John Kelly’s warning

US Vice President Kamala Harris weighed in on the latest furor tied to Donald Trump as the final weeks of the 2024 race tick down. During campaign events, the 78-year-old Trump has mixed extremist rhetoric about migrants with promises to persecute political enemies and use the US military against American citizens should he regain power. Today it was revealed that John Kelly, a retired Marine general and Trump’s former chief of staff, said in an interview with the New York Times that Trump met “the general definition of a fascist” and had repeatedly suggested that Adolf Hitler did “some good things.” A separate story in The Atlantic published Tuesday reported that Trump said he needed “the kind of generals Hitler had” during a private conversation at the White House. Harris, 60, slammed Trump, whose representatives denied the allegations, saying on Wednesday that “it is deeply troubling and incredibly dangerous that Donald Trump would invoke Adolf Hitler, the man who is responsible for the deaths of 6 million Jews and hundreds of thousands of Americans.” —David E. Rovella

Taiwan Semiconductor Manufacturing is said to have discovered this month that chips it made for a specific customer ended up with Huawei Technologies, in potential violation of US sanctions intended to sever the flow of tech to the Chinese company. TSMC halted shipments to the client around mid-October after it realized semiconductors fabricated for that entity had found their way into Huawei’s products. TSMC is said to have since notified the US and Taiwanese governments and is investigating the matter. But the discovery raises questions about how Huawei, considered China’s best hope of ascending the semiconductor industry, got its hands on advanced chips in the first place.

US Defense Secretary Lloyd Austin said North Korea is sending troops to Russia, creating the “very serious” possibility they will be sent into combat in Ukraine. John Kirby, spokesman for the National Security Council, said Wednesday that an initial assessment indicates about 3,000 North Koreans are being trained at three sites in Russia. At the same time, North Korean leader Kim Jong Un was pictured inspecting his strategic missile bases while issuing traditionally bellicose warnings, as is his tendency around US elections.

HSBC warned that it will likely cut senior manager roles as part of a major restructuring. Europe’s biggest lender on Tuesday unveiled a broad reorganization across different business lines and geographies as its newly appointed chief executive, Georges Elhedery, seeks to slash costs. The overhaul will mean that some senior roles will be made redundant, according to the bank. Some key executives already announced their exits as part of the shakeup. They include Stephen Moss, who runs Middle East and North Africa, along with Colin Bell, who led operations across Europe.

The US Treasury market may be signaling mounting risks as yields surge. The so-called term premium on 10-year Treasury notes—an expression of the extra yield investors demand for owning the debt rather than rolling over shorter-term securities—has risen from near zero to just under a quarter point so far this month to the highest since last November, a Federal Reserve gauge shows. As academic as the indicator may sound, the measure is closely monitored by market watchers. Here’s why.

Big tech climbed in late hours as Tesla kicked off the “Magnificent Seven” earnings season with solid results. Bond yields rose on more bets that the Federal Reserve, as is widely expected, will take a measured approach on rate cuts. Following an initial selloff, Wall Street rebounded thanks in part to its most-influential group. A $300 billion exchange-traded fund tracking the tech-heavy Nasdaq 100 gained after the close of regular trading. As for Tesla, it surpassed analyst estimates for earnings in the third quarter and projected a slight increase in deliveries for the current year. Here’s your markets wrap.

Newmont shares plunged Wednesday in post-market trading after reporting quarterly earnings that fell short of expectations. The stock plunged as much as 7.2% after the company, the world’s top gold producer, reported third-quarter results that missed analyst projections for revenue and adjusted earnings. The stumble came even as Newmont posted its largest quarterly profit in five years. Newmont is the first major gold miner to report results in an earnings season that’s expected to see bumper profits for bullion miners. The companies are cashing in on a gold price that has hit repeated record highs this year while costs for mining the metal have eased.

Kerry Hall is the crown jewel of the Cornish College of the Arts. Adorned with a red-clay-tile roof that hangs over a white-stucco exterior—vestiges of the Spanish Revival style that swept across the West Coast a century ago—the hall houses nearly 32,000 square feet of dance studios, performance venues and classrooms. So when school officials dangled a for-sale sign on Kerry Hall in April, it triggered an uproar. Students, faculty and alumni—including Faith Vanchu, class of 2021—rallied around the building to protest. “Everyone kind of panicked,” says Vanchu. “It’s just sad.” And Cornish College isn’t alone among schools selling off their most prized possessions.