ideal for modern, data-heavy military or enterprise networks. Its core is also comparatively smaller than OM1 fiber, at 50 micrometers. OM5’s support for wavelength-division multiplexing, which divides multiple streams of information into different wavelengths of laser light, means that a massive amount of data can be sent across military systems with extremely low latency. (Figure 3.)
[Figure 3 ǀ A photo shows OM5 (lime, on right), the most recent generation of multimode fiber optics, which – while it has a slightly smaller diameter than its 1980s-era predecessor OM1 (orange, on left) – is capable of significantly faster data transmission.]
Advancing past obstacles
Over decades of use, fiber optics have advanced to overcome some of their traditional challenges in defense applications. While fiber’s glass core can make it more susceptible to breakage than copper, and connections can be disrupted more easily in high-vibration environments like helicopters or ship engine rooms, today’s fiber cables are well-protected enough to withstand rugged conditions and can be easily spliced or reterminated if damaged.
Aligning two fiber-optic fibers requires extremely high precision to minimize signal loss and preserve the integrity of the laser light. However, advances in connector and termination technology have vastly improved alignment accuracy and reliability, making it easier to maintain high-speed data transmission.
Fiber optics are also susceptible to contamination from particles as small as a speck of dust, which can degrade performance. However, with proper handling, regular inspection, and cleaning, these risks can be effectively minimized, thereby ensuring reliable, high-quality signal transmission even in demanding environments.
Innovations in fiber optics
Continued advancement in fiber optics is positioning the technology for even broader deployment across military and aerospace systems.
New polishing techniques and connector designs are helping to minimize signal loss, which is essential in applications like radar and EW where timing and fidelity are critical. While interconnects have historically been a weak link, these innovations are enabling ultra-low-loss fiber assemblies that can meet even the most stringent performance requirements. This advance will be especially relevant for naval systems, where fiber often needs to span considerable distances across a ship or link remote sensors with minimal latency.
Bend-insensitive fiber (BIF), which addresses fiber’s historical sensitivity to tight turns, has gone from being a specialized product to an industry standard for multimode fiber. BIF can enable a much tighter bend radius when routing in cramped areas, which makes it helpful for use in aircraft avionics bays and on naval vessels. It’s resilient enough that even tight U-turns or loops won’t result in performance loss.
Similarly, branched-fiber configurations continue to evolve as fiber-optic technology advances. These configurations enable more flexible routing and branching of optical fibers, supporting scala-ble and adaptable network architectures. This flexibility helps with system expansion and efficiently uses available space, benefits that are valuable in demanding military and aerospace environments where compactness and reliability are critical.
The next likely innovation in optical fiber branching will involve technologies that enable branching and merging between different types of optical fibers – such as those with varying core diameters or modal properties – while minimizing signal loss and avoiding communication interruptions. These advancements will significantly broaden the range of fiber types that can be interconnected, compared to current limitations.
Meeting the supply challenges of the future
Despite these advances, adoption in the defense world remains gradual, a principal reason being the complexity of military procurement processes, which can involve years of documentation, testing, and approvals.
When upgrades do make it to completion, the benefits can be considerable. One recent example is the ongoing 2025 “Fiber Deep” project on Joint Base Pearl Harbor-Hickam, Hawaii, a base-wide fiber-optic installation undertaking that is expected to save the base as much as $10 million in reduced upkeep and repair costs while increasing network resilience and protecting against cyberthreats.
Military and aerospace connectivity increasingly demands not only high data-transmission speeds and low latency, but also vigorous resilience against interference and unauthorized access. The next generation of fiber optics is capable of delivering all these benefits and more, helping to future-proof military and aerospace networks in order to meet tomorrow’s challenges.
Diana Nottingham is a fiber-optics product line manager for Infinite Electronics, a global provider of connectivity solutions. Diana has more than 15 years of experience in product management and marketing, with a focus on creating and delivering innovation for the optoelectronic and interconnect industry. Infinite Electronics is the parent company for nearly 20 brands, including Integra Optics, which offers reliable transceivers and fiber optic components; and Transtector and Polyphaser, which offer high-performance AC, DC, data, and RF surge protection and connectivity products. Readers may reach the author at [email protected].
Irish-born punter Daniel Whelan has signed a contract extension worth $7 million with the Green Bay Packers.
Whelan, a native of Enniskerry, Co Wicklow, has put pen to paper on a three-year deal which will keep him at Lambeau Field until 2028.
The extension has a total value of $7 million with a guaranteed figure of $2 million. The new money elevates Whelan towards the top end of NFL punters in terms of annual average.
