The S&P 500 fell more than 7% Monday, triggering circuit breakers that temporarily helped halt a further plunge.
The index hit the mandatory trading halt shortly after the open, stopping trading below that level for 15 minutes. The market resumed trading at 9:49 am ET and continued a decline that saw the Dow Jones Industrial Average briefly shed more than 2,000 points.
In addition to the S&P, the most all-encompassing large-cap stock index, the Dow tumbled 7.3% while the Nasdaq, which is concentrated in technology names, slid 6.9% before trading stopped.
However, about 10 minutes after trading resumed, the major indexes shaved their losses though they remained down steeply for the session and were approaching bear market conditions.
“The market circuit breakers are designed to slow trading down for a few minutes, give investors the ability to understand what’s happening in the market, consume the information and make decisions based on market conditions,” New York Stock Exchange President Stacey Cunningham told CNBC’s Bob Pisani. “This is operating as it’s supposed to.”
What is a circuit breaker?
According to the New York Stock Exchange, a market trading halt may occur at “three circuit breaker thresholds” on the S&P 500 due to large declines and volatility. The exchange classifies this at three levels based on the preceding session’s close in the S&P 500.
The rules, which apply to regular trading hours only, are as follows:
Level 1: If the S&P 500 drops 7%, trading will pause for 15 minutes.
Level 2: If the S&P 500 declines 13%, trading will again pause for 15 minutes if the drop occurs on or before 3:25 p.m. ET. There will be no halt if the drop happens after that. (This would occur Monday if the S&P falls 386 points).
Level 3: If the S&P 500 falls 20%, trading would halt for the remainder of the day. (This would occur if the S&P falls 594 points).
These circuit breakers have never been triggered in their current form during regular trading hours. The prior circuit breaker system was revamped after it failed to prevent the May 2010 flash crash. The current set of breakers were put into effect in February 2013.
Investors knew going into the open that this halt was a possibility based on trading in overnight futures. S&P 500 futures traded “limit down” of 5% in early morning trading, halting activity for those futures overnight Monday.
A clump of grass grows on an outcrop of shale 33,000 years ago. An ostrich pecks at the grass, and atoms taken up from the shale and into the grass become part of the eggshell the ostrich lays.
A member of a hunter-gatherer group living in southern Africa’s Karoo Desert finds the egg. She eats it, and cracks the shell into dozens of pieces. Drilling a hole, she strings the fragments onto a piece of sinew and files them into a string of beads.
She gifts the ornaments to friends who live to the east, where rainfall is higher, to reaffirm those important relationships. They, in turn, do the same, until the beads eventually end up with distant groups living high in the eastern mountains.
Thirty-three thousand years later, a University of Michigan researcher finds the beads in what is now Lesotho, and by measuring atoms in the beads, provides new evidence for where these beads were made, and just how long hunter-gatherers used them as a kind of social currency.
In a study published in the Proceedings of the National Academy of Science, U-M paleolithic archeologist Brian Stewart and colleagues establish that the practice of exchanging these ornaments over long distances spans a much longer period of time than previously thought.
“Humans are just outlandishly social animals, and that goes back to these deep forces that selected for maximizing information, information that would have been useful for living in a hunter-gatherer society 30,000 years ago and earlier,” said Stewart, assistant professor of anthropology and assistant curator of the U-M Museum of Anthropological Archaeology.
“Ostrich eggshell beads and the jewelry made from them basically acted like Stone Age versions of Facebook or Twitter ‘likes,’ simultaneously affirming connections to exchange partners while alerting others to the status of those relationships.”
Lesotho is a small country of mountain ranges and rivers. It has the highest average of elevation in the continent and would have been a formidable place for hunter-gatherers to live, Stewart says. But the fresh water coursing through the country and belts of resources, stratified by the region’s elevation, provided protection against swings in climate for those who lived there, as early as 85,000 years ago.
