NEW YORK (AP) — Nvidia is replacing Intel on the Dow Jones Industrial Average, ending a 25-year-run for a pioneering semiconductor company that has fallen behind as Nvidia cornered the market for chips that run artificial intelligence systems.
Paint-maker Sherwin-Williams will also replace chemical company Dow Inc. among the companies that make up the 30-stock average.
S&P Dow Jones Indices said Friday that the changes that take effect Nov. 7 “were initiated to ensure a more representative exposure to the semiconductors industry and the materials sector respectively.”
It added that because the Dow is price-weighted, “persistently lower priced stocks have a minimal impact.”
Dow Inc., a major producer of chemicals and plastics and unrelated to the similarly named company behind the index, has also been the smallest company on the Dow in terms of market capitalization.
In another index, the Dow Jones Utility Average, Texas-based energy company Vistra will replace Virginia-based AES Corp.
FILE -The logo of semiconductor chip maker Intel is pictured at the Paris games week in Paris, Nov. 4, 2017. (AP Photo/Christophe Ena, File)
PARIS (AP) — French President Emmanuel Macron came out fighting Thursday in his first comments following the resignation of ousted Prime Minister Michel Barnier, a day after a historic no-confidence vote at the National Assembly left France without a functioning government.
Macron said he will serve as president “until the end” of his five-year term scheduled in 2027. He also said he would name a new prime minister within days, but gave no hints who that might be.
Macron laid blame at the door of his opponents on the far right for bringing down the government of Michel Barnier. He said they chose “Not to do but to undo.”
“They chose disorder,” he said. The president said the far right and the far left had united in what he called “an anti-Republican front” and stressed: “I won’t shoulder other people’s irresponsibility.”
The National Assembly ousted Barnier by 331 votes, making him the shortest-serving prime minister in modern French history. Macron faces pressure to quickly name a new leader capable of navigating a fractured parliament, where no party holds a majority.
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In his address, Macron came out fighting, laying blame at the door of his opponents on the far right for bringing down the government of Michel Barnier. He said they chose “Not to do but to undo.” “They chose disorder,” he said.
The president said the far right and the far left had united in what he called “an anti-Republican front” and stressed: “I won’t shoulder other people’s irresponsibility.”
He said he’d name a new prime minister within days but gave no hints who that might be.
Macron, in his address Thursday, vowed to stay in office until his term expires in 2027.
French President Emmanuel Macron faces the challenge to pick a prime minister capable of leading a minority government in a parliament where no party holds a majority.
The prime minister is accountable to the parliament, leads the government and introduces bills – to the risk of being ousted via a no-confidence motion.
Macron previously ruled out choosing the nominee of the left-wing coalition, the New Popular Front, because it includes the hard-left France Unbowed party. French media have reported a shortlist of centrist candidates who might appeal to both sides of the political spectrum.
With no majority in parliament, the president is weakened at home, but still holds some extensive powers over foreign policy, European affairs and defense and is in charge of negotiating and ratifying international treaties. The president is also the commander-in-chief of the country’s armed forces and holds the nuclear codes.
French President Emmanuel Macron was elected in 2017, before being reelected in 2022 for a five-year term.
A planned protest by teachers against education budget cuts took on a new tone Thursday, as demonstrators in Paris linked their demands to the political crisis sparked by the collapse of Barnier.
“Macron démission!” (“Quit Macron!”) read a sign held by Dylan Quenon, 28, a PE teacher at a middle school in Aubervilliers, just north of Paris. Quenon said President Emmanuel Macron bears responsibility for what he described as the dismantling of public services.
“He is the one responsible for our dismay, after all he is the one in charge,” Quenon said. “The only way for this to change is to have him out of office.”
Quenon cited examples of budget constraints in his school, where teachers are limited in making photocopies to save paper and wait months for basic sports equipment like pinnies and balls.
The protest, which drew thousands of people, featured chants targeting Macron, Barnier, and their now-defunct budget bill. Demonstrators sang: “Macron, Barnier et leur budget, et hop tout ça à la poubelle” (“Macron, Barnier, and their budget, throw it all in the trash”).
Protesters also expressed little optimism that Macron’s next appointee would reverse course.
“I’m glad this government is falling, but it could possibly lead to something even worse,” said Élise De La Gorce, a 33-year-old philosophy teacher in Stains, north of Paris. “Given the way the previous government was appointed, I don’t have an ounce of hope that Macron could make the right choice for me.”
France is at no risk of a government shutdown that in the United States would disrupt many services and squeeze federal employees.
An outgoing government could present a special law to levy taxes from Jan. 1, based on this year’s rules. It would also be able to decide on renewing spending by decree in order to pay civil servants, pensions and other key government expenses.
However, this would suspend any potential tax hike — like one initially expected on big companies — and freeze any new spending.
In particular, an additional 3.3 billion euro ($3.5 billion) package for the French military was planned as the country supports Ukraine in its war against Russia.
Later, a new government could present its own budget proposals at parliament.
Macron faces the critical task of naming a replacement capable of leading a minority government in a parliament where no party holds a majority. Yaël Braun-Pivet, president of the National Assembly and a member of Macron’s party, urged the president to move quickly.
“I recommend he decide rapidly on a new prime minister,” Braun-Pivet said Thursday on France Inter radio. “There must not be any political hesitation. We need a leader who can speak to everyone and work to pass a new budget bill.”
The process may prove challenging. Macron’s administration has yet to confirm any names, though French media have reported a shortlist of centrist candidates who might appeal to both sides of the political spectrum.
Following the June-July parliamentary elections, the National Assembly, France’s powerful lower house of parliament, is divided into three major blocs: a left-wing coalition known as the New Popular Front, Macron’s centrist allies, and the far-right National Rally party. None won an outright majority.
In September, Macron asked Barnier, a conservative, to form a government dominated by Republicans and centrists — implicitly relying on the far right’s goodwill to be able to stay in power.
However, in the days before his ousting, far-right leader Marine Le Pen accused Barnier of ignoring her demands and the left-wing coalition denounced an “austerity budget” and criticized “the absence of dialogue and disregard for parliamentary work.”
“I can tell you that it will remain an honor for me to have served France and the French with dignity,” Barnier said in his final speech before the vote.
“This no-confidence motion … will make everything more serious and more difficult. That’s what I’m sure of,” he said.
France’s far-right and left-wing lawmakers joined together Wednesday in a historic no-confidence vote prompted by budget disputes. It was the first successful no-confidence vote since 1962.
The National Assembly, the lower house of France’s parliament, approved the motion by 331 votes. A minimum of 288 were needed.
Barnier, 73, was the oldest of the 26 prime ministers who have served modern France’s Fifth Republic. He replaced the youngest, Gabriel Attal, who was 34 when he was appointed.
He is a career politician with humble roots in France’s Alpine region of Haute-Savoie. He was the European Union’s chief negotiator in the difficult talks with Britain over its departure from the bloc.
He also has the shortest tenure of any prime minister.
French President Emmanuel Macron’s speech is scheduled to address the nation in less than an hour and a half. He is expected to address France’s economic challenges while setting a course for the future government.
FILE - French President Emmanuel Macron, right, and Prime Minister Michel Barnier stand at attention during commemorations marking the 106th anniversary of the November 11, 1918, Armistice, ending World War I, at the Arc de Triomphe in Paris, Monday, Nov. 11, 2024. ( Ludovic Marin, Pool via AP, File)
