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Wall Street rallied, but statistical data, debt ceiling held back the rebound in stocks

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Wall Street rose,

The Dow Jones and S&P 500 indices ended Monday’s trading in small plus after data on industrial production increased concerns about the slowing U.S. economy, which may contribute to lower inflation, while in Washington the debate on the debt ceiling continues.

The day before data showed that the business climate index of the Federal Reserve Bank of New York in May fell again, more than forecast.

In addition, markets were under pressure because of the standoff between the White House and Republicans in negotiations over the borrowing limit: the next meeting is scheduled for Tuesday, but many doubt that an agreement will be reached.

The Dow Jones index closed up 0.14% to 33,348.6 points, the S&P 500 rose 0.3% to 4,136.28 points and the Nasdaq rose 0.66% to 12,365,209 points.

Shares of Meta Platforms Inc gained 2.2% after broker Loop Capital upgraded its recommendation for the company’s securities to “buy” from “hold.”

Two U.S. Federal Reserve officials said Monday that stubbornly high inflation calls for continuing tight monetary policy at the Fed, rather than easing it.

Investors’ attention is focused on a speech by Jerome Powell, the head of the U.S. regulator, on Friday.

ONEOK Inc shares sank 9.1 percent after the company agreed Sunday to buy U.S. pipeline operator Magellan Midstream Partners MMP in an equity-and-cash transaction worth about $18.8 billion, including debt. Magellan shares jumped nearly 13%.

Earlier, we reported that U.S. stock indices decline after country statistics publication.

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Midea America Collaborates with Warner Bros-Discovery on Mini-Documentary “Project Homestead” to Enhance the Lives of Alaskan Residents in Need

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The Mini-Doc Showcases Midea’s Cold-Climate Heat Pump System and the Transformation of a Residential Facility in Alaska

LOUISVILLE, Ky., May 21, 2024 /PRNewswire/ — Midea America, in collaboration with Warner Bros. Discovery (NASDAQ:), is proud to present “Project Homestead,” an inspirational mini-documentary showcasing the transformative renovation of Willow Ranch. Willow Ranch is a residential facility near Willow, Alaska operated by Hope Community Resources, the foremost provider of support services to adults with intellectual and developmental disabilities, traumatic brain injuries, mental health challenges and complex medical conditions in Alaska. Project Homestead highlights the installation of various Midea home appliances and its innovative, energy-efficient, cold-climate heat pump system, which will provide a warm haven for a deserving household for years to come.

To watch the mini-documentary, please follow this link.

An Inside Look into Project Homestead
In this heartwarming film, viewers will witness the transformation of a house on the Willow Ranch property, home to four residents supported by Hope Community Resources. The collaborative efforts of Midea, Warner Bros. Discovery, Hope Community Resources, local contractors and volunteers provided a life-changing, all-expense-paid home renovation. Willow, Alaska, with its extreme climate, serves as the perfect backdrop for this project, underlining the importance of warm, energy-efficient living environments. Midea was thrilled to be involved in this project to showcase its desire to make energy-efficient heat pump technology more accessible across all communities.

Hosted by Jeff Thorman, seasoned general contractor and the face of Home RenoVision DIY, the film explores how home renovation can positively impact the lives of people in need.

“I am thoroughly impressed with the exceptional performance of Midea’s cold-climate heat pump system, especially in the challenging harsh winter conditions of Alaska,” expressed Jeff Thorman. “Having been in the home renovation industry for 25 years, I have a deep appreciation for innovative technologies that not only provide essential comforts but do so in an energy-efficient and cost-effective manner. Midea’s system is a testament to what modern engineering can achieve “ delivering reliable heating even in extreme cold, which is a game-changer for regions like Alaska.”

