Georgia’s ruling party said Thursday it would drop a bill on “foreign agents” after two nights of violent protests against what opponents say is a Russian-inspired authoritarian change that threatens the country’s hopes of joining the European Union.

The ruling Georgian Dream party said in a statement that “we will unconditionally withdraw the bill we supported without any reservations.” It cited the need to reduce “conflict” in society, while condemning the “lies” being told about the bill by the “radical opposition”.

However, opposition leaders said the protest would resume after Thursday. Giga Lemonjava, a representative of the Droa party, said they demand that the government formally condemn the bill and release all those detained during the protests.

The Black Sea nation of 3.7 million people has seen frequent political upheaval since gaining independence from the Soviet Union in 1991, including a peaceful “Rose Revolution” in 2003 and a devastating war against Russia five years later.

Georgian companies receiving more than 20% of their funding from abroad must register as “foreign agents” or face fines.

Government officials said the proposals were necessary to root out “foreign influence” and “spies” from Georgia’s political scene, arguing that Georgians have a right to know who is funding non-governmental organizations working there.

The opposition said it was a local version of a Russian law that President Vladimir Putin has used for more than a decade to crush dissent.

“This is a Russian law that must be withdrawn and under no circumstances go to parliament,” said Nika Obolatze, a 32-year-old Tbilisi resident.

“Those who proposed the law are responsible for these confusions. “Because 90% of Georgians support European integration, nothing should stop it,” he added.

Kremlin spokesman Dmitry Peskov said Moscow was “concerned” by the events in Tbilisi and added that the Georgian bill had nothing to do with Russian laws.

“The Kremlin did not promote anything there, the Kremlin had nothing to do with it. … If I understand it correctly, one version was very similar to the equivalent law in the United States,” Peskov said.

The EU’s representative for Georgia welcomed the decision to withdraw the bill, writing on Twitter: “We encourage all political leaders in Georgia to resume pro-EU reforms in an inclusive and constructive manner.”

Parliament gave preliminary approval to the draft law on Tuesday, but tens of thousands of protesters gathered outside parliament, with some throwing petrol bombs, stones and plastic bottles at police. Dozens were arrested, officials said.

Police used tear gas, water cannons and stun grenades to disperse the second night of protests on Wednesday.

The bill has deepened a rift between Georgian Dream, which holds a parliamentary majority, and pro-European President Salomi Zourabichvili, who has defected from the party since being elected with its support in 2018.

Sourabichvili had said he would veto the bill, although parliament could override it.

Georgia’s opposition has long criticized the Georgian Dream as too close to Moscow. Anti-Russian sentiment is high in Georgia over Moscow’s support for separatists in the two breakaway regions, which led to a brief war between the two countries in 2008.

The bill angered supporters of Georgian membership of the EU after officials in Brussels condemned the draft law, saying it would complicate Tbilisi’s path to joining the bloc.

Polls show a steady majority of Georgians in favor of joining the EU and NATO. All major parties, including Georgian Dream, support the idea.

Last year, Brussels refused to grant EU candidate status to Georgia along with Moldova and Ukraine, citing stalled political and judicial reforms.

March 8 (Reuters) – Crypto-focused bank Silvergate Capital Corp ( SI.N ) plans to wind down operations and voluntarily liquidate on Wednesday, following a dramatic fall in crypto exchange FTX that sent its shares down 35%. % of hourly trading.

The decision to close the bank comes after the company warned last week that it had sold additional bonds at a loss this year and that further losses could mean the bank “could be underperforming”. Well capitalized.”

The poor outcome for La Jolla, California-based Silvergate, one of the crypto industry’s favorite banks, shows the extent of the impact on the digital asset sector since the fall of FTX, which filed for bankruptcy in November after failing to make customer returns.

In a statement, Silvergate said the decision to freeze its bank was the “best way forward” in light of “recent industry and regulatory developments”. The bank added that its wind-down and liquidation plan includes full repayment of deposits.

Silvergate reported a $1 billion loss in the fourth quarter as investors tried to withdraw more than $8 billion in deposits.

Several of the bank’s partners, including high-profile firms such as Coinbase Global Inc ( COIN.O ) and Galaxy Digital, cut ties with Silvergate last week.

Silvergate has retained Centerview Partners LLC as financial advisor and Cravath, Swain & Moore LLP as legal counsel, the bank said in a statement.