Whelan, aged 26, is entering his third year with the Packers. His two seasons so far are among the top three single year averages for punting yards in Green Bay history.
According to the Packers, his 46.2 yard average in 2023 was the second best season in team history, while his 46.1 yard average a year later ranks third. Of all players to have recorded 100+ punts with the team, Whelan has the top punting average. Last season, the Wicklow man became the first punter in Packers history to average more than 46 yards per punt.
Whelan entered the NFL in 2022 when signing for the New Orleans Saints during preseason. He was cut before final rosters were named, spending that season with the DC Defenders in the lower ranked XFL. His performances there saw him picked up by Green Bay, where he subsequently made the regular season roster.
When lining out in 2023, Whelan became the first Irish-born NFL player in a regular season game since 1985. He lived in Ireland until the age of 13 before moving to California due to his mother’s work. Whelan first started punting aged 16 and earned a scholarship to University of California Davis.
He will feature in the Packers’ regular season opener against the Detroit Lions on Sunday.
Mark Zuckerberg and other AI boosters show they’re players by spending money – not by making profits
We are much further from artificial general intelligence than Mark Zuckerberg, Sam Altman and other tech leaders claim.
During the dot-com bubble, companies showed they were players not by making a profit but by spending money – especially other people’s money. The more you spent, the more important you were.
At the time, one of co-author Gary’s friends told him in all seriousness that making a profit was “so old-economy.” His startup spent money as fast as he could raise it – on stylish offices, ergonomic tables, Aeron chairs, extravagant parties and advertisements for products that didn’t yet exist.
Now we have the AI bubble, where money-losing companies are said to be valued in the hundreds of billions of dollars. As during the dot-com bubble, AI companies show they are players by spending money, not by making profits. One reflection of this current mindset is the drunken-sailor spending for AI engineers and researchers – most notably by Meta Platforms (META) CEO Mark Zuckerberg, who recently signed a 24-year-old AI researcher for $250 million over four years – $35 million more than NBA megastar Stephen Curry’s four-year contract.
The Meta Superintelligence Labs, or MSL, is Zuckerberg’s moonshot to surpass OpenAI, Alphabet’s Google (GOOG) (GOOGL), Anthropic, Microsoft (MSFT) and others in the race to dominate artificial general intelligence. Zuckerberg reportedly has been dangling $100 million bonuses to poach AI talent from competitors (including OpenAI, Google and Anthropic), though Dario Amodei, Anthropic’s CEO, recently claimed that his team has consistently declined the offers” and that some staff wouldn’t even talk to Zuckerberg.
Meta reportedly has now implemented a hiring freeze after its spree, but it’s hardly alone in this intellectual arms race. Microsoft hired two dozen from Google, while dozens more researchers have played musical chairs among AI companies – to the degree that, according to a Financial Times report, some freshly arrived Meta recruits have swiftly made exits. The Wall Street Journal reported that the median annual salary for engineers rose to $280,000 from $220,000 between August 2022 and early 2024. The Journal story quotes one recruiter saying that “the median salary for six candidates who had consulted the career-services platform about job offers from OpenAI was $925,000 including bonus and equity.”
These AI salaries far outpace those given to famous researchers of the past, even when adjusted for inflation. For example, Meta’s $250 million man is getting 327 times what Robert Oppenheimer earned while developing the atomic bomb, five times Thomas Watson’s peak compensation as CEO of IBM (IBM) in 1941, and many times more than what Claude Shannon was paid in 1948 when he created information theory at Bell Labs.
Why spend so much money? Today’s tech bros believe that artificial general intelligence is imminent and want to be the first to commercialize it. This relies on three questionable assumptions: that AGI is imminent; that the commercial value of large language models, or LLMs, will be far larger than the costs; and that only the best of the best researchers can get us where we want to go.
ChatGPT and other large language models are incapable of understanding how the text they input and output relate to the real world we live in.
As for AGI being imminent, Yann LeCun, vice president and chief AI scientist at Meta, has called AI “dumber than a cat” and said that it will be years before artificial general intelligence is achieved. It is increasingly recognized that scaling up on larger and larger databases will not get us to AGI. If anything, training on databases that have been increasingly polluted by LLM rubbish may create a rubbish cycle.
