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Communication services sector declines in October; Reddit leads losses (XLC:NYSEARCA)

The communication services (XLC) declined over 9% in October amid a turbulent sell off fueled by growing investor scrutiny over the massive AI-related investments and disappointing results from big names including Alphabet and Meta Platforms.

Communication Services Sector October Scorecard

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Rick Caruso has ‘extreme concern’ over Raman, but declines to endorse in mayor’s race

Former Los Angeles mayoral candidate Rick Caruso declined once again to endorse either incumbent Mayor Karen Bass or challenger Nithya Raman in the Nov. 3 runoff election, but expressed what he called “extreme concern” about Raman’s plans to remove Police Chief Jim McDonnell.

The billionaire developer lost to Bass in the 2022 election, and was a staunch critic of the mayor for her response to the 2025 Palisades fire. Even so, he appeared with the mayor at his upscale Palisades Village shopping center Tuesday to promote a new program to streamline city utility services.

While declining to endorse Bass, Caruso commended the mayor by saying “she’s done her work, and she’s worked with the team, and I compliment this.”

“In comparison, Councilwoman Raman has made statements that we should all ask for an explanation to,” Caruso said, citing her plans to replace McDonnell. “I do show extreme concern when a candidate is talking about firing a chief of police.”

Raman’s campaign didn’t immediately respond to a request for comment.

At last week’s televised mayoral debate, Raman said that if elected mayor she would replace McDonnell, saying the LAPD appeared to be protecting federal Immigration and Customs Enforcement agents during their operations in L.A. Raman didn’t give a clear timeline of when she would act.

Bass has publicly backed the chief she hired two years ago, and warned that the Police Department could be thrown into disarray if he is removed before the 2028 Olympic Games.

Caruso applauded Bass’s support for McDonnell at Tuesday’s event.

“I don’t think we need LAPD being a lab experiment for the DSA,” Caruso said, referring to the Democratic Socialists of America, which has endorsed Raman. “It’s going to take L.A. in the wrong direction, and we should all be concerned about the direction she wants to take LAPD.”

When pressed by reporters about a possible endorsement, Caruso said, “I can’t answer that tonight or today. I’ll let you know.”

Caruso also declined to make an endorsement at a groundbreaking he attended with the mayor last month for the new Palisades Recreation Center, calling both Bass and Raman “tough choices.” Bass also sidestepped questions from The Times at the September event about whether she’d welcome Caruso’s endorsement.

Caruso funneled more than $100 million of his own fortune into his 2022 mayoral campaign, outspending Bass 11 to 1. Bass defeated Caruso by nearly 10 percentage points. Caruso didn’t run for the 2026 race, despite many expecting him to challenge Bass again.

Caruso said Tuesday that he and Bass haven’t always agreed on policy, but came together to help Pacific Palisades in a time of crisis. Caruso has played a prominent role in helping rebuild Pacific Palisades and Altadena following the fires.

The 67-year-old developer is behind popular L.A. malls, including the Grove and the Americana at Brand. He also owns Palisades Village, which first opened in 2018 and closed down after the fires destroyed much of downtown. Palisades Village reopened on Aug. 15, after 19 months and more than $100 million in renovations, Caruso said.

“I know what I’ve seen in the last year and a half, and the help she’s leaned in and given to this community,” Caruso said of Bass. “So, we did get together because it has to transcend politics, and we have to do the right thing.”

Bass and Caruso both acknowledged their longstanding relationship, dating back to Bass’s days in Sacramento, she said. The pair have been in constant communication since the 2022 mayoral race and started directly collaborating immediately after the Palisades fire, she said.

“My love for the city transcends politics, and I’m going to stand behind people that are doing right for the city and doing right for the people of the city that need the help the most,” Caruso said. “That’s why I’m standing here today.”

Caruso joined Bass Tuesday to announce Power Ready LA— an effort that will streamline how the Department of Water and Power delivers utility services to commercial and residential projects.

The effort will result in lower upfront costs for eligible housing and commercial projects, Bass said. It builds on an executive directive the mayor signed in April, which aims to cut delays, introduce tech automation and speed up building permits for residential and commercial development.

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JD Vance declines to endorse Netanyahu for reelection, says he’s focusing on midterms

Vice President JD Vance declined Monday to endorse Israeli Prime Minister Benjamin Netanyahu for reelection a day after President Trump endorsed the embattled Israeli leader.

