Investigators said that the deadly fire that tore through a popular bar in the Swiss ski resort of Crans-Montana early on New Year’s Day was caused by sparklers on Champagne bottles, which ignited the bar’s ceiling. Ramy Inocencio reports.
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NEW YORK (AP) — U.S. stocks eked out small gains on Wall Street Friday in a wobbly day of trading to kick off the new year.
Markets were mostly quiet on the first trading day of 2026, with the influential technology sector driving much of the up-and-down action. The mostly minor moves also cap off a tepid and holiday-shortened week. Markets were closed on Thursday for New Year’s day.
The S&P 500 rose 12.97 points, or 0.2%, to 6,858.47. The benchmark index is coming off a gain of more than 16% in 2025.
The Dow Jones Industrial Average rose 319.10 points, or 0.7%, to 48,382.39.
The Nasdaq composite fell 6.36 points, or less than 0.1%, to 23,235.63. The index was weighed down by losses for Microsoft and Tesla.
Foreign markets fared better and benchmarks in Britain and South Korea hit records.
Technology stocks steered the market, especially companies with a focus on artificial intelligence, continuing the trend that pushed the broader market to records in 2025.
Nvidia jumped 1.3% and was the biggest force trying to push the market higher. But a 2.2% fall for Microsoft helped to check those gains.
Tesla also weighed on markets with a 2.6% drop after after reporting falling sales for a second year in a row.
Nvidia, Microsoft and Tesla are among the most valuable companies in the world and their outsized valuations give them more influence on the stock market’s direction. That includes sometimes pushing the market up and down from hour to hour.
Technology companies have been a major focus because of advancements in artificial intelligence technology and the potential for growth within the sector. Wall Street has been betting that demand for computer chips and other items needed for data centers will help justify the big investments from technology companies and their pricey stock values.
Furniture companies gained ground following President Donald Trump’s move to delay increased tariffs on upholstered furniture. RH rose 8% and Wayfair rose 6.1%.
E-commerce giant Alibaba climbed 4.3% and Baidu, maker of the Ernie chatbot, jumped 9.4% in Hong Kong after it said it plans to spin off its AI computer chip unit Kunlunxin, which would list shares in Hong Kong early in 2027. The plan is subject to regulatory approvals.
Crude oil prices were mostly stable. Prices for U.S. crude oil fell 0.2% to $57.32 per barrel. The price of Brent crude, the international standard, fell 0.2% to $60.75 per barrel.
The price of gold fell 0.3%.
Treasury yields held steady in the bond market. The yield on the 10-year Treasury rose to 4.19% from 4.17% late Wednesday. The yield on the two-year Treasury, which moves more closely with expectations for what the Federal Reserve will do, held at 3.48% from late Wednesday.
Wall Street will move past the mostly quiet holiday season starting Monday. The first full week of the new year will include several closely watched economic updates. They will also be some of the last big updates the Fed sees before its next meeting at the end of January.
Next week will feature private reports on the status of the services sector, which is the largest part of the U.S. economy, along with consumer sentiment. Government reports on the job market will also be released. The hope is they’ll help paint a clearer picture of how various parts of the U.S. economy closed out 2025 and where it might be headed in 2026.
The Fed has had a more difficult task because of the complex shifts within the economy. It cut interest rates three times toward the end of 2025, partly to help counter a weakening jobs market. But inflation remains above its target rate of 2% and cutting interest rates could add more fuel to rising prices. Consumers have already expressed more caution amid the squeeze from stubborn inflation and the U.S. trade war with much of the world has added more uncertainty.
The Fed has already signaled concern and caution. Wall Street is betting that the central bank will hold its benchmark interest rate steady at its January meeting.
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AP Business Writer Elaine Kurtenbach contributed to this report.
Jan 3 (Reuters) – Venezuela will resist the presence of foreign troops, Defense Minister Vladimir Padrino said in a video early on Saturday, as U.S. President Donald Trump said Venezuelan President Nicolas Maduro had been captured and was being removed from the country.