Founded in 1988, Silvergate ventured into crypto in 2013. The bank also operated a mortgage warehousing business, but announced in December that it was winding down that division, citing a rising interest rate environment and reduced mortgage volumes.

Last week, Silvergate shut down the Silvergate exchange network, its crypto payment network and one of its most popular offerings. That network enabled 24-hour transfers between investors and crypto exchanges, unlike traditional bank wires, which often took days to settle.

Ram Ahluwalia, chief executive officer of Lumida Wealth, an investment adviser specializing in the digital sector, said the loss of the Silvergate exchange network was “disappointing” as Silvergate has said it will refund depositors and pay off debts, even though contagion risks are low. assets.

“This is a strategic loss of critical infrastructure for crypto,” he said.

The Federal Deposit Insurance Corp (FDIC) declined to comment on Wednesday when asked about the bank’s failure beyond saying it does not regulate the bank or the holding company. Bloomberg previously reported that the FDIC had discussed ways with Silvergate to avoid a shutdown.

Federal prosecutors in Washington are investigating the company and its dealings with FTX and trading firm Alameda Research. In January, three US senators asked Silvergate for details on its risk management and FTX.

In a statement, the California Department of Financial Protection and Innovation, which oversees Silvergate under the state charter, said it is evaluating the bank’s compliance with financial laws and security and fiduciary obligations and working with its relevant federal agencies.

With over a trillion dollars worth wiped from the crypto industry by 2022, rising interest rates are fueling fears of an economic downturn.

After rapid growth in 2020 and 2021, Bitcoin — by far the most popular digital currency — fell more than 60% last year, putting pressure on the digital assets sector.

Reporting by Hannah Long in Washington and Anirban Chakraborty in Bangalore; Additional reporting by Manya Saini in Bengaluru Editing by Maju Samuel and Matthew Lewis

Our Standards: Thomson Reuters Trust Principles.

(CNN) More video was released from the traffic stop in January Deadly police baton Dyer Nichols was delayed Wednesday by a court order as the U.S. Justice Department announced a review of the Memphis Police Department after Nichols’ death.

“Release of this information is subject to further orders of this court and will be ordered as soon as practicable in the public interest,” reads the order following a motion filed by Desmond Mills’ defense attorney, Blake Ballin. Jr. is one of the former officers charged in the horrific encounter with Nicole. Palin indicated his motion was an effort to ensure future jurors were not prejudiced.

Officials were expected to make an announcement on Wednesday 20 more hours of video A Memphis official said, along with some records of the city’s internal investigation into 13 police officers and four fire department personnel from the night of the beating in early January.

The official released on Tuesday After Nichols’ death in the west Tennessee city, a seventh police officer was fired and others were fired or left the force. previously, Six officials said Fired, five of them Accused.

The city plans to release additional video footage Wednesday afternoon, now that its internal investigation into the beating has concluded, Memphis Chief Legal Officer Jennifer Singh told a City Council committee Tuesday morning.

Sink and city spokeswoman Alison Foch both confirmed the delay to CNN on Wednesday. In a statement, Foch said the court’s order “may not release any video, audio or recordings related to the city’s administrative hearing until further order of the court.”

Fauci earlier told CNN that an investigation into the issue was underway Wednesday afternoon.

Notably, it was expected to include unreleased footage What was said after the beating and when Nichols was taken to the hospital by ambulance may play an investigative role as his office considers additional charges, The The district attorney previously told CNN.

The Shelby County District Attorney’s Office indicated in a statement Wednesday that it supported the decision to release “remaining video footage from the investigation.”

“Regarding other matters scheduled for release, our office must carefully review it to ensure it does not prejudice the defendant or jeopardize our case,” it added.

Palin’s motion and the court order “result from the need to balance the interests of transparency with defendants’ right to a fair trial,” he said in a statement.

“Police investigations often uncover irrelevant, prejudicial, misleading or inadmissible evidence,” he said. “The order issued today will allow all parties to review the information the Memphis Police Department wishes to release to ensure the public is not exposed to such evidence.”

News of the defense attorney’s legal challenge came Wednesday after the Justice Department announced it would review the Memphis Police Department in the wake of Nichols’ death.

