Aurelia Butler

President Trump’s global tariffs have sent stock markets worldwide into a tailspin, and the S&P 500 on Monday entered bear market territory for the first time since 2022.Mr. Trump has seemed unmoved by the decline. He signaled on Monday that he had no plans to back off on tariffs, insisting that they would bring in “billions of dollars” in revenue and that other countries had been “abusing” the United States with their trade policies.Here is what to know about a bear market.What is a bear market?A bear market is a Wall Street term for a sustained market downturn, when a stock index falls 20 percent from its last peak.The 20 percent threshold signals investor pessimism about the future of the economy.Are we in a bear market now?The S&P 500, the benchmark U.S. stock index, opened lower on Monday. The index was already down 17.4 percent from its last high, on Feb. 19, and if it closes Monday’s trading with a loss of at least 3.1 percent, that would tip it into a bear market.Analysts at Morgan Stanley have warned that an even steeper drop is possible. Goldman Sachs on Monday slashed its forecast for economic growth, citing a growing risk of a U.S. recession next year.The Nasdaq Composite Index, as well as the Russell 2000 index of smaller companies that are more vulnerable to the economic outlook, are already in a bear market.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

President Trump’s wave of tariffs threatens to bring both short-term economic pain, including lower growth, and long-term damage to America’s standing and trade relationships around the world, the chief executive of Wall Street’s biggest bank warned on Monday.“The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession,” Jamie Dimon, JPMorgan Chase’s chief executive, wrote in his annual letter to shareholders.The warning by Mr. Dimon, one of Wall Street’s most influential leaders, echoes the growing anxiety among corporate chiefs about how the tariffs will play out. Even those who had initially professed support for Mr. Trump’s trade plans are becoming increasingly worried about the consequences.Even before Mr. Trump’s tariff announcement last week, the U.S. economy had been showing signs of strain after years of healthy performance, Mr. Dimon wrote. Inflation was already a worry, Mr. Dimon said, pointing to a yawning fiscal deficit and the need for more infrastructure spending. And stock valuations remain well above historical averages, — even after the recent market sell-off.The potential consequences of the trade fight could make things worse, the letter said. Those include other countries’ efforts to fight back — as China has done by imposing 34 percent counter-levies — and a possible erosion of confidence among consumers and investors. Mr. Dimon also warned about the weakening of the American dollar’s role as the global reserve currency.“If America, for whatever reason, becomes a less-attractive investment destination, the U.S. dollar and the economy could suffer if foreigners sold their U.S. assets,” he wrote.JPMorgan’s own economists have increasingly been saying that a recession is more likely this year, though Mr. Dimon did not personally take a position on those odds in his shareholder letter.While Mr. Dimon asserted that JPMorgan itself was strong enough to withstand the shocks that the levies posed — its traders have profited from previous whipsaws in the markets — the global economy may not be so fortunate. “It is not particularly good for the capital markets,” Mr. Dimon wrote of the tariff-linked volatility.For now, Mr. Dimon wrote that he was hoping for a speedy resolution to the trade battles. “The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse,” he wrote.The longer-term worry, Mr. Dimon said, is that Mr. Trump’s fight could shred decades-old alliances that cemented the United States’ primacy in the global order. The JPMorgan chief wrote that he was worried that America’s trading partners might seek out deals with the likes of China, Iran or Russia in response to the tariffs.“America First is fine,” Mr. Dimon wrote, referring to Mr. Trump’s description of his policies — “as long as it doesn’t end up being America alone.” More