A U.S. attack on the country in the early morning struck civilian areas, Padrino said, and Venezuela is compiling information about dead and injured people.
(Reporting by Julia Symmes Cobb)
Police in Columbus, Ohio, are asking for the public’s help as they search for a suspect in the fatal shooting of a dentist and his wife on the city’s Near East Side. Lacy Crisp of CBS Columbus affiliate WBNS has details.
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Iran Authorities Denounce President Trump’s Statement That US Is ‘Locked and Loaded’ To ‘Rescue’ Protesters
US President Donald Trump warned that Washington would respond militarily if Iranian authorities kill demonstrators, as anti-regime protests spread across multiple cities in Iran and have already become deadly.
In a post on Truth Social, Trump said the United States was prepared to act if protesters are harmed by the Iranian government. “If Iran shoots and violently kills peaceful protesters, which is their custom, the United States of America will come to their rescue,” he wrote. “We are locked and loaded and ready to go. Thank you for your attention to this matter! President DONALD J. TRUMP.”
The warning came amid reports that four people were killed on Wednesday and Thursday during protests in several Iranian cities. The demonstrations are part of a broader wave of unrest in opposition to the Islamic Republic’s leadership.
Iranian officials rejected Trump’s remarks, framing them as a threat to national security. Ali Shamkhani, an adviser to Iran’s supreme leader, responded on X, saying: “Any interventionist hand that attacks Iran’s security under any pretext whatsoever will be exposed to a response. Iran’s security is a red line.”
The exchange followed a recent meeting between Trump and Israeli Prime Minister Benjamin Netanyahu at Trump’s Mar-a-Lago resort, where the two discussed Iran’s military capabilities and the possibility of further action to prevent Tehran from restoring its ballistic missile and nuclear programs.
Both leaders have described the 12-day confrontation with Iran in June as a significant success, while Netanyahu has indicated that additional strikes could still be necessary if Iran attempts to rebuild its capabilities. Trump, speaking after the meeting, said the United States would again dismantle Iran’s nuclear program if Tehran moves to restore it, while also expressing a preference for reaching a negotiated nuclear agreement.
A US official said Trump would likely support a “second round” of strikes if Washington determines that Iran is taking concrete and verifiable steps to revive its nuclear program, though disagreements over how to define such reconstitution could complicate decision-making.
Iranian President Masoud Pezeshkian also responded to news of the talks, warning against any future attacks. “Answer of Islamic Republic of Iran to any cruel aggression will be harsh and discouraging,” he wrote on X.
DUBAI, United Arab Emirates (AP) — Violence surrounding protests in Iran sparked by the Islamic Republic’s ailing economy killed two other people, authorities said Saturday, raising the death toll in the demonstrations to at least 10 as they showed no signs of stopping.
The new deaths follow U.S. President Donald Trump warning Iran on Friday that if Tehran “violently kills peaceful protesters,” the United States “will come to their rescue.” While it remains unclear how and if Trump will intervene, his comments sparked an immediate, angry response from officials within the theocracy threatening to target American troops in the Mideast.
The weeklong protests, have become the biggest in Iran since 2022, when the death of 22-year-old Mahsa Amini in police custody triggered nationwide demonstrations. However, the protests have yet to be as widespread and intense as those surrounding the death of Amini, who was detained over not wearing her hijab, or headscarf, to the liking of authorities.
The deaths overnight into Saturday involved a new level of violence. In Qom, home to the country’s major Shiite seminaries, a grenade exploded, killing a man there, the state-owned IRAN newspaper reported. It quoted security officials alleging the man carried the grenade to attack people in the city, some 130 kilometers (80 miles) south of the capital, Tehran.
Online videos from Qom purportedly showed fires in the street overnight.
The second death happened in the town of Harsin, some 370 kilometers (230 miles) southwest of Tehran. There, the newspaper said a member of the Basij, the all-volunteer arm of Iran’s paramilitary Revolutionary Guard, died in a gun and knife attack in the town in Kermanshah province.