Anthropologists have long known that contemporary hunter-gatherers use ostrich eggshell beads to establish relationships with others. In Lesotho, archeologists began finding small ornaments made of ostrich eggshell. But ostriches don’t typically live in that environment, and the archeologists didn’t find evidence of those ornaments being made in that region—no fragments of unworked eggshell, or beads in various stages of production.
So when archeologists began discovering eggshell beads without evidence of production, they suspected the beads arrived in Lesotho through these exchange networks. Testing the beads using strontium isotope analysis would allow the archeologists to pinpoint where they were made.
Strontium-87 is the daughter isotope of the radioactive element rubidium-87. When rubidium-87 decays it produces strontium-87. Older rocks such as granite and gneiss have more strontium than younger rocks such as basalt. When animals forage from a landscape, these strontium isotopes are incorporated into their tissues.
Lesotho is roughly at the center of a bullseye-shaped geologic formation called the Karoo Supergroup. The supergroup’s mountainous center is basalt, from relatively recent volcanic eruptions that formed the highlands of Lesotho. Encircling Lesotho are bands of much older sedimentary rocks. The outermost ring of the formation ranges between 325 and 1,000 kilometers away from the Lesotho sites.
To assess where the ostrich eggshell beads were made, the research team established a baseline of strontium isotope ratios—that is, how much strontium is available in a given location—using vegetation and soil samples as well samples from modern rodent tooth enamel from museum specimens collected from across Lesotho and surrounding areas.
According to their analysis, nearly 80% of the beads the researchers found in Lesotho could not have originated from ostriches living near where the beads were found in highland Lesotho.
“These ornaments were consistently coming from very long distances,” Stewart said. “The oldest bead in our sample had the third highest strontium isotope value, so it is also one of the most exotic.”
Stewart found that some beads could not have come from closer than 325 kilometers from Lesotho, and may have been made as far as 1,000 kilometers away. His findings also establish that these beads were exchanged during a time of climactic upheaval, about 59 to 25 thousand years ago. Using these beads to establish relationships between hunter-gatherer groups ensured one group access to others’ resources when a region’s weather took a turn for the worse.
“What happened 50,000 years ago was that the climate was going through enormous swings, so it might be no coincidence that that’s exactly when you get this technology coming in,” Stewart said. “These exchange networks could be used for information on resources, the condition of landscapes, of animals, plant foods, other people and perhaps marriage partners.”
Stewart says while archeologists have long accepted that these exchange items bond people over landscapes in the ethnographic Kalahari, they now have firm evidence that these beads were exchanged over huge distances not only in the past, but for over a long period of time. This study places another piece in the puzzle of how we persisted longer than all other humans, and why we became the globe’s dominant species.
When NASA’s Interior Exploration using Seismic Investigations, Geodesy and Heat Transport (Insight) lander set down on Mars in November of 2018, it began its two-year primary mission of studying Mars’ seismology and interior environment.
And now, just over a year and a half later, the results of the lander’s first twelve months on the Martian surface have been released in a series of studies.
One of these studies, which was recently published in the journal Nature Geosciences, shared some rather interesting finds about magnetic fields on Mars.
According to the research team behind it, the magnetic field within the crater where InSight’s landed is ten times stronger than expected. These findings could help scientists resolve key mysteries about Mars’ formation and subsequent evolution.
These readings were obtained by InSight’s magnetic sensor, which studied the magnetic fields within the mission’s landing zone. This shallow crater, known as “Homestead hollow”, is located in the region called Elysium Planitia – a flat-smooth plain just north of the equator.
This region was selected because it has the right combination of flat topology, low elevation, and low debris to allow InSight to probe deep into the interior of Mars.
Sources of magnetism detected by magnetic sensor aboard the Mars InSight Lander. (NASA/JPL-Caltech)
Prior to this mission, the best estimates of Martian magnetic fields came from satellites in orbit and were averaged over distances of more than 150 kilometres (93 miles).
Catherine Johnson, a professor of Earth, Ocean, and Atmospheric Sciences at the University of British Columbia and a senior scientist at the Planetary Science Institute (PSI), was the lead author on the study. As she said in a recent UBC News story:
“One of the big unknowns from previous satellite missions was what the magnetization looked like over small areas. By placing the first magnetic sensor at the surface, we have gained valuable new clues about the interior structure and upper atmosphere of Mars that will help us understand how it – and other planets like it – formed.”
