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Shellenberger: Why Anti-Police Activism Kills

Shellenberger: Why Anti-Police Activism Kills

Authored by Michael Shellenberger via Substack,

In response to anti-police protests, many officers quit, resulting in shortages and a spike in avoidable deaths, from homicides to heart attacks,..

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2 years ago

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Shellenberger: Why Anti-Police Activism Kills

Authored by Michael Shellenberger via Substack,

In response to anti-police protests, many officers quit, resulting in shortages and a spike in avoidable deaths, from homicides to heart attacks, of innocents...

Will Yurek with three of his four children including Drew (far right) who called 911 when his father suffered a heart attack. First responders say the city of Seattle failed to save Will’s life because of a police shortage.

At 1:24pm on Nov. 2, 13-year-old Drew Yurek called 911 to report an emergency: his father Will didn’t feel well and needed help. Medics arrived six minutes later, but were told by dispatch to wait for the police before entering; there was a cautionary note that flagged the occupant of the address as being hostile to first responders. But the note was outdated, and referred to a previous tenant.

Because of a shortage of police officers first reported by Seattle journalist Jason Rantz, the medics were left to wait outside the house until cops could arrive.

At 1:37pm, Drew called 911 again, desperate. He needed help. Medics waited two more minutes before deciding to ignore the order and enter the building. They found Will and started to perform CPR and apply a defibrillator. But by then it was too late. Despite their best efforts, Will, 45 and a father of four, died of a heart attack as Drew looked on.

The police did not arrive until 1:45pm.

Now Drew’s mother, Meagan Petersen, is planning to sue the city of Seattle. “People need to know how the city let this happen,” said Meagan, who is divorced from Will and lives in Utah. “They could have saved Will if the system was working like it should.”

Firefighters and police officers I spoke to said they believe they could have saved the man’s life had there not been a shortage of cops. By the end of 2020, 200 police officers had left the Seattle police force.

What happened to Will Yurek and what his son had to suffer is a tragic but cautionary tale of what happens when activism and moral cowardice at the top of government destroys public safety and common sense in society. It has happened in Seattle, but many other parts of the country have also fallen victim — with many more in peril, too.

Before a vaccine mandate took 100 police officers off the street in mid-October, the Seattle police department was short at least 400 police officers to be at the minimum considered necessary to protect public safety. Why is that?

The overwhelming and unavoidable reason is anti-police protests by Black Lives Matter activists. This happened nationwide, but was worse in Seattle, where Seattle Mayor Jenny Durkan and progressive members of the Seattle City Council allowed anarchists to briefly take over the downtown Capitol Hill neighborhood in the summer of 2020. Durkan did so to show solidarity with anti-police protests in the wake of the killing of George Floyd by a police officer in Minneapolis.

The anti-police protests in Seattle were surprising because in 2018 the City Council had hired a black woman, Carmen Best, for the first time to serve as the city’s police chief. Best opened up for the first time about what happened last summer in an interview with me for my book, “San Fransicko,” earlier this year. Best is also one of the candidates NYC’s Mayor-Elect Eric Adams is considering for NYPD Commissioner.

Seattle Police Chief Carmen Best, left, talks with activist Raz Simone, right front, and others near a plywood-covered and closed police precinct behind them on June 9, 2020.

“I refuse to work for this socialist City Council and their political agenda,” said one officer. “It ultimately will destroy the fabric of this once fine city.” Another said the city’s progressive City Council “will be the downfall of the city of Seattle.” 

Anti-police protests took a toll around the country. At least two dozen other police chiefs or senior officers resigned, retired, or took disability leave in America’s 50 biggest cities in 2020, while 3,700 beat officers left. Today there are fewer police officers per capita in America than at any time since 1992.

In 2020, the homicide rate increased on average by more than one-third in America’s 57 largest cities. Homicides rose in 51 cities and declined in just six of them. Homicides rose 35 percent in Los Angeles, 31 percent in Oakland, 74 percent in Seattle, 63 percent in Portland, 60 percent in Chicago, and 47 percent in New York City. 

