The U.S. stock market is rising, led by its most influential stock, Nvidia. The S&P 500 rose 0.9% Wednesday and pulled closer to its all-time high. The Dow Jones Industrial Average added 308 points, and the Nasdaq composite rallied 1.3%. Nvidia was the strongest force lifting the market after Meta Platforms announced a deal to use millions of its chips in AI data centers. Treasury yields climbed following several reports on the U.S. economy that were stronger than economists expected. The rise for U.S. stocks followed gains for markets across Europe and in Asia, among those not closed for the Lunar New Year holiday.
The billionaire behind the retail empire that once blanketed shopping malls with names such as Victoria’s Secret and Abercrombie & Fitch is telling members of Congress that he was “duped by a world-class con man” — his close financial adviser Jeffrey Epstein. Les Wexner also is denying knowing about the convicted sex offender’s crimes or participating in Epstein’s abuse of girls and young women. Wexner's comments comes in a statement submitted to the House Oversight Committee. They had subpoenaed him after the latest release of Justice Department documents raised new questions about Wexner’s relationship with Epstein. Wexner says that he's “done nothing wrong and have nothing to hide.”
Mark Zuckerberg, the CEO of Meta, will testify during a landmark social media trial in Los Angeles. The plaintiff, a now 20-year-old woman, is seeking to hold social media companies responsible for harms to children who use their platforms. Meta and YouTube are the two remaining defendants in the case, which TikTok and Snap settled. Zuckerberg’s testimony comes a week after the testimony of Adam Mosseri, the head of Meta’s Instagram. Zuckerberg is expected to face questions about Instagram's algorithm, the infinite nature of its platforms' feeds and other features the plaintiffs argue are designed to get users hooked.
Some Republican legislators are pushing to limit state environmental regulations. Alabama lawmakers approved legislation Tuesday limiting state agencies from adopting pollution rules stricter than federal standards set by the Environmental Protection Agency. It follows efforts by the Trump administration to roll back rules at the agency. The Alabama measure would allow new state pollution limits only if there is a direct link between exposure and bodily harm. Supporters say the bill reduces regulatory burdens and aligns with President Donald Trump’s deregulatory agenda. Environmental groups and Democrats say the bill prioritizes industry over public health. The bill now goes to Gov. Kay Ivey.
A coalition of health and environmental groups is suing the Environmental Protection Agency, challenging the rescinding of a scientific finding that has been the central basis for U.S. action to regulate greenhouse gas emissions and fight climate change. A rule finalized by the EPA rescinded a 2009 government declaration known as the endangerment finding that determined that carbon dioxide and other greenhouse gases threaten public health and welfare. The Obama-era finding is the legal underpinning of nearly all climate regulations under the Clean Air Act for motor vehicles, power plants and other pollution sources that are heating the planet. The lawsuit filed Wednesday calls the EPA's action unlawful and says the finding supported common sense safeguards to cut climate pollution.
A quiet finish for U.S. stocks masked big swings underneath the surface. The S&P 500 rose 0.1% Tuesday after flipping between a gain of 0.5% and a loss of nearly 1%. The Dow Jones Industrial Average and Nasdaq composite each also added 0.1%. Paramount Skydance helped lead the market after Warner Bros. Discovery allowed it to make its best and final offer to buy the entertainment company. General Mills fell after saying customers are feeling less confident. Nvidia swung between being one of the heaviest weights on the market and one of its biggest strengths as AI hopes and worries keep pressuring Wall Street.
Warner Bros. Discovery is briefly reopening takeover talks with Skydance-owned Paramount to hear the company’s “best and final” offer, while the Hollywood giant continues to back the studio and streaming deal it struck with Netflix. In a Tuesday regulatory filing, Warner said that Netflix had granted it a waiver to open discussions with Paramount for seven days. Paramount now has until Feb. 23 to negotiate a possible transaction. But in the meantime, Warner’s board is still recommending shareholders support of its proposed merger with Netflix. A special meeting is now scheduled for Friday, March 20 to hold a vote on that deal.
The Elevate Prize Foundation named its 10 winners for 2026 on Tuesday, including Monica Ramirez of Justice for Migrant Women and Mara Fleishman of the Chef Ann Foundation. Each group gets $300,000 in unrestricted funding. Winners also get training to grow and raise their profile. CEO Carolina Garcia Jayaram tells The Associated Press that increasing a group's visibility not only can increase fundraising and finding partners. It also helps protects leaders under pressure. The foundation also launched its “Good Is Trending” initiative Tuesday, taking over NASDAQ's Times Square billboards to promote the stories of this year's winners.
Tony Clark is resigning as head of MLB players union, AP source says, before potentially contentious labor negotiations.
Marco Rubio is backing Viktor Orbán ahead of Hungary’s April election during a visit to Budapest. On Monday, Rubio praised Orbán’s close personal relationship with Donald Trump, saying that bond strengthens U.S.-Hungarian cooperation. Rubio also signed a civilian nuclear deal which covers small modular reactors, U.S. nuclear fuel, and spent fuel storage. Rubio’s trip follows a stop in Slovakia on Sunday. Orbán has invited Trump to Budapest and offered to host a U.S.-Russia-Ukraine peace summit. The long-serving leader has remained friendly with Russia and continues purchasing Russian energy.