“The ground-level data give us a much more sensitive picture of magnetization over smaller areas, and where it’s coming from. In addition to showing that the magnetic field at the landing site was ten times stronger than the satellites anticipated, the data implied it was coming from nearby sources.”
Measuring magnetic fields on Mars is key to understanding the nature and strength of the global magnetic field (aka magnetosphere) that Mars had billions of years ago.
The presence of this magnetosphere has been inferred from the presence of magnetized rocks on the planet’s surface, leading to localized and relatively weak magnetic fields.
According to data gathered by MAVEN and other missions, scientists predict that roughly 4.2 billion years ago, this magnetic field suddenly ‘switched off’. This resulted in solar wind slowly stripping the Martian atmosphere away over the next few hundred million years, which is what led to the surface becoming the dry and desiccated place it is today.
Because most rocks on the surface of Mars are too young to have been magnetized by this ancient field, the team thinks it must be coming from deeper underground.
As Johnson explained:
“We think it’s coming from much older rocks that are buried anywhere from a couple hundred feet to ten kilometers below ground. We wouldn’t have been able to deduce this without the magnetic data and the geology and seismic information InSight has provided.”
By combining InSight data with magnetic readings obtained by Martian orbiters in the past, Johnson and her colleagues hope to be able to identify exactly which rocks are magnetized and how old they are.
These efforts will be bolstered by future missions to study Martian rocks, such as NASA’s Mars 2020 rover, the ESA’s Rosalind Franklin rover, and China’s Huoxing-1 (HX-1) mission – all of which are scheduled to launch this summer.
InSight’s magnetometer also managed to gather data on phenomena that exist high in Mars’ upper atmosphere as well as the space environment surrounding the planet.
Like Earth, Mars is exposed to solar wind, the stream of charged particles that emanate from the Sun and carry its magnetic field into interplanetary space – hence the name interplanetary magnetic field (IMF).
But since Mars lacks a magnetosphere, it is less protected from solar wind and weather events. This allows the lander to study the effects of both on the surface of the planet, which scientists have been unable to do until now.
Said Johnson:
“Because all of our previous observations of Mars have been from the top of its atmosphere or even higher altitudes, we didn’t know whether disturbances in solar wind would propagate to the surface. That’s an important thing to understand for future astronaut missions to Mars.”
Another interesting find was the way the local magnetic field fluctuated between day and night, not to mention the short pulsations that occurred around midnight and lasted for just a few minutes. Johnson and her colleagues theorize that these are caused by interactions between solar radiation, the IMF, and particles in the upper atmosphere to produce electrical currents (and hence, magnetic fields).
These readings confirm that events taking place in and above Mars’ upper atmosphere can be detected at the surface. They also provide an indirect picture of the planet’s atmospheric properties, like how charged it becomes and what currents exist in the upper atmosphere.
As for the mysterious pulses, Johnson and her team are not sure what causes them but think that they are also related to how solar wind interacts with Mars.
In the future, the InSight team hopes that their efforts to gather data on the surface magnetic field will coincide with the MAVEN orbiter passing overhead, which will allow them to compare data.
As InSight’s principal investigator, Bruce Banerdt of NASA’s Jet Propulsion Laboratory, summarized:
The main function of the magnetic sensor was to weed out magnetic ‘noise,’ both from the environment and the lander itself, for our seismic experiments, so this is all bonus information that directly supports the overarching goals of the mission. The time-varying fields, for example, will be very useful for future studies of the deep conductivity structure of Mars, which is related to its internal temperature.”
This study is one of six that resulted from InSight’s first year of mission data, which can be accessed here. However, this is just the beginning for the InSight mission, which will wrap up its two-year primary mission towards the end of 2020.
Of particular interest are the X-band radio measurements that will show how much Mars’ “wobbles” as it spins on its axis, which in turn will help reveal the true nature of the planet’s core (solid or liquid?).
