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The United States government is currently paying an unprecedented $2 million per minute in interest on its national debt, a figure that is expected to continue rising. This development has sparked a debate on Wall Street about the impact of higher interest rates on the economy.
What Happened: The U.S. Treasury shelled out a staggering $89 billion in interest expenses in March, equating to about $2 million per minute, <a href="https://www.bloomberg.com/news/articles/2024-05-06/at-2-million-per-minute-treasuries-mint-cash-like-never-before?srnd=homepage-americas&amp;sref=LspfQlRv">reported</a> Bloomberg. This trend is anticipated to persist as the government shows no signs of reining in its spending, and the Federal Reserve is not expected to reduce interest rates in the near future.
The government&#8217;s interest payments are projected to exceed $1 trillion this year, nearly double the amount paid before the Fed began aggressively raising interest rates, according to data from&nbsp;<a href="https://fred.stlouisfed.org/series/A091RC1Q027SBEA" target="_blank" rel="noreferrer noopener">the St. Louis Fed</a>. 
This surge in interest payments has coincided with a shift in the investment landscape, with the 10-year U.S. Treasury yield currently at around 4.50%, providing a stable return without the risk of capital loss.
This situation has led to some paradoxical thinking on Wall Street, with some arguing that higher interest rates have actually contributed to a more resilient consumer, thereby fueling inflation rather than curbing it.
See Also: <a href="https://www.benzinga.com/news/24/05/38613581/uber-and-lyft-drivers-future-hangs-in-balance-as-massachusetts-supreme-court-deliberates?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Uber And Lyft Drivers&#8217; Future Hangs In Balance As Massachusetts Supreme Court Deliberates</a>
JPMorgan&#8216;s Jack Manley recently suggested that to effectively lower inflation, the Fed should consider reducing interest rates, not raising them. This has sparked a debate about the potential consequences of the current interest rate environment, <a href="https://markets.businessinsider.com/news/bonds/us-government-interest-payments-soar-2-million-per-minute-rates-2024-5">according</a> to Business Insider.
&#8220;I think we&#8217;re in this funny, peculiar chicken-and-the-egg type situation where you&#8217;re not going to see meaningful downward pressure on inflation until you see meaningful downward pressure on shelter costs. And you&#8217;re not going to see meaningful downward pressure on shelter costs, until the Fed lowers interest rates,&#8221; Manley said.
Why It Matters: The U.S. national debt has been a topic of concern for several experts. Wharton professor Joao Gomes has warned that if Congress does not take immediate action, the <a href="https://www.benzinga.com/news/24/04/38104382/serious-debate-needed-to-avert-2025-us-debt-crisis-warns-wharton-expert">U.S. could face a debt crisis</a> by 2025.
The U.S. national debt has been <a href="https://www.benzinga.com/general/24/03/37851477/u-s-national-debt-has-increased-by-nearly-8-5-billion-per-day-over-the-past-year">escalating at a staggering pace</a>, increasing by nearly $8.5 billion per day over the past year. This has raised concerns about the nation&#8217;s economic stability.
Even IMF deputy chief Gita Gopinath has emphasized the urgency of <a href="https://www.benzinga.com/general/macro-notification/24/04/38337484/is-the-us-national-debt-unsustainable-we-cant-have-a-deficit-of-7-of-the-gdp">reducing the federal deficit</a> from its current 7% of GDP, warning that the U.S. cannot sustain such a large deficit.
These warnings have been <a href="https://www.benzinga.com/news/24/05/38628113/elon-musk-issues-stark-warning-amid-rising-national-debt-the-dollar-will-be-worth-nothing">echoed by prominent figures</a> like Tesla Inc. CEO Elon Musk, who has expressed concern about the future of the U.S. dollar amid the escalating national debt.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38624536/federal-reserve-dismisses-rate-hike-fears-labor-market-cools-apple-lures-investors-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Federal Reserve Dismisses Rate Hike Fears, Labor Market Cools, Apple Lures Investors With Record-Breaking Buyback: This Week In The Market</a>
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News

Global

Economics

Federal Reserve

US Pays $2M Interest Per Minute On National Debt: 'Funny, Peculiar Chicken-And-The-Egg Type Situation'