ChatGPT and other large language models are not designed to understand – and, in practice, are incapable of understanding – how the text they input and output relate to the real world we live in. They consequently cannot be relied on for tasks that require critical thinking or even common sense. Realizing this, LLM companies use thousands of “trainers” to put millions (perhaps billions) of bandages on LLM missteps, and build in links to calculators that can make accurate mathematical calculations (if given the right inputs, which is still dodgy). None of this will give LLMs intelligence in any meaningful sense of the word.
Regarding the assumption that the commercial value of LLMs will be far larger than the costs, their inherent stupidity makes it risky to trust LLMs for decisions in which mistakes are costly. For example, OpenAI CEO Sam Altman has been touting the use of ChatGPT for medical advice – but a recent paper reported that a man following ChatGPT’s advice stopped eating salt and began eating bromide instead and nearly died from bromide poisoning.
Few people would trade indoor plumbing for a smartphone. Would you trade indoor plumbing for ChatGPT?
It is difficult to imagine a large commercial payoff from a gee-whiz technology that can’t be trusted to do consequential things. Economic history is filled with great products and services that aren’t glitzy but provided great value – for example, economist Robert Gordon notes that few people would trade indoor plumbing for a smartphone. Would you trade indoor plumbing for ChatGPT?
The third assumption – that only the best of the best can get us where we want to go – is actually an admission that we are much further from AGI than what the tech bros claim. A history of Bell Labs noted that, during its heyday in the 1950s, it emphasized Midwestern farm boys rather than top academic degrees when hiring talent, and yet the research done there by people who were paid modest salaries led to 11 Nobel prizes. Transistors, integrated circuits, lasers, LEDs, the internet and countless other great technologies were each successfully commercialized by thousands of engineers, many of whom were paid modestly and highly respected only long after the fact.
Why does anyone believe AI should be different? Clearly, when the history of the AI bubble is written, future generations will surely be amused.
More: AI stocks are in a bubble. Why are so many investors refusing to believe it?
Also read: It’s time to face the truth: American consumers have been gloomy for quite some time
-Jeffrey Funk -Gary Smith
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THE WOODLANDS, Texas, Sept. 4, 2025 /PRNewswire/ — Huntsman Corporation (NYSE: HUN) announced today that Julia Wright will join Huntsman as Executive Vice President, General Counsel and Secretary effective on October 13, 2025. Ms. Wright will succeed Huntsman’s current General Counsel, David Stryker, who has announced his retirement effective at the end of the year. Mr. Stryker will move into the Chairman’s Office to serve as Executive Vice President, Strategic Initiatives, pending his retirement.
Ms. Wright has over 15 years of senior executive experience, most recently at ChampionX Corporation, a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies. Ms. Wright served as Senior Vice President, General Counsel and Secretary at ChampionX, where she was responsible for the legal organization, including corporate governance, compliance, trade compliance, litigation, M&A, employment, commercial, intellectual property, shareholder engagement, and SEC filings until ChampionX was acquired by SLB (formerly Schlumberger) on July 16, 2025. Ms. Wright joined ChampionX in 2018 and previously served as Vice President and General Counsel at Nabors Industries. Ltd., a leading provider of advanced technologies to the energy industry. Ms. Wright started her career at Vinson and Elkins in Dallas, Texas, and also worked at Baker McKenzie.
Mr. Stryker will support Ms. Wright in the transition of the legal department and focus on strategic initiatives and opportunities at the corporate level. Mr. Stryker has served as the Company’s General Counsel since June 2013.
Peter R. Huntsman, our President, CEO and Chairman, commented:
“David Stryker has served this Company extraordinarily well during his tenure here as General Counsel. By defending shareholder rights and collecting exceptional legal victories, David’s expertise has materially strengthened our balance sheet and added significant value. David’s tenacity and influence across our entire Company has left us a far better Company than we otherwise would have been. I look forward to my continued work with David as we further execute our strategic objectives.”
Mr. Huntsman further commented:
“I’m looking forward to having Julia Wright serve as our new General Counsel. Our senior officers and board members have been impressed with Julia while getting to know her. The most senior lawyer at Huntsman Corporation has always played a vital role in our Company far beyond ordinary course legal responsibilities and, during her tenure at ChampionX, Julia played a pivotal role in establishing and developing a full-service legal and compliance function, building talent at every level in the organization. She essentially created the function from its inception in 2018, when Apergy separated from Dover in a tax-free spin, negotiated the multibillion-dollar acquisition of Ecolab’s upstream chemical business two years later, and continued to guide the organization through the successful completion of its sale to SLB earlier this year. Given her experience at ChampionX, Nabors Industries and in private practice, I have no doubt that Julia will continue building our legal department to safeguard our Company and further enhance shareholder value.”