Exciting times lie ahead for the many missions we have (or will be sending) to Mars! Be sure to check out this video of the InSight mission too, courtesy of NASA JPL:
The last full moon of winter will light up the sky this weekend.
According to Old Farmer’s Almanac, March’s supermoon is called the Super Worm Moon.
The Old Farmer’s Almanac says the moon will appear full from Sunday night, March 8 but will officially peak Monday, March 9 at 1:48 p.m.
According to NASA, the moon got its name from native tribes in the northern and eastern United States.
NASA says the Worm Moon is the most widely-used name, but it’s also known as the Lenten Moon, Crow Moon, Crust Moon, Sap Moon and Sugar Moon.
The space agency says a supermoon occurs when the moon is closest to the Earth in its elliptical orbit, which makes the moon appear brighter and larger than usual.
The Old Farmer’s Almanac says this full moon will be the first of three supermoons in 2020. The other two will occur in April and May.
The stock market broke new ground last week in terms of the breakneck speed of its selloff, with the S&P 500 dropping 10% from its record high in a mere six days, faster than any other time in history.
Time for some bargain-hunting?
Not so fast, says the Felder Report’s Jesse Felder, who pointed to “The Buffett Yardstick,” in reference to what the Berkshire Hathaway BRK.A, -3.41% boss calls “the best single measure of where valuations stand at any given moment”:
“It’s important to put the recent action into some sort of context,” Felder wrote. “For long-term investors, it’s probably most important to understand that the decline we saw last week has in no way made the broad stock market look cheap, as some might suggest.”
The “yardstick” basically shows the market value of all publicly traded securities as a percentage of the country’s business, or gross national product, GNP. As it stood before Thursday’s market retreat, the numbers show that stocks are just as expensive as they were in 2000 before the 50% drop and they are 20% more expensive than they were ahead of the 57% plunge during the Financial Crisis.
“So, it’s hard to argue there is much value in the broad indexes at all even after the steep correction we saw last week,” Felder wrote in a post. “What’s more, downside risk is still very elevated.”
There are no shortage of downside risks in Thursday’s session, with the Dow Jones Industrial Average DJIA, -3.57% off more than 800 points at morning lows. The S&P 500 SPX, -3.39% and Nasdaq Composite COMP, -3.09% were also sinking after a burst higher in the previous session.
NASA on Thursday announced the name of its next Mars rover: Perseverance.
It will be the fifth exploratory vehicle on the Red Planet following in the tire tracks of the similarly augustly titled Sojourner, Spirit, Opportunity, and Curiosity.
The name was announced at an event at Lake Braddock Secondary School in Burke, Virginia, to congratulate Alex Mather, the seventh grade student who picked it.
“Alex’s entry captured the spirit of exploration,” said Thomas Zurbuchen, associate administrator of NASA’s Science Mission Directorate.
“Like every exploration mission before, our rover is going to face challenges, and it’s going to make amazing discoveries.”
Following its forebears, Perseverance was named by school-age children in nationwide contests – starting from Sojourner in 1997 to the Spirit and Opportunity rovers, which landed on Mars in 2004, to Curiosity, which has been exploring Mars since 2012.
The latest contest began last August, with 4,700 volunteer judges including teachers and space enthusiasts whittling down the pool to 155 semifinalists, before nine names were put to the public on NASA’s website.
More than 770,000 votes were cast online before the space agency decided the winner.
He will receive an invitation to travel with his family to Cape Canaveral in Florida to witness the rover begin its journey, when it launches between July 17 and August 5 this year.
This window was chosen because the Earth and Mars are in good positions relative to each other at that point.
Perserverance is projected to land in February 2021.
The mission has two new objectives: To seek out signs of ancient life, and then sample materials and prepare a cache that can be returned to Earth on a return trip.
It builds on the same technology platform used by Curiosity, but will be able to land more precisely and has an onboard system to avoid hazardous terrain on descent.