Some blamed the coronavirus pandemic, and higher gun sales, which rose in March. But homicides in 2020 only started to rise in June, after Black Lives Matter protests, not March. And there had been a similar spike in homicides in 2015 when there was no coronavirus pandemic. 

The lack of sufficient police may have made communities more vulnerable to the spikes in homicides seen in 2015 and 2020, as police were redirected to deal with anti-police protests. “When you have your officers and detectives every night on the front line dealing with demonstration after demonstration after demonstration,” said former police chief Best, “they are not engaging with community members. They are not talking to young people. All of that is not happening because the focus now is on the nightly demonstrations.”

 “When people believe the procedures of formal social control are unjust,” notes University of Missouri criminologist Richard Rosenfeld, whose research is relied upon by the Department of Justice, “they are less likely to obey the law.” 

Counter to the claims of those who advocate defunding the police as a way to reduce violence, the evidence suggests that fewer cops may mean more police misconduct, because the remaining officers must work longer and more stressful hours. Research has found that fatigue predicts a rise in public complaints against cops: a 13-hour rather than 10-hour shift significantly boosts their prevalence, while back-to-back shifts quadruple their odds.

The people who suffer most from anti-police activism are black. Nationally, 30 times more African Americans were killed by civilians than by police in 2019. Today, black Americans are seven to eight times more likely to die from homicide than white Americans.

If anti-police protests increase homicides, why do groups like Black Lives Matter do it? Because they are after radical system change, not less violence. Radical thinkers, from anarchists to socialists, have for 200 years blamed our capitalist system for crime, and justified crime as a revolutionary act. Crime is a rational response to the high levels of inequality created by capitalism, they argue.

For the most part, societies, including in Seattle, have dismissed these radical arguments. “The anarchists had always been a cosplay clown joke,” Seattle Police officer Christopher Young told me earlier this year. “On May Day they would come and fight the police and break some windows. We’d be like, ‘Okay guys, go back to your mother’s basement.’”

But after the election of Donald Trump as president in 2016, the anarchists rebranded themselves as “anti-fascists,” said Young, and that increased their legitimacy in the eyes of Seattle’s progressive voters. “They said, ‘We’re here to fight the racists and fascists.’”

“The community really wanted more cops,” she told me.

“At least three City Council members campaigned on more cops. They wanted better response times.”

They also wanted more racial and gender diversity and so, said Best, she created a plan “to have a lot more diversity with our hiring, for women and people of color both. We got to almost 40 percent of either minority or women representation as new hires.”

But after the Floyd killing, Seattle anarchists started attacking the police.

“Within that large group of people who were there peacefully protesting,” said Best, “there were groups there to create mayhem, throw rocks, bottles, and incendiary stuff, and point lasers at the officers.” 

In June, somebody removed a police barricade that had prevented demonstrators from protesting in front of the East Precinct downtown. “It was decided,” said Best, “to remove the barricade and to allow the demonstrators to fill in the street in front of the precinct. We didn’t want to give up the precinct. I have to tell you it was not my decision.” 

Progressive members of the Seattle City Council had pressured Mayor Durkan to order the police to abandon their precinct building. 

“The next morning,” said Best, “there were these folks out there armed with long rifles, telling the officers who responded that it was their ‘sovereign land.’ ‘What sovereign property are they talking about?’” Best asked her colleagues. “Well, they’re talking about Twelfth Avenue.” She laughed. “We had never experienced anything like that.” 

And therein began CHAZ, the Capitol Hill Autonomous Zone.

Seattle Mayor Jenny Durkan and Chief Carmen Best

Later, the organizers would rename the area CHOP, for Capitol Hill Occupied Protest. The anarchist leaders invited hundreds of Seattle’s homeless residents to move into the occupied zone, and many did. When asked, Seattle’s mayor insisted that everything would work out fine. 

“How long do you think Seattle and those few blocks [will] look like this?” CNN’s Chris Cuomo asked Seattle’s mayor.

“I don’t know,” she replied. “We could have a summer of love!” 

But soon after, said Best, “We were getting reports of rape, robbery, assault… I don’t know what the Wild West was like, but it couldn’t have been any worse than that.” 

Armed residents at CHOP shot two teenage boys just before it was shut down. At least one of them could have been saved. But CHOP’s unelected leaders didn’t allow first responders in until hours later.