Hermitage Capital Management CEO, Bill Browder, proposed a potential solution to the ongoing Ukraine-Russia conflict. Browder suggested that the war could be halted by allocating the $300 billion in frozen Russian central bank assets to Ukraine.
What Happened: In a recent discussion with CNBC&#8217;s &#8220;Last Call&#8221; host, Brian Sullivan, Browder emphasized that Russia would emerge victorious if Ukraine exhausts its resources. 
&#8220;At the end of the day, this is a war of resources. If Ukraine runs out of resources, Russia wins. One way to stop Ukraine from running out of resources is to give them the $300 billion that was frozen of Russian central bank assets,&#8221; he said.
He dismissed fears of nuclear threats from Russian leader Vladimir Putin in response to the confiscation of Russian foreign assets. Browder argued that the world has been &#8220;appeasing him by running scared&#8221; every time Putin mentions nuclear warfare. 
He firmly stated, &#8220;I don&#8217;t believe there is any chance he is going to start a nuclear war if we confiscate his money.&#8221;
&#8220;Of course, we know it makes him very mad, we know that the Ukrainians need that money but we should absolutely not give in to this ridiculous nuclear blackmail.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/05/38628346/chief-of-staff-in-trump-aides-inner-circle-pleads-guilty-to-1b-fraud-scheme?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Chief Of Staff In Trump Aide&#8217;s Inner Circle Pleads Guilty To $1B Fraud Scheme</a>
Why It Matters: Browder&#8217;s proposal echoes earlier sentiments expressed by <a href="https://www.benzinga.com/news/24/03/37421177/russias-frozen-assets-should-be-used-to-arm-ukraine-says-european-commission-president">European Commission President Ursula von der Leyen</a> and <a href="https://www.benzinga.com/news/24/02/37305212/uk-pm-backs-plan-to-divert-billions-from-frozen-russian-assets-to-aid-ukraine-we-must-be-bolder-with">U.K. Prime Minister Rishi Sunak</a>. Both leaders have previously advocated for the use of Russia&#8217;s frozen assets to aid Ukraine, especially as Western financial aid to Ukraine has been dwindling. 
However, this proposal has been met with <a href="https://www.benzinga.com/news/24/04/38376263/russia-threatens-retaliation-over-potential-seizure-of-frozen-assets-to-aid-ukraine">threats of retaliation from Russia</a>, as reported by Valentina Matviyenko, the speaker of the Russian upper house of parliament. Despite these threats, Browder insists that the world should not succumb to &#8220;this ridiculous nuclear blackmail.&#8221;
Read Next: <a href="https://www.benzinga.com/news/24/05/38635052/house-minority-leader-hakeem-jeffries-warns-of-dire-consequences-for-womens-reproductive-rights-if-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">House Minority Leader Hakeem Jeffries Warns Of Dire Consequences For Women&#8217;s Reproductive Rights If Trump</a>
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Hermitage Capital CEO Urges Use Of $300B Frozen Russian Assets To Stop Ukraine War: 'Don't Believe There's Any Chance He Is Going To Start A Nuclear War If We Confiscate His Money'

Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>), the meme cryptocurrency proclaimed as the ‘Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) Killer,' saw a drastic decline in its burn rate in the last 24 hours, slowing down the rate at which tokens are pushed out of circulation.
What happened: In an X post on Tuesday, Shiba Inu's official burn tracker, Shibburn reported the burning of 12.47 million coins in the 24-hour timeframe, marking a drastic 84% drop.&nbsp;&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">HOURLY SHIB UPDATE<a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> Price: $0.00002366 (1hr -0.08% ▼ &#x7C; 24hr -4.78% ▼ ) Market Cap: $13,925,352,580 (-4.91% ▼) Total Supply: 589,273,754,870,776 TOKENS BURNT Past 24Hrs: 12,473,704 (-84.72% ▼) Past 7 Days: 132,749,094 (28.27% ▲)
&mdash; Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1787739192035840087?ref_src=twsrc%5Etfw">May 7, 2024</a></blockquote>
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The decline reversed the upward trend of the previous seven days when more than 132 million tokens were burned at an impressive weekly growth rate of 28.27%.
A big factor behind the burn rate dip was low activity on the project's layer-2 blockchain, Shibarium. The number of transactions on the network plunged following an exponential increase in mid-April, <a href="https://www.shibariumscan.io/stats">according</a> to Shibarium Explorer.&nbsp;
Even the much-publicized hard fork failed to jack up transaction numbers.&nbsp;
Why it matters: Coin burning has become one of the most keenly-watched events in the cryptocurrency space. Most projects look for ways to remove tokens from circulation to apply deflationary pressure to the asset. 
As far as SHIB is concerned, a small portion of the fees is burned every time a transaction is made on the network. Shibarium, with its growing popularity and utility, is a vital cog in SHIB's deflationary ambitions.&nbsp;
Price action: SHIB was trading at $0.00002381 at the time of publication, falling nearly 5% in the last 24 hours, according to data <a href="https://pro.benzinga.com/dashboard">from Benzinga Pro</a>. Trading volume jumped 70% to $602 million.
Read Next:<a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38661166/bitcoin-ethereum-dogecoin-dip-after-robinhood-gets-wells-notice-from-sec-analyst-says-eths"> Bitcoin, Ethereum, Dogecoin Dip After Robinhood Gets Wells Notice From SEC — Analyst Says ETHs Weak Fundamentals A &#8216;Roadblock&#8217; For King Crypto</a>
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'Dogecoin Killer' Shiba Inu's Burn Rate Dips 84% Amid Sluggish Shibarium Transactions

