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Is This Rally Sustainable? You Better Bet Your Bullish Sweet Dollar It Is!

Below is the EB Weekly Market Report that I sent out earlier to our EarningsBeats.com members. This will give you an idea of the depth of our weekly report, which is a very small piece of our regular service offerings. We called both the stock market top in February and stock market bottom in April, and encouraged EB members to lower risk at the time of the former and increase risk at the time of the latter.

There is no better time to experience our service for yourself as we’re currently running a FLASH SALE that offers a 20% discount on annual memberships. The timing to join couldn’t be better as I’ll be providing my Q3 outlook to all EB annual members at 5:30pm ET today. A recording will be provided for those who cannot attend the session live. So if you sign up later today or tomorrow or the next day, we’ll make sure you get a time-stamped copy of the recording.

In the meantime, enjoy this complimentary copy of this week’s report….

ChartLists/Spreadsheets Updated

The following ChartLists/Spreadsheets were updated over the weekend:

  • Strong Earnings (SECL)
  • Strong Future Earnings (SFECL)
  • Strong AD (SADCL)
  • Raised Guidance (RGCL)
  • Bullish Trifecta (BTCL)
  • Short Squeeze (SSCL)
  • Leading Stocks (LSCL)
  • Manipulation Spreadsheet*

*We continued to add more stocks to our Manipulation Spreadsheet and you’ll see that a few have tabs, but do not have data yet. Those 3 are still “under construction”. I also added a “Summary” tab where I’ve begun to sort the individual stocks in order based on a proprietary relative AD ranking system. Don’t ask me what it means yet, because it’s still very much a work in progress as well. I’m looking at the intraday relative performance of individual stocks vs. the benchmark S&P 500. So positive percentages represent better intraday AD performance than the S&P 500, while negative percentages represent the opposite. One thing I’ll be watching is to see if stronger relative AD lines precede relative strength in stocks on a forward-looking basis. It certainly did in the case of both Netflix (NFLX) and Microsoft (MSFT) from several weeks ago when I pointed out what appeared to me to be significant accumulation in March/April when the stock market bottomed. Both NFLX and MSFT have soared since that time. I’ll keep everyone posted on the progress of my research over the next many weeks and months.

Weekly Market Recap

Major Indices

Sectors

Top 10 Industries Last Week

Bottom 10 Industries Last Week

Top 10 Stocks – S&P 500/NASDAQ 100

Bottom 10 Stocks – S&P 500/NASDAQ 100

Big Picture

If you’re a long-term investor, stepping back and looking at the stock market using this 100-year chart enables you to avoid pulling unnecessary sell triggers, because of the media, permabears, negative nellie’s, and all the “news” out there. The above chart never once flashed anything remotely signaling a sell signal and now, here we are, back at all-time highs. Simply put, it filters out all the noise that we hear on a day-to-day basis and keeps our wits about us.

Sustainability Ratios

Here’s the latest look at our key intraday ratios as we follow where the money is traveling on an INTRADAY basis (ignoring gaps):

QQQ:SPY

Absolute price action on both the S&P 500 and NASDAQ 100 has now seen all-time high breakouts, which alone is quite bullish. We want to see aggressive vs. defensive (or growth vs. value) ratios moving higher to indicate sustainability of any S&P 500 advance. In my view, we’re seeing that. But the intraday QQQ:SPY ratio continues to hesitate. A breakout in this intraday relative ratio would most definitely add to the current bullish market environment.

IWM:QQQ

I’m seeing signs of an impending rate cut by the Fed. However, if I’m being completely honest, one signal that we should see is outperformance in small caps and a rising IWM:QQQ ratio. That hasn’t happened – at least not yet. If a rate cut starts to become clearer, I would absolutely expect to see much more relative strength in small caps. Keep an eye out for that.

XLY:XLP

I pay very close attention to the XLY:XLP ratio and, more specifically, this INTRADAY XLY:XLP ratio. This chart helped me feel confident in calling a market top back in January/February. If you recall, that’s when we said it was waaaaay too risky to be long the U.S. stock market. By the time we had bottomed in April, the blue-shaded area highlighted the fact that the XLY vs. XLP ratio had already begun to SOAR! That’s why, on Friday, April 11th, I said I was ALL IN on the long side again.

