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UEFA bans Manchester City from Champions League for 2 seasons

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Riyad Mahrez of Manchester City in action during the Premier League match between Manchester City and Huddersfield Town at Etihad Stadium on August 19, 2018 in Manchester, United Kingdom.

Michael Regan/Getty Images

The Union of European Football Associations (UEFA) has banned Manchester City from the Champions League for two seasons for “serious breaches” of financial regulations.

Manchester City (also known as “Man City”) has the right to appeal the ban.Last year’s champion of the English Premier League, the club has also been fined 30 million euros ($33 million) by UEFA.

UEFA’s Champions League is the highest profile tournament in professional football, and second overall to only the World Cup.

Man City is estimated to be the fifth most valuable football (soccer) team in the world at $2.7B according to Forbes in 2019. The club is owned by City Football Group, a holding company owned by Abu Dhabi United Group, a private equity firm owned by Sheikh Mansour bin Zayed Al Nahyan, the deputy prime minister of the United Arab Emirates and member of the Abu Dhabi royal family. Sheik Mansour is the half brother of UAE President Khalifa bin Zayed Al Nahyan.

– The Associated Press contributed to this report.

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Market volatility expected to continue in the week ahead with Presidential debate and jobs report

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Dow rallies more than 300 points on Friday as tech shares bounce, cutting losses for the week

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The Fearless Girl statue is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., June 11, 2020.

Brendan McDermid | Reuters

U.S. stocks rose on Friday, recovering some of their losses for the week, as tech shares clawed back some of their big September declines. 

The Dow Jones Industrial Average closed 358.52 points higher, or 1.3%, at 27,173.96. The S&P 500 climbed 1.6% to 3,298.46. The Nasdaq Composite popped 2.26% to 10,913.56. It was the best day for the major averages since Sept. 9.

Shares of Amazon rose 2.5% and Facebook gained 2.1%. Apple advanced 3.8% and Microsoft climbed 2.3%. Netflix closed 2.1% higher. The S&P 500 tech sector jumped 2.4% and for its best day since Sept. 9, when it popped 3.4%.

Cruise operators also contributed to Friday’s gains. Carnival, Norwegian Cruise Line and Royal Caribbean were up 9.7%, 13.7% and 7.7%, respectively, after an upgrade from a Barclays analyst

The “sell-off has stabilized a bit over the last few days, but there are still no real signs of strength,” said Mark Newton, managing member at Newton Advisors, in a note. “Thus, the trend remains bearish and not much to bet on a rebound.”

Both the Dow and S&P 500 posted four-week losing streaks, their longest slides since August 2019, despite Friday’s rally. The Dow lost 1.8% this week and the S&P 500 closed 0.6% lower week to date. The Nasdaq Composite had its first weekly gain in four weeks, rising 1.1% over that time period. 

That mixed weekly performance followed concerns around the state of the U.S. economic recovery as well as uncertainty around a new fiscal stimulus bill. 

House Democrats are preparing a $2.4 trillion relief package that they could vote on as soon as next week, a source familiar with the plans told CNBC. The bill would include enhanced unemployment benefits and aid to airlines, but the overall price tag remains well above what Republican leaders have said they are willing to spend. 

The major averages have had a tough month, with the S&P 500 falling 5.8% in September. The Dow has dropped 4.4% over that time period and the Nasdaq is down 7.3% month to date. 

Much of September’s losses have been concentrated in megacap tech stocks, which carry a heavy weight in the indexes. Shares of Apple — the largest publicly traded company in the U.S. by market cap — have dropped 13% this month. Microsoft, Alphabet, Netflix, Amazon and Facebook are all down at least 7.9% over that time period. 

“After a buoyant and hopeful summer, financial markets are cooling in the face of reality,” strategists at MRB Partners said in a note. “High-flying tech and tech-related stocks are in a full-blown correction, and weakness has recently spread to broader indexes, with a distinct smell of risk-off in the air. We had expected a gradual, albeit choppy, economic recovery, but it appears that some investors were not prepared for setbacks along the way.”

Russ Koesterich, managing director and portfolio manager at BlackRock, said on CNBC’s “Closing Bell” on Thursday that his team took profits in some high-flying tech stocks at the end of August and then were buying more cyclical stocks during the recent drop for the market. 

“What we’ve been trying to do in recent weeks is take the cyclical exposure up a little bit … it’s not that we think tech is going to roll over. We still like the themes. But on a shorter-term tactical basis, we’re comfortable with the economy, we think we’re going to continue to see improvement, and we’re looking for names that are levered to that improvement,” Koesterich said. 

—CNBC’s Jacob Pramuk contributed to this story. 

CORRECTION: A previous headline for this report was updated to note that Dow futures were higher, rather than the Dow Jones Industrial Average itself.

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Trump is expected to nominate Amy Coney Barrett to fill Ginsburg Supreme Court vacancy

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Judge Amy Coney Barrett

Matt Cashore | Notre Dame | Reuters

President Donald Trump is expected to nominate Judge Amy Coney Barrett to fill the vacancy left by the death of Justice Ruth Bader Ginsburg on the Supreme Court, sources familiar with the matter tell NBC News. 

Trump is expected to make the announcement at an event planned for 5 p.m. ET Saturday. 

Barrett is a 48-year-old federal appeals court judge favored by social conservatives and the religious right. Her confirmation to replace Ginsburg, a feminist icon who sat on the bench for 27 years, would solidify a 6-3 majority for Republican appointees on the bench for the foreseeable future. 