The homicides led Chief Best to demand permission from the City Attorney to retake the neighborhood, which she did a few days later. 

But then, in August 2020, a few weeks later, the Seattle City Council voted to cut the budget of the Seattle Police Department. “That means that all these new people that we hired who are black, people of color, and women will be the first ones to go,” Best told the City Council. “Because it’s first in, first out.” 

The council said they wanted Best to go through and pick the people to fire. 

“Let me get this straight,” she said she told the council. “You want me to pick the white people to go? Are you crazy?’ They were highly dismissive. It was the most bizarre thing that I had ever dealt with.” 

Best criticized the City Council.

“I said that they were being reckless and dangerous and that people are going to suffer for it,” she said. “The next day, one of the city councilors said, ‘We need to cut her salary by 40 percent.’ It wasn’t even on the agenda for them to talk about. It was highly punitive and retaliatory.”

And so Best resigned.

By the end of 2020, 200 police officers had left the Seattle police force. 

In truth, much of what people believe about the police is wrong. Police killings of African Americans in our 58 largest cities declined from 217 per year in the 1970s to 157 per year in the 2010s. And there are no racial differences in police killings when accounting for whether or not the suspect was armed or a threat (“justified” vs “unjustified” shooting).

Reducing homicides and other crimes will require more police, and that will require community and political leaders to educate voters, and publicly apologize for their role in unfairly demonizing police officers.

Most of all, we should seek to make amends to the victims of anti-police activism, including the Yurek family, who are mourning the loss of a young father at Thanksgiving time. “Mr. Yurek’s young son acted quickly and competently. Unfortunately, the city of Seattle was neither quick nor competent,” said the family’s attorney, Mark Lindquist of the Herrmann Law Group.

But Will Yurek’s death could gain new meaning if it helps us, as Americans, to view police officers as vital, if imperfect, public servants, and take the measures necessary to affirm their role, and recruit them back into our city police forces.

*  *  *

Michael Shellenberger is a Time Magazine "Hero of the Environment,"Green Book Award winner, and the founder and president of Environmental Progress. He is author of just launched book San Fransicko (Harper Collins) and the best-selling book, Apocalypse Never (Harper Collins June 30, 2020). Subscribe To Michael's substack here

Tyler Durden Wed, 11/24/2021 - 23:30

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Shakira’s net worth

After 12 albums, a tax evasion case, and now a towering bronze idol sculpted in her image, how much is Shakira worth more than 4 decades into her care…

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March 14, 2024

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Shakira’s considerable net worth is no surprise, given her massive popularity in Latin America, the U.S., and elsewhere. 

In fact, the belly-dancing contralto queen is the second-wealthiest Latin-America-born pop singer of all time after Gloria Estefan. (Interestingly, Estefan actually helped a young Shakira translate her breakout album “Laundry Service” into English, hugely propelling her stateside success.)

Since releasing her first record at age 13, Shakira has spent decades recording albums in both Spanish and English and performing all over the world. Over the course of her 40+ year career, she helped thrust Latin pop music into the American mainstream, paving the way for the subsequent success of massively popular modern acts like Karol G and Bad Bunny.

In late 2023, a 21-foot-tall bronze sculpture of Shakira, the barefoot belly dancer of Barranquilla, was unveiled at the city's waterfront. The statue was commissioned by the city's former mayor and other leadership.

Photo by STR/AFP via Getty Images

In December 2023, a 21-foot-tall beachside bronze statue of the “Hips Don’t Lie” singer was unveiled in her Colombian hometown of Barranquilla, making her a permanent fixture in the city’s skyline and cementing her legacy as one of Latin America’s most influential entertainers.

After 12 albums, a plethora of film and television appearances, a highly publicized tax evasion case, and now a towering bronze idol sculpted in her image, how much is Shakira worth? What does her income look like? And how does she spend her money?

Related: Dwayne 'The Rock' Johnson's net worth: How the new TKO Board Member built his wealth from $7

How much is Shakira worth?

In late 2023, Spanish sports and lifestyle publication Marca reported Shakira’s net worth at $400 million, citing Forbes as the figure’s source (although Forbes’ profile page for Shakira does not list a net worth — and didn’t when that article was published).

