5 things to know before the market opens Thursday Stock futures are declining this morning following a mixed performance in the previous session. Here are five key developments investors should be aware of as the trading day begins: A Los Angeles jury ruled that Meta Platforms Inc. and Google’s YouTube failed to warn users about the risks of social media addiction, marking a significant legal setback for the tech industry. The verdict, part of a broader wave of lawsuits against major platforms, awarded compensatory damages of $3 million and punitive damages of another $3 million, split between the two companies. This follows Meta’s recent loss in a separate trial over child exploitation claims, where a New Mexico jury ordered the company to pay $375 million in civil damages. New Mexico Attorney General Raúl Torrez announced plans to push for regulatory changes, including platform reforms and algorithmic adjustments, as part of the state’s response. Meanwhile, Meta is reportedly cutting hundreds of jobs while offering new stock options to retain key executives. The company also announced the return of Hugo Barra to its leadership team as it seeks to strengthen its position in the artificial intelligence sector. Meta’s stock has declined nearly 10% this year, reflecting investor concerns over the legal and operational challenges facing the firm. Global oil prices are rising amid renewed optimism that the U.S.-Iran conflict may be de-escalating. European energy giants warned of potential shortages due to the ongoing war, while the U.S. Postal Service announced plans to implement a temporary 8% fuel surcharge for deliveries, citing the impact of rising oil prices on operational costs. Space stocks surged after reports surfaced that SpaceX could file for a public offering as early as this week.#los_angeles #meta_platforms_inc #new_mexico #raul_torrez #google_youtube
A record-breaking heat wave sweeping across the United States has been linked to climate change, according to experts. The event, marked by unprecedented temperatures in March, highlights the growing impact of global warming on extreme weather patterns. A massive heat dome has been spreading across the nation, with temperatures reaching historic highs. The phenomenon has caused widespread record-breaking heat, particularly in the Great Plains and Southwest, where temperatures have exceeded normal levels by 20 to 40 degrees. Cities like New Mexico and Kansas have recorded triple-digit temperatures, with New Mexico hitting 101 degrees and Kansas setting a March record with 102 degrees on two separate days. The heat is expected to persist into early April due to a high-pressure system acting as a lid, trapping warm air and allowing temperatures to rise steadily. Bernadette Woods Placky, chief meteorologist at Climate Central, emphasized that the March heat is "wildly unusual" and has not occurred at this scale before. While extreme temperatures in the Southwest are not new, the timing—occurring in early spring rather than summer—marks a significant deviation from historical patterns. Placky noted that the current weather system resembles conditions typically seen in July, underscoring the anomaly. The heat wave has also disrupted snowpack levels in the western United States, which serves as a critical water source for agriculture and communities. Snowpack measurements, taken on April 1, revealed record lows across the region. Early melting due to the March heat has further complicated water availability, increasing the risk of wildfires as the season progresses. Climate change is cited as a key factor in the intensity and frequency of such events.#united_states #southwest #new_mexico #climate_central #great_plains
Meta ordered to pay $375 million in New Mexico trial over child exploitation, user safety claims A New Mexico jury ruled Tuesday that Meta Platforms violated state law in a lawsuit brought by the state attorney general, who accused the company of misleading users about the safety of Facebook, Instagram, and WhatsApp and enabling child sexual exploitation on its platforms. The jury ordered Meta to pay $375 million in civil penalties, marking the first jury verdict in these claims against the social media company. Meta’s spokesperson stated the company would appeal the decision, calling the verdict “disrespectful” and emphasizing its efforts to keep users safe. The attorney general’s office did not immediately comment. The case, which spanned six weeks, centers on allegations that Meta allowed predators to access underage users and connect with victims, often leading to real-world abuse and human trafficking. New Mexico Attorney General Raúl Torrez, a Democrat, argued that Meta’s platforms provided unfettered access to underage users, enabling predators to exploit them. The state claims Meta concealed the extent of harmful content hosted on its platforms, despite internal documents acknowledging issues with sexual exploitation and mental health risks. The lawsuit sought monetary damages and an order requiring Meta to improve child safety measures. The case originated from an undercover operation conducted by Torrez’s office in 2023. Investigators created fake accounts on Facebook and Instagram, posing as users under 14, and received sexually explicit material while being contacted by adults seeking similar content. This led to criminal charges against multiple individuals.#meta_platforms #new_mexico #ral_torrez #first_amendment #section_230
Meta must pay $375 million for violating New Mexico law in child exploitation case, jury rules A jury in New Mexico ruled Tuesday that Meta violated the state’s unfair practices act by willfully engaging in an unconscionable trade practice, leading to a $375 million damages award. The civil trial, which began on February 9 in Santa Fe, centered on allegations that Meta misled residents about the safety of its apps, including Facebook and Instagram, and failed to safeguard users from child predators. New Mexico Attorney General Raúl Torrez sued Meta in 2023 following an undercover operation involving a fake social media profile of a 13-year-old girl, which was inundated with images and solicitations from child abusers. Jurors found that Meta’s actions constituted a deliberate violation of state consumer protections laws. During deliberations, which began on Monday, the jury was tasked with determining whether Meta acted in bad faith. The verdict was announced after closing arguments, with Linda Singer, the attorney representing New Mexico, urging the jury to impose a penalty exceeding $2 billion. Meta’s spokesperson expressed disagreement with the ruling, stating the company would appeal. “We work hard to keep people safe on our platforms and are clear about the challenges of identifying and removing bad actors or harmful content,” the statement read. Torrez called the verdict a “historic victory” for children and families, emphasizing that Meta executives knew their products harmed minors and disregarded internal warnings. “Today the jury joined families, educators, and child safety experts in saying enough is enough,” he said. The case now moves to a second phase, where a judge will assess whether Meta created a public nuisance and should fund programs to address the alleged harms.#facebook #instagram #meta #new_mexico #raul_torrez
