S&P, Nasdaq post biggest monthly percentage gains since November 2023
The S&P 500 ended a volatile session nearly flat on Friday, while the Nasdaq fell as U.S. President Donald Trump slammed China before sounding upbeat about reaching a trade deal, but the two indexes closed out their best month since November 2023. Lisa Bernhard has more.
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The Independent
20 minutes ago
- The Independent
Catholic students find refuge at Princeton University's worship space and cheer new pope
While other students might be in class or socializing at lunch, a group of young Catholics attends Mass every weekday at noon at the Princeton University Chapel. They sing Gregorian chants in Latin, pray and receive Communion at a side chapel — inside the huge, nondenominational Princeton Chapel — that young, devoted Catholics see as a sacred refuge in a mostly liberal and secular Ivy League environment. 'I feel that people's faith is so strong here,' student Logan Nelson said of the dedicated Catholic space where he attends daily Mass. 'It feels like a home — even more so than my own house.' A tight-knit Catholic campus ministry at a historic chapel The Gothic university chapel was built in 1928. At the time, Princeton says, its capacity to seat more than 2,000 people was second in size only to King's College Chapel at Cambridge University. Today, the chapel hosts interfaith services, concerts and weddings throughout the academic year and is known by the university as 'the bridge between town and gown.' On May 8, Catholic students were worshipping as usual at daily Mass in the side chapel when the service was interrupted by news alerts on their phones. In the Vatican, white smoke billowed from the Sistine Chapel, indicating that a new leader of their faith had been elected. The Rev. Zachary Swantek, Princeton's Catholic chaplain, told the group to gather at the Catholic Ministry office. Together, they watched on TV as the election of the first U.S.-born pope was announced. 'It was electric,' Nelson said, adding there was 'uproar' in the room when Chicago-born Cardinal Robert Prevost became the 267th pontiff. 'It was so cool to see an American pope.' Like other members of the Catholic ministry, he is hopeful that Pope Leo XIV will help bring a revival for Catholicism in America. 'I feel that there's a resurgence of Catholicism today,' said Nelson, who was religiously unaffiliated until last year when he converted to Catholicism. 'You see people who are passionate about their faith. There's a new wave coming, and we're going to have more converts like me, who are coming from the 'nones.'' Across much of the world, the number of people who are nonbelievers or unaffiliated with any organized religion has dramatically increased over the years. The people known as 'nones' — atheists, agnostics, or nothing in particular — comprise 30% or more of the adult population in the U.S., according to a survey by The Associated Press-NORC Center for Public Affairs Research. Princeton's Office of Religious Life says it supports members of the school community 'of any religious identity or of none.' Being a devoted Catholic on a mostly secular campus can be challenging; Swantek says he's never felt 'more needed as a priest.' He is proud of the tight-knit, welcoming Catholic community that he leads, and how they've helped recent converts come into the faith. A U.S.-born pope becomes a sign of hope for American Catholics News of the first U.S.-born pope was welcomed by Catholics across the ideological spectrum in Pope Leo XIV 's homeland. 'Something that did bring me a lot of hope is Pope Leo has a missionary background,' said Ace Acuna, a Princeton alumni. He recently attended a Mass at the chapel before beginning a nearly five-week Catholic pilgrimage from Indianapolis to Los Angeles. 'In a world where in some places it might look like faith is on the decline, a church that's willing to go out to the margins and evangelize and be on mission, that's going to be so important,' Acuna said. When he was an undergrad at Princeton, Acuna said the chapel became crucial to his college life. On his way to class every morning, he'd pass by the chapel for a silent prayer. He'd return for the noon Mass and again at the end of the day for one last prayer. 