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Good evening. Here’s the latest at the end of Friday.
1. The S&P 500 fell into bear market territory for the first time since 2020, then rallied to close just above that threshold.
The index ended the week down 3 percent, its seventh consecutive weekly decline. That is its longest losing streak since 2001. The bear market threshold is 20 percent below the last record, in this case set on January 3, 2020. It is an indicator of investor pessimism and therefore This is usually, but not always, followed by a recession.
At one point, today’s index was down 2.3 percent, but was up 0.57 point after the last hour of trading.
The market drama may be related to rising interest rates and other challenges such as China’s Covid lockdowns, the pandemic, and the war in Ukraine. But big tech, though it has lost more than $2.7 trillion in value this year, isn’t worried. Companies like Apple and Google have doubled bonuses and plan more hires. Their confidence suggests they think they will come out of the recession stronger than ever.
2. Russia said it would cut off natural gas supplies to Finland, just days after Finland and Sweden applied to join NATO.
Finland’s state-owned energy provider, Gasum, said Russia would suspend gas shipments tomorrow because Finland failed to make payments in rubles. But President Vladimir Putin has a history of using Russia’s energy supply as a political weapon.
Separately, Witness testimony and video obtained by The Times show how Russian paratroopers executed at least eight Ukrainian men in the Kyiv suburb of Bucha in March.
On the floorKharkiv, Ukraine’s second largest city, is coming back to life after Russian forces were pushed out of its outskirts. But the Russians are close enough to remain a threat, entrenched and increasingly difficult to push back.
3. In an interview with the Times, Mitch McConnell, the Senate Minority Leader, spoke about why the United States should fully support Ukraine.
He is up against former President Donald Trump, who has supported an anti-interventionist stance. McConnell, who secretly traveled to Ukraine, Sweden and Finland last weekend, told Republicans that the United States would benefit from helping a young democracy. Trump had spoken out against the $40 billion aid package for Ukraine, approved this week with only 11 Republican senators dissenting.
“There are not a lot of things that we agree with this administration on,” McConnell told us. But on Ukraine, he added: “I think they have stepped up their game. I think they’re totally committed. And I think the administration shares my view that the result of this should be victory.”
In other political newsPresident Biden arrived in South Korea on the first leg of a trip through Asia aimed at drawing countries back into the US orbit.
4. The CDC now recommends that everyone over the age of 50 get a second booster. as US Covid cases rise
The second injection is recommended if at least four months have passed since the first booster dose. Previously, only those over 65 or with underlying conditions had received such advice.
The CDC said it was changing its advice due to a steady rise in infections over the past month, coupled with “a sharp and substantial increase in hospitalizations of older Americans.”
Cases, even if not counted, topped 100,000 a day again this week, according to a Times database. The United States has now officially counted one million deaths, more than any other country. In their wake, the dead have left craters of pain.
5. A day after monkeypox was diagnosed in a Massachusetts man, New York reported a possible case.
The New York City patient was hospitalized yesterday, in isolation, while laboratory tests are analyzed to confirm whether the illness is monkeypox. Clusters of cases have been reported in Europe and Canada.
Monkeypox is a rare virus, considered a benign form of smallpox. Still, officials say it shouldn’t raise Covid-level alarms, since it doesn’t normally lead to major outbreaks. Here’s what you should know about monkeypox and its risks.
6. In an unusual move, Princeton may fire a tenured professor. The president of the university says that the problem is unwanted sexual behavior. The professor says that he is being attacked for criticizing a protest group on campus.
In July 2020, Joshua Katz, 52, a Princeton classics professor, wrote about proposals to combat racism at Princeton, calling a black group there “a local terrorist organization.”
Engulfed in a free speech debate on campus, some condemned it and others celebrated it. But further scrutiny of Katz led to new details of a consensual affair he had had with a student in 2007 and the discovery that he had made other students uncomfortable by buying them expensive dinners. Katz’s wife, 27, and also a former student, said she had received job offers after the campus uproar, but “none of them are the jobs she’s loved doing all her life.”
Russo-Ukrainian War: Key Developments
Russia’s punishment of Finland. Russia will cut off natural gas supplies to Finland on May 21, according to Finland’s state-owned energy provider. Russia said it was suspending supply because Finland had not complied with its demand to make payments in rubles. Finland also applied to join NATO, angering Russia.
President Biden’s new main spokeswoman was born to Haitian parents, who moved to New York and then struggled to survive. In a memoir, Jean-Pierre wrote of a troubled childhood, including sexual abuse and the family’s refusal to acknowledge her sexuality. When he was in his early 20s, she attempted suicide. After becoming interested in politics, she worked with several politicians, including John Edwards and later at the Obama White House, where she met Joe Biden.
When a new press secretary arrives, there is a tradition of giving a joke gift. The new one has a bright yellow touch.
8. After a three-year hiatus, “Stranger Things” is back. It is a more ambitious (and longer) season since the Oaf brothers
Matt and Ross Duffer, 38-year-old twins, now run what is perhaps Netflix’s biggest and longest-lasting brand. The first half of season 4 airs on May 27.
At a time when Netflix is competing with other streaming services and has lost billions in market value, a lot depends on the show. Season 4 will be the penultimate. The brothers gave our Times reporter a rare opportunity to watch them work for two days. One conclusion: expect tonal changes. Think “Nightmare on Elm Street” and “Hellraiser.”
9. Here’s a secret to pairing food and wine: It’s hard to go wrong.
Well-matched food and wine harmonize into a blend greater than the sum of its parts. But tips on the subject often require more knowledge of food and wine chemistry than most people. Over the years, our wine critic, Eric Asimov, has come to some simple, basic truths.
Among his suggestions: Work with a wine store, where merchants know their grapes. Remember that the simpler a recipe is, the more options there are for great pairings.
Another weekend idea: “Downton Abbey: A New Era” hits theaters this weekend and is a “gentle sequel,” our reviewer writes.
10 And finally, surfing monster waves, without a board.
Brazilian bodysurfer Kalani Lattanzi, nicknamed Aqua Gorilla, uses nothing but fins and sometimes a handplane (a board the size of a dinner plate). He started at 12, he’s surfed some of the world’s toughest waves and now, at 28, he hopes to surf the notorious big waves at Mavericks in California this year.
Bodysurfing has become increasingly popular, with some devotees hoping to see it as part of the 2032 Summer Olympics. But Lattanzi takes it to the next level. “It’s so extreme it’s like hanging off the wing of an airplane,” one big-wave surfer marveled.
Have a tubular weekend.
Eve Edelheit compiled photos for this briefing.
His evening briefing is posted at 6:00 pm ET.
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