The complaint against the businessman, Bashar Masri, does not say that he knew about the Oct. 7 attack in advance but does assert that he was aware of the Hamas military infrastructure at his properties.Families of victims of the Hamas-led terrorist attack on Oct. 7, 2023, sued a prominent Palestinian American businessman on Monday, accusing him of supporting Hamas by developing properties that were crucial to the terrorist group’s operations.According to the lawsuit, Bashar Masri, a wealthy developer, operated hotels and an industrial site in Gaza to “construct and conceal” a labyrinthine network of tunnels that allowed Hamas to “store and launch its rockets at Israel.”“The properties defendants developed with Hamas were not only part of the infrastructure Hamas used in connection with the Oct. 7 attack itself,” the lawsuit added. “Their development deliberately advanced Hamas’s false narrative that it was interested primarily in the economic development of Gaza and a grudging coexistence with Israel.”The lawsuit was filed in Federal District Court in Washington, where Mr. Masri has a home. It does not say that Mr. Masri and the companies he controls knew about the attack in advance but does assert that they were aware of the Hamas military infrastructure at their properties.Mr. Masri, a respected entrepreneur, denied the allegations.Mr. Masri “was shocked to learn through the media that a baseless complaint was filed today referring to false allegations against him and certain businesses he is associated with,” a statement from his office said. “Neither he nor those entities have ever engaged in unlawful activity or provided support for violence and militancy.”The complaint comes at a politically sensitive time for Mr. Masri, who has been linked to the hostage envoy for the Trump administration who has been involved in efforts to free the remaining captives being held by Hamas in Gaza. Mr. Masri is expected to play a role in the reconstruction of Gaza.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

Nick Jonas and Adrienne Warren star in a muddy revival of Jason Robert Brown’s still-scathing musical.Leave aside its seriousness, its intimacy, its wit. Leave aside, too, its relative obscurity, despite being frequently performed. (Without really trying, I’ve seen it six times, including the 2014 film.) Even apart from any of that, “The Last Five Years,” by Jason Robert Brown, is still the ur-nerdical — nerdical being a term I made up to describe shows, like “Fun Home,” “The Band’s Visit” and “Kimberly Akimbo,” that are too good to stay in the very small theater-geek niche they arose from. Turns out they can speak, and sing, to anyone.What really makes “The Last Five Years,” which debuted Off Broadway in 2002, look like the father of that family of choice, is its baroque structure. Doubling down (and doing a backflip) on reverse-chronology narratives like the ones in “Betrayal” and “Merrily We Roll Along,” it presents the story of Jamie Wellerstein, a suddenly successful young novelist, and Cathy Hiatt, a slowly sinking young actor, in two timelines. Jamie’s moves forward, from the day he falls headlong for Cathy to the day, five years later, he resentfully leaves her. Cathy’s moves backward, from despair over Jamie’s betrayal to exhilaration over the first stirrings of his love.The structure is no mere appliqué, decorating the surface of the show like a doodle. It is how “The Last Five Years” expresses its truth. One arc always going up, one down, there’s sadness waiting whenever there’s joy and joy whenever there’s sadness. Seen alternately in separate scenes, the lovers never touch, let alone share Brown’s pyrotechnical songs, except halfway through, on the day they marry. Whether the story has a happy ending thus depends on how you look at it.Instead of staying out of each other’s scenes, the actors in this production are often thrown together: one singing, one reacting to the song in mime.Sara Krulwich/The New York TimesBut in the show’s first Broadway incarnation, starring the resplendent Adrienne Warren and an underpowered Nick Jonas, the structure (along with the balance) has been compromised. The production, which opened on Sunday at the Hudson Theater, muddies the show’s temporal ironies and flattens its emotional topography. Its meaning and thus its impact are short-circuited.With material so precision-made, it takes just one mistake to do big damage. Instead of keeping the characters out of each other’s scenes as Brown’s libretto indicates, the director, Whitney White, often throws them together: one singing, one reacting to the song in mime. They make faces, make contact and even make out. As a result — follow me with a protractor if you must — each inhabits the other’s arc, thus disturbing their own. The individual timelines no longer track.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

Today, we bring you another focus challenge, in which we invite you to spend uninterrupted time looking at one piece of art. (These are published on the first Monday of each month. Sign up here if you’d like to be notified.) This is the ninth piece in the series, but it’s the first time we’ve […] More