'Princeton is a very busy place and there's a lot of noise both externally but also internally because we're so busy and we're always worried about the next thing,' he said. 'Sometimes you just want silence, and you just want a place where you can lay down your burdens.' At the close of one recent Mass, David Kim and his girlfriend Savannah Nichols continued to pray near the altar, holding hands, kneeling or prostrating on the floor in a sign of reverence. Kim, a recent graduate of the Princeton Theological Seminary, converted to Catholicism last year and has been serving as an altar server at the Princeton University chapel. He called the chapel's side altar "an island of Christian life in an unbelieving world.' Princeton University has always had a vibrant religious community and a religiously diverse one, said Eric Gregory, a professor of religion there. 'In a way it's either so secular or even post-secular that it's not threatened by the Christian presence on campus,' he said. "Religious students in our campus are not cloistered from campus. They're also in sports teams, clubs and the newspaper. They're integrated.' Catholics students in Leo's home state cheer his election Catholics at the the University of Illinois at Urbana-Champaign were elated by his election — and reinvigorated in practicing their faith. 'Being able to live out my faith in this extremely secular campus is such a blessing to me,' said student Daniel Vanisko, a lifelong Catholic, later adding in an email that the pope's election 'really helps me to draw closer to my faith, seeing that someone that grew up in the same state as me, is the successor of Peter in the Church." Cavan Morber, a rising junior, said attending UIUC 'gives me chance to be challenged in my beliefs, think critically about what I believe, and share my faith with others.' Asked in an email exchange about the pope's election, Morber replied: 'What a time to be alive!' 'I am hopeful for how he will be able to unite the Church in a time of a lot of division among Catholics and everyone around the world,' Morber added. ___ Associated Press religion coverage receives support through the AP's collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
Telegraph
25 minutes ago
- Telegraph
Trump is breaking up with the tech bros, here's why
As Elon Musk steps down from his role at the White House, there are signs Donald Trump's love affair with Silicon Valley could be on the rocks. The president sailed to election victory in November buoyed up by a wave of support from tech billionaires. But as his America First measures on immigration, university funding, tariffs and energy begin to bite, a tech bro break-up looms. 'There's definitely some buyer's remorse on the right,' said Nu Wexler, a former policy communications executive at Google. Having previously blocked the president from all Meta platforms, Facebook's Mark Zuckerberg sought to make amends first by dining with Mr Trump at his Mar-a-Lago resort in November, and then by donating $1 million to his inauguration fund. Jeff Bezos, the founder of Amazon, caused outrage in February when he shook up The Washington Post's opinion section, ordering the paper to support 'personal liberties and free markets', in a move widely interpreted as a courtesy to Mr Trump. He also made overtures to the first lady, paying $40 million for a Melania Trump documentary – nearly three times the next highest bid. Meanwhile, Tim Cook, the Apple CEO, was hailed as tech's Trump whisperer after he donated $1 million and is said to have sweetened the deal with promises to start manufacturing products in the US. Their support for Mr Trump was not without reason. During the election campaign, the president promised to unleash innovation by stripping back regulations he said hindered the development of artificial intelligence (AI) under the Biden administration. Mr Trump is currently also making good on promises to make permanent the cuts to corporate tax rates, which he slashed from 35 per cent to 21 per cent in his first term. And he has set about implementing a bold programme of financial services deregulation, particularly around cryptocurrency. But the flattery of Mr Trump has not had the anticipated effect. It was widely expected that antitrust lawsuits against