NPR News: 11-21-2024 5PM EST

Summary

NPR News: November 21, 2024 | 5 PM EST

Hosted by Jack Speier, NPR News Now delivers the latest headlines and in-depth reporting in just five minutes. Below is a comprehensive summary of the November 21, 2024 episode.

---

1. Matt Gaetz Withdraws as Trump's Attorney General Nominee

Reporter: Ryan Lucas

Summary: Former Congressman Matt Gaetz has officially withdrawn his nomination for Attorney General by President-elect Donald Trump. This decision comes just a day after Gaetz engaged with several Republican senators on Capitol Hill.

Key Points:

• Gaetz cited his nomination as an unfair distraction to the Trump-Vance transition.
• Emphasized the need for swift confirmation processes to ensure the Justice Department is operational from day one.

Notable Quote: "There's no time to waste on a needlessly protracted confirmation battle," Gaetz stated on [00:32].

Context: Gaetz's nomination had been controversial due to his limited legal experience and ongoing investigations, including a closed federal sex trafficking inquiry and a House Ethics Committee probe into allegations of misconduct and drug use.

---

2. President-Elect Trump Proposes Sweeping Tariffs

Reporter: Windsor Johnston

Summary: President-elect Donald Trump has pledged to implement significant tariffs targeting Chinese goods and imports from all U.S. trading partners. This move is expected to increase the cost of imported goods, potentially affecting consumers nationwide.

Key Points:

• Proposed tariffs range from 60% to 100% on Chinese products and up to 20% on imports from other countries.
• Major retailers, including Walmart, anticipate passing some of these costs onto consumers.

Notable Quote: "A lot of companies are stockpiling right now anticipating something like this could go through," explained Kent Smetters, economist at the Wharton School, at [01:46].

Impact: Economist Kent Smetters predicts that the effects of these tariffs may start to become visible by next summer, as companies adjust their inventories and pricing strategies.

---

3. SEC Chair Gary Gensler to Step Down

Summary: Gary Gensler, the current Chair of the Securities and Exchange Commission (SEC), has announced his resignation effective January 20, coinciding with President-elect Trump's inauguration. Gensler has been a pivotal figure in the SEC’s aggressive stance on cryptocurrencies.

Key Points:

• Gensler’s departure raises questions about the SEC’s future direction, especially regarding cryptocurrency regulation.
• President-elect Trump has signaled a more crypto-friendly administration, potentially leading to relaxed regulatory environments.

Market Reaction: Bitcoin prices have surged by 40% since the election, reflecting investor optimism about a more favorable regulatory landscape.

---

4. Housing Market Sees Uptick Amid High Mortgage Rates

Reporter: Scott Horsley

Summary: October's home sales have risen by 2.9% compared to the previous year, marking the first year-over-year increase in over three years. Despite high mortgage rates, the housing market demonstrates resilience with increased demand and rising home prices.

Key Points:

• The inventory of homes on the market has grown, providing more options for buyers.
• The average selling price of homes has climbed to approximately $407,000.

---

5. Nvidia Reports Blockbuster Quarter Driven by AI Demand

Reporter: Scott Horsley

Summary: Nvidia, a leading computer chip designer, reported a stellar quarter with sales nearly doubling from the previous year and profits exceeding $19 billion. The surge is attributed to robust demand for chips that power artificial intelligence technologies.

Key Points:

• The AI boom has significantly boosted Nvidia's revenue and market presence.
• The company's performance underscores the critical role of AI in contemporary technology advancements.

---

6. Illinois Supreme Court Overturns Jussie Smollett Conviction

Reporter: Mandalit Del Barco

Summary: The Illinois Supreme Court has overturned the conviction of actor Jussie Smollett, who was previously found guilty of staging a hate crime. The court ruled that the new charges brought against Smollett were unwarranted following his initial plea agreement.

Key Points:

• Five years ago, Smollett reported a fabricated attack involving racist and homophobic slurs, bleach, and a noose.
• Initially, Smollett faced lesser penalties, including community service and a bond, in exchange for dismissing the charges.
• A subsequent investigation in 2020 led to renewed charges, which the Supreme Court has now nullified.

Notable Quote: "The new charges should not have been filed after Smollett's initial deal," stated [03:33].

---

7. Dolphin Strandings Surge on Cape Cod

Summary: Cape Cod has experienced an alarming increase in dolphin strandings this year, with 342 incidents reported—five times the annual average. The cause remains unclear, though scientists suggest environmental changes may be a factor.

Key Points:

• Warming waters are altering dolphins' food sources and tidal patterns, potentially leading to more beachings.
• The International Fund for Animal Welfare notes that the high number of incidents is straining their resources.

---

8. Crude Oil Prices Rise Amid Russia-Ukraine Tensions

Summary: Crude oil futures have increased by $1.35 per barrel as geopolitical tensions between Russia and Ukraine heighten concerns over energy supply disruptions.

Key Points:

• The ongoing conflict continues to impact global oil markets, leading to price volatility.
• Investors are closely monitoring the situation for potential long-term effects on energy prices.

