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Nasdaq hits record high as tech stocks rebound from summer sell-off

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Nasdaq hits record high as tech stocks rebound from summer sell-off

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Tech stocks propelled the Nasdaq Composite to a new high on Friday for the first time since July in a sharp turnaround after falling as much as 15 per cent during the summer.

The technology-heavy index rose 1.5 per cent to 18690.01, surpassing the previous intraday peak of 18671.07. It was trading 1.2 per cent higher in the early afternoon.

“Each time we panic, the market continues to rise. At some point you stop panicking,” said Luca Paolini, chief strategist at Pictet Asset Management.

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Wall Street’s benchmark S&P 500 index, which is less heavily weighted towards tech groups, regained its record highs more quickly after the mid-summer sell-off. Tech stocks were among the worst hit in the volatility, and many analysts had predicted that falling interest rates would shift investors’ focus from big tech companies to more cyclical sectors and heavily indebted groups.

However, the Nasdaq’s return to a peak comes as the burgeoning “rotation” has lost steam, with the largest tech stocks once again outperforming the broader market since the central bank cut interest rates in mid-September.

The S&P 500 information technology sub-index has gained 8 per cent since the September rate cut, compared with around a 4 per cent gain for the broader index.

Investors have scaled back their expectations of further US interest rate cuts since the Federal Reserve made its first reduction since the pandemic in September.

Irene Tunkel, chief US equity strategist at BCA Research, said the “Magnificent Seven” large tech companies were benefiting from both stronger earnings and investor optimism over artificial intelligence.

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In a reference to next month’s US presidential election, in which Donald Trump is facing Kamala Harris, she added that such investor enthusiasm for tech was “not especially sensitive to the economic or election cycles”.

Tunkel described investors’ stance as a “heads I win, tails you lose” bet, in which tech companies prospered in a variety of economic scenarios.

Still, not every large tech group has benefited equally from the recent rally. Only three of the so-called Magnificent Seven — Nvidia, Apple and Meta — have set new records since July.

Tesla is the only one of the seven that has yet to reach the heights it set during the mid-pandemic market boom of 2021, but was one of the biggest contributors to the index’s final push to a record this week. Shares in the electric-car maker jumped more than 20 per cent on Thursday after it reported better than expected results, and climbed further on Friday.

Some analysts expect other sectors to rejoin Big Tech in driving the market higher, as earnings improve and as political uncertainty reduces after the November 5 election.

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Third-quarter earnings season started this month with above-consensus reports from large banks.

Mona Mahajan, senior strategist at Edward Jones, said earnings growth outside the tech sector could also lead to a “broadening” in stock performance. “We think there are opportunities elsewhere,” she added.

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Graham Platner makes it official in Maine, submitting paperwork to leave Senate race

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Graham Platner makes it official in Maine, submitting paperwork to leave Senate race

Now-former Democratic Senate candidate Graham Platner speaks at his primary election night event on June 9 in Blue Hill, Maine. Platner officially dropped out of the race July 10 following rape allegations from a former romantic partner that he denies.

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Graham Platner, Maine’s Democratic nominee for Senate, is officially out of the race.

The Maine Secretary of State said Platner filed the necessary paperwork to withdraw his candidacy two days after he announced he planned to do so following an accusation of rape by a former romantic partner. Platner denies the allegation.

The Maine Democratic Party has until July 27 to pick Platner’s replacement.

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In his withdrawal notice, Platner said “people are desperate for change” and that’s why they voted “for a new kind of politics” by making him the Democratic nominee. He expressed gratitude for those who supported his campaign and said that he will continue to fight for “the movement we have built together and the future we believe in.”

He ended his notice with a strong statement aligned with the progressive platform.

“F*ck ICE. Free Palestine. Up the Hearts.”

Platner announced his plan to withdraw from the race in an 11-minute video he posted to social media on July 8. He said he had no choice but to suspend his campaign, citing it was no longer viable financially.

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“We are going to lose our ability to fundraise. We are going to lose our ability to access voter data. We are going to lose all of the things that any campaign needs on the basic level simply to function,” he said.

Platner added that dropping out was not an admission of guilt. Rather, the decision, he said, is to keep the progressive movement in Maine alive to defeat Republican Sen. Susan Collins in November. Platner blamed the “political establishment” for his downfall and argued the goal was to force him out of the race.