These signals are golden and, when used in conjunction with all of our other signals, can provide us extremely helpful clues about stock market direction. If these ratios begin to turn lower in a big way, then yes we’ll need to grow more cautious. However, right now, they couldn’t be any more bullish. Expect higher prices ahead.

Sentiment

5-day SMA ($CPCE)

Sentiment indicators are contrarian indicators. When they show extreme bullishness, we need to be a bit cautious and when they show extreme pessimism, it could be time to become much more aggressive. Major market bottoms are carved out when pessimism is at its absolute highest level.

The S&P 500 had struggled a bit once 5-day SMA readings of the CPCE fell to the .55 area, a sign of market complacency and a possible short-term top. We saw a bit of a pullback in June, which many times is all we get during a secular bull market advance. My sustainability ratios are supporting a higher move by stocks and I know from history that overbought conditions can remain overbought. I also know that sentiment does a much better job of calling bottoms than it does calling tops. That’s why I will not overreact every time this 5-day moving average of the CPCE falls back below .55. During Q4 2024, we saw plenty of 5-day SMA readings below .55 and, while the S&P 500 was choppy, bullishness prevailed throughout. So just please always keep in mind that these 5-day SMA readings are our “speed boat” sentiment indicator that changes quite frequently. When it lines up with other bearish or topping signals, we should take note. But reacting to every subtle move in this chart is a big mistake, in my opinion.

253-day SMA ($CPCE)

This longer-term 253-day SMA of the CPCE is our “ocean-liner” signal, unlike our speedboat indicator. This one usually provides us a very solid long-term signal as the overall market environment moves from one of pessimism to complacency and vice versa. Look at the above chart. When the 253-day SMA is moving lower like it is now, it accompanies our most bullish S&P 500 moves. It makes perfect common sense as well. Once this 253-day SMA moves to extremely high levels and begins to roll over, the bears have already sold. We typically have nowhere to go on our major indices, except higher once sentiment becomes so bearish. The opposite holds true when the 253-day SMA reaches extreme complacency and starts to turn higher. We saw that to start 2022, which, at the time, I stated was my biggest concern as we started 2022. If you recall, I said to look for a 20-25% cyclical bear market over a 3-6 month period on the first Saturday in January 2022. The above chart was my biggest reason for calling for such a big selloff ahead of the decline.

These charts matter.

Long-Term Trade Setup

Since beginning this Weekly Market Report in September 2023, I’ve discussed the long-term trade candidates below that I really like. Generally, these stocks have excellent long-term track records, and many pay nice dividends that mostly grow every year. Only in specific cases (exceptions) would I consider a long-term entry into a stock that has a poor or limited long-term track record and/or pays no dividends. Below is a quick recap of how these stocks looked one week ago:

  • JPM – challenging all-time high
  • BA – substantial improvement, would like to see 185-190 support hold
  • FFIV – very bullish action above its 20-month SMA
  • MA – very steady and bullish long-term performer
  • GS – trending higher above 20-month EMA
  • FDX – trying to clear falling 20-week EMA
  • AAPL – monthly RSI at 50, which has been an excellent time to buy AAPL over the past two decades
  • CHRW – 85-90 is solid longer-term support
  • JBHT – would like to see 120-125 support hold
  • STX – long-term breakout in play, excellent trade
  • HSY – breaking above 175 would be intermediate-term bullish
  • DIS – now testing key price resistance in 120-125 range
  • MSCI – monthly RSI hanging near 50, solid entry
  • SBUX – moved back above 50-week EMA, short-term bullish
  • KRE – long-term uptrend remains in play
  • ED – has been a solid income-producer and investment since the financial crisis low in 2009
  • AJG – few stocks have been steadier to the upside over the past decade
  • NSC – continues to sideways consolidate in very bullish fashion
  • RHI – trending down with potential sight set on 30
  • ADM – looks to be reversing higher off long-term price support near 43
  • BG – 65-70 price support held, now looking to clear 50-week SMA to the upside
  • CVS – excellent support at 45 or just below, just failed on bounce at 50-month SMA at 72
  • IPG – monthly RSI now at 37 and also testing 4-year price support near 22.50
  • HRL – long-term price support at 25 and stock now showing positive divergence on monthly chart – bullish
  • DE – one of the better 2025 momentum stocks on this list

Keep in mind that our Weekly Market Reports favor those who are more interested in the long-term market picture. Therefore, the list of stocks above are stocks that we believe are safer (but nothing is ever 100% safe) to own with the long-term in mind. Nearly everything else we do at EarningsBeats.com favors short-term momentum trading, so I wanted to explain what we’re doing with this list and why it’s different.