The review, requested by Memphis’ mayor and the city’s police chief, will cover “policies, procedures, training, data and processes related to MPD’s use of force, expansion and special units.” A press release from the Police Department’s Office of Community Policing Services.

A public report outlining the office’s findings and recommendations will be made public at the end of the review, the release said. The announcement regarding Memphis came shortly before the DOJ released a Harsh criticism of the Louisville Metro Police Department It follows a separate two-year review by the agency after the murderous attack Briona Taylor.

Footage released earlier contradicted police reports

Nichols, a 29-year-old black man, was punched and kicked multiple times by Memphis police officers on Jan. 7 following a traffic stop and a brief foot chase. He died three days after being admitted to the hospital.

Five black police officers were fired following an internal investigation and indicted on criminal charges on January 26.

Body camera videos and surveillance footage of the detainee Released a day laterPublicly revealing the severity of the beating drew widespread condemnation from residents and police officials, and the district attorney said he was conflicted. What the authorities said happened In the first police report.

The video sparked a national debate about justice in policing and reform, shaking a nation long accustomed to videos of police brutality — particularly against people of color — and sparking protests. and awareness In Memphis and other major US cities.

The Memphis City Council on Tuesday passed several public safety ordinances related to police. One of them established an “annual independent review” of the police department’s training academy, and the other established an independent review process for use of force incidents and deaths or serious injuries to inmates.

The city attorney says a 7th officer has been fired and may even have retired

The city also plans to release on Wednesday some records related to internal investigations of 13 police officers and four fire department employees, including documents indicating why they are being investigated, Sink said.

He added that other investigative files contain information that needs to be redacted and will be posted online once it is done.

But Sink has already announced the bottom line: Seven police officers have been fired, three suspended, one retired and two had their investigations dropped as a result of the investigation, he said Tuesday — a seventh officer the city confirmed had been fired.

Details about the man’s name and what the officer was charged with were not immediately released.

The city previously said three Memphis Fire Department employees — two emergency medical technicians and a fire lieutenant — responded to the scene. Deleted, although no one has been criminally charged. On Tuesday, Sink said a fourth fire department employee had been suspended, but did not provide additional details.

The two fired EMTs did not perform a primary examination on Nichols for the first 19 minutes, and the lieutenant remained in the fire truck. According to A State Board of Emergency Medical Services.

A council member asked Singh if anyone who attacked Nichols was still part of the police or fire department.

“No. All those officers Criminally charged,” Sink said.

Those five former Memphis police officers were indicted in January He was arraigned on the criminal charges on February 17.

Tadarrius Bean, Demetrius Haley, Justin Smith, Emmitt Martin III and Desmond Mills Jr. They each face charges of second-degree murder, aggravated assault, aggravated kidnapping, official misconduct and official oppression. Second-degree murder in Tennessee is a Class A felony punishable by 15 to 60 years in prison.

Their lawyers entered not guilty pleas on their behalf. They are scheduled to appear in court again on May 1.

The five accused officers were part of the department’s special Scorpion unit Launched in 2021 for rising violent crime in Memphis. Memphis police announced the unit would be permanently shut down shortly after video of Nichols’ arrest was released in January, and the DOJ said Wednesday it would separately review special units across the U.S. and create a guide to supplement its review of Memphis. Police.

Police identified a sixth officer who was fired in February. Preston Hemphill, who is white, says he was accused of violating department policies including those involving personal conduct and truthfulness.

In addition, two Shelby County Sheriff’s Office Deputies at the scene were suspended Each was without pay for their parts in the case for five days, according to a Sheriff’s Office news release obtained by CNN affiliate WHBQ.

CNN’s Pamela Kirkland, Shimon Prokubeks and Hannah Rabinowitz contributed to this report.

Dow Jones futures were little changed early Wednesday, along with S&P 500 futures and Nasdaq futures. CrowdStrike (CRUD) accumulated overnight in revenue. Tesla shares fell slightly on an analyst downgrade and a new security survey.

X

The stock market rally saw sharp losses after Fed Chair Jerome Powell said policymakers are “ready to step up the pace of rate hikes.” The S&P 500 broke below its 21-day moving average and broke its 50-day line.

Tesla (D.S.L.A) has fallen below a critical level, but it may still be a constructive process. Tech titans Apple (APL), Microsoft (MSFT) and Google Parents letters (GoogleModest winners on Monday gave up those gains on Tuesday.

