Judge Temporarily Blocks Trump Administration's Federal Funding Freeze

A federal judge has issued a temporary stay on President Donald Trump’s move to freeze funding for federal grants and loans while his administration conducts a review of government programs. The ruling, prompted by a lawsuit from nonprofit organizations, applies only to existing programs and lasts until Monday afternoon. The Trump administration has stated that essential aid programs, such as Social Security, Medicare, Medicaid, student loans, and food stamps, will not be affected by the freeze. Meanwhile, the White House has announced buyouts offering federal employees eight months’ salary if they resign by February 6, as part of Trump’s effort to reduce the government workforce. Other recent actions by the administration include an executive order restricting federal insurance coverage for youth gender transition services and continued Cabinet confirmations, with Sean Duffy approved as Transportation Secretary and Robert F. Kennedy Jr. facing some scrutiny ahead of his Health and Human Services hearing.

Notes: Similar funding holds have occurred in past administrations, though typically for specific programs.

Source: Associated Press

Stampede at Maha Kumbh Mela in India Kills 7, Injures 10

At least seven people were killed and around 10 injured in a stampede during the Maha Kumbh Mela in Prayagraj, India, as tens of millions of devotees gathered for a sacred dip at the confluence of the Ganga, Yamuna, and Saraswati rivers. The incident occurred around 1 a.m. local time, reportedly caused by a sudden push within the dense crowd near the riverbanks. Despite the tragedy, the religious event continued, with leaders urging attendees to follow safety protocols. This is not the first deadly stampede at the Kumbh Mela—at least 36 people died in a similar incident in 2013.

Notes: The festival is the largest religious gathering in the world, with nearly 200 million people attending over the first two weeks and an expected record 100 million on the most auspicious day.

Source: Reuters

Nvidia Rebounds After Record Market Cap Loss

Nvidia’s stock surged nearly 9% on Tuesday, recovering from a 17% drop the previous day that erased nearly $600 billion from its market capitalization—the largest single-day loss in stock market history. The selloff was triggered by investor concerns over Chinese startup DeepSeek’s cost-effective AI model, which raised fears that U.S. firms, including Nvidia, were overspending on artificial intelligence infrastructure. Wall Street analysts, however, expressed skepticism over DeepSeek’s reported low costs, arguing that its reliance on Meta’s open-source AI model (Llama) may not have been fully accounted for in its spending estimates.

Notes: Some analysts argue that DeepSeek’s model does not pose an immediate threat to Nvidia, making Monday’s selloff appear exaggerated.

Source: Yahoo Finance

X Partners with Visa to Launch Real-Time Payments

Elon Musk’s social media platform X has announced a partnership with Visa to introduce real-time payments through an in-platform digital wallet. The new service, called “X Money Account,” will enable U.S. users to make peer-to-peer payments, connect debit cards, and transfer funds to bank accounts using Visa Direct. While no official launch date has been provided, X CEO Linda Yaccarino called the move a major step toward Musk’s long-term goal of transforming X into an “everything app” similar to China’s WeChat. Musk’s vision for such a platform dates back to the 1990s with his X.com startup, which later became part of PayPal. However, X faces stiff competition from other tech giants like Meta, which has integrated payments and shopping into its apps, and potential regulatory hurdles.

Notes: WeChat is a Chinese “super app” that integrates messaging, social media, mobile payments, e-commerce, and various other services into a single platform.

Source: Associated Press

Mysterious New Jersey Drones Were Approved by FAA for Research, White House Confirms

The White House confirmed Tuesday that some of the drones spotted over New Jersey and other states in late 2024 were authorized by the FAA for research and other purposes. Press Secretary Karoline Leavitt, citing information directly from President Donald Trump, stated that additional drones were likely flown by hobbyists as public curiosity grew. The sightings, which raised national security concerns and prompted FBI investigations, led to temporary flight restrictions in certain areas. Despite receiving thousands of public tips, the FBI found fewer than 100 credible leads, and an analysis by federal and state agencies determined that lawful aircraft activity, including commercial and law enforcement operations, accounted for the vast majority of reports. President Trump, who had pledged to uncover the source of the drone activity, dismissed speculation of enemy involvement but acknowledged ongoing interest in the matter.

Notes: The White House statement did not specify the exact purpose of the FAA-authorized drone flights, leaving room for speculation.

Source: Fox News, CNN