Also, please keep in mind that I’m not a Registered Investment Advisor (and neither is EarningsBeats.com nor any of its employees) and am only providing (mostly) what I believe to be solid dividend-paying stocks for the long term. Companies periodically go through adjustments, new competition, restructuring, management changes, etc. that can have detrimental long-term impacts. Neither the stock price nor the dividend is ever guaranteed. I simply point out interesting stock candidates for longer-term investors. Do your due diligence and please consult with your financial advisor before making any purchases or sales of securities.

Looking Ahead

Upcoming Earnings

Very few companies will report quarterly results until mid-April. The following list of companies is NOT a list of all companies scheduled to report quarterly earnings, however, just key reports, so please be sure to check for earnings dates of any companies that you own. Any company in BOLD represents a stock in one of our portfolios and the amount in parenthesis represents the market capitalization of each company listed:

  • Monday: None
  • Tuesday: STZ ($29 billion)
  • Wednesday: None
  • Thursday: None
  • Friday: None

Key Economic Reports

  • Monday: June Chicago PMI
  • Tuesday: June PMI manufacturing, June ISM manufacturing, May construction spending, May JOLTS
  • Wednesday: June ADP employment report
  • Thursday: Initial jobless claims, June nonfarm payrolls, unemployment rate & average hourly earnings, May factory orders, June ISM services
  • Friday: None – stock market closed in observance of Independence Day

Historical Data

I’m a true stock market historian. I am absolutely PASSIONATE about studying stock market history to provide us more clues about likely stock market direction and potential sectors/industries/stocks to trade. While I don’t use history as a primary indicator, I’m always very aware of it as a secondary indicator. I love it when history lines up with my technical signals, providing me with much more confidence to make particular trades.

Below you’ll find the next two weeks of historical data and tendencies across the three key indices that I follow most closely:

S&P 500 (since 1950)

  • Jun 30: +34.34%
  • Jul 1: +72.77%
  • Jul 2: +16.76%
  • Jul 3: +77.19%
  • Jul 4: +0.00% (market closed – holiday)
  • Jul 5: +39.40%
  • Jul 6: +22.32%
  • Jul 7: +17.62%
  • Jul 8: -16.29%
  • Jul 9: +76.54%
  • Jul 10: -16.59%
  • Jul 11: +13.23%
  • Jul 12: +36.89%
  • Jul 13: -5.67%

NASDAQ (since 1971)

  • Jun 30: +73.30%
  • Jul 1: +63.18%
  • Jul 2: -47.43%
  • Jul 3: +46.02%
  • Jul 4: +0.00% (market closed – holiday)
  • Jul 5: +7.04%
  • Jul 6: -10.79%
  • Jul 7: +60.19%
  • Jul 8: -10.10%
  • Jul 9: +86.44%
  • Jul 10: -27.94%
  • Jul 11: +11.18%
  • Jul 12: +128.28%
  • Jul 13: +61.52%

Russell 2000 (since 1987)

  • Jun 30: +99.14%
  • Jul 1: +30.53%
  • Jul 2: -113.05%
  • Jul 3: +44.57%
  • Jul 4: +0.00% (market closed – holiday)
  • Jul 5: -4.89%
  • Jul 6: -76.61%
  • Jul 7: +43.95%
  • Jul 8: +37.24%
  • Jul 9: +31.88%
  • Jul 10: -17.39%
  • Jul 11: +29.75%
  • Jul 12: +89.15%
  • Jul 13: +63.13%

The S&P 500 data dates back to 1950, while the NASDAQ and Russell 2000 information date back to 1971 and 1987, respectively.