Several leaders were reasonably well positioned, while others sustained some more damage. Delta Air Lines (DAL), A new monument (New) and Canadian Solar (CSIQ) flirted with buy signals as their respective groups outperformed.

Investors should be wary of new purchases in the very short term and may want to reduce overall exposure.

The video embedded with this article discusses Tuesday’s market action and analyzes DAL stock, Canadian Solar and Freeport-McMoRan.

DAL has stock IBD Big Cap 20. New Relic was Tuesday’s IBD Stock of the Day.

Fed chief Powell

Citing strong economic data, Federal Reserve Chairman Jerome Powell said “the final level of rates will be higher than previously expected.” Markets were already pricing in higher rates than the central bank’s forecast for a peak rate of 5.1% in late 2022.

But Powell also signaled that the Fed is open to accelerating rate hikes again. “If the totality of the data indicates that faster tightening is needed, we will be prepared to increase the pace of rate hikes.”

That puts more pressure on Friday’s February jobs report and next week’s CPI inflation report.

The odds of a 50-basis-point Fed rate hike on March 22 rose to 70.5%, up from 31% on Monday and 24% a week ago.

Main revenue

CRWD stock rose solidly after CrowdStrike earnings beat and the cybersecurity play gave good guidance. CrowdStrike stock fell 2.1% to 124.93 in Tuesday’s session, having risen sharply in the past two months, but still below its 200-day line. Octa (OKTA), Palo Alto Networks (PANW) and Fortinet (FTNT) seems strong.

Soundhound AI (the sound) fell early on Wednesday due to a smaller-than-expected Q4 loss and earnings growth. The AI ​​play provided in-line revenue guidance for 2023. SOUN stock rose 2.15% to 3.33 on Tuesday. Soundhound stock is working on a 5.04 buy point from a consolidation formed above the 200-day line.

Dow Jones Futures Today

Dow Jones futures lost a fraction and fair value. S&P 500 futures were lower and Nasdaq 100 futures were just above break-even.

The 10-year Treasury yield was at 3.97% after rising slightly to 4% overnight.

Investors will receive the ADP employment report at 8:15 a.m. ET, which provides an estimate of private payrolls for February. But the ADP report has an inconsistent record in forecasting the Labor Department’s jobs report. The February jobs report is due on Friday.

The JOLTS survey, which will be conducted at 10 a.m. ET, will reveal job openings since January.

Remember that overnight action in Dow futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they examine stocks that could be in for a stock market rally on IBD Live

Stock market rally

The stock market’s rally started off slightly higher on Tuesday, but fell sharply at 10 a.m. after testimony from central bank chief Powell Hawking.

The Dow Jones Industrial Average fell 1.7% in stock market trading on Tuesday. The S&P 500 index slipped 1.5%. The Nasdaq composite yielded up 1.25%. The small-cap Russell 2000 retreated 1.2%.

Apple shares fell 1.45%, erasing Monday’s gains. Intraday Monday, AAPL shares hit 156.30, clearing nearly a handful of buy points. Microsoft fell 1.1%, offsetting Monday’s 0.6% advance. Apple and Microsoft stocks are Dow Jones, S&P 500 and Nasdaq components.

Shares of S&P 500 and Nasdaq giant GOOGL fell 1.4%, returning to its 50-day line.

The 10-year Treasury yield actually fell 1 basis point to 3.97%. But yields rose for short-term Treasuries, which are more closely tied to central bank policy. The 2-year yield rose 12 basis points to 5.01%. The six-month T-bill yield rose 17 basis points to 5.29%.

Meanwhile, the US dollar rose on Powell’s hawkish testimony and generally higher Treasury yields, hitting its highest level since late November.

US crude oil prices fell 3.6% to $77.58 a barrel. Concerns about a central bank rate hike, a strong dollar and weak Chinese imports weighed on crude. Copper prices fell 2.8% due to similar reasons.

ETFs

Among growth ETFs, the innovator IBD 50 ETF (FFTYdecreased by 0.6%. The iShares Expanded Technology Software Sector ETF (IGV) yielded up to 1.%, while MSFT stock was a major contributor. VanEck Vectors Semiconductor ETF (SMHretreated 1.2%

Reflecting the more speculative story stocks, the ARK Innovation ETF (ARKK) 1.7% and the ARK Genomics ETF (ARKG) 1.1% Tesla stock is the dominant holding across Arc Invest’s ETFs.

