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Summary: Former Congressman Matt Gaetz has officially withdrawn his nomination for Attorney General by President-elect Donald Trump.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.