Final Thoughts

All-time highs are always a time for me to say “I told you so” to the bears, since I’ve been a firm believer that we remain in a secular bull market advance – one in which we should EXPECT to see higher prices and all-time highs. This latest rally is being fully supported by risk-on areas of the market, which will almost certainly lead for more and more all-time highs down the road.

Here are several things I’m watching this week:

  • Jobs. The ADP employment report will be out on Wednesday and the more-closely-watched nonfarm payrolls will be released on Thursday this week since the stock market is closed on Friday. ANY sign of weakness in these reports will begin to put mounting pressure on the Fed to cut rates in late July at their next meeting.
  • Technical Price Action. Any time we’re setting new all-time highs, I start off with a bullish mindset. I only turn bearish if I’m inundated with warning signals. Currently, I see few of those.
  • History. We can now turn our attention to upcoming earnings season and, historically, that’s a bullish thing. Pre-earnings season runs to the upside are common and, if you scroll up and check out historical returns for days over the next couple weeks, you’ll see that July normally performs well – especially the first half of the month.
  • 10-Year Treasury Yield ($TNX). The 10-year treasury yield has been in decline for 3 straight weeks, falling from 4.52% on June 9th to 4.24% just a few minutes ago. The money rotating into bonds is a very strong signal that inflation is NOT a problem. It’s also a signal that the Fed “should be” considering a rate cut at its next meeting.
  • Breakouts. We’ve seen big breakouts in key areas like semiconductors ($DJUSSC), software ($DJUSSW), and investment services ($DJUSSB), but there will be plenty more. Travel & tourism ($DJUSTT) joined the party on Thursday. Banks ($DJUSBK) are on the verge of a breakout. The way I look at it? The more the merrier!

Happy trading!

Tom

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Microsoft says goodbye to the Windows blue screen of death

It’s a bittersweet day for Windows users.

Microsoft is scrapping its iconic “blue screen of death,” known for appearing during unexpected restarts on Windows computers. The company revealed a new black iteration in a blog post on Thursday, saying that it is “streamlining the unexpected restart experience.”

The new black unexpected restart screen is slated to launch this summer on Windows 11 24H2 devices, the company said. Microsoft touted the updates as an “easier” and “faster” way to recover from restarts.

The software giant’s blue screen of death dates back to the early 1990s, according to longtime Microsoft developer Raymond Chen.

Travelers walk past screens after a major disruption in Microsoft’s cloud services caused widespread flight cancellations and delays at T3 IGI Airport in New Delhi, India, on July 19.Vipin Kumar / Hindustan Times via Getty Images file

Microsoft also said it plans to update the user interface to match the Windows 11 design and cut downtime during restarts to two seconds for the majority of users.

“This change is part of a larger continued effort to reduce disruption in the event of an unexpected restart,” Microsoft wrote.

The iconic blue screen was seemingly everywhere in July 2024 after a faulty update from CrowdStrike crashed computer systems around the world.

This post appeared first on NBC NEWS

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Home Depot is buying GMS for about $4.3 billion as retailer chases more home pros

Home Depot said Monday that it is buying GMS, a building-products distributor, for about $4.3 billion as the retailer moves to draw more sales from contractors and other home professionals.

Shares of Home Depot were roughly flat in early trading Monday. GMS shares jumped more than 11%.

As part of the deal, the Home Depot-owned subsidiary SRS Distribution will buy all outstanding shares of GMS for $110 per share, which adds up to about $4.3 billion and amounts to total enterprise value including net debt of about $5.5 billion, the company said.

Home Depot said it expects the acquisition to be completed by early 2026.

Home Depot’s announcement also concludes a potential bidding war between the big-box retailer and billionaire Brad Jacobs. Jacobs’ building-products distributor QXO had offered about $5 billion in cash to acquire GMS and said it would press forward with a hostile takeover if the company’s management rejected the proposal.

As Home Depot chases growth, it’s gone after a steadier and more lucrative piece of the home improvement business: electricians, roofers, home renovators and other professionals who tackle large projects year-round and need a lot of supplies. Home Depot said it’s speeding along that strategy with the GMS deal.

