The Evening: Global stock markets plunge

Also, a judge ruled that Google violated antitrust laws and Bangladesh's leader resigned

View in browser|nytimes.com August 5, 2024 By Jonathan Wolfe Good evening. Here's the latest at the end of Monday. Global stock markets plunge Countdown to Harris's V.P. pick Plus, water polo's most famous fan The S&P 500 fell 3 percent on Wall Street.  Stocks tumbled over fears of a U.S. economic slowdown A wave of anxiety rippled through financial markets today, with stocks falling in the U.S. and around the world as investors zeroed in on signs of a slowing American economy. The S&P 500 fell 3 percent, its worst day since September 2022. The drop brings the index down 8.5 percent from its peak in July, but it's still up 8.7 percent in 2024 overall. "Investors were spooked by a combination of factors last week," my colleague Lydia DePillis said. Today's drop extended a sell-off that began after the U.S. jobs report on Friday showed significantly slower hiring, with unemployment at its highest level in nearly three years. The report also followed a Federal Reserve meeting in which officials decided to keep interest rates steady. That fueled fears that the Fed might have waited too long to cut rates, "allowing a soft landing to turn into a more turbulent one," Lydia said. Here's the latest on the market meltdown. Time to sell? It's tough to do nothing during this kind of market turmoil. But in this case it's your best option, Ron Lieber, our Your Money columnist, writes. 🇺🇸 2024 The presidential election is 92 days away. Here's the latest from the campaign trail. Vice President Kamala Harris during a campaign rally in Atlanta last week.  Nicole Craine for The New York Times Harris is expected to pick a running mate by tomorrow Vice President Kamala Harris is expected to make her decision on her running mate by tomorrow morning at the latest. She plans to hold a first rally with her pick in Philadelphia later that day. Three contenders — Gov. Josh Shapiro of Pennsylvania, Senator Mark Kelly of Arizona and Gov. Tim Walz of Minnesota — met with her in Washington yesterday. The final stage of the selection process reached something of an ugly phase in recent days as donors, interest groups and political rivals lobbied for their preferred candidates. Here's what else we are following: Cori Bush, the ultraliberal congresswoman, is facing a primary tomorrow against a prosecutor whose campaign has been financed by pro-Israel groups. Jenna Ellis, who helped Donald Trump try to stay in power after his election loss, agreed to a plea deal in the Arizona election interference case. Google Headquarters in Mountain View, Calif. Jason Henry for The New York Times A judge ruled that Google violated antitrust laws A federal judge ruled that Google acted illegally to maintain a monopoly in online search, a landmark decision that may fundamentally alter the way tech giants do business. The Justice Department and states had sued Google, accusing it of illegally cementing its dominance over the search business, in part by paying other companies to have Google automatically handle search queries on their smartphones and web browsers. The ruling is the most significant victory of the modern internet era to date for American regulators. It's likely to influence other tech antitrust lawsuits, though it could also end up at the Supreme Court on appeal. Protesters stormed the prime minister's residence in Dhaka. K M Asad/Agence France-Presse — Getty Images Bangladesh's leader resigned and fled Crowds celebrated today in the streets of Dhaka, the capital of Bangladesh, after Prime Minister Sheikh Hasina resigned and fled the country. The move, in a country known for its messy and sometimes bloody politics, is likely to set up a battle for power between leaders of her political party and its main opposition. Hasina once brought democratic hope to Bangladesh and held power for more than 15 years, but she was seen as increasingly authoritarian and was forced out by weeks of protests that led to deadly clashes with the security forces. Almost 100 people were reported killed yesterday, the deadliest day of the protests. More top news Supreme Court: Justice Clarence Thomas failed to publicly disclose additional private travel provided by a wealthy conservative donor, a top Democratic senator said. Weather: Tropical Storm Debby pushed into southern Georgia this afternoon, slowing down after making landfall on in Florida and killing at least four people. U.K.: Violent anti-immigration riots continued over the weekend, with vandalism, looting and attacks on police officers in several cities. Politics: Robert F. Kennedy, Jr. admitted that he left a dead bear cub in Central Park in Manhattan because he thought it would be "amusing." Ukraine: President Volodymyr Zelensky said that his military had received a first batch of F-16 fighter jets. South Korea: Citing a shrinking economy, some influential companies have told executives to start working six days a week. TIME TO UNWIND Flavor Flav, America's newest water polo superfan. Gabriela Bhaskar for The New York Times Flavor Flav's water polo party The rapper Flavor Flav has become a self-appointed hype man and benefactor to the U.S. women's water polo team at the Paris Olympics, promoting the athletes' accomplishments on social media and persuading celebrities to attend matches. The goal, he said, is to expose the players to new audiences, capitalizing on both the Games and the current era of excitement for other women's sports. More on the Olympics: Simone Biles took home silver in the floor exercise, the last gymnastics event of the Games. Here's what to watch. Jason Schmidt The 50 people behind a potato pizza It took five years and at least 50 people, including potato breeders at Cornell University and over 20 cheese makers, to develop the potato pizza at Stone Barns, the farm-to-table restaurant in Pocantico Hills, N.Y. The dish illustrates how the act of creation is rarely a solo affair. We explored the outsize teams it often takes to make creative projects, including a nine-hour performance piece and a Bottega Veneta tote bag. Dinner table topics Political memes: Speed and novelty are two essential elements when it comes to out-memeing a political opponent. Astrotourism: Travel adventures, from goat hikes to snorkeling, are even better when they're done under the stars. No dogs allowed: Some advocates say that pet friendliness has become the latest frontier in housing inequity. Hat style: Our critic explains the proliferation of baseball caps in men's fashion. WHAT TO DO TONIGHT Linda Xiao for The New York Times Cook: Eric Kim's new recipe for Korean BBQ steak relies on a "pitch-perfect" marinade. Read: The Book Review Book Club will read and discuss "My Brilliant Friend" by Elena Ferrante. Watch: Josh Hartnett stars as a father with a secret in "Trap," an M. Night Shyamalan film set at a concert. Listen: Our critic put together a playlist of untitled tracks. Travel: Here's how to spend 36 hours in Salzburg, Austria. Refresh: This window A.C. unit masks outside noise and almost feels like central air. Uncover: Can you find the 12 book titles hidden in this text? Play: Today's Spelling Bee, Wordle and Mini Crossword. For more, find all our games here. ONE LAST THING The particle smasher in Switzerland, where scientists discovered the Higgs boson particle.  Massimo Dallaglio/Alamy Can particle physics make it on Broadway? If you think the Higgs boson particle is an unpromising subject for a Broadway musical, you're not alone. David Henry Hwang, the playwright of "M. Butterfly" fame, was unmoved when the idea was first pitched to him years ago. But Hwang has since come around, and he's now developing a musical based on the discovery in 2012 of the particle, a fleck of energy thought to be key to understanding the evolution of the universe. It took him a year to figure out how to tell it. "I felt unmoored," Hwang said. "What is a boson?" Have a cerebral evening. Thanks for reading. Matthew Cullen will be back tomorrow. — Jonathan Sign up here to get this newsletter in your inbox. Reach our team at evening@nytimes.com. And follow The New York Times on Instagram, Threads, Facebook and TikTok at @nytimes. Writer: Matthew Cullen Editorial Director: Adam Pasick Editors: Carole Landry, Whet Moser, Justin Porter, Jonathan Wolfe Need help? Review our newsletter help page or contact us for assistance. You received this email because you signed up for The Evening from The New York Times. 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