By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — Stocks are climbing on Wednesday following strong profit reports from some of the world’s biggest names in banking and technology.

The S&P 500 rose 0.7%, coming off a roller-coaster day where it careened between a sharp loss and modest gain. The Dow Jones Industrial Average was up 226 points, or 0.5%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.9% higher.

Tech stocks helped lead the way thanks in part to a profit report from ASML, which is a major supplier to the semiconductor industry. The Dutch company said it expects its revenue for 2025 to be 15% above last year’s, while next year’s should be at least as high as this year’s.

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CEO Christophe Fouquet said, “We have seen continued positive momentum around investments in AI, and have also seen this extending to more customers.” That’s key when worries have been high that a bubble may be forming in artificial-intelligence technology, with too much investment flowing in akin to the 2000 dot-com frenzy.

Outside of ASML’s 5% rise in Amsterdam, Nvidia added 1.3% on Wall Street. Because Nvidia is the most valuable U.S. stock, it was the strongest single force lifting the S&P 500.

Also helping the market were several big banks. Bank of America climbed 4.6% after delivering a profit for the latest quarter that was stronger than analysts expected. CEO Brian Moynihan said every line of the bank’s business reported growth.

Morgan Stanley climbed 6.6% after likewise reporting a stronger profit than analysts expected.

They helped offset a 4.3% loss for PNC Financial, which reported a stronger-than-expected profit but also gave a forecast for upcoming earnings that some analysts said was below expectations.

Abbott Laboratories sank 2.9% after its revenue for the latest quarter finished just shy of analysts’ expectations.

Companies are under pressure to deliver strong reports after their stock prices broadly surged 35% from a low in April. To justify those gains, which critics say made their stock prices too expensive, companies will need to show they’re making much more in profit and will continue to do so.

Corporate profit reports are also under more scrutiny than usual as investors scour them for clues about the health of the U.S. economy. That’s because the U.S. government’s latest shutdown is delaying important updates on the economy, such as the report on inflation that was supposed to arrive Wednesday.

The lack of such reports is making the job more difficult for the Federal Reserve, which is trying to figure out whether high inflation or a slowing job market is the bigger problem for the economy currently.

It cut its main interest rate last month for the first time this year and indicated more may be on the way in hopes of giving the job market a boost. But too low interest rates can push inflation higher, and it’s been stubbornly stuck above the Fed’s 2% target.

Comments from the Fed’s chair, Jerome Powell, on Tuesday may have hinted that more cuts to rates may be coming. In the bond market, the yield on the 10-year Treasury edged down to 4.01% from 4.03% late Tuesday.

Also weighing on the market recently have been worries about escalating tensions between the United States and China. President Donald Trump has gone back and forth in his criticism of China, particularly about restrictions it’s placed on exports of rare earths, which are materials that are critical for the manufacturing of everything from consumer electronics to jet engines.

One big winner in financial markets because of all the uncertainty around the world has been gold, and it rose another 1.1% to top $4,200 per ounce. It’s up nearly 60% for the year so far as investors look to buy something that may offer some protection from trade wars, real military wars and the prospect of higher inflation coming because of mountains of debt being amassed by governments worldwide.

In stock markets abroad, indexes were mixed in Europe after a stronger finish in Asia.

South Korea’s Kospi jumped 2.7%, and France’s CAC 40 rose 2.1% for two of the world’s bigger moves.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

A City Limits investigation revealed significant issues with the program, which helps some 100,000 New Yorkers afford housing at buildings across the city. Here’s how to know if you live in one of these apartments, and how to get help if you do.

Jose Tolentino, a PBRA tenant who recently spoke to City Limits about his issues navigating the program. (Adi Talwar/City Limits)

Last week, City Limits released a three-part investigation into New York City’s Project-Based Rental Assistance Program, which helps low-income residents afford housing.

We found tenants struggling to reach their property managers, get repairs done, and force government agencies to take enforcement seriously.

Around 100,000 tenants benefit from the program in New York City, in buildings across all five boroughs. Many face the same challenges. But in a complicated system of property managers, agencies, and subcontractors, it can be hard for tenants to navigate.

Molly Rockett, a supervising attorney at Legal Services NYC who runs their legal working group on Project-Based Section 8 Rental Assistance, sat down with City Limits to discuss the program and how tenants can get help. 

This interview has been edited and condensed for clarity.

What is the Project-Based Rental Assistance (PBRA) program? 

PBRA housing is a type of federally subsidized, privately owned housing where the government pays private owners to subsidize the rent of low-income tenants. Tenants in PBRA housing typically pay about one-third of their income toward rent, and the federal government pays the rest directly to the landlord. It’s similar to NYCHA housing—but instead of being owned by a public agency, PBRA buildings themselves are owned and managed by private corporations. 

What are some of the problems tenants have in the PBRA program? 

One of the biggest challenges is getting the landlords to actually follow the rules. Because PBRA landlords receive hundreds of thousands of dollars in federal funds, they’re required to follow strict regulations meant to protect tenants—like maintaining safe, habitable apartments and accurately calculating each tenant’s rent share based on income. 

In practice, many landlords fall short. They often underfund their management offices, leaving one staff member to handle paperwork for hundreds of tenants. That leads to delays, confusion, lost documents, and rent amounts that fluctuate unpredictably. Many tenants tell us they don’t even know what their rent truly is or when it last changed. 

Tenants also report feeling powerless and humiliated when property managers routinely lose their sensitive documents in the recertification process, requiring them to re-submit the same information over and over.  

And when landlords make mistakes, there’s rarely any accountability. There are no real consequences when management errors cost tenants money—or their dignity. For many, the hardest part of living in PBRA housing is simply getting their landlord to follow the law. 

How do I tell if I’m in a PBRA apartment? 

Start by asking yourself: does the amount I pay in rent depend on my income? If you have to submit information each year about your income, assets, and benefits—and your rent changes based on that—you may be in a PBRA apartment. 

Next, consider who you submit that information to. If it goes to a private management company (like C&C Management or Manhattan North Management), and that company—not a city agency—tells you what your rent will be, you likely live in a PBRA building. 

If you instead send everything to NYCHA, [the Department of Housing, Preservation and Development] HPD, or another agency, then you probably have a different kind of subsidy. PBRA apartments are also known as Project-Based Section 8 units. You can always ask your property manager directly what program your apartment is under—or contact Legal Services NYC and we can help you confirm.

You can reach out to the LSNYC hotline at 917-661-4500.