“We built a campaign. We engaged in electoral politics. We motivated people. We banded together. We did it the way that we were told we are supposed to make change and we won. And now they are not going to let us have it. Not if it’s me,” he said.

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Waymo called the cops on teen riders, raising privacy concerns

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Waymo called the cops on teen riders, raising privacy concerns

A Waymo robotaxi drives in San Francisco’s North Beach neighborhood this week.

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Police in San Mateo, Calif., posted Monday on social media that they had apprehended a pair of teenagers from a Waymo driverless robotaxi after the company alerted authorities to suspected criminal activity. It’s the latest incident involving video surveillance of passengers and others by autonomous vehicles — raising questions about the limits of privacy in such vehicles.

The Facebook post by the San Mateo County Police said: “Parents do you know where your teens are? @waymo does!”

The 15-year-olds were allegedly drinking alcohol and shooting toy guns from the car, according to the police. They said Waymo’s systems detected behavior that then triggered a safety response, after which the company disabled the vehicle and contacted police.

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Waymo’s cars, equipped with an array of cameras, microphones and other sensors to monitor passengers and other nearby vehicles, are becoming more common in cities across the United States. Experts say the detention of the two teens in San Mateo highlights a potential — but not inevitable — trade-off between privacy and convenience. It also questions the extent to which companies similar to Waymo are required to hand over private data, including audio and video of passengers, in situations where a crime is suspected.

NPR reached out to Waymo, which is owned by Alphabet, the parent company of Google, for comment on the details of the San Mateo incident and how the company responded, but did not hear back. But on its website, the company says that as many as 29 cameras in its autonomous cars provide an all-around view and “are designed with high dynamic range and thermal stability, to see in both daylight and low-light conditions, and tackle more complex environments.”

“There already exist laws that govern duty to report or even duty to protect” for carriers such as Waymo, according to Alessandro Acquisti, a professor of information technology at the MIT Sloan School of Management. “The privacy problems arise when and if driverless carrier companies used such laws or ethical obligations as a pretext for blanket, indiscriminate accumulation of identifiable data for unspecified future purposes.”

That includes not just monitoring people inside the cars, but outside too. Take, for example, a hit-and-run investigation last year in Los Angeles. Media reported that the police inquiry was aided by video captured by a Waymo taxi that had a clear view of the crime. Critics suggested at the time that authorities were using the company’s vehicles as a mobile surveillance platform. And during 2025 protests in Los Angeles against Immigration and Customs Enforcement crackdowns, demonstrators vandalized Waymos, apparently angry that video recorded by the vehicles could be used by police, although there is no evidence that happened.

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Trump fires last members of election commission, inciting fears of midterm ‘chaos’

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Trump fires last members of election commission, inciting fears of midterm ‘chaos’

Donald Trump has terminated the remaining members of the independent, federal commission that assists election administration officials nationwide just a few months before the midterm elections, multiple outlets reported Thursday.

The remaining three commissioners of the four-member bipartisan commission ⁠were forced out on Thursday in different ways. The one Republican appointee resigned and the other ⁠two, Democratic appointees were notified of their terminations via email from ​the White House presidential personnel office.

“On ‌behalf of President ‌Donald J Trump, I am writing to inform you that your position ‌as Commissioner of the Election Assistance Commission is terminated, effective immediately. Thank you for your service,” the email, seen by Reuters, said.

The White House did not immediately respond to a request for comment.

The Election Assistance Commission serves as a “national clearinghouse of information on election ‌administration”, accredits testing laboratories and certifies voting systems, and maintains the national mail-voter registration form developed by the National ​Voter Registration Act of 1993, according to the commission’s website. The terminations follow Trump and top administration officials’ advocacy to change vote-by-mail requirements and investigations into the 2020 election outcome, which Trump lost to Democrat Joe Biden.

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“It is ⁠irresponsible and dangerous that this Administration remains dead set on ​causing chaos for ​our election officials across this ​country,” Arizona secretary of state Adrian Fontes said in a ​Thursday statement. “This ‌move undermines the integrity ​of nonpartisan ​election administration.”

The 2002 law that established the commission, the Help America Vote Act, states the president can appoint replacements to the commission.

It is unclear how Trump will move ahead with the commission.

Reuters contributed reporting

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