Trump’s announcement will come just 38 days before voters will decide whether he will hold the White House for a second term, and is bound to have profound reverberations on all three branches of government. 

Barrett’s expected selection will come just a week after Ginsburg died from complications due to cancer found on her pancreas. She will be buried in Arlington National Cemetery next week. 

Ginsburg, who had in the past publicly sparred with the president, said in a statement issued while she was dying that it was her “most fervent wish” that she not be replaced until after Election Day. 

That comment, and the precedent Republicans set in 2016 when they opposed former President Barack Obama’s nominee to the bench, prompted a battle between Democrats and Republicans over whether a vote on a new nominee would take place before Nov. 3. 

Barrett has long been anticipated as a potential nominee to the Supreme Court, and it came as a surprise to some when Trump passed over her in favor of Justice Brett Kavanaugh to fill the seat vacated by Anthony Kennedy. Trump reportedly said at the time that he was saving Barrett for Ginsburg. 

Trump has repeatedly pressed for a vote ahead of Election Day, and Senate Majority Leader Mitch McConnell, R-Ky., has said there is more than enough time to do so, despite his 2016 posture that prohibited a vote on Obama’s nominee, Merrick Garland. 

Democratic nominee Joe Biden and his allies in Congress have blasted the president’s decision to nominate a justice. During a speech in Philadelphia, Biden said of Ginsburg that “we should heed her final call to us, not as a personal service to her, but as a service to the country, our country, at a crossroads.”

But it appears Republicans will have the votes they need. Two moderate Republican senators, Susan Collins of Maine and Lisa Murkowski of Alaska, came out in opposition to holding a vote, but failed to attract other defectors. McConnell needs just 50 of the Senate’s 53 Republicans to stay in line, given Vice President Mike Pence’s ability to cast a tie breaking vote. 

Any selection Trump could have made was likely to be contentious, but Barrett could prove especially so. 

Barrett, whom Trump appointed to the 7th U.S. Circuit Court of Appeals, has already started to spur a cultural battle over the place of religion on the high court, and the future of abortion rights in the United States. 

Democrats are worried that Barrett’s deeply held Catholic faith will bias her in cases that could cause the court to revisit Roe v. Wade, the landmark 1973 case that legalized abortion. 

They have pointed to Barrett’s comments to students suggesting that their legal careers were a means to “building the kingdom of God,” and a 1998 paper in which Barrett explored whether orthodox Catholic judges should recuse themselves from cases concerning the death penalty. In the paper, Barrett referred to aborted fetuses as “unborn victims.” 

Barrett wrote in the article, co-authored with a professor while in law school, that the Catholic church’s opposition to the death penalty provided a reason for federal judges to recuse themselves in capital cases. She wrote that the same logic did not apply to abortion or euthanasia.

“We might distinguish between executing criminals and killing the aged and the unborn in this way: criminals deserve punishment for their crimes; aged and unborn victims are innocent,” she wrote.

Meanwhile, Barrett’s path to confirmation is bolstered by support among social conservatives, who accuse Democrats of attempting to put a “religious test” in the way of the Supreme Court vacancy. 

Barrett has only considered two cases touching on abortion as a federal appeals court judge, in both cases voting to reconsider rulings that struck down abortion restrictions. 

In both appeals, Barrett signed onto opinions authored by another judge, rather than independently outlining her thinking, making an assessment of her abortion jurisprudence more complicated. 

‘The dogma lives loudly within you’

One comment in particular from Sen. Dianne Feinstein, D-Calif., to Barrett energized conservatives and became something of a rallying cry. 

During Barrett’s confirmation hearing in September of 2016, Feinstein said she had concerns related to past statements about religion. 

“I think in your case, professor, when you read your speeches, the conclusion one draws is that the dogma lives loudly within you, and that’s of concern,” Feinstein said.

Conservatives promptly put versions of the statement on merchandise as a sign of protest. “‘The Dogma Lives Loudly Within You’; Now It Lives Loudly On Your T-Shirt,” read one headline in The Daily Wire, a conservative outlet. 

Democrats are likely to choose their words carefully in any potential Barrett confirmation hearings, but whether she will make decisions based on her faith is expected to be a prominent line of inquiry. 

Membership in People of Praise

Barrett has also courted controversy with her membership in a small, primarily Catholic organization called People of Praise. Members of the group swear to uphold so-called “covenants” and are held accountable to advisors. 

Female advisors were referred to as “handmaidens” until the term was introduced into popular culture by the dystopian television show, Hulu’s “The Handmaid’s Tale,” based on the Margaret Atwood novel. 

Critics of the group have called it a “cult,” and said the idea of a justice on the Supreme Court being accountable to a spiritual leader crossed the typical bounds defining the separation between church and state. 

As with Feinstein’s comments during Barrett’s confirmation, the controversy over Barrett’s membership in People of Praise similarly led to a conservative backlash against what some saw as anti-Catholic bigotry.  

Conservatives deny that the group is a cult, and have criticized Democrats and newspapers like The New York Times for what they say are unfair attacks on religion. Conservative writer David French wrote in The National Review that “parachurch” organizations such as People of Praise are misunderstood.

“It betrays fundamental ignorance about the way millions of American Christians live their lives,” he wrote, noting that groups like People of Praise are common places where religious people seek advice on issues like dating, marriage, careers, and child-rearing. Words like “covenant,” he said, were very common. 

Members of the organization have also pointed out that it is open to both Republicans and Democrats. 

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