About Huntsman: Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2024 revenues of approximately $6 billion. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 60 manufacturing, R&D and operations facilities in approximately 25 countries and employ approximately 6,300 associates within our continuing operations. For more information about Huntsman, please visit the company’s website at www.huntsman.com.
Forward-Looking Statements: Certain information in this release constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on management’s current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company’s operations, markets, products, services, prices and other factors as discussed under the caption “Risk Factors” in the Huntsman companies’ filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of Huntsman’s operations, including any delay of, or other negative developments affecting the ability to implement cost reductions, timing of proposed transactions, and manufacturing optimization improvements in Huntsman businesses and realize anticipated cost savings, and other financial, economic, competitive, environmental, political, legal, regulatory and technological factors. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.
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Huawei’s second-generation trifold phone is here. The Mate XTs is now available, just shy of a year since Huawei’s first trifold phone was released in September 2024.
The trifold phone isn’t much different from the Mate XT, but there are two big upgrades that take the spotlight. The Mate XTs will let you use a stylus on the phone’s folding screen, and comes in purple, red, black and white. It runs on HarmonyOS 5.1, which Huawei calls a “PC-level” experience, and has a new M-Pen 3 stylus.
“In the free multi-window mode, application windows can be stacked, resized and quickly switched allowing PC-like efficiency at any time,” Huawei said in a press release about HarmonyOS 5.1.
The Huawei Mate XTs.
Huawei
The Mate XTs also reportedly has an upgraded chip, the Kirin 9020. There’s also reportedly a 40MP camera.
The Mate XTs is now available for preorder in China and will launch on Sept. 12. Its starting price is 17,999 yuan (around $2,520), but it could cost more if you want more memory.
But there could be some similar options on the horizon if you’re looking for a foldable phone — Huawei’s announcement comes just weeks before Samsung is expected to launch its Galaxy Z TriFold on Sept. 29. There are also rumors that Apple could launch a foldable phone as a part of its iPhone 18 lineup in 2026.
In this photo released by Xinhua News Agency, from left Indonesian President Prabowo Subianto , Russian President Vladimir Putin, Chinese President Xi Jinping and North Korean leader Kim Jong Un look out from Tiananmen Gate as they attend a military parade marking the 80th anniversary of the end of World War II at Tiananmen Square in Beijing on September 3, 2025.
| Photo Credit: AP
China defended on Thursday (September4, 2025) its decision to invite the leaders of Russia and North Korea to World War II commemorations, which President Donald Trump accused them of using to conspire against the United States.
Mr. Trump wrote a testy Truth Social post addressing his Chinese counterpart after North Korean leader Kim Jong-un and Russia’s Vladimir Putin flanked Xi Jinping at a massive parade in Beijing showcasing Chinese military hardware.
“Give my warmest regards to Vladimir Putin, and Kim Jong Un, as you conspire against The United States of America,” Mr. Trump wrote.
Asked about Mr. Trump’s post, Beijing’s Foreign Ministry said on Thursday (September 4, 2025) “foreign guests” had been invited to commemorate 80 years since the end of World War II.
“It is to work together with peace-loving countries and peoples to remember history, cherish the memory of the martyrs, cherish peace, and create the future,” spokesman Guo Jiakun told reporters.
“China’s development of diplomatic relations with any country is never directed against any third party,” he said.
The Kremlin, meanwhile, said Wednesday (September 3, 2025) it thought Mr. Trump’s allegation was “not without irony”.
Beijing had much stronger words for the European Union’s top diplomat Kaja Kallas, who also criticised the parade.
Ms. Kallas said Wednesday (September 3, 2025) that Mr. Xi, Mr. Putin and Mr. Kim appearing together was part of efforts to build an anti-Western “new world order” and was “a direct challenge to the international system built on rules”.
“The remarks made by a certain EU official are full of ideological bias, lack basic historical knowledge and blatantly stir up confrontation and conflict,” Mr. Guo said Thursday (September 4, 2025).
“Such statements are profoundly misguided and utterly irresponsible.”
He added: “We hope that those people will abandon their frog-in-the-well prejudice and arrogance…and do more things that are conducive to world peace and stability and China-Europe relations.”
KATOWICE (Poland) – Belgium squandered a 14-point lead but Manu Lecomte pulled up and sunk a dagger 3.2 seconds from the final buzzer for the Lions to conclude their FIBA EuroBasket 2025 campaign with a 70-69 victory over Group D hosts Poland on Thursday.