Facebook, Google and Amazon would soon disappear. Yet Mr Trump has so far declined to intervene. Meanwhile, his relationship with Mr Cook appears to have soured after Mr Trump criticised the Apple billionaire for building factories in India. At the same time, the knock-on effects of Mr Trump's broader policy agenda have sent Silicon Valley reeling. Mr Musk said this week he was 'disappointed' with the president's 'big, beautiful' spending bill, warning that it 'undermines' the work of the Department for Government Efficiency (Doge) to bring down the deficit. Despite Mr Musk's comment, the pair apparently remain great friends, with the president presenting the billionaire with a golden key to the White House during a farewell press conference on Friday. However, Mr Musk's concerns were echoed by Chamath Palihapita, a former Facebook senior executive and host of the All In podcast, who warned that the financial markets would 'punish' the Trump administration for driving up national debt. Immigration, too, has proved a dividing line between Mr Trump's Maga base and his Silicon Valley allies, with Mr Musk pledging to 'go to war' over visas for skilled immigrants. Around 70 per cent of H-1B visa holders in the US are employed in the tech industry, and the SpaceX founder has likened the need to attract engineering talent from overseas to a professional sports team bringing in foreign players. The president's repeated attacks on universities have also set pulses racing in Silicon Valley, with the scientific research programmes that transformed America into a technology superpower facing billions of dollars in cuts. For decades, the US has stood unrivalled as the world's leader in scientific discovery and technological innovation thanks to government-backed projects that have created everything from the internet to mRNA vaccines. However, the amount of money disbursed in grants by the National Science Foundation, which funds much of the scientific research at American universities, has plummeted by 51 per cent this year so far, compared to the average over the past 10 years. 'Killing the golden goose' 'There are a lot of people in Silicon Valley who worry this is going to kill the golden goose,' said Darrell West, a senior fellow in the Center for Technology Innovation at Brookings Institution. 'A lot of America's competitive advantage has been in digital technologies, and we're now making it difficult to finance the next generation.' Mr Trump's tariffs agenda has triggered widespread alarm in the tech sector as well. Having successfully won an exemption from a 145 per cent tariff on iPhones assembled in China, Apple was caught off guard last week by Mr Trump threatening 25 per cent tariffs on all iPhones made outside the US. 'I don't want you building in India,' the president warned Mr Cook during his recent Middle East tour. Moreover, Mr Trump's moratorium on new clean energy projects risks driving up energy prices in California, where renewables account for 54 per cent of the state's total electricity generation. Data centres – sprawling warehouses full of computer servers that power AI – are reliant on cheap electricity to keep them running, with experts warning that even small increases in energy prices could have 'catastrophic' consequences. His plan to repeal the Inflation Reduction Act also spells bad news for California's world-leading energy storage industry by removing tax cuts that spurred investment in the technology. From the moment Mr Musk pranced on stage at a Trump rally in October wearing an 'Occupy Mars' T-shirt, some critics said the president and Silicon Valley made strange bedfellows. A far cry from the casual-dressing tech bros of San Francisco, whom Mr Trump recently called 'these internet people', the president is rarely seen without a suit and tie (when he's not on the golf course). 'Tech investors are not a logical fit for the grassroots Maga movement. It is more a relationship of convenience right now,' said Mr Wexler. A loveless marriage it may be. But a messy divorce could have devastating consequences for the future of Mr Trump's coalition. 'He's tacked his administration to tech billionaires. They're a very powerful group and very well connected,' said Mr West. 'If they start to turn on him, that's a political nightmare.'