Most other sources list the singer’s wealth at an estimated $300 million, and almost all of these point to Celebrity Net Worth — a popular but dubious celebrity wealth estimation site — as the source for the figure.

A $300 million net worth would make Shakira the third-richest Latina pop star after Gloria Estefan ($500 million) and Jennifer Lopez ($400 million), and the second-richest Latin-America-born pop singer after Estefan (JLo is Puerto Rican but was born in New York).

Shakira’s income: How much does she make annually?

Entertainers like Shakira don’t have predictable paychecks like ordinary salaried professionals. Instead, annual take-home earnings vary quite a bit depending on each year’s album sales, royalties, film and television appearances, streaming revenue, and other sources of income. As one might expect, Shakira’s earnings have fluctuated quite a bit over the years.

From June 2018 to June 2019, for instance, Shakira was the 10th highest-earning female musician, grossing $35 million, according to Forbes. This wasn’t her first time gracing the top 10, though — back in 2012, she also landed the #10 spot, bringing in $20 million, according to Billboard.

In 2023, Billboard listed Shakira as the 16th-highest-grossing Latin artist of all time.

Shakira performed alongside producer Bizarrap during the 2023 Latin Grammy Awards Gala in Seville.

Photo By Maria Jose Lopez/Europa Press via Getty Images

How much does Shakira make from her concerts and tours?

A large part of Shakira’s wealth comes from her world tours, during which she sometimes sells out massive stadiums and arenas full of passionate fans eager to see her dance and sing live.

According to a 2020 report by Pollstar, she sold over 2.7 million tickets across 190 shows that grossed over $189 million between 2000 and 2020. This landed her the 19th spot on a list of female musicians ranked by touring revenue during that period. In 2023, Billboard reported a more modest touring revenue figure of $108.1 million across 120 shows.

In 2003, Shakira reportedly generated over $4 million from a single show on Valentine’s Day at Foro Sol in Mexico City. 15 years later, in 2018, Shakira grossed around $76.5 million from her El Dorado World Tour, according to Touring Data.

Related: RuPaul's net worth: Everything to know about the cultural icon and force behind 'Drag Race'

How much has Shakira made from her album sales?

According to a 2023 profile in Variety, Shakira has sold over 100 million records throughout her career. “Laundry Service,” the pop icon’s fifth studio album, was her most successful, selling over 13 million copies worldwide, according to TheRichest.

Exactly how much money Shakira has taken home from her album sales is unclear, but in 2008, it was widely reported that she signed a 10-year contract with LiveNation to the tune of between $70 and $100 million to release her subsequent albums and manage her tours.

Shakira and JLo co-headlined the 2020 Super Bowl Halftime Show in Florida.

Photo by Kevin Winter/Getty Images)

How much did Shakira make from her Super Bowl and World Cup performances?

Shakira co-wrote one of her biggest hits, “Waka Waka (This Time for Africa),” after FIFA selected her to create the official anthem for the 2010 World Cup in South Africa. She performed the song, along with several of her existing fan-favorite tracks, during the event’s opening ceremonies. TheThings reported in 2023 that the song generated $1.4 million in revenue, citing Popnable for the figure.

A decade later, 2020’s Superbowl halftime show featured Shakira and Jennifer Lopez as co-headliners with guest performances by Bad Bunny and J Balvin. The 14-minute performance was widely praised as a high-energy celebration of Latin music and dance, but as is typical for Super Bowl shows, neither Shakira nor JLo was compensated beyond expenses and production costs.

The exposure value that comes with performing in the Super Bowl Halftime Show, though, is significant. It is typically the most-watched television event in the U.S. each year, and in 2020, a 30-second Super Bowl ad spot cost between $5 and $6 million.

How much did Shakira make as a coach on “The Voice?”

Shakira served as a team coach on the popular singing competition program “The Voice” during the show’s fourth and sixth seasons. On the show, celebrity musicians coach up-and-coming amateurs in a team-based competition that eventually results in a single winner. In 2012, The Hollywood Reporter wrote that Shakira’s salary as a coach on “The Voice” was $12 million.