SPDR S&P Metals & Mining ETF (XMEDown 2.85%. US Global Jets ETF (JETS) rose 0.65%, DAL stock is significantly higher. SPDR S&P Homebuilders ETF (XHB) down 1%. Energy Select SPDR ETF (XLE) fell 1.7% and the Financial Select SPDR ETF (45) slipped 2.6%. Health Care Select Sector SPDR Fund (XLV) yielded 1.6%.

Five Best Chinese Stocks to Watch Now

Tesla stock

Tesla shares fell 3.15% to 187.71, below its 21-day moving average and its lowest close in a month. The EV company has an aggressive buy point at 217.75, but investors should wait for a decisive move above the 200-day line. The 200-day line is at 220 and lower. An extended pause would bring the 200-day line to the latest consolidation and allow the 50-day line to hold.

On Tuesday, China EV registration data showed Tesla sales rising for the second week in a row. But despite the big price cuts, Tesla’s China deliveries are still on pace to fall in the first quarter and into Q4.

Tesla shares fell 1% before the open.

Berenberg downgraded Tesla shares to no-buy, saying the stock’s price has returned to fair value. The analyst said the Tesla price cuts will hit gross margins in the short term, but still sees higher margins in the long run.

US auto safety regulators have launched an investigation into Tesla’s Model Y SUV after two complaints that the steering wheels could come off while driving.

The National Highway Traffic Safety Administration has opened another Tesla inspection, this time involving the steering wheel. The investigation covers 120,000 Model Y vehicles from the 2023 model year. On two occasions, Model Ys were delivered to customers without the bolts holding the wheel to the steering column.

Market rally analysis

The stock market rallied on poor reports from Fed Chairman Jerome Powell and the prospect of faster rate hikes and higher rates.

The S&P 500 fell below its 21-day moving average and broke its 50-day line. The Nasdaq composite fell to its 21-day line.

The Dow Jones, which hit resistance at the 50-day line on Monday, fell sharply on Tuesday.

Tuesday’s losses are usually followed by a negative session on Monday. Big-cap indices wiped out the day’s gains, but Apple stock, Google and Microsoft, fared relatively well. But the losers outnumbered the winners almost 2-to-1.

The Russell 2000 fell below its 21-day line on Monday and fell just above its 50-day line on Tuesday. The small-cap index had its worst result since late January.

Most of the leading stocks fell along with the overall market. Stocks have bounced back a bit from Monday morning’s optimism.

Miners like FCX stock stumbled on Tuesday on concerns about a strong dollar and China’s economy. But generally leading stocks have not suffered much damage yet.

DAL stock and other airline plays remain healthy, along with multiple travel names. CSIQ stock is hovering around a buy point with several solar names trying to shine. The NEWR stock is well integrated. Tesla stock could use a longer pause, but is still doing relatively well.

With the 10-year Treasury yield at 4%, short-term rates at 5% and the dollar rising, it’s understandable that the stock market rally has some problems.

Friday’s jobs report and next week’s CPI inflation report could lock in expectations for a half-point central bank rate hike this month. As Tuesday’s selloff showed, it’s the market reaction that matters, not the news.

The S&P 500 barely holds the 50-day line and is not far from testing its 200-day once again. The Nasdaq and Russell 2000 could easily break below key levels. On the upside, a move above Monday’s intraday highs could break short-term trends for the S&P 500, Nasdaq and Russell.

Time the market with IBD’s ETF Market Strategy

What to do now

Just when the stock market’s rally seems to be regaining momentum, negative news knocks it down. Is this a short-term pause within a trading range or the start of something more serious? It doesn’t take long to trigger extreme weakness or renewed strength.

So investors should be prepared and ready to act.

Better to hold off on buying until you get more clarity. Many stocks on Tuesday did not reveal new buy signals in any case. Instead, investors may want to consider exiting or trimming recent positions if they aren’t working.

Keep working on your watch lists. The rangebound market is tricky to play, but many new platforms and bullish bullbacks are taking shape.

Read the big picture every day to stay in tune with market direction and leading stocks and sectors.

Follow Ed Carson on Twitter @IBD_ECarson For stock market updates and more.