Home Depot bought SRS Distribution — the subsidiary that’s acquiring GMS — last year for $18.25 billion, in the largest acquisition in its history. Texas-based SRS sells supplies to professionals in the landscaping, roofing and pool businesses and it has bought up many other smaller suppliers as it’s grown.

Home Depot’s focus on selling to professionals is well-timed. Sales from do-it-yourself customers have slowed as higher mortgage rates have decreased housing turnover and dampened homeowners’ demand for larger projects because of higher borrowing costs.

The company said it expects total sales to grow by 2.8% for the full fiscal year and comparable sales, which take out the impact of one-time factors like store openings and calendar differences, to rise about 1%.

This post appeared first on NBC NEWS

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Business

Home Depot is buying GMS for about $4.3 billion as it chases more home pros

Home Depot said Monday that it is buying GMS, a building-products distributor, for about $4.3 billion as the retailer moves to draw more sales from contractors and other home professionals.

Shares of Home Depot were roughly flat in early trading Monday. GMS shares jumped more than 11%.

As part of the deal, the Home Depot-owned subsidiary SRS Distribution will buy all outstanding shares of GMS for $110 per share, which adds up to about $4.3 billion and amounts to total enterprise value including net debt of about $5.5 billion, the company said.

Home Depot said it expects the acquisition to be completed by early 2026.

Home Depot’s announcement also concludes a potential bidding war between the big-box retailer and billionaire Brad Jacobs. Jacobs’ building-products distributor QXO had offered about $5 billion in cash to acquire GMS and said it would press forward with a hostile takeover if the company’s management rejected the proposal.

As Home Depot chases growth, it’s gone after a steadier and more lucrative piece of the home improvement business: electricians, roofers, home renovators and other professionals who tackle large projects year-round and need a lot of supplies. Home Depot said it’s speeding along that strategy with the GMS deal.

Home Depot bought SRS Distribution — the subsidiary that’s acquiring GMS — last year for $18.25 billion, in the largest acquisition in its history. Texas-based SRS sells supplies to professionals in the landscaping, roofing and pool businesses and it has bought up many other smaller suppliers as it’s grown.

Home Depot’s focus on selling to professionals is well-timed. Sales from do-it-yourself customers have slowed as higher mortgage rates have decreased housing turnover and dampened homeowners’ demand for larger projects because of higher borrowing costs.

The company said it expects total sales to grow by 2.8% for the full fiscal year and comparable sales, which take out the impact of one-time factors like store openings and calendar differences, to rise about 1%.

This post appeared first on NBC NEWS

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The last Hong Kong pro-democracy party that held street protests disbands

Hong Kong pro-democracy political party League of Social Democrats announced on Sunday it had disbanded due to immense political pressure, the latest casualty in a years-long crackdown that has already quieted much of the city’s once-vocal opposition.

Following massive anti-government protests in 2019, many leading activists were prosecuted or jailed under a 2020 national security law imposed by Beijing. Dozens of civil society groups dissolved. Media outlets critical of the government shuttered.

The League of Social Democrats was the only pro-democracy party that still staged small street protests from time to time and held street booth activities to carry on its advocacy despite the risks.

Its chairperson, Chan Po-ying, said the disbandment decision was made after careful deliberation, especially taking into account the consequences to its members and comrades. Chan refused to elaborate on the pressure but said she was proud to say that the party had still contributed to the city’s pro-democracy movement in these few years.

“We have stayed true to our original aspirations and haven’t let down to the trust placed in us by those who went to prison,” she said. “While we are now forced to disband and feel an ache in our conscience, we have no other choice,” she said.

Protests became rare under Beijing’s grip

Hong Kong, a former British colony, will mark the 28th anniversary of returning to Chinese rule on July 1. The city used to hold annual pro-democracy protests that day and other various demonstrations demanding better policies.

But those were ceased after most organizing groups were disbanded and the leading activists were jailed. Critics say the drastic political changes under the security law reflect that the freedoms Beijing promised to keep intact in 1997 are shrinking.

The Beijing and Hong Kong governments insist the law is necessary for the city’s stability. A Chinese official overseeing Hong Kong affairs in 2023 said protests are not the only way for people to express their views, signaling Beijing’s stance toward demonstrations in the city.