Related: John Cena's net worth: The wrestler-turned-actor's investments, businesses, and more

How does Shakira spend her money?

Shakira doesn’t just make a lot of money — she spends it, too. Like many wealthy entertainers, she’s purchased her share of luxuries, but Barranquilla’s barefoot belly dancer is also a prolific philanthropist, having donated tens of millions to charitable causes throughout her career.

Private island

Back in 2006, she teamed up with Roger Waters of Pink Floyd fame and Spanish singer Alejandro Sanz to purchase Bonds Cay, a 550-acre island in the Bahamas, which was listed for $16 million at the time.

Along with her two partners in the purchase, Shakira planned to develop the island to feature housing, hotels, and an artists’ retreat designed to host a revolving cast of artists-in-residence. This plan didn’t come to fruition, though, and as of this article’s last update, the island was once again for sale on Vladi Private Islands.

Real estate and vehicles

Like most wealthy celebs, Shakira’s portfolio of high-end playthings also features an array of luxury properties and vehicles, including a home in Barcelona, a villa in Cyprus, a Miami mansion, and a rotating cast of Mercedes-Benz vehicles.

Philanthropy and charity

Shakira doesn’t just spend her massive wealth on herself; the “Queen of Latin Music” is also a dedicated philanthropist and regularly donates portions of her earnings to the Fundación Pies Descalzos, or “Barefoot Foundation,” a charity she founded in 1997 to “improve the education and social development of children in Colombia, which has suffered decades of conflict.” The foundation focuses on providing meals for children and building and improving educational infrastructure in Shakira’s hometown of Barranquilla as well as four other Colombian communities.

In addition to her efforts with the Fundación Pies Descalzos, Shakira has made a number of other notable donations over the years. In 2007, she diverted a whopping $40 million of her wealth to help rebuild community infrastructure in Peru and Nicaragua in the wake of a devastating 8.0 magnitude earthquake. Later, during the COVID-19 pandemic in 2020, Shakira donated a large supply of N95 masks for healthcare workers and ventilators for hospital patients to her hometown of Barranquilla.

Back in 2010, the UN honored Shakira with a medal to recognize her dedication to social justice, at which time the Director General of the International Labour Organization described her as a “true ambassador for children and young people.”

On November 20, 2023 (which was supposed to be her first day of trial), Shakira reached a deal with the prosecution that resulted in a three-year suspended sentence and around $8 million in fines.

Photo by Adria Puig/Anadolu via Getty Images

Shakira’s tax fraud scandal: How much did she pay?

In 2018, prosecutors in Spain initiated a tax evasion case against Shakira, alleging she lived primarily in Spain from 2012 to 2014 and therefore failed to pay around $14.4 million in taxes to the Spanish government. Spanish law requires anyone who is “domiciled” (i.e., living primarily) in Spain for more than half of the year to pay income taxes.

During the period in question, Shakira listed the Bahamas as her primary residence but did spend some time in Spain, as she was dating Gerard Piqué, a professional footballer and Spanish citizen. The couple’s first son, Milan, was also born in Barcelona during this period. 

Shakira maintained that she spent far fewer than 183 days per year in Spain during each of the years in question. In an interview with Elle Magazine, the pop star opined that “Spanish tax authorities saw that I was dating a Spanish citizen and started to salivate. It's clear they wanted to go after that money no matter what."

Prosecutors in the case sought a fine of almost $26 million and a possible eight-year prison stint, but in November of 2023, Shakira took a deal to close the case, accepting a fine of around $8 million and a three-year suspended sentence to avoid going to trial. In reference to her decision to take the deal, Shakira stated, "While I was determined to defend my innocence in a trial that my lawyers were confident would have ruled in my favour [had the trial proceeded], I have made the decision to finally resolve this matter with the best interest of my kids at heart who do not want to see their mom sacrifice her personal well-being in this fight."

How much did the Shakira statue in Barranquilla cost?

In late 2023, a 21-foot-tall bronze likeness of Shakira was unveiled on a waterfront promenade in Barranquilla. The city’s then-mayor, Jaime Pumarejo, commissioned Colombian sculptor Yino Márquez to create the statue of the city’s treasured pop icon, along with a sculpture of the city’s coat of arms.