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TAIPEI/BEIJING, March 7 (Reuters) – Taiwan will not tolerate “repeated provocations” by China, the island’s defense minister said on Tuesday, adding that China’s foreign minister said Taiwan was the “first red line.” American relations.

Tensions over democratically-ruled Taiwan, which China considers its own territory, have increased Beijing’s diplomatic and military pressure over the past three years to force Taipei to accept Chinese sovereignty.

China held military exercises near Taiwan in August to protest a visit to Taipei by then-US House Speaker Nancy Pelosi, and Taiwanese President Tsai Ing-wen plans to meet current House Speaker Kevin McCarthy in the US in the coming weeks, two sources told Reuters.

Speaking to reporters in parliament, Taiwanese Defense Minister Chiu Kuo-cheng said he was not aware of a planned meeting between Tsai and McCarthy.

“The Chinese Communists use any excuse to send in troops,” Chiu said. “But we’re not going to say, ‘Bring it on,’ we’re going to take a calm and rational approach.”

He added that although he hoped this would not happen, Taiwan’s military was ready to fight.

“If the Chinese Communists move again, the job of the armed forces is to fight back,” said Chiu. “We will not allow repeated provocations against us. It is unacceptable.”

Taiwan’s government has not announced Tsai’s visit to the United States, and she has previously made stops in Latin America and the Caribbean en route to countries that maintain formal diplomatic ties with Taiwan.

Taiwan’s foreign ministry said on Tuesday it would announce any overseas trips by the president in due course, but there was nothing to announce at this time. McCarthy also did not confirm the meeting with Tsai.

In Beijing, Chinese Foreign Minister Qin Gang said it was “ridiculous” for US officials to say Taiwan was not China’s internal matter.

“The Taiwan issue is the core of China’s core interests, the foundation of the political foundation of Sino-US relations, and the first red line that should not be crossed in Sino-US relations,” he said in an annual speech on China. Parliament meeting.

“The United States has an irrevocable responsibility for the cause of the Taiwan question.”

China will continue to work for “peaceful reunification” but reserves the right to take all necessary measures, Qin said.

“No one should underestimate the steadfast determination and great capacity of the Chinese government and people to protect national sovereignty and territorial integrity.”

Taiwan’s government fiercely denies China’s territorial claims, although it has repeatedly offered talks with Beijing, and says only the people of Taiwan can decide their future.

A source told Reuters that if the US meeting goes ahead – probably in April – it would not necessarily rule out McCarthy coming to Taiwan in the future.

Four other sources — including U.S. officials and people with knowledge of the thinking of the U.S. and Taiwan administrations — said both sides are deeply concerned that McCarthy’s future visit could sharply escalate tensions across the Taiwan Strait as the island prepares. own presidential election early next year.

Reporting by Ben Blanchard and Ryan Wu; Editing by Jerry Doyle and Stephen Coates

Our Standards: Thomson Reuters Trust Principles.

March 6 (Reuters) – Wall Street’s major indexes pared early gains on Monday and investors saw U.S. Treasury yields rise in support of this week’s testimony from Federal Reserve Chairman Jerome Powell and economic data including the jobs report.

iPhone maker Apple Inc ( AAPL.O ), which rose as much as 2% last week, was the biggest boost to the S&P 500 index ( .SPX ) after Goldman Sachs initiated coverage with a “buy” rating.

But stocks gave up earlier gains as the yield on the U.S. 10-year Treasury note recovered from an early slide after data showed new orders for U.S. manufactured goods fell less than expected in January. Higher orders for engines and other products indicated that manufacturing is regaining its footing, despite a fall in civilian aircraft bookings.

As higher rates reduce the value of future cash flows, rising bond yields weigh on equity valuations, particularly growth and technology stocks.

Monday’s data could dampen investor enthusiasm, said Shawn Cruz, chief trading strategist at TD Ameritrade in Chicago.

“There’s still a lot of work to be done on inflation,” Cruz said. “We don’t see the demand slowdown we need to see. The whole point of the Fed raising rates is to slow the economy.”

The Dow Jones Industrial Average (.DJI) rose 45.24 points, or 0.14%, to 33,436.21; The S&P 500 (.SPX) added 10.67 points, or 0.26%, to 4,056.31; And the Nasdaq Composite (.IXIC) added 31.23 points, or 0.27%, to 11,720.23.