It also has an improved wheel design, and carries a drill for coring samples from the Martian rocks and soil as it scours for signs of ancient microbial life.
PORTLAND, Ore. – For the first time, Oregon Health & Science University researchers performed a procedure to edit human genes within the body, using CRISPR.
Scientists are working to repair a gene mutation that causes a rare form of inherited blindness called Leber congenital amaurosis type 10, also known as LCA10 and CEP290-related retinal dystrophy. Most people with this gene mutation are either born blind or become blind before they turn 10 years old.
CRISPR-Cas9 is a genome editing method.
OHSU says the gene edit is designed to be permanent, but will not be passed on to the offspring of those who receive the treatment.
“Being able to edit genes inside the human body is incredibly profound,” said Mark Pennesi, M.D., Ph.D., who leads OHSU’s involvement in the BRILLIANCE clinical trial.
Pennesi said editing genes inside the body could allow doctors and scientists to treat a much wider range of diseases.
U.S. stock market futures surged late Tuesday night as Joe Biden racked up impressive wins in the Super Tuesday primaries, perhaps easing Wall Street fears that Bernie Sanders will win the Democratic nomination.
Dow Jones Industrial Average futures YM00, -0.77% rose more than 300 points, and S&P 500 futures ES00, -0.84% and Nasdaq Composite futures NQ00, -0.76% each rose more than 1% after a lackluster start to electronic trading.
Fourteen states and one territory voted in primaries Tuesday; as of 11 p.m. Eastern, Biden had racked up wins in eight states to Sanders’ four, though Sanders’ wins included California, the most delegate-rich state.
In a major advance in mind-controlled prosthetics for amputees, University of Michigan researchers have tapped faint, latent signals from arm nerves and amplified them to enable real-time, intuitive, finger-level control of a robotic hand.
To achieve this, the researchers developed a way to tame temperamental nerve endings, separate thick nerve bundles into smaller fibers that enable more precise control, and amplify the signals coming through those nerves. The approach involves tiny muscle grafts and machine learning algorithms borrowed from the brain-machine interface field.
“This is the biggest advance in motor control for people with amputations in many years,” said Paul Cederna, who is the Robert Oneal Collegiate Professor of Plastic Surgery at the U-M Medical School, as well as a professor of biomedical engineering.
“We have developed a technique to provide individual finger control of prosthetic devices using the nerves in a patient’s residual limb. With it, we have been able to provide some of the most advanced prosthetic control that the world has seen.”
Cederna co-leads the research with Cindy Chestek, associate professor of biomedical engineering at the U-M College of Engineering. In a paper published March 4 in Science Translational Medicine, they describe results with four study participants using the Mobius Bionics LUKE arm.
Intuitive prosthetic control works on the first try
“You can make a prosthetic hand do a lot of things, but that doesn’t mean that the person is intuitively controlling it. The difference is when it works on the first try just by thinking about it, and that’s what our approach offers,” Chestek said. “This worked the very first time we tried it. There’s no learning for the participants. All of the learning happens in our algorithms. That’s different from other approaches.”
While study participants aren’t yet allowed to take the arm home, in the lab, they were able to pick up blocks with a pincer grasp; move their thumb in a continuous motion, rather than have to choose from two positions; lift spherically shaped objects; and even play in a version of Rock, Paper, Scissors called Rock, Paper, Pliers.
“It’s like you have a hand again,” said study participant Joe Hamilton, who lost his arm in a fireworks accident in 2013. “You can pretty much do anything you can do with a real hand with that hand. It brings you back to a sense of normalcy.”
Turning a tiny muscle graft into a nerve signal amplifier
One of the biggest hurdles in mind-controlled prosthetics is tapping into a strong and stable nerve signal to feed the bionic limb. Some research groups—those working in the brain-machine interface field—go all the way to the primary source, the brain. This is necessary when working with people who are paralyzed. But it’s invasive and high-risk.
For people with amputations, peripheral nerves—the network that fans out from the brain and spinal cord—have been interesting, but they hadn’t yet led to a long-term solution for a couple of reasons: The nerve signals they carry are small. And other approaches to picking up those signals involved probes that eavesdropped by force. These “nails in nerves,” as researchers sometimes refer to them, lead to scar tissue, which muddles that already faint signal over time.