According to the New York Times, the two sculptures cost the city the equivalent of around $180,000. A plaque at the statue’s base reads, “A heart that composes, hips that don’t lie, an unmatched talent, a voice that moves the masses and bare feet that march for the good of children and humanity.” 

Related: Taylor Swift net worth: The most successful entertainer joins the billionaire's club

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Delta Air Lines adds a new route travelers have been asking for

The new Delta seasonal flight to the popular destination will run daily on a Boeing 767-300.

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Those who have tried to book a flight from North America to Europe in the summer of 2023 know just how high travel demand to the continent has spiked.

At 2.93 billion, visitors to the countries making up the European Union had finally reached pre-pandemic levels last year while North Americans in particular were booking trips to both large metropolises such as Paris and Milan as well as smaller cities growing increasingly popular among tourists.

Related: A popular European city is introducing the highest 'tourist tax' yet

As a result, U.S.-based airlines have been re-evaluating their networks to add more direct routes to smaller European destinations that most travelers would have previously needed to reach by train or transfer flight with a local airline.

The new flight will take place on a Boeing 767-300.

Shutterstock

Delta Air Lines: ‘Glad to offer customers increased choice…’

By the end of March, Delta Air Lines  (DAL)  will be restarting its route between New York’s JFK and Marco Polo International Airport in Venice as well as launching two new flights to Venice from Atlanta. One will start running this month while the other will be added during peak demand in the summer.

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“As one of the most beautiful cities in the world, Venice is hugely popular with U.S. travelers, and our flights bring valuable tourism and trade opportunities to the city and the region as well as unrivalled opportunities for Venetians looking to explore destinations across the Americas,” Delta’s SVP for Europe Matteo Curcio said in a statement. “We’re glad to offer customers increased choice this summer with flights from New York and additional service from Atlanta.”

The JFK-Venice flight will run on a Boeing 767-300  (BA)  and have 216 seats including higher classes such as Delta One, Delta Premium Select and Delta Comfort Plus.

Delta offers these features on the new flight

Both the New York and Atlanta flights are seasonal routes that will be pulled out of service in October. Both will run daily while the first route will depart New York at 8:55 p.m. and arrive in Venice at 10:15 a.m. local time on the way there, while leaving Venice at 12:15 p.m. to arrive at JFK at 5:05 p.m. on the way back.

According to Delta, this will bring its service to 17 flights from different U.S. cities to Venice during the peak summer period. As with most Delta flights at this point, passengers in all fare classes will have access to free Wi-Fi during the flight.

Those flying in Delta’s highest class or with access through airline status or a credit card will also be able to use the new Delta lounge that is part of the airline’s $12 billion terminal renovation and is slated to open to travelers in the coming months. The space will take up more than 40,000 square feet and have an outdoor terrace.

“Delta One customers can stretch out in a lie-flat seat and enjoy premium amenities like plush bedding made from recycled plastic bottles, more beverage options, and a seasonal chef-curated four-course meal,” Delta said of the new route. “[…] All customers can enjoy a wide selection of in-flight entertainment options and stay connected with Wi-Fi and enjoy free mobile messaging.”

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Stock Market Today: Stocks turn lower as factory inflation spikes, retail sales miss target

Stocks will navigate the last major data releases prior to next week’s Fed rate meeting in Washington.

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March 14, 2024

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Check back for updates throughout the trading day

U.S. stocks edged lower Thursday following a trio of key economic releases that have added to the current inflation puzzle as investors shift focus to the Federal Reserve's March policy meeting next week in Washington.

Updated at 9:59 AM EDT

Red start

Stocks are now falling sharply following the PPI inflation data and retail sales miss, with the S&P 500 marked 18 points lower, or 0.36%, in the opening half hour of trading.

The Dow, meanwhile, was marked 92 points lower while the Nasdaq slipped 67 points.

Treasury yields are also on the move, with 2-year notes rising 5 basis points on the session to 4.679% and 10-year notes pegged 7 basis points higher at 4.271%.