“The president has the most influential endorsement in American or international political history,” Vance said during an interview with journalist Mark Halperin.

“I endorse American candidates, and that’s where I’m focused on the midterms,” Vance said, while traveling Monday to campaign for Republican Senate nominee Michael Whatley of North Carolina. “So, I’m not getting involved in Israeli elections.”

Vance has campaigned for a foreign leader — then-Hungarian Prime Minister Viktor Orban, last spring before the right-wing leader’s party lost that country’s parliamentary election.

Vance’s deference to Trump on Netanyahu comes at an extraordinarily sensitive time for Jewish Americans and the U.S. alliance with Israel. Concerns about antisemitism have surged across the political spectrum ahead of the midterm elections.

Republicans have been eager to portray Democrats, notably Michigan Democratic Senate nominee Abdul El-Sayed, as hostile toward Jews and Israel, while they deal with their own internal schisms.

Vance has faced skepticism from Jewish Republicans about his commitment to Jewish Americans and the U.S. alliance with Israel.

Last month, Vance spoke privately in Las Vegas to the Republican Jewish Coalition, a leading GOP group committed to advocating for a strong U.S. relationship with Israel and against antisemitism.

Vance left a positive impression on his RJC audience while stopping short of disavowing influential conservative podcast host Tucker Carlson.

Vance has faced general questions about his association with Carlson, a former Fox News host who faced backlash last year for interviewing antisemite Nick Fuentes on his podcast.

In June, Vance sharply criticized members of Israel’s government for opposing Trump’s efforts to resolve the war with Iran.

In July, Vance said elements of the Israeli government had tried to influence American sentiment to derail negotiations.

“There are some people within their system that we know beyond a shadow of a doubt are manipulating and trying to change American public opinion to keep the war going on indefinitely,” Vance said during an appearance on Joe Rogan’s podcast.

Beaumont writes for the Associated Press.

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France’s Macron declines minister’s resignation after violent protests | Protests News

Interior Minister Laurent Nunez acknowledges that police ‘lost control’ during weekend protests.

French ⁠President ⁠Emmanuel Macron has declined Interior Minister Laurent Nunez’s offer to resign ⁠after nationwide demonstrations by students protesting educational conditions and groups angry over the high cost of living turned into widespread riots and looting, the Elysee presidential office says.

Macron said Nunez should stay in his position to ensure the chain of command is maintained within the police and security forces and asked the interior minister ⁠to establish new methods to deal with looters, the Elysee said in a statement on ⁠Monday.

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The president also asked Nunez to “take all necessary steps to ensure transparency over the failures in planning and intelligence that led to the violence”, the statement added.

The Ministry of the Interior said more than 2,300 people were arrested and almost 1,000 police and gendarmes injured in protests on Saturday. Injuries were also reported among protesters, with one demonstrator’s hand blown off by a police crowd-control grenade.

The nationwide demonstrations brought together students demanding better conditions in the French education system and residents protesting against the high cost of living and faltering public services.

More than half a million people took part in the protests on Saturday. Looting, arson and damage to property occurred in many cities, with masked rioters attacking town halls, police stations and other government buildings.

Nunez acknowledged on Monday that police “lost control” during the protests.

“On Saturday in some major cities, you couldn’t look shopkeepers in the eye after hundreds of shops had been looted and tell them we hadn’t lost control,” Nunez said.

Nunez acknowledged a “lack of anticipation” in the deployment of security forces on Saturday, saying their numbers were insufficient to deal with the large crowds of rioters and looters on the fringes of the demonstrations.

He estimated that 60,000 law enforcement personnel were deployed across the country that day.

“Given the damage that has been caused, it was only right that I should hand in my resignation,” Nunez said.

Looting continued on Sunday, and Paris Mayor Emmanuel Gregoire said on Monday that about 30 shops had been targeted in the capital the previous day, describing the scenes as “unbearable”.

Nunez said about 350 people were arrested in Paris on Sunday and overnight.

Nationwide, more than 2,330 people were taken into police custody over the weekend, 70 percent of whom were adults, Justice Minister Gerald Darmanin said.

The violent weekend demonstrations followed weeks of protests by high school students against overcrowded classrooms, teacher shortages and underinvestment in education, the biggest youth-led protest movement in the country in recent memory.

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