Six of the 11 major S&P 500 sectors rose. But after China set a lower-than-expected target for economic growth of around 5% this year, the commodity-linked products sector ( .SPLRCM ) led declines.

The technology sector ( .SPLRCT ) was the biggest gainer, with Apple Inc ( .SPLRCT ) the biggest boost, followed by Microsoft Corp ( MSFT.O ) and Google parent Alphabet Inc ( GOOGL.O ).

Three major U.S. stock indexes rallied on Friday and posted weekly gains after comments from Fed policymakers eased jitters surrounding an aggressive rate hike.

But San Francisco Federal Reserve Bank President Mary Daly said on Saturday that if inflation and labor market data were warmer than expected, interest rates should be higher in December than Fed policymakers predicted.

Investors will be looking for clues about the Fed’s future rate hike path when Powell testifies before Congress on Tuesday and Wednesday. Powell’s last talk of strong economic data and warmer-than-expected inflation has raised concerns that the Fed will raise rates more than expected or keep them higher for longer.

Traders expect at least three 25-basis-point hikes this year and interest rates to 5.44% by September from 4.67% now.

Shares of cryptocurrency-related companies fell after Silvergate Capital Corp ( SI.N ) pulled the plug on its crypto payment network, raising doubts about the company’s ability to stay in business. The California-based bank was last up 1% at $5.84, down from $5.11. Its crypto peer Signature Bank ( SBNY.O ) fell nearly 2%.

Declining issues outnumbered advancers by a 1.46-to-1 ratio on the NYSE; On the Nasdaq, a 1.79-to-1 ratio favored decliners.

The S&P 500 posted 20 new 52-week highs and one new low; The Nasdaq Composite posted 74 new highs and 71 new lows.

Reporting by Sinead Carew, Shruti Shankar, Bansari Mayur Kamdar and Sristi Achar A in Bangalore; Editing by Vinay Dwivedi, Anil de Silva and Richard Chang

Our Standards: Thomson Reuters Trust Principles.

(CNN) Lewis Hamilton said his Mercedes team was “going backwards” after a poor performance at the weekend’s season-opening grand prix. Bahrain.

The seven-time world champion struggled to finish fifth, finishing seventh on the grid, nearly 51 seconds behind. Race winner Max Verstappen.

Hamilton’s team-mate George Russell was a disappointing seventh 2023 Formula One season for Mercedes.

Afterwards, Hamilton had an honest reaction to how his car and his crew fared in contrast to the others.

“We certainly cannot fight them at this time — [Red Bull] Like the Astons were a lot faster than us,” the 38-year-old said.

“We’re the fourth fastest team now as opposed to third last year. We’re going backwards, [so] We have a lot of work to do to close that gap.”

Defending world champion Verstappen made his mark on the new season with a dominant race, while his team-mate Sergio Perez completed a Red Bull one-two.

More than 20 years after his F1 debut, Fernando Alonso put in an underwhelming performance of the weekend, although the 41-year-old finished third on his debut for Aston Martin.

The two-time world champion said the whole team was “very proud” of how the car performed in the race.

Alonso’s car highlights from the season opener came in battles with Hamilton — a wheel-to-wheel scrap at the start and end of the race — where the Spaniard came out on top.

Hamilton expressed his delight at the thrill of the battle, but also his disappointment at the overall outcome.

“I really loved the race. I got a great start, Fernando got by in Turn 4 and I was like: ‘Oh jeez, that’s a great start to the race.’ It felt like one of my best opening laps,” Hamilton said.

“Then I was sliding. At the beginning I was too low, I took the wing too much, I couldn’t get around some corners and I couldn’t keep up with the guys in front.

“My middle position was good and at the end, I was very close to catching Carlos [Sainz for fourth position]But still [it was] Not enough.”

Coming into the 2023 F1 season, Mercedes is stuck developing its unique “zero sidepod” design, which it struggled with last season.

After the race, Mercedes team principal Toto Wolff called Sunday “one of the worst days in racing” while promising “radical” changes.

“Not really well, we were short of pace front, right and centre,” Wolff told Sky Sports.

“Red Bull is on another planet. That hurts because they’re so far away, it reminds me of our best years because we’re just a second behind everyone else.

“That’s the benchmark, we have to do one after the other to come back and we can do it. We can, absolutely we can. I think it has to be more serious in steps than just hoping to improve by three tenths. .”