Treasury Bulls Unwind Big Bets as Strong Data Pushes Yields Up
Traders had built up substantial long positions in Treasury markets ahead of Thursday's payrolls data, anticipating that a weak reading would bolster the case for lower rates.
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Associated Press
8 minutes ago
- Associated Press
Tesla's Autopilot system is in the spotlight at a Miami trial over a student killed while stargazing
NEW YORK (AP) — A rare trial against Elon Musk's car company began Monday in Miami where a jury will decide if it is partly to blame for the death of a stargazing university student after a runaway Tesla sent her flying 75 feet through the air and severely injured her boyfriend. Lawyers for the plaintiff argue that Tesla's driver-assistance feature called Autopilot should have warned the driver and braked when his Model S sedan blew through flashing red lights, a stop sign and a T-intersection at nearly 70 miles an hour in the April 2019 crash. Tesla lays the blame solely on the driver, who was reaching for a dropped cell phone. 'The evidence clearly shows that this crash had nothing to do with Tesla's Autopilot technology,' Tesla said in a statement. 'Instead, like so many unfortunate accidents since cellphones were invented, this was caused by a distracted driver.' The driver, George McGee, was sued separately by the plaintiffs. That case was settled. A judgement against Tesla could be especially damaging as the company works to convince the public its self-driving technology is safe during a planned rollout of hundreds of thousands of Tesla robotaxis on U.S. roads by the end of next year. A jury trial is rare for the company, which often settles lawsuits, and this one is rarer yet because a judge recently ruled that the family of the stricken Naibel Benavides Leon can argue for punitive damages. The judge, Beth Bloom of the U.S. District Court for the Southern District of Florida, issued a partial summary judgement last month, throwing out charges of defective manufacturing and negligent misrepresentation against Tesla. But she also ruled plaintiffs could argue other claims that would make the company liable and ask for punitive damages, which could prove costly. 'A reasonable jury could find that Tesla acted in reckless disregard of human life for the sake of developing their product and maximizing profit,' Bloom said in a filing. The 2021 lawsuit alleges the driver relied on Autopilot to reduce speed or come to a stop when it detected objects in its way, including a parked Chevrolet Tahoe that Benavides and her boyfriend, Dillon Angulo, had gotten out of near Key West, Florida, to look up at the sky. The Tesla rammed the Tahoe at highway speeds, causing it to rotate and slam into Benavides, tossing her into a wooded area and killing her. In legal documents, Tesla denied nearly all of the lawsuit's allegations and said it expects that consumers will follow warnings in the vehicle and instructions in the owners' manual, as well as comply with driving laws. Tesla warns owners in manuals that its cars cannot drive themselves and they need to be ready to intervene at all times. —— Former AP auto writer Krisher reported from Detroit.
Wall Street Journal
11 minutes ago
- Wall Street Journal
The Benefit of Ebbing EVs
Helping Ukraine against a weakened Russia coincides nicely with the demise of electric vehicles, wind turbines and solar panels ('Trump Calls Out the Putin Charade,' Review and Outlook, July 9). Freed-up U.S. manufacturing capacity can go to missile systems and ammunition primarily for sale to Europe and use by Ukraine. General Motors has shown such versatility by producing tens of thousands of tanks and armored vehicles in World War II and 30,000 ventilators during the Covid pandemic. It's time to heed Rahm Emanuel's rule: You never want a serious crisis to go to waste. William J. Doyle
Bloomberg
14 minutes ago
- Bloomberg
China GDP, Bank Reports, US CPI, Fedspeak
Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Norah Mulinda and Tim Stenovec. (Source: Bloomberg)