In April, Hong Kong’s biggest pro-democracy party, the Democratic Party, also voted to give its leadership the mandate to move toward a potential disbandment. Party veterans told The Associated Press that some members were warned of consequences if the party didn’t shut down. A final vote is expected at a later date.

Chan said she believed the “one country, two systems” principle, which Beijing uses to govern Hong Kong, has already ended, pointing to the Chinese government’s imposition of the security law and introducing the idea of “soft resistance,” a term officials use to refer to underlying security risks.

“One country, two systems has already (become) one country, one system,” she said.

A party known for confrontational tactics

Founded in 2006, the League of Social Democrats was a left-wing political party that opposed what it called collusion between government and business, upheld the principle that people have a say and was firmly committed to the interests of underprivileged residents.

It was widely known for its more aggressive tactics when fighting for change. Its members have thrown bananas, eggs and luncheon meat at officials or pro-Beijing lawmakers as a protest gesture. Its party platform said the group advocated non-violent resistance but would not avoid physical confrontations – a stance that set it apart from older, traditional pro-democracy groups.

It once had three lawmakers in office. Its longest-serving lawmaker, Leung Kwok-hung – Chan’s husband – was disqualified from the legislature due to his manner of taking his oath in office in 2017.

Members arrested and jailed over activism

On the streets, the group’s activism led to the arrests and jailing of its members from time to time.

Last year, Leung and prominent LGBTQ+ activist Jimmy Sham, a former party leader, were sentenced to nearly seven years and more than four years over their roles in an unofficial primary election under the sweeping security law. Sham was freed from prison last month.

In recent years, the party has had limited political influence, no longer holding any seats in the legislature or local district councils. Even a bank ceased to provide bank account services to the group.

But it continued to stage small protests from time to time, despite sometimes those activities leading to arrests. On June 12, Chan and other members were fined after being found guilty over their street booth activities.

Undeterred by their convictions, they kept pressing on and protested against the ruling outside the court.

Chan wiped away tears during Sunday’s press conference and chanted slogans with other members at the end.

She said she doesn’t believe that democracy will come in the near future.

“Moving forward is not at all easy,” she said. “I hope everyone can become like an ember, a flying spark – still carrying light, keeping that light alive, no matter how small it may be.”

This post appeared first on cnn.com

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Turkish police detain dozens at banned Istanbul Pride march, lawmaker says

Turkish police detained at least 30 people in central Istanbul on Sunday as they tried to take part in a Pride March, which authorities had banned as part of a years-long clampdown on LGBTQ+ events, an opposition politician said.

Footage obtained by Reuters showed police scuffling with a group of activists holding rainbow flags in the city center before rounding them up and loading them into police vans.

Kezban Konukcu, a lawmaker from the pro-Kurdish DEM Party who attended the march, told Reuters that at least 30 people had been taken into custody.

Police did not immediately respond to a request for comment.

The Istanbul governor’s office had earlier deemed the march unlawful and said groups promoting the event were operating “illegally.”

Authorities have banned Pride marches in Turkey’s largest city since 2015, citing public safety and security concerns.

President Tayyip Erdogan’s Islamist-rooted AK Party has adopted increasingly harsh rhetoric against the LGBTQ+ community over the past decade.

In January, Erdogan declared 2025 the “Year of the Family,” describing Turkey’s declining birth rate as an existential threat and accusing the LGBTQ+ movement of undermining traditional values.

“The primary goal of the gender neutralization policies, in which LGBT is used as a battering ram, is the family and the sanctity of the family institution,” Erdogan said in January.

Rights groups have condemned Turkey’s stance. Human Rights Watch and Amnesty International have warned that government rhetoric and actions are fueling a hostile environment for LGBTQ+ people, contributing to rising discrimination and violence.

Despite the bans, small groups of activists continue to mark Pride Week each year. Organizers say the increasingly aggressive police response reflects broader crackdowns on dissent and freedom of assembly in Turkey.

