Day: May 6, 2024

  MSNBC

(NewsNation) — A juror in the trial of Arizona rancher George Alan Kelly told NewsNation there was one holdout who disagreed on what action a “reasonable person” would have taken in Kelly’s situation.

Kelly was facing second-degree murder charges for allegedly shooting and killing a Mexican man, Gabriel Cuen-Buitimea, on his property. According to prosecutors, Kelly recklessly fired an AK-style gun at the group roughly 100 yards away on his cattle ranch, while Kelly maintained he fired warning shots into the air but did not shoot at the group.

After days of deliberation, the jury failed to reach a unanimous verdict, leading to a mistrial.

The juror, who wished to remain anonymous, told NewsNation the jury was made up of five men and three women, four Hispanic and four white. Initially, the juror said, the panel started out at 6-2 in favor of not guilty, then later moved to 7-1.

“This was after a long weekend of the eight of us agreeing to think things over in a reverse position,” the juror said. “That was helpful, and I can say every juror worked very hard.”

While things did get heated in the jury room and some tears were shed, the juror told NewsNation that deliberations came down to one person who would not change their mind from viewing Kelly as guilty of second-degree murder.

That juror didn’t believe there was a third party on the land and said they could not give Kelly the benefit of the doubt, according to the juror who spoke to NewsNation.

A key element was the section of the jury instructions and law that stated that Kelly’s actions should be judged based on what a “reasonable person would do.”

“The juror stated a reasonable person would have stayed inside and called 911 and waited for help to arrive, instead of protecting their lives on their property,” said the juror who spoke to NewsNation.

The juror said the holdout was guided by feelings and opinions and suggested they were unfamiliar with running a ranch or firearms.

The remaining members of the jury were unconvinced of Kelly’s guilt, citing conduct by law enforcement and the number of unanswered questions about the prosecution’s case.

Prosecutors decided not to retry the case after the mistrial, leaving Kelly to return home.

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• Bitcoin will still reach $150,000 by 2025, Bernstein reaffirmed in a new note.
• ETF and spot bitcoin demand has remained strong, analysts wrote.
• The mining sector has yet to witness major turbulence since bitcoin’s halving event in April.

Bitcoin is again finding its feet, and is back on course to reach $150,000 by next year, Bernstein reaffirmed in a Monday note.

The firm’s senior analyst Gautam Chhugani has for months now projected that the apex token will achieve this price target, and explained that bitcoin’s recent fall to as low as $57,000 did not signal a permanent contraction.

“Investors ask us if anything has changed on our $150K Bitcoin price view and if the post-halving price correction has affected our conviction. If anything, we feel even better about our Bitcoin call,” he and analyst Mahika Sapra wrote. 

That represents 137% upside from current levels.

First, inflows into bitcoin spot ETFs have continued, and have already made up half of the volumes Bernstein expected for all of 2024 — despite existing for less than four months. 

“The Bitcoin ETF launch has been the most successful ETF launch ever, and we expect continued ETF driven demand for the rest of the year, led by growing asset allocation towards Bitcoin from private banks, wealth managers, pension and sovereign funds. Overall, between 2024 and 2025, we expect ~$70bn of new inflows,”  the note said. Since their inception, around $12 billion has poured into these funds.

Last week may have worried investors that this trend is reversing, as the funds suffered 8 days of outflows. However, not only did this end, but even the Grayscale Bitcoin Trust notched its first inflow day, ending one of the lasting headwinds for the ETF market. 

Second, rule updates from the Financial Accounting Standards Board pertaining to crypto are driving corporate interest in bitcoin, Bernstein said. For instance, Block has announced monthly buying of the token, despite already owning around $840 million worth of bitcoin.

Bernstein also noted strong demand for direct spot bitcoin purchases, which have helped offset the recent ETF outflows.

Third, April’s bitcoin halving has yet to significantly strain crypto mining activity. During this four-year event, the amount of tokens awarded to successful miners is slashed, in order to drawdown on bitcoin’s supply.

Though the situation has been projected to making mining more competitive, the amount of computational resources needed to mine hasn’t grown meaningfully for now. 

Meanwhile, miner equipment prices remain at muted levels, even as bitcoin’s value has risen. That gives the sector higher profitable capacity, and keeps the current players dominant in the space.

“Overall, healthy Bitcoin demand and continued discipline in the Bitcoin mining cycle, allowing the Bitcoin party to last longer this time. $150K in 2025, is very much on the table,” Chhugani wrote.