Telegraph
26 minutes ago
- Telegraph
British businessman ‘spied for Beijing and tried to smuggle weapons into China'
A British businessman tried to smuggle missiles and drones into China and attempted to silence critics of Xi Jinping, according to an indictment. John Miller is accused of spying for the Chinese Communist Party and faces extradition to the US after his arrest in Serbia. The 63-year-old allegedly referred to Xi Jinping, the Chinese president, as 'The Boss' in intercepted phone calls and conducted surveillance on an artist who created statues mocking the country's leader. In April, Mr Miller was arrested along with 43-year-old Chinese national Cui Guanghai, in Belgrade, Serbia, on the orders of the FBI and is now awaiting extradition to the US where he could be jailed for 20 years. Over two and a half years, Mr Miller and Mr Cui allegedly employed a wide range of tactics to harass, intimidate, stalk and threaten a Los Angeles resident, known only as 'the victim', who is a public critic of President Xi. 'As alleged, the defendants targeted a US resident for exercising his constitutional right to free speech and conspired to traffic sensitive American military technology to the Chinese regime,' said Todd Blanche, the US deputy attorney general. Mr Miller is a long-time resident of the US, but also owns a £1.5 million home in Tunbridge Wells in Kent. Companies House records show Mr Miller has held roles in at least five UK companies, including TEFL Jobs China Ltd, which seemed to facilitate English language teaching jobs, but is now dissolved. 'Couldn't have gone better' A few months before the case began in June 2023, Mr Miller went to China where he met with Chinese government officials in Beijing and Liaoning, a province in north-east China that borders North Korea. He also met someone who works for the governor of Liaoning. During the trip, Mr Cui reportedly introduced Mr Miller to two people, who Mr Miller later referred to as 'big mother------s.' Upon his return, he reportedly boasted that 'the trip couldn't have gone better'. The first incident referred to in the indictment occurred shortly after he returned. In October 2023, Mr Miller and Mr Cui approached two individuals who, unbeknownst to them, were working for the FBI. They enlisted the undercover agents to stop 'the victim' from protesting against Xi's appearance at the Asia Pacific Economic Cooperation (APEC) summit the following month. Mr Miller and Mr Cui allegedly installed tracking devices on 'the victim's' car and paid the undercover agents to slash their tires. Mr Miller and Mr Cui also devised a complex plan to destroy a set of statues created by 'the victim'. These depicted President Xi and his wife bare-chested, kneeling with their hands tied behind their backs, and were potentially going to be displayed at a protest. The 'victim' had previously displayed the statues in Times Square electronic billboards and broadcast the display on X, according to court documents. Initially, Mr Miller had wanted to steal the statues and 'remove the heads' as evidence, but later decided to pay the undercover FBI agents to 'smash up' them up. In 2025, Mr Miller paid the agents $36,500 (£27,100) to convince 'the victim' to desist from showcasing the new statues at an upcoming protest, after 'the victim' had displayed the statues on a 24-hour live feed online. Beyond the intimidation schemes, Mr Miller also allegedly tried to purchase millions of pounds worth of military equipment on behalf of the Chinese military. 'The big boss' Mr Miller reportedly tried to buy a £37,000 Stinger portable missile launcher, two military drones valued at £148,000, a £668,000 AGM-88E anti-radiation missile system and a £1.5 million air-defence radar system. He also allegedly tried to procure a cryptographic device, which is used for secure communication of classified and sensitive information. At one point, the Briton suggested that the device be smuggled from the US to China by hiding it inside a food blender or a motor starter, having shipped it first via DHL or FedEx to Hong Kong, according to court documents. Several times in Mr Miller's conversations, he mentions a 'boss' or at times a 'big boss' that seems to be the one giving orders. According to the special FBI agent who submitted the affidavit, Mr Miller's use of the phrase 'boss' 'refer[s] to President Xi' and 'demonstrates [Miller's] awareness that he was acting at the direction and control of the [Chinese] government.' Mr Blanche said: 'This is a blatant assault on both our national security and our democratic values. This Justice Department will not tolerate foreign repression on US soil, nor will we allow hostile nations to infiltrate or exploit our defence systems. 'We will act decisively to expose and dismantle these threats wherever they emerge.' Bill Essayli, attorney for the Central District of California, said: 'The indictment alleges that Chinese foreign actors targeted a victim in our nation because [they] criticised the Chinese government and its president. 'My office will continue to use all legal methods available to hold accountable foreign nationals engaging in criminal activity on our soil.' Akil Davis, the assistant director in charge of the FBI's Los Angeles field office, said: 'The FBI will not tolerate transnational repression targeting those in the United States who express dissenting opinions about foreign leaders. 'Both defendants face serious stalking charges in Los Angeles and my office intends to hold them accountable for bullying a victim, a critic of the PRC [People's Republic of China], and targeting him with violence.' If convicted, Mr Miller could also face the maximum penalties of five years in prison for conspiracy, five years in prison for interstate stalking, and 10 years in prison for smuggling.