This post appeared first on cnn.com

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Severe heat waves hit southern Europe as local authorities warn against wildfire risks

Major heat waves across southern Europe have pushed temperatures above 104 degrees Fahrenheit (40 degrees Celsius) in countries including Italy, Spain and Greece, as local authorities issued fresh warnings against the risk of wildfires.

Experts link the rising frequency and intensity of these heatwaves to climate change, warning that such extreme weather events are becoming increasingly common across Europe’s southern region.

Severe heat waves were recorded in Italy, Greece, Spain and Portugal before the weekend, with locals and tourists alike taking shelter from the sweltering conditions.

Two-thirds of Portugal were on high alert on Sunday for extreme heat and wildfires, with temperatures expected to top 107 Fahrenheit (42 Celsius) in Lisbon.

In Italy, a few regions – Lazio, Tuscany, Calabria, Puglia and Umbria – were planning to ban some outdoor work activities during the hottest hours of the day in response to the record-high temperatures. Italian trade unions pushed the government to expand such measures at a national level.

On Sunday, the Italian Health Ministry placed 21 out of 27 monitored cities under its highest heat alert, including top holiday destinations like Rome, Milan and Naples.

In Rome, tourists tried to seek shade near popular spots like the Colosseum and the Trevi Fountain, using umbrellas and drinking from public water fountains to stay cool.

Similar scenes were reported in Milan and Naples, where street vendors sold lemonade to tourists and residents to offer some refreshment from the heat.

Greece was again on high wildfire alert because of extreme weather, with the first summer heat wave expected to continue throughout the weekend.

A large wildfire broke out south of Athens on Thursday, forcing evacuations and road closures near the ancient Temple of Poseidon. Strong winds spread the flames, damaging homes and sending smoke across the sky.

Greek authorities deployed 130 firefighters, 12 planes and 12 helicopters to battle the blaze, while police evacuated 40 people, with five areas under evacuation orders.

In Spain, locals and tourists were desperately trying to keep cool this weekend, as the country sizzled in temperatures as high as 107 Fahrenheit (42 Celsius) in the southern city of Seville along with other locations in southern and central parts of the country.

Southern regions of Spain recorded temperatures above seasonal averages, prompting health alerts and safety recommendations from authorities. The country’s national meteorological service Aemet has said that June is set to break yet another record, becoming the hottest such month since records started.

Experts warned that intense heat can affect daily life, especially for vulnerable populations such as the elderly and children.

Local authorities advised against physical activity during the hottest hours of the day, and recommended drinking plenty of fluids.

A Lancet Public Health study published last year highlighted the increasing risk of heat-related deaths because of climate change. The study predicted that heat-related deaths could more than quadruple by mid-century under current climate policies.

While more people die from cold than heat, the study stressed that rising temperatures will offset the benefits of milder winters, leading to a significant net increase in heat-related mortality.

This post appeared first on cnn.com

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Brazil ex-leader Bolsonaro rallies thousands of supporters to protest his trial over alleged plot to overturn election

Former Brazilian President Jair Bolsonaro on Sunday attended a public demonstration in Sao Paulo to protest against his ongoing Supreme Court trial in the South American country.

A couple of thousand people gathered on Paulista Avenue, one of the city’s main locations, in a demonstration that Bolsonaro, before the event, called “an act for freedom, for justice.”

Bolsonaro and 33 allies are facing trial over an alleged plot to overturn the 2022 presidential election results and remain in power.

They were charged with five counts related to the plan.

The former president has denied the allegations and claims that he’s the target of political persecution.

He could face up to 12 years in prison if convicted.

“Bolsonaro, come back!” protesters chanted, but the former president is barred from running for office until 2030.

Brazil’s Superior Electoral Court ruled last year that he abused his political power and made baseless claims about the country’s electronic voting system.

This post appeared first on cnn.com

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China resumes seafood imports from some Japan regions

China on Sunday announced it is immediately resuming seafood products imported from some Japanese regions, ending a nearly two-year overall ban imposed due to worries over Japan’s release of treated wastewater from the Fukushima nuclear power plant.

In a notice on Sunday, China Customs said seafood products from 10 prefectures – Fukushima, Gunma, Tochigi, Ibaraki, Miyagi, Niigata, Nagano, Saitama, Tokyo and Chiba – will still be banned from entering the country.