---

Market Update:

• Wall Street: The Dow Jones Industrial Average rose by 461 points, marking a gain of over 1%.

Conclusion: This episode of NPR News Now covers a range of critical topics, from political shifts and economic policies to environmental concerns and market movements. Stay informed with NPR for timely and comprehensive news coverage.

---

This summary was compiled based on the transcript provided and aims to cover all significant discussions and insights shared during the episode.

Transcript

[Carvana Ad]

This message comes from Carvana. Carvana makes car selling easy. Enter your license plate or vin, answer some questions, and Carvana will give you a real offer in seconds. Whether you're looking to sell your car right now or whenever feels right. Go to Carvana.com to sell your car the convenient way.

[Jack Speier]

Live from NPR News in Washington, I'm Jack Speier. Former Congressman Matt Gaetz is withdrawing as President elect Donald Trump's nominee for attorney general. NPR's Ryan Luc Lucas has the story.

[Ryan Lucas]

Matt Gaetz announced his decision to drop out a day after he met with several Republican senators on Capitol Hill. In a post on X, Gates says it is clear that his nomination was unfairly becoming a distraction to the Trump Vance transition. He said there's no time to waste on a needlessly protracted confirmation battle. He also said Trump's Justice Department leadership must be in place and ready on day one. And so he was withdrawing his name from consideration for attorney general. Gates pick for attorney general had generated a lot of controversy. He has almost no legal experience, was recently the subject of a now closed federal sex trafficking investigation. And the House Ethics Committee also had been probing allegations of sexual misconduct and illicit drug use. Ryan Lucas, NPR News, Washington.

[Jack Speier]

President elect Donald Trump is pledging to implement sweeping tariffs in his next administration. NPR's Windsor Johnston reports. Major retailers say they may be forced to pass on some of the cost increases to consumers.

[Windsor Johnston]

As companies prepare for increase in the cost of importing goods, shoppers could end up paying more at their favorite stores, including the nation's largest retailer, Walmart. Kent Smetters is a professor of economics at the Wharton School of the University of Pennsylvania.

[Kent Smetters]

A lot of companies are stockpiling right now anticipating something like this could go through. So there might be some delay, but I wouldn't be surprised. Come next summer, you will get some of the effect starting to show up.

[Windsor Johnston]

Trump has proposed tariffs of 60 and 100% on Chinese goods and up to 20% on every product imported from all US trading partners. Windsor Johnston, NPR News, Washington.

[Jack Speier]

That of Wall Street's main watchdog group says he'll be stepping down from his post in January. Securities and Exchange Commission Chair Gary Gensler, whose commission has been aggressive in looking at cryptocurrencies, says he'll step down January 20, which is inauguration Day for he would be removed by President elect Donald Trump. Though it's not clear a president has that power, Trump has indicated his administration will be more crypto friendly. Bitcoin is up 40% since the election. Home sales inched up last month despite still high mortgage rates. Here's NPR.

[Scott Horsley]

Scott Horsley, October home sales were up 2.9% from a year ago. That's the first year over year increase in more than three years. The number of homes on the market also rose. Last month. The average selling price climbed to just over $407,000. Strong demand for computer chips that power artificial intelligence produced another blockbuster quarter for Nvidia. The chip designer's quarterly sales were nearly double what they were a year ago and quarterly profits jumped to more than $19 billion. Scott Horsley, NPR News, Washington.

[Jack Speier]

On Wall street, The Dow is up 461 points. That's more than 1%. You're listening to NPR. Illinois Supreme Court is overturned the conviction of actor Jussie Smollett. NPR's Mandalito Barco reports the latest legal turn following his staged hate crime based not on the underlying facts, but on how the case was handled.

[Mandalit Del Barco]

Five years ago, the star of the TV series Empire reported to police that he'd been attacked in Chicago by two men who yelled racist and homophobic slurs, poured bleach on him and wrapped a noose around his neck. A court found that Jussie Smollett had lied to police. He agreed to do community service and pay a $10,000 bond in exchange for charges being dismissed. Then in 2020, a special prosecutor investigated the case and charged Smollett again in court, two brothers test that Smollett had paid them to carry out the attack, and again he was found guilty of lying to police. The actor served a small portion of his five month jail sentence. Now the Illinois Supreme Court has ruled that the new charges should not have been filed after Smollett's initial deal. Mandalit Del Barco, NPR News.

[Jack Speier]

Scientists say it's been a bad year for dolphin strandings on Cape Cod, with no clear idea what's causing an unusually large number of beachings. International Fund for Animal Welfare, which responds to marine mammal strandings, says it's responded to 342 incidents involving dolphins, five times the annual average. Scientists say warming waters are changing the availability of the animals food supply as well as changing tides. Officials at the center say the large number of incidents involving the animals is stretching the organization's resources. Crude oil futures prices gained ground today as tensions mount between Russia and Ukraine. Oil up $1.35 a barrel. In New York, I'm Jack Spear, NPR News, in Washington.

[Carvana Ad]

Listen to this podcast sponsor free on Amazon Music with a Prime membership or any podcast app by subscribing to NPR NewsNow [e-mail] that's plus.NPR.org.