The U-M team came up with a better way. They wrapped tiny muscle grafts around the nerve endings in the participants’ arms. These “regenerative peripheral nerve interfaces,” or RPNIs, offer severed nerves new tissue to latch on to. This prevents the growth of nerve masses called neuromas that lead to phantom limb pain. And it gives the nerves a megaphone. The muscle grafts amplify the nerve signals. Two patients had electrodes implanted in their muscle grafts, and the electrodes were able to record these nerve signals and pass them on to a prosthetic hand in real time.
“To my knowledge, we’ve seen the largest voltage recorded from a nerve compared to all previous results,” Chestek said. “In previous approaches, you might get 5 microvolts or 50 microvolts—very very small signals. We’ve seen the first ever millivolt signals.
“So now we can access the signals associated with individual thumb movement, multidegree of freedom thumb movement, individual fingers. This opens up a whole new world for people who are upper limb prosthesis users.”
And their interface has already lasted years. Others degrade within months due to scar tissue.
The future of prosthetics research and industry
The findings also open up new possibilities for the field, said Chestek, whose expertise is on real-time machine learning algorithms to translate neural signals into movement intent.
“What we found is now the nerve signals are good enough to apply the whole world of things we learned in brain control algorithms to nerve control,” she said.
The approach generates signals for finer movements than what today’s prosthetic hands are capable of.
“Other research groups have contributed to this as well, but we’ve leapfrogged the capabilities of the prosthetic hands that are currently available. I think this is strong motivation for further developments from prosthetic hand companies,” said Philip Vu, a research fellow in biomedical engineering and first author of the paper.
A clinical trial is ongoing. The team is looking for participants.
“So many times, the things we do in a research lab add to the knowledge in the field, but you never actually get a chance to see how that impacts a person,” Cederna said. “When you can sit and watch one person with a prosthetic device do something that was unthinkable 10 years ago, it is so gratifying. I’m so happy for our participants, and even more happy for all the people in the future that this will help.”
Added Chestek, “It’s going to be a ways from here, but we’re not going to stop working on this until we can completely restore able-bodied hand movements. That’s the dream of neuroprosthetics.”
The paper is titled, “A regenerative peripheral nerve interface allows real-time control of an artificial hand in upper limb amputees.”
DETROIT — Toyota is adding 1.2 million vehicles to a major recall in the U.S. to fix possible fuel pump failures that can cause engines to stall.
The company said Wednesday that the added vehicles bring the total to 1.8 million.
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In January Toyota recalled nearly 700,000 vehicles in the U.S. for the same problems. Engine stalling can increase the risk of a crash, although the company wouldn’t say if there have been any. The automaker said Wednesday that about 118,000 vehicles in the January recall shouldn’t have been included.
The vehicles include trucks, SUVs, minivans and cars across the model lineups of Toyota and its Lexus luxury vehicle brand.
The company says owners of vehicles not involved in the January recall will be notified in early May about when to make a service appointment. Dealers will replace the fuel pump with an improved one.
Models now included in the recall are certain 2018 and 2019 Toyota Avalon, Camry, Corolla, Highlander, Sequoia, Tacoma and Tundra vehicles, as well as the 2018 and 2019 Lexus ES 350, GS 350, IS 300, IS 350, LC 500, LC 500h, LS 500, LS 500h, RC 300, RC 350, RX 350L.
Also covered are the 2013-2015 Lexus LS 460, the 2013-2014 Lexus GS 350, the 2014 Toyota FJ Cruiser and Lexus IS-F, the 2014-2015 Toyota 4Runner and Land Cruiser and Lexus GX 460, IS 350 and LX 570. Other vehicles include the 2015 Lexus NX 200t and RC 350, the 2017 Lexus IS 200t and RC 200t, the 2017-2019 Toyota Sienna and Lexus RX 350, and the 2018 Lexus GS 300.