Bernstein isn’t alone in holding onto its bull call. Last week, Standard Chartered reported that bitcoin would still reach $150,000 this year, though not before correcting to $50,000.

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• The latest macro data is sending mixed signals, reflecting both a “no landing” and a “soft landing,” Morgan Stanley said. 
• The bank recommends defensive sectors, including consumer staples, to navigate volatility. 
• Analysts said the April CPI data on May 15 will be key in shaping the Fed and the market’s next move. 

Investors should ramp up investments in defensive stock sectors like consumer staples and utilities as the latest data sends mixed signals about the economy, Morgan Stanley says.

Analysts led by Morgan Stanley CIO Michael Wilson said in a note that recent macroeconomic data has hinted at both a soft landing and a no landing scenario, and all eyes are now on the coming inflation report on May 15. 

“The April CPI on May 15th is the next key macro event in terms of informing the path of monetary policy and the market’s pricing of that path,” the analysts wrote.

“As usual, the price reaction on the back of this release may be more important than the data itself given how influential price action has been on investor sentiment amid an uncertain macro set up.”

Wilson highlighted stronger-than-expected data from the Employment Cost Index and prices subcomponents of ISM manufacturing and services indexes, while nonfarm payrolls, The Conference Board consumer confidence index, and headline ISM readings fell short of expectations.

Based on this rationale, Wilson suggests opting for robust cyclical names in a no-landing scenario and premium growth stocks in a soft landing.

“One might even want to consider adding a bit of exposure to defensive sectors like utilities and staples, in the event that gauges of business activity slow further,” Wilson added. 

Zooming in, Wilson’s team found that many companies are increasingly focused on providing “value” to customers as they prepare for a spending pullback among consumers. 

“We prefer Staples over Discretionary in this context and in today’s later cycle environment. It also provides some more defensiveness to portfolios as a hedge amid uncertain/unpredictable macro data,” they said. 

Last week’s Federal Reserve meeting also sent conflicting signals, according to the analysts. Chairman Jerome Powell showed less certainty about the timing of the initial rate cut due to recent inflation data but firmly dismissed the idea of the next move being a hike. 

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• The Met Gala is notoriously exclusive.
• In 2024, individual tickets cost $75,000, while entire tables cost $350,000.
• Guests are treated to a cocktail hour, dinner, and exclusive performances.

One of the most intriguing qualities of the Met Gala is its exclusivity.

Each year, the guest list is approved by Vogue editor in chief Anna Wintour, but attendance isn’t based solely on an invitation — there’s also a hefty entry fee.

Time reported that individual tickets for 2024’s Met Gala, which is a fundraiser for the Metropolitan Museum of Art’s Costume Institute, cost $75,000, up from $50,000 in 2023. Tables start at $350,000.

Tables are usually purchased by design houses, brands, or companies, which then choose who they’d like to invite to the table, which requires approval from Wintour, too.

So, while only a select group of elite individuals experience the grandeur of the Met Gala, the rest of us are left to wonder what that actually entails.

Of course, there’s the famed red carpet and the over-the-top fashion, but here’s a peek inside the Met’s walls to see the cocktails, menus, exhibits, and exclusive performances attendees get to witness.

A ticket grants you the most important thing of all: access.A view of the interior of the 2019 Met Gala.

Kevin Tachman/MG19/Getty Images for The Met Museum/Vogue

There once was a time when even Kim Kardashian couldn’t get an invite to the Met Gala.

Amy Odell, author of “Anna: The Biography,” told Time in 2024 that an invitation is a “really huge signifier that you are ‘in.’”

Vogue contributing editor and Met Gala organizer Eaddy Kiernan told Vogue in 2024 that the seating chart starts being prepped in December but ultimately comes together a month before the event.

“We really try to think very carefully about who’s sitting next to each other,” Kiernan said. “Our ideal pairing would maybe be two people who we think will just get on like a house on fire, but who may not even realize that they have a lot in common. So with each person, we really do take time to think, ‘What will they talk about?’” she added.

Such access and quality seating have the potential to yield incredible business outcomes.

With access secured, attendees first walk the red carpet in outfits meticulously planned according to the dress code and theme.Blake Lively at the 2018 Met Gala.

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Here’s Blake Lively at the 2018 Met Gala, which was themed “Heavenly Bodies: Fashion and the Catholic Imagination.”