The end result did not have any impact on the group standings. Following Slovenia’s win over Israel earlier in the day, Poland knew they would finish in second place regardless of the outcome, and Belgium had been eliminated from contention for a top-four spot on the previous gameday.
Turning Point
Belgium looked comfortable in the lead midway through the third quarter, up 51-41. Poland however went on a 17-7 run to end the period and the game momentum appeared to be shifting until both offenses came almost to a standstill in the final stanza. With neither team scoring more than 12 points in the period, the game was resolved by a single instant of individual talent, with Lecomte’s pull-up jumper.
TCL Player of the Game
With 19 points and, most importantly, the game-winning dagger, Emmanuel Lecomte propelled Belgium to victory in Spodek Arena, saying goodbye to EuroBasket 2025 on a positive note.
On the losing end, Dominik Olejniczak delivered off the bench with 12 points, 8 rebounds, 3 assists, and 2 blocks. Mateusz Ponitka added 16 points, 9 rebounds, and 5 assists.
Stats Don’t Lie
Poland and Belgium confronted each other by displaying the two teams’ most dangerous weapons.
Dario Gjergja’s team found confidence from beyond the arc on an 11-of-27 three-point shooting night, while Poland outscored their opponents 36-14 in points in the paint.
Bottom Line
Belgium gifted themselves one hard-fought win in Katowice, proving their indomitable spirit even against the hosts. The Belgian Lions concluded their EuroBasket 2025 adventure on a 2-3 record in Group D.
Regardless of the outcome, Poland had already secured second place in the group, on a 3-2 record. They will face Bosnia and Herzegovina in the Round of 16 in Riga.
They Said
“Our aggressiveness and playing for each other were the keys tonight. Ismael Bako had an injury, and for him to play in today’s game, which didn’t mean anything, shows a lot about who he is as a person. We are guys who want the best for each other.” – Belgium’s Andy Van Vliet.
“I’m disappointed in myself. I came out definitely flat. There’s no excuse. I wish we could have had a different and better closing for our fans, who always gave us energy and supported us. We’ll bounce back, and we have to be ready for Bosnia and Herzegovina now.” – Poland’s Jordan Loyd.
For more quotes, tune in to the official post-game press conference!
(These are the market notes on today’s action by Mike Santoli, CNBC’s Senior Markets Commentator. See today’s video update from Mike above.) For the past three weeks, my line has been that the market wants an interest-rate cut soon but it doesn’t want to need one. Investors collectively expect cuts to resume the week after next, a conviction reinforced by a run of soft-ish labor-market readings this week, but are hoping it will occur in a steady economy — as “insurance” or “normalization” cuts, not a rescue effort for flagging growth. This take has worked reasonably well in reading the market’s rotational balancing act near all-time highs, and to this point Wall Street is still positioned for its preferred scenario to play out. Outside of the slackening in the jobs market, other data are “good enough” to maintain the half-full take — Thursday’s decent ISM services number the latest example. This idea of “just the right amount of wrong” to bring lower borrowing costs has allowed the tape to take a prolonged pause without sustaining much of a broad pullback after finishing July a bit overheated. Here’s the S & P 500 since mid-year: traded below the July 31 high as recently as Wednesday; since May, index pullbacks have been contained to 3% wobbles or less. Treasury yields are sliding and rate-sensitive sectors are moving higher, as if Friday’s payroll report will be close enough to forecasts for 70,000 net new jobs to affirm an easier Fed without an outright loss of jobs, which might have yields falling further for the “wrong” reasons. Homebuilders ahead by almost 3% Thursday, regional banks up almost 1% as a group. Small-caps outperforming , though only by a little. For what it’s worth, the implied volatility of potential moves in Treasuries and the dollar off tomorrow’s jobs print are getting pretty juiced. It could mean some rapid repricings and ultimately a “clearing event” for markets, given that it could settle the debate over the Fed in September. (After Friday, Fed officials go into their pre-meeting quiet period.) Here’s the ICE MOVE Index, the Treasury market’s version of the VIX: Decent breadth under the surface of the S & P’s half-percent bump, t he equal-weight version of the index roughly keeping pace. The Nasdaq-100 peaked on a relative basis nearly a month ago, and the S & P 500 has managed to hold within a slim margin of a record high since. As everyone constantly says, valuation is not a good market-timing tool. But maybe it’s not fully coincidence that in the current bull market the Nasdaq-100 has been repelled each time it’s approached or touched 28-times forward earnings? The pullbacks have been resets of prices and expectations and periods to allow profit forecasts to catch up.