Updated at 9:44 AM EDT

Under Water

Under Armour  (UAA)  shares slumped firmly lower in early trading following the sportswear group's decision to bring back founder Kevin Plank as CEO, replacing the outgoing Stephanie Linnartz.

Plank, who founded Under Armour in 1996, left the group in May of 2021 just weeks before the group revealed that it was co-operating with investigations from both the Securities and Exchange Commission and the U.S. Department of Justice into the company's revenue recognition accounting.

Under Armour shares were marked 10.6% lower in early trading to change hands at $7.21 each.

Source: Under Armour Investor Relations

Updated at 9:22 AM EDT

Steely resolve

U.S. Steel  (X)  shares extended their two-day decline Thursday, falling 5.75% in pre-market trading following multiple reports that suggest President Joe Biden will push to prevent Japan's Nippon Steel from buying the Pittsburgh-based group.

Both Reuters and the Associated Press have said Biden will express his views to Prime Minister Kishida Yuko ahead of a planned State Visit next month at the White House. 

Related: US Steel soars on $15 billion Nippon Steel takeover; United Steelworkers slams deal

Updated at 8:52 AM EDT

Clear as mud

Retail sales rebounded last month, but the overall tally of $700.7 billion missed Street forecasts and suggests the recent uptick in inflation could be holding back discretionary spending.

A separate reading of factory inflation, meanwhile, showed prices spiking by 1.6%, on the year, and 0.6% on the month, amid a jump in goods prices.

U.S. stocks held earlier gains following the data release, with futures tied to the S&P 500 indicating an opening bell gain of 10 points, while the Dow was called 140 points higher. The Nasdaq, meanwhile, is looking at a more modest 40 point gain.

Benchmark 10-year Treasury note yields edged 3 basis points lower to 4.213% while two-year notes were little-changed at 4.626%.

Stock Market Today

Stocks finished lower last night, with the S&P 500 ending modestly in the red and the Nasdaq falling around 0.5%. The declines came amid an uptick in Treasury yields tied to concern that inflation pressures have failed to ease over the opening months of the year.

A better-than-expected auction of $22 billion in 30-year bonds, drawing the strongest overall demand since last June, steadied the overall market, but stocks still slipped into the close with an eye towards today's dataset.

The Commerce Department will publish its February reading of factory-gate inflation at 8:30 am Eastern Time. Analysts are expecting a slowdown in the key core reading, which feeds into the Fed's favored PCE price index.

Retail sales figures for the month are also set for an 8:30 am release as investors search for clues on consumer strength, tied to a resilient job market. Those factors could give the Fed more justification to wait until the summer months to begin the first of its three projected rate cuts.

"The case for a gradual but sustained slowdown in growth in consumers’ spending from 2023’s robust pace is persuasive," said Ian Shepherdson of Pantheon Macroeconomics. 

"Most households have run down the excess savings accumulated during the pandemic, while the cost of credit has jumped and last year’s plunge in home sales has depressed demand housing-related retail items like furniture and appliances," he added.

Benchmark 10-year Treasury yields are holding steady at 4.196% heading into the start of the New York trading session, while 2-year notes were pegged at 4.628%.

With Fed officials in a quiet period, requiring no public comments ahead of next week's meeting in Washington, the U.S. dollar index is trading in a narrow range against its global peers and was last marked 0.06% higher at 102.852.

On Wall Street, futures tied to the S&P 500 are indicating an opening bell gain of around 19 points, with the Dow Jones Industrial Average indicating a 140-point advance.

The tech-focused Nasdaq, which is up 7.77% for the year, is priced for a gain of around 95 points, with Tesla  (TSLA)  once again sliding into the red after ending the Wednesday session at a 10-month low.

In Europe, the regionwide Stoxx 600 was marked 0.35% higher in early Frankfurt trading, while Britain's FTSE 100 slipped 0.09% in London.

Overnight in Asia, the Nikkei 225 gained 0.29% as investors looked to a key series of wage negotiation figures from key unions that are likely to see the biggest year-on-year pay increases in three decades.

The broader MSCI ex-Japan benchmark, meanwhile, rose 0.18% into the close of trading. 

Related: Veteran fund manager picks favorite stocks for 2024

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