Once inside, they mingle during cocktail hour.Dwayne Wade, Gabrielle Union, Sabrina Dhowre, and Idris Elba at the 2019 Met Gala.

Kevin Tachman/MG19/Getty Images for The Met Museum/Vogue

Guests of the 2019 Met Gala could enjoy “crispy sea bass hors d’oeuvres, bits of foie gras, or mini-BLT towers,” the Associated Press reported.

And, of course, it wouldn’t be cocktail hour without the drinks.Cocktails served during the 2023 Met Gala.

Arturo Holmes/MG23/Getty Images for The Met Museum/Vogue

Here’s a tray of one of the signature cocktails served at 2023’s Gala.

Guests also have the opportunity to view the Met’s exhibit during cocktail hour.Guests of the 2021 Met Gala look at the exhibit.

Cindy Ord/MG21/Getty Images for The Met Museum/Vogue

Pictured, guests viewed part of 2021’s exhibit, “In America: A Lexicon of Fashion.”

The Metropolitan Museum of Art reported that this exhibit included about 100 men’s and women’s ensembles from the 1940s to the present, each displayed in cases representing three-dimensional quilt patches. The exhibit was organized into 12 sections, exploring emotions like joy, wonder, desire, and nostalgia.

After cocktail hour, guests take their seats for a formal dinner.A behind-the-scenes view of the tablescape at the 2023 Met Gala.

Arturo Holmes/MG23/Getty Images for The Met Museum/Vogue

In accordance with 2023’s theme, “Karl Lagerfeld: A Line of Beauty,” the tablescape was inspired by the wedding reception he hosted for Paloma Picasso in 1978.

Vogue reported the tables included “French linen napkins, varnished hand-painted candelabras, and bouquets with Red Command and Coral Charm peonies.”

Like the decor, the evening’s menu was also created with Lagerfeld in mind. It included “chilled spring pea soup with baby vegetables, lemon crème fraîche, and truffle snow, followed by Ōra King salmon with vegetable nage, asparagus, picked strawberries, and radish.”

2023 Met Gala caterer Olivier Cheng told the publication, “There is a sophisticated elegance to these pairings, one we feel that he would have truly enjoyed.”

And to drink, guests were offered wine and, surprisingly, Diet Coke, a favorite of Lagerfeld’s.

The menu in 2018 included cacio e pepe pasta, baby lamb chops, lobster, and branzino.Rihanna and another guest at the 2018 Met Gala.

Kevin Tachman/Contributor/Getty Images for Vogue

Dessert included gold-dusted truffles, chocolate-dipped cape gooseberries, and an amaretto Semifreddo cone topped with a gold pearl, Vogue reported.

Surprise performances are also a key feature of the night.Justin Bieber performing at the 2021 Met Gala.

Kevin Mazur/MG21/Getty Images for The Met Museum/Vogue

Bieber’s denim-on-denim outfit is giving more Canadian tuxedo than “In America: A Lexicon of Fashion,” but we’d still love to know how the room reacted to his performance.

The tradition of Met Gala performances started in 2010 with Lady Gaga singing “Bad Romance” as part of the year’s “American Woman: Fashioning a National Identity” exhibit.

Other notable performances include Frank Ocean’s “Super Rich Kids” in 2014 and Madonna’s “Like a Prayer” in 2018, per The Cut.

Lizzo was the latest Met Gala performer.Lizzo performing on a table at the 2023 Met Gala.

Kevin Mazur/MG23/Getty Images

Vogue reported that she performed songs like “Juice,” “About Damn Time,” and “Cuz I Love You.” She also played the flute alongside Sir James Galway for a duet of “Flight of the Bumblebee.”

Don’t worry, attendees still have plenty of time to party.Cardi B, Bad Bunny, and Doja Cat pose inside the 2023 Met Gala.

Kevin Mazur/MG23/Getty Images for The Met Museum/Vogue

Here are rappers Cardi B, Bad Bunny, and Doja Cat striking a pose in 2023.

For those who can’t get enough of the fun, there’s also an annual after-party.Tina Leung arrives at the 13th Annual Met Gala After Party in 2023.

Lexie Moreland/Contributor/WWD via Getty Images

The Met Gala started hosting its annual after-party in 2010.

Celebrities often change into different looks before hitting another round of red carpets and events.

2023’s after-party was hosted by Janelle Monáe.