Demonstrations have reached over 100 locations in 22 of Iran’s 31 provinces, the U.S.-based Human Rights Activists News Agency reported.
Iran’s civilian government under reformist President Masoud Pezeshkian has been trying to signal it wants to negotiate with protesters. However, Pezeshkian has acknowledged there is not much he can do as Iran’s rial has rapidly depreciated, with $1 now costing some 1.4 million rials. That sparked the initial protests.
The protests, taking root in economic issues, have heard demonstrators chant against Iran’s theocracy as well. Tehran has had little luck in propping up its economy in the months since its June war with Israel in which the U.S. also bombed Iranian nuclear sites in Iran.
Iran recently said it was no longer enriching uranium at any site in the country, trying to signal to the West that it remains open to potential negotiations over its atomic program to ease sanctions. However, those talks have yet to happen as Trump and Israeli Prime Minister Benjamin Netanyahu have warned Tehran against reconstituting its atomic program.
Venus Williams, 45, received a wild-card entry to the 2026 Australian Open at Melbourne Park 28 years after her first appearance.
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A look at bar and nightclub fires in the United States with significant death tolls and similar risks that led to the tragedies.
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NEW YORK (AP) — Zohran Mamdani became mayor of New York City on Thursday, taking over one of the most unrelenting jobs in American politics with a promise to transform government on behalf of the city’s striving, struggling working class.
Mamdani, a Democrat, was sworn in at a decommissioned subway station below City Hall just after midnight, placing his hand on a Quran as he took his oath as the city’s first Muslim mayor.
After working part of the night in his new office, Mamdani returned to City Hall in a taxi cab around midday Thursday for a grander public inauguration where U.S. Sen. Bernie Sanders, one of the mayor’s political heroes, administered the oath for a second time.
“Beginning today, we will govern expansively and audaciously. We may not always succeed, but never will we be accused of lacking the courage to try,” Mamdani told a cheering crowd.
“To those who insist that the era of big government is over, hear me when I say this: No longer will City Hall hesitate to use its power to improve New Yorkers’ lives,” he said.
Throngs turned out in the frigid cold for an inauguration viewing party just south of City Hall on a stretch of Broadway known as the “Canyon of Heroes,” famous for its ticker-tape parades.
Mamdani wasted little time getting to work after the event.
He revoked multiple executive orders issued by the previous administration since Sept. 26, 2024, the date federal authorities announced former Mayor Eric Adams had been indicted on corruption charges, which were later dismissed following intervention by the Trump administration.
Then he visited an apartment building in Brooklyn to announce he is revitalizing a city office dedicated to protecting tenants and creating two task forces focused on housing construction.
Throughout the daytime ceremony, Mamdani and other speakers hit on the theme that carried him to victory in the election: Using government power to lift up the millions of people who struggle with the city’s high cost of living.
Mamdani peppered his remarks with references to those New Yorkers, citing workers in steel-toed boots, halal cart vendors “whose knees ache from working all day” and cooks “wielding a thousand spices.”
“I was elected as a democratic socialist and I will govern as a democratic socialist,” Mamdani said. “I will not abandon my principles for fear of being deemed ‘radical.’”
Before administering the oath, Sanders told the crowd that most of the things Mamdani wants to do — including raising taxes on the rich — aren’t radical at all.
“In the richest country in the history of the world, making sure that people can live in affordable housing is not radical,” he told the crowd. “It is the right and decent thing to do.”
Mamdani was accompanied on stage by his wife, Rama Duwaji. Adams was also in attendance, sitting near another former mayor, Bill de Blasio.
Actor Mandy Patinkin, who recently hosted Mamdani to celebrate Hannukah, sang “Over the Rainbow” with children from an elementary school chorus. The invocation was given by Imam Khalid Latif, the director of the Islamic Center of New York City. Poet Cornelius Eady read an original poem called “Proof.”