The rapid drop shows that cryptocurrencies, which the president has promoted, are subject to the same market gyrations as any other risky asset.Virtually everyone in the cryptocurrency world celebrated the second election of President Trump, an enthusiastic booster of the industry who promised to turn the United States into the “crypto capital of the planet.”But now the man nicknamed “the first Bitcoin president” is presiding over a Bitcoin crash.Since Mr. Trump announced his global tariffs last week, the price of Bitcoin has plunged 10 percent, dropping below $78,000 on Sunday night. In January, Bitcoin reached a record price of nearly $110,000 on the day that Mr. Trump was inaugurated.The rapid drop shows that Bitcoin, often pitched as a stable long-term source of value, is still subject to the gyrations of the broader market that has cratered since Mr. Trump announced broad import taxes last week. Many investors treat Bitcoin just like any other tech stock, a risky investment that it makes sense to sell in difficult times.Ever since he won a second term, Mr. Trump has largely made good on his promises to help the crypto industry. He has appointed regulators who support crypto and signed an executive order directing the creation of a government stockpile of Bitcoin.At the same time, Mr. Trump has also broadened his personal investments in the crypto world, marketing a so-called memecoin to his supporters.But the impact of his tariffs on the crypto market has led to some disgruntlement.“Crypto is weird, but it’s mostly correlated to optimism & risk appetite,” Haseeb Quresehi, a venture investor who specializes in crypto, wrote on social media on Sunday. “That optimism is crumbling under Trump’s silence.” More

Futures on the S&P 500, which allow investors to trade the index before regular trading begins on Monday, added to last week’s sell-off.Financial markets were hit hard by another wave of selling at the start of trading in Asia on Monday, with investors and economists grappling with rising odds of a severe economic downturn caused by President Trump’s significant new tariffs on imports.Trading was extremely volatile. Stocks in Japan plunged over 8 percent, while South Korea tumbled about 5 percent. In Australia, stocks fell more than 6 percent.Over the weekend, analysts circulated notes warning that Asia could be particularly vulnerable to a tit-for-tat exchange of retaliatory tariffs between China and the United States. Many countries in the region, including Japan and South Korea, count both nations as their top trading partners.President Trump doubled down on Sunday evening, saying that he would not ease his tariffs on other countries “unless they pay us a lot of money.” He also dismissed concerns that his steep new taxes on imports will lead to higher prices. “I don’t think inflation is going to be a big deal,” he told reporters on Air Force One.On Friday, China struck back at the United States with a 34 percent tariff on a number of American exports, matching a 34 percent tariff that Mr. Trump imposed on China last week.On Monday, stock benchmarks in Hong Kong and Taiwan plunged about 10 percent when they started trading. Stocks in mainland China were down about half that amount.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

As Amadou & Mariam, he and his wife were improbable pop stars on two counts. Their style was venturesome and eclectic, and they were blind virtuosos.Amadou Bagayoko, a Malian guitarist and composer who with his wife, the singer Mariam Doumbia, formed Amadou & Mariam, inventing a broadly accessible sound that made fans of people worldwide who otherwise knew little about music from Africa, died on Friday in Bamako, Mali’s capital. He was 70.His death was announced by the Malian government, which did not provide a cause. He and Ms. Doumbia lived in Bamako.In the late 2000s and early 2010s, Amadou & Mariam was regularly described as the new century’s most successful African musical act.Mr. Bagayoko, who grew up listening to Led Zeppelin and Pink Floyd, called their sound “Afro-rock,” and the group regularly combined his winding guitar solos with, for example, the pounding of a West African djembe drum.Yet the group’s music also consistently evolved. Their breakout hit, the 2005 album “Dimanche à Bamako,” had chatty spoken asides, sirens, the hubbub of crowds — city sounds turned into melodies. Their 2008 album “Welcome to Mali,” conversely, embraced an electronic style of funk, opening with a song, “Sabali,” featuring Damon Albarn of the arty hip-hop group Gorillaz.What was consistent was a sweet, graceful sound that still had the power to build to crescendos, with Ms. Doumbia’s alto achieving clear, pleasant resonance over a rich orchestration.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More