Midea’s Heat Pump System
Midea’s cold-climate heat pump system can deliver efficient heating and cooling in all American climates, even northern regions during harsh winters. While heat pumps historically have a reputation for underperforming in temperatures below 40 degrees Fahrenheit, in recent lab testing sanctioned by the U.S. Department of Energy as part of its Cold Climate Heat Pump Technology Challenge, Midea’s cold-climate heat pump system achieved 118% of rated capacity heating output at -15 degrees Fahrenheit “ debunking the myth that heat pumps only work in mild climates and proving that heat pumps are the HVAC systems of the future, everywhere. This also comes at a time of extreme demand for cost-effective and energy-efficient options, with the supply and  transportation costs of fossil fuel in Alaska continuing to rise.

“Midea is at the forefront of heat pump innovation, designing contractor and user-friendly systems that are making this modern technology accessible for all,” said David Rames, Senior Product Manager, Midea America Corp. “Our commitment to innovation and diverse solutions reflects our dedication to making a positive impact on everyone who needs high performing, highly efficient comfort solutions. The efficacy of our heat pump system in Alaska “ especially for residents in need “ is the ultimate proof and something in which we take immense pride.”

Production units of Midea’s forthcoming cold-climate heat pump system are slated to be available in the summer of 2024.

Additional Midea Appliances
Beyond the Midea cold-climate heat pump system, the renovation also featured the installation of other Midea home products and technologies intended to enhance the comfort and well-being of the residents: a refrigerator, air fryer and oven. Midea’s SmartHome application and technology will also allow Hope Community Resources to control and monitor operation remotely and provide useful information regarding usage, condition and energy consumption.

For more information, please visit midea.com/us.

ABOUT MIDEA AMERICA
Midea America Corp. is the U.S. subsidiary of Midea Group Co., Ltd., a publicly listed, Fortune 500 company and the world’s leading manufacturer of home appliances. Midea America Corp. is headquartered in Parsippany, NJ and has a Research and Development Center in Louisville, Kentucky. With more than 150,000 employees and presence in over 195 countries, Midea’s products touch the lives of millions of families through air treatment, refrigeration, laundry, small and large kitchen appliances, water appliances, floor care and lighting.

ABOUT WARNER BROS. DISCOVERY

Warner Bros. Discovery (NASDAQ: WBD) is a leading global media and entertainment company that creates and distributes the world’s most differentiated and complete portfolio of content and brands across television, film and streaming. Available in more than 220 countries and territories and 50 languages, Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, Max, discovery+, CNN, DC, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit  www.wbd.com.

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Apple says US antitrust lawsuit should be dismissed

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WASHINGTON (Reuters) – Apple (NASDAQ:) said Tuesday it plans to ask a U.S. judge to dismiss a lawsuit filed by the Justice Department and 15 states in March that alleged the iPhone maker monopolized the smartphone market, hurt smaller rivals and drove up prices.

In a letter to U.S. District Judge Julien X. Neals, Apple said “far from being a monopolist, Apple faces fierce competition from well-established rivals, and the complaint fails to allege that Apple has the ability to charge supra-competitive prices or restrict output in the alleged

© Reuters. FILE PHOTO: A women uses an iPhone mobile device as she passes a lighted Apple logo at the Apple store at Grand Central Terminal in New York City, U.S., April 14, 2023. REUTERS/Mike Segar/File Photo

smartphone markets.”

Apple said the complaint should be dismissed on a number of grounds.

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Anthropic hires Airbnb veteran Krishna Rao as first CFO, The Information reports

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(Reuters) – Artificial intelligence startup Anthropic has hired Airbnb veteran Krishna Rao as its first finance chief, The Information reported on Tuesday, citing people familiar with the matter.

Anthropic and Rao did not immediately respond to a Reuters request for comment.

© Reuters. FILE PHOTO: Anthropic logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

The company has raised billions from cloud service providers Google (NASDAQ:) and Amazon.com (NASDAQ:) and other venture capital firms as it looks to keep up with Microsoft-backed rival and ChatGPT maker OpenAI.

Rao was previously CFO at digital sports platform Fanatics Commerce and global head of corporate and business development at Airbnb between 2018 and 2021.

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