Tesla and SpaceX CEO Elon Musk has expressed dissatisfaction with the Met Gala 2024. 
What Happened: On Monday, the tech billionaire took to X, formerly Twitter, and suggested that the event needs to do something different.&nbsp;
Despite the event&#8217;s &#8220;The Garden of Time&#8221; dress code for this year, Musk believes that the Met Gala should consider a new approach.&nbsp;&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Met Gala needs to do something refreshing
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1787600331322638472?ref_src=twsrc%5Etfw">May 6, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/general/entertainment/24/04/38508967/not-only-mark-zuckerberg-elon-musk-too-is-enamored-by-taylor-swift-tesla-ceo-lauds-pop-sens">Not Only Mark Zuckerberg, Elon Musk Too Is Enamored By Taylor Swift — Tesla CEO Lauds Pop Sensation For Creating History By Occupying All 14 Spots Of Hot100</a>
One person commented on his post, suggesting a &#8220;Cyberpunk-themed gala,&#8221; to which Musk did not respond.&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I would dig a really classy, crystalline cyberpunk theme for sure!
&mdash; Melissa Merencillo (@seeMOUSErun) <a href="https://twitter.com/seeMOUSErun/status/1787628619071893988?ref_src=twsrc%5Etfw">May 6, 2024</a></blockquote>
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Why It Matters: The Met Gala is a prestigious annual fundraising event for the benefit of the Metropolitan Museum of Art&#8217;s Costume Institute in Manhattan. It is known for its extravagant fashion and celebrity attendance.
In a separate post, Musk&#8217;s mother, Maye Musk, posted pictures from the 2016 and 2022 Meta Gala, expressing her fond memories and wishing everyone a fun night.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Happy 1st Monday in May. Tonight is the Met Gala &#x1f929;&#x1f929; <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> and I won't be there but here are my memories from 2016 and 2022. Hope everyone has fun tonight. Follow the fashion on <a href="https://twitter.com/voguemagazine?ref_src=twsrc%5Etfw">@voguemagazine</a> <a href="https://twitter.com/XFashion?ref_src=twsrc%5Etfw">@XFashion</a> <a href="https://twitter.com/hashtag/AWomanMakesAPlan?src=hash&amp;ref_src=twsrc%5Etfw">#AWomanMakesAPlan</a> &#x1f4d6; Advice for a Lifetime of Adventure, Beauty, and… <a href="https://t.co/wt6QEgGj1X">pic.twitter.com/wt6QEgGj1X</a>
&mdash; Maye Musk (@mayemusk) <a href="https://twitter.com/mayemusk/status/1787540727896871006?ref_src=twsrc%5Etfw">May 6, 2024</a></blockquote>
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In 2016, when the theme was &#8220;Manus x Machina,&#8221; she shared the red carpet with her son. The 2022 Met Gala also saw <a href="https://www.benzinga.com/general/entertainment/22/05/26980550/elon-musk-brings-mom-as-date-to-met-gala">Maye Musk as Musk&#8217;s date</a>, as he didn&#8217;t have a significant other to take to the event.&nbsp;
Musk also attended the 2018 and 2021 Met Gala. In 2018, when the theme was &#8220;Heavenly Bodies,&#8221; the tech mogul introduced singer Grimes as his girlfriend. The duo also attended the 2021 Meta Gala together, but only Grimes walked the red carpet.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/24/03/37500497/elon-musks-x-in-hot-water-faces-255m-copyright-lawsuit-over-taylor-swift-beyonc-songs">Elon Musk&#8217;s X In Hot Water, Faces $255M Copyright Lawsuit Over Taylor Swift, Beyoncé Songs</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
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Entertainment