Products from other regions will need health certificates, radioactive substance detection qualification certificates and production area certificates issued by the Japanese government for Chinese customs declarations, the notice said.

Chinese customs authorities said Sunday’s decision was made after no abnormality was detected following long-term international and independent Chinese sampling and monitoring of discharged wastewater.

China banned all imports of Japanese seafood in August 2023, shortly after Tokyo began releasing the treated Fukushima wastewater, prompting a diplomatic and economic backlash.

Sunday’s notice said China will strictly supervise Japanese seafood imports and will take measures if it finds any violations of relevant Chinese laws, regulations and food safety standards.

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Apple reveals complex system of App Store fees to avoid E.U. fine of 500 million euros

Apple Thursday made changes to its App Store European policies, saying it believes the new rules will help the company avoid a fine of 500 million euro ($585 million) from the EU for violating the Digital Markets Act.

The new policies are a complicated system of fees and programs for app makers, with some developers now paying three separate fees for one download. Apple also is going to introduce a new set of rules for all app developers in Europe, which includes a fee called the “core technology commission” of 5% on all digital purchases made outside the App Store.

The changes Apple announced are not a complete departure from the company’s previous policy that drew the European Commission’s attention in the first place.

Apple said it did not want to make the changes but was forced to by the European Commission’s regulations, which threatened fines of up to 50 million euros per day. Apple said it believed its plan is in compliance with the DMA and that it will avoid fines.

“The European Commission is requiring Apple to make a series of additional changes to the App Store,” an Apple spokesperson said in a statement. “We disagree with this outcome and plan to appeal.”

A spokesperson for the European Commission did not say that Apple was no longer subject to the fine. He said in a statement that the EC is looking at Apple’s new terms to see if the company is in compliance.

“As part of this assessment the Commission considers it particularly important to obtain the views of market operators and interested third parties before deciding on next steps,” the spokesperson said in a statement.

The saga in Brussels is the latest example of Apple fiercely defending its App Store policies, a key source of profit for the iPhone maker through fees of between 15% and 30% on downloads through its App Store.

It also shows that Apple is continuing to claim it is owed a commission when iPhone apps link to websites for digital purchases overseas despite a recent court ruling that barred the practice in the U.S.

Under the Digital Markets Act, Apple was required to allow app developers more choices for how they distribute and promote their apps. In particular, developers are no longer prohibited from telling their users about cheaper alternatives to Apple’s App Store, a practice called “steering” by regulators.

In early 2024, Apple announced its changes, including a 50 cent fee on off-platform app downloads.

Critics, including Sweden’s Spotify, pushed back on Apple’s proposed changes, saying that the tech firm chose an approach that violated the spirit of the rules, and that its fees and commissions challenge the viability of the alternative billing system. The European Commission investigated for a year, and it said on Thursday that it would again seek feedback from Apple’s critics.

“From the beginning, Apple has been clear that they didn’t like the idea of abiding by the DMA,” Spotify said last year.

Epic Games CEO Tim Sweeney, whose company successfully changed Apple’s steering rules in the U.S. earlier this year, accused Apple of “malicious compliance” in its approach to the DMA.

“Apple’s new Digital Markets Act malicious compliance scheme is blatantly unlawful in both Europe and the United States and makes a mockery of fair competition in digital markets,” Sweeney posted on social media on Thursday. “Apps with competing payments are not only taxed but commercially crippled in the App Store.”

The European Commission announced the 500 million euro fine in April. The commission at the time said that the tech company might still be able to make changes to avoid the fine.

Apple’s restrictions on steering in the United States were tossed earlier this year, following a court order in the long-running Epic Games case. A judge in California found that Apple had purposely misled the court about its steering concessions in the United States and instructed it to immediately stop asking charging a fee or commission on for external downloads.

The order is currently in effect in the United States as it is being appealed and has already shifted the economics of app development. As a result, companies like Amazon and Spotify in the U.S. can direct customers to their own websites and avoid Apple’s 15% to 30% commission.

In the U.S., Amazon’s iPhone Kindle app now shows an orange “Get Book” button that links to Amazon.com.

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