In addition to being the city’s first Muslim mayor, Mamdani is also its first of South Asian descent and the first to be born in Africa. At 34, Mamdani is also the city’s youngest mayor in generations.
At the watch party on Broadway, onlookers stood shoulder to shoulder gazing up at several jumbotrons and singing and dancing to stave off the cold, with some passing out hot cocoa and hand warmers. Many described feeling as though they were witnessing history.
Among them was Ariel Segura, a 16-year-old Bronx resident, who had arrived five hours earlier to secure a place near the front of the crowd.
“I’m out here fan-girling a politician, it’s kind of crazy,” he said, wiping away tears as Mamdani concluded his speech. “Now it’s time to hold him accountable.”
In a campaign that helped make “affordability” a buzzword across the political spectrum, Mamdani ran on a focused platform that included promises of free child care, free buses, a rent freeze for about 1 million households and a pilot of city-run grocery stores.
Mamdani insisted in his inaugural address that he will not squander his opportunity to implement those policies.
“A moment like this comes rarely. Seldom do we hold such an opportunity to transform and reinvent. Rarer still is it the people themselves whose hands are on the levers of change. And yet we know that too often in our past, moments of great possibility have been promptly surrendered to small imagination and smaller ambition,” he said.
But he will also have to face the everyday responsibilities of running America’s largest city: handling trash and snow and rats, while getting blamed for subway delays and potholes.
In his speech, Mamdani acknowledged the task ahead, saying he knows many will be watching to see whether he can succeed.
“They want to know if the left can govern. They want to know if the struggles that afflict them can be solved. They want to know if it is right to hope again,” he said. “So, standing together with the wind of purpose at our backs, we will do something that New Yorkers do better than anyone else: We will set an example for the world.”
Mamdani was born in Kampala, Uganda, the son of filmmaker Mira Nair and Mahmood Mamdani, an academic and author. His family moved to New York City when he was 7, with Mamdani growing up in a post-9/11 city where Muslims didn’t always feel welcome. He became an American citizen in 2018.
He worked on political campaigns for Democratic candidates in the city before he sought public office himself, winning a state Assembly seat in 2020 to represent a section of Queens.
Now that he has taken office, Mamdani and his wife will depart their one-bedroom, rent stabilized apartment in the outer-borough to take up residence in the stately mayoral residence in Manhattan.
The new mayor inherits a city on the upswing, after years of slow recovery from the COVID-19 pandemic. Violent crime has dropped to pre-pandemic lows. Tourists are back. Unemployment, which soared during the pandemic years, is also back to pre-COVID levels.
Yet deep concerns remain about high prices and rising rents.
In opening remarks to the crowd, U.S. Rep. Alexandria Ocasio-Cortez praised New Yorkers for choosing “courage over fear.”
“We have chosen prosperity for the many over spoils for the few,” she said.
During the mayoral race, President Donald Trump threatened to withhold federal funding from the city if Mamdani won and mused about sending National Guard troops to the city.
But Trump surprised supporters and foes alike by inviting the Democrat to the White House for what ended up being a cordial meeting in November.
“I want him to do a great job and will help him do a great job,” Trump said.
Still, tensions between the two leaders are almost certain to resurface, given their deep policy disagreements, particularly over immigration.
Several speakers at Thursday’s inauguration criticized the Trump administration’s move to deport more immigrants and expressed hope that Mamdani’s City Hall would be an ally to those the president has targeted.
Mamdani also faces skepticism and opposition from some members of the city’s Jewish community over his criticisms of Israel’s government.
Still, Mamdani supporters in Thursday’s crowd expressed optimism he’d be a unifying force.
“There are moments where everyone in New York comes together, like when the Mets won the World Series in ’86,” said Mary Hammann, 64, a musician with the Metropolitan Opera. “This feels like that — just colder.”
___ Associated Press writer Jake Offenhartz contributed to this story.
Grok, the artificial intelligence tool created by Elon Musk, posted online about “lapses in safeguards” that led to the generation of lewd images involving children. Journalist Jacob Ward joins CBS News with more.
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