Tech

Elon Musk Feels Met Gala 'Needs To Do Something Refreshing' Even As His Mom Fondly Shares Memories From Past Alongside Tesla CEO

&nbsp;Braemar Hotels &amp; Resorts Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHR#NYSE">BHR</a>) (&quot;Braemar&quot; or the &quot;Company&quot;), reflecting its commitment to creating long-term value for shareholders, today announced notable capital market activities and strategic updates, including:
<ul>
<li>The sale of Hilton Torrey Pines for&nbsp;$165 million, while evaluating the sale of two other hotels,</li>
<li>The repayment of its remaining 2024 debt maturities,</li>
<li>A&nbsp;$50 million&nbsp;preferred share redemption program, and</li>
<li>A&nbsp;$50 million&nbsp;common share buyback authorization</li>
</ul>

Buybacks

Reported Earlier, Braemar Hotels & Resorts Unveils Comprehensive Shareholder Value Plan: $165M Hotel Sale, Debt Repayment, And $50M Share Buybacks Authorization

The stock market may face significant volatility if the 2024 Presidential election results are not swiftly determined, Goldman Sachs has cautioned.
What Happened: The investment bank issued a note on Friday, highlighting the potential risk of a prolonged election outcome, <a href="https://markets.businessinsider.com/news/stocks/stock-market-volatility-risk-impact-presidential-election-trump-biden-winner-2024-5">reported</a> Business Insider. The note pointed out that the closeness of the race between President Joe Biden and former President Donald Trump could lead to a prolonged period of uncertainty, impacting the stock market.
The bank also noted that the candidates&#8217; differing economic and fiscal policies could result in varying investment strategies across Wall Street. If the election outcome remains uncertain after the Nov. 5 election date, this could lead to a surge in market volatility as investors wait to determine which stocks to invest in.
&#8220;In 23 states — including the swing states of Arizona, Michigan, and Pennsylvania — provisions exist for automatic or mandatory recounts if the margin between the top two candidates is within certain parameters, typically 0.5%,&#8221; Goldman Sachs&#8217; strategist David Kostin explained.
Meanwhile, in 41 states, a losing candidate can request a recount if they believe they were harmed due to fraud or errors in vote counting.
Considering the similarities to the 2020 election with the same candidates and tight polls, it&#8217;s reasonable to expect that the winner of the upcoming election won&#8217;t be decided on election night but rather through a prolonged process.
This presents a significant risk for investors. According to Goldman Sachs, the timing of the election outcome, rather than the actual winner, is the crucial factor to watch.
See Also: <a href="https://www.benzinga.com/news/24/05/38631050/once-vehicles-for-republican-presidents-to-connect-with-southern-whites-motor-sports-are-shifting-aw?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Once Vehicles For Republican Presidents To Connect With Southern Whites, Motor Sports Are Shifting Away From Trump</a>
Why It Matters: This warning from Goldman Sachs aligns with previous predictions about the <a href="https://www.benzinga.com/markets/equities/24/03/37863401/ubs-predicts-stock-market-turbulence-ahead-of-biden-vs-trump-election">impact of the 2024 presidential election on the stock market</a>. UBS had also forecasted significant market implications due to the stark policy differences between the two candidates, suggesting that the next eight months leading up to the election could be disruptive for investors.
Moreover, the potential for a drawn-out election could further exacerbate the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38590992/sell-in-may-and-go-away-does-the-trading-strategy-hold-up-in-election-years">traditionally volatile period</a> in the stock market. As we enter May, the old Wall Street adage &#8220;sell in May and go away&#8221; is finding its way back into the conversations of traders and investors. The strategy suggests that the stock market tends to underperform from May through October compared to the November through April period.
On the other hand, the election year could also present <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/23/12/36416440/why-buy-stocks-in-a-presidential-election-year-history-has-a-crazy-stat-for-you">opportunities for investors</a>. History shows that presidential election years have historically been positive for the stock market, with the S&amp;P 500 gaining an average of 6.5% during these years.
Additionally, the election is expected to have a <a href="https://www.benzinga.com/general/politics/24/04/38515952/us-presidential-election-impact-on-ipo-market-timing">significant impact on the IPO market</a>. The resurgence of initial public offerings is expected to experience a brief slowdown around the election, with some IPOs being pushed to late 2024 or even into 2025.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/05/38612883/how-to-earn-500-a-month-from-nvidia-stock-ahead-of-q1-earnings-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Earn $500 A Month From Nvidia Stock Ahead Of Q1 Earnings Report</a>
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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Goldman Sachs Warns Of Market Volatility Amid Uncertain 2024 Election Outcome Between Biden And Trump

The notes will be issued at an issue price of 103.00%.
The offering is expected to close on May 17, 2024.
The issuers intend to use the net proceeds from the offering of the notes for general corporate purposes, which may include funding a portion of the cash consideration payable in connection with the Company&#39;s previously announced merger with Windstream.

UNIT

Reported Earlier, Uniti Group Prices $300M 10.50% Senior Secured Notes Due 2028

Reported Earlier, Sun Life And UKG Partner To Automate And Simplify Absence Management For Employers

Macro Economic Events

Econ #s

S&P Global / CIPS U.K. Construction Purchasing Managers Index For April 53.0 Vs. 50.4 Est.; 50.2 Prior

Warren Buffett-backed Chinese EV maker&nbsp;BYD Co&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>),&nbsp;is preparing for the global debut of&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38352429/warren-buffett-backed-byd-names-cybertruck-challenger-shark-with-plug-in-hybrid-system-for-extra-bit" rel="noreferrer noopener">its first pickup truck</a>, the BYD Shark, in Mexico on May 14.
What Happened: As reported by&nbsp;<a target="_blank" href="https://cnevpost.com/2024/05/07/byd-shark-pickup-to-debut-mexico-may-14/" rel="noreferrer noopener">CnEVPost</a>, the BYD Shark is BYD&#8217;s first new model to debut overseas in recent years. The company announced the launch on Weibo.
The decision to launch the BYD Shark in Mexico indicates the company&#8217;s focus on foreign markets, as pickup trucks in China are classified as light vans and face numerous restrictions compared to regular passenger cars.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-chinese-stocks" rel="noreferrer noopener">5 Best Chinese Stocks Right Now</a>
With its larger size compared to the&nbsp;Toyota Hilux, the BYD Shark is built on BYD&#8217;s DMO platform, introduced when the company launched the&nbsp;Fang Cheng Bao&nbsp;sub-brand for the off-road market in August 2023.
BYD&#8217;s move mirrors the actions of&nbsp;other&nbsp;local automakers like&nbsp;Geely, which launched its first model, the RD6 electric pickup truck, under the Radar brand in July 2022.
Why It Matters: BYD last month revealed the name of its electric pickup truck, a potential challenger to Tesla&#8217;s Cybertruck, and said it would come equipped with a plug-in hybrid system.&nbsp;
BYD&#8217;s move into the pickup truck market is part of a broader strategy to diversify its product offering.&nbsp;This&nbsp;was evident when&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38422754/warren-buffet-backed-byd-takes-on-luxury-ev-market-with-new-premium-sedan-posing-direct-challenge-fo" rel="noreferrer noopener">BYD unveiled</a>&nbsp;its premium brand&#8217;s first sedan at the Beijing auto show, directly challenging luxury automakers like Mercedes-Benz.&nbsp;
A leading U.S. manufacturing lobby group has issued a stark warning, describing the entry of Chinese EV makers into the American market as a potential &#8220;<a target="_blank" href="https://www.benzinga.com/government/24/02/37313622/chinese-ev-entry-could-trigger-extinction-level-event-for-us-auto-industry-report-warns" rel="noreferrer noopener">extinction-level event</a>&#8221; for the U.S. auto sector. Despite tariffs preventing Chinese automakers from entering U.S. roads thus far, the lobby group has raised alarms about Chinese firms&#8217; investments in plants in nearby Mexico, which could facilitate&nbsp;easier&nbsp;access to the U.S. market.
Read Next: <a href="https://www.benzinga.com/news/24/05/38661398/tesla-semi-scores-another-s-p-500-name-after-pepsi-and-walmart-video-shows-big-box-retailer-using-ev" target="_blank" rel="noreferrer noopener">Tesla Semi Scores Another S&amp;P 500 Name After Pepsi And Walmart?</a>
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Warren Buffett-Backed BYD's Cybertruck Rival To Make Global Debut Right Next Door To US Next Week

Kevin Nystrom Appointed Interim Chief Executive Officer 
Mark Schwabero Appointed Vice Chairman of the Board
Methode Electronics, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MEI#NYSE">MEI</a>), a leading global supplier of custom-engineered solutions for user interface, LED lighting system and power distribution applications, announced today that Kevin Nystrom, a partner and managing director at AlixPartners LLP, has been appointed interim CEO, effective immediately. The company has previously disclosed its ongoing engagement with AlixPartners for various consulting services, including cost reduction and financial advisory.
Mr. Nystrom succeeds Avi Avula, who resigned from his position as President and Chief Executive Officer. Methode&#39;s Board of Directors, with the assistance of executive search firm Spencer Stuart, has initiated a search to identify a permanent CEO

Management

Reported Earlier, Methode Electronics Appoints Kevin Nystrom As Interim CEO, Effective Immediately

Crescent Point has agreed to sell certain non-core properties in&nbsp;Saskatchewan, including Flat Lake and Battrum, to Saturn for&nbsp;$600 million&nbsp;in cash. Production from the Assets was expected to be 13,500 boe/d (95%&nbsp;oil and liquids) over the next 12 months, generating&nbsp;$210 million&nbsp;of net operating income at current strip commodity prices. The Company had allocated minimal development capital expenditures to the Assets for the remainder of 2024.

Reported Earlier, Crescent Point Energy Sells Its Certain Non-Core Assets In Saskatchewan For $600M

After&nbsp;Geoff Duncan, former Lt. Governor of Georgia and a prominent Republican,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/08/33840112/georgia-poised-to-level-charges-against-trump-report" rel="noreferrer noopener">shifted allegiance to President&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/23/08/33840112/georgia-poised-to-level-charges-against-trump-report" rel="noreferrer noopener">Joe Biden</a>,&nbsp;Donald&nbsp;Trump&#8216;s&nbsp;niece&nbsp;Mary&nbsp;Trump&nbsp;weighed&nbsp;in on its implications for the Republican Party.
What Happened:&nbsp;Duncan&#8217;s&nbsp;surprising endorsement of the president and scathing rebuke of Donald Trump in an op-ed for the Atlanta Journal-Constitution signals waning support for the former president, according to Mary Trump.&nbsp;
Praising&nbsp;Duncan&#8217;s&nbsp;choice as&nbsp;&#8220;country over party,&#8221;&nbsp;she highlighted his decision to&nbsp;&#8220;vote for a decent person I disagree with on policy over a criminal defendant without a moral compass.&#8221;
Mary Trump emphasized that&nbsp;Duncan&#8217;s&nbsp;move was not that of a liberal but of a&nbsp;&#8220;lifelong Republican,&#8221;&nbsp;describing him as&nbsp;&#8220;extremely conservative.&#8221;&nbsp;She applauded his courage to cross party lines, calling it a&nbsp;&#8220;brave&#8221;&nbsp;departure from the&nbsp;GOP&#8217;s&nbsp;typical strategy of unwavering loyalty.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38635067/elon-musk-says-robert-de-niro-is-so-out-of-touch-its-insane-after-legendary-actor-compares-trump-to" rel="noreferrer noopener">Elon Musk Says Robert De Niro Is&nbsp;&#8216;So Out Of Touch,&nbsp;It&#8217;s&nbsp;Insane&#8217;&nbsp;After Legendary Actor Compares Trump To Hitler</a>
&#8220;This break with Donald — and the party — is a sign of more positive things to come,&#8221;&nbsp;Mary Trump said.&nbsp;&#8220;Duncan's&nbsp;announcement is a reminder that it&nbsp;is possible to cross party lines for the greater good,&nbsp;a message that should resonate with anyone who genuinely cares about our country, regardless of their political&nbsp;affiliation&#8221;
She stressed the possibility of more Republicans feeling dissatisfied with Donald Trump as their nominee.&nbsp;&#8220;We need many more Republicans to drop their toxic&nbsp;absolutism,&nbsp;and follow his lead,&#8221;&nbsp;Mary Trump said.
Why It&#8217;s Important: With Trump and Biden <a href="https://www.benzinga.com/news/24/05/38630115/trump-vs-biden-latest-polls-dont-bode-well-for-one-candidate-in-tight-presidential-race" target="_blank" rel="noreferrer noopener">in a &#8220;too-close-to-call&#8221; race</a>, sentiment toward both candidates among registered voters is mixed. 
Biden faces criticism for his economic policies, age, and handling of immigration, while Trump&#8217;s extreme stance and legal troubles, including pending cases related to the 2020 election, have soured sentiments. 
Some voters perceive Trump as a threat to democracy, particularly in light of <a href="https://www.benzinga.com/news/23/08/33851310/donald-trump-election-fraud-probe-georgia-grand-jury-reportedly-issues-10-indictments" target="_blank" rel="noreferrer noopener">criminal charges in Georgia</a> for his attempts to overturn the 2020 election results.
In&nbsp;the event of&nbsp;a deadlock, sentiment in key swing states will play a crucial&nbsp;role,&nbsp;as both parties focus their campaign efforts on these pivotal regions.
See Also:<a href="https://www.benzinga.com/money/best-depression-stocks"> Best Depression Stocks</a>

Trump's Niece Says Ex-President's Support Within Party Waning After Republican Defector's Bold Move To Biden Camp: 'Sign Of More Good Things To Come'

Empowering&nbsp;biopharma with unified epidemiology, incidence and prevalence data alongside claims-based population insights, for precise market sizing and patient population analysis

CLVT

Clarivate Unveils Epidemiology Intelligence For Precision Patient Population Analysis

OpenAI COO Brad Lightcap has revealed that the startup's biggest consumer product so far, <a href="https://www.benzinga.com/topic/chatgpt">ChatGPT</a>, is not a "long-term" engagement model.
What Happened: During an <a href="https://milkeninstitute.org/panel/15625/part-1-conversation-openai-coo-brad-lightcap">interaction</a> at the Milken Institute's 27th Global Conference, Lightcap dived into the future of AI models and how they are going to evolve from what we have now.
On what to expect from the Microsoft Corp.-backed (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) OpenAI in the next 12 months, Lightcap said the possible advancements in AI are immense.
"The kind of term-based, almost an oracle-like system that ChatGPT is today, we don't see it as a long-term engagement model for what these systems can do and how they're going to be used."
"We're going to move toward a world where they are… going to be capable of taking much more complex work," Lightcap added, explaining that AI models will change the way we work and do other things.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
"They will have a much more assistive relationship with users. They'll almost be kind of a great teammate."
AI's impact on work and friendships will be immense, according to him.
"I don't think people today understand what that looks like and internalize it easily."
See Also: <a href="https://www.benzinga.com/news/24/05/38611412/sam-altman-teases-gpt-5-openais-gpt-4-the-dumbest-model-people-will-have-to-ever-use-again-says-ceo">Elon Musk Says AI Will &#8216;Shorten&#8217; The Cycle Of Crises Shaping Societies And Creating New Orders: Here&#8217;s What It Means</a>
<h2 class="wp-block-heading">AI Will One Day Be A Standup Comedian, Says Lightcap</h2>
Although AI models now have evolved from being just rudimentary chatbots to ones that can do some level of reasoning now, Lightcap says we're "just scratching the surface" of what is possible.
"A kid born today will look back in 10 years from now… it will be foreign [to them] that you can't talk to your computer the way you can talk to your friend."
Lightcap added that AI models will move away from just being text-based systems that they are today, to verbal, vision-based multi-modal ones.
"We talked a little about an AI that hits kind of a comedic quality. Can AI be a standup comedian? I think it can."
OpenAI rolled out a <a href="https://www.benzinga.com/news/24/04/38177454/openai-rolls-out-majorly-improved-gpt-4-turbo-model-just-as-googles-gemini-gets-a-boost" target="_blank" rel="noreferrer noopener">majorly improved GPT-4 Turbo model</a> in April, but some reports suggest <a href="https://www.benzinga.com/news/24/03/37700871/is-microsoft-teasing-gpt-5-turbo-with-copilot-pro-slip-up-oops-moment-sparks-wild-speculation">GPT-5 is inching closer</a> to launch.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/38545003/elon-musk-reacts-as-mit-engineer-says-were-at-fraction-of-1-in-ai-investment-imagine-whats-about-to?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts As MIT Engineer Says We're At ‘Fraction Of 1% In AI Investment</a>
Photo by Andrea De Santis on Unsplash

MSFT

ChatGPT Is Not A 'Long-Term' Engagement Model, OpenAI's Top Executive Says: 'Today's Systems Are Laughably Bad'

CME Group To Add Tuesday And Thursday Expiries To Weekly WTI Crude Oil Options Starting July 2024

Conversion of 14 hotels marks Marriott International&#39;s debut of affordable midscale segment in Asia Pacific
KKR, a leading global investment firm, and Marriott International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>) today announced the launch of each company&#39;s foray into the midscale hospitality space in Japan, which follows KKR&#39;s completion of the acquisition of Unizo Hotel Company, Limited and a portfolio of 14 hotels in Japan from Unizo Holdings. The 14 hotels will be converted to&nbsp;Four Points Express by Sheraton. This marks Marriott&#39;s entry into the affordable midscale segment in Japan and the brand&#39;s debut in Asia Pacific following its global launch in this space in 2023.

Marriott And KKR Collaborate To Introduce Affordable Midscale Hotels In Japan With Four Points Express, Converting 14 Properties

Skyward Specialty will not receive any of the proceeds from the sale of the shares of its common stock offered by the Selling Stockholder, and the Selling Stockholder will bear the underwriting discounts and commissions associated with the sale of such shares.

SKWD

Reported Earlier, Skyward Specialty Insurance Prices 4.4M Share Secondary Offering By The Westaim Corporation At $36.50/Share

TAIPEI, Taiwan--(<a href="https://www.businesswire.com/">BUSINESS WIRE</a>)--United Microelectronics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UMC#NYSE">UMC</a>, TWSE: 2303)) (&ldquo;UMC&rdquo;), today reported unaudited net sales for the month of April 2024.
Revenues for April 2024
<table cellspacing="0">
<tbody>
<tr>
<td colspan="1" rowspan="1">
Period
</td>
<td colspan="1" rowspan="1">
2024
</td>
<td colspan="1" rowspan="1">
2023
</td>
<td colspan="1" rowspan="1">
Y/Y Change
</td>
<td colspan="1" rowspan="1">
Y/Y (%)
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
April
</td>
<td colspan="1" rowspan="1">
19,741,391
</td>
<td colspan="1" rowspan="1">
18,461,436
</td>
<td colspan="1" rowspan="1">
1,279,955
</td>
<td colspan="1" rowspan="1">
6.93%
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Jan.-Apr.
</td>
<td colspan="1" rowspan="1">
74,373,490
</td>
<td colspan="1" rowspan="1">
72,670,883
</td>
<td colspan="1" rowspan="1">
1,702,607
</td>
<td colspan="1" rowspan="1">
2.34%
</td>
</tr>
</tbody>
</table>

UMC Reports April 2024 Sales Of NT$19.74M, Up By 6.9% YoY

Sempra (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRE#NYSE">SRE</a>) is set to release earnings results for its first quarter before the <a href="https://www.benzinga.com/quote/SRE">opening bell on May 7, 2024</a>.
Analysts expect the San Diego, California-based company to report quarterly earnings at $1.34 per share, down from $1.46 per share in the year-ago period. Sempra is projected to report quarterly revenue of $5.58 billion, compared to $6.56 billion a year-earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Feb. 27, Sempra Energy posted better-than-expected quarterly earnings.
Sempra shares fell 0.3% to close at $72.71 on Monday.
Benzinga readers can access the latest analyst ratings on the A<a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">nalyst Stock Ratings </a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/SRE/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Morgan Stanley analyst David Arcaro maintained an Equal-Weight rating and raised the price target from $74 to $75 on March 21. This analyst has an accuracy rate of 63%.</li>
<li>Barclays analyst Eric Beaumont maintained an Overweight rating and boosted the price target from $77 to $79 on March 14. This analyst has an accuracy rate of 71%.</li>
<li>RBC Capital analyst Shelby Tucker reiterated an Outperform rating with a price target of $82 on March 6. This analyst has an accuracy rate of 65%.</li>
<li>Mizuho analyst Anthony Crowdell maintained a Buy rating and cut the price target from $83 to $79 on Jan. 25. This analyst has an accuracy rate of 63%.</li>
<li>BMO Capital analyst James Thalacker upgraded the stock from Market Perfrom to Outperform and increased the price target from $76 to $84 on Jan. 11. This analyst has an accuracy rate of 66%.</li>
</ul>
Read This Next: <a href="https://www.benzinga.com/news/24/05/38637849/top-2-risk-off-stocks-that-may-plunge-in-q2">Top 2 Risk Off Stocks That May Plunge In Q2</a>

Earnings

Price Target

Pre-Market Outlook

Trading Ideas

Sempra Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

First Trust Managed Futures Strategy Fund declares quarterly distribution of $0.3507

First Trust Managed Futures Strategy Fund ETF declares $0.3507 dividend

Dollar Proves Resilient And Even Strong UK GDP Figures Hardly Dents It

The 1-Minute Market Report August 12, 2023

First Trust Managed Futures Strategy Fund ETF declares $0.379 dividend

First Trust Managed Futures Strategy Fund ETF declares $0.4144 dividend

KMLM: December Futures Rolled Out, Analyzing The Changes

Prepare Your Portfolio For Volatility

First Trust Managed Futures Strategy Fund ETF declares $0.3471 dividend

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Latest News for First Trust Managed Futures Strategy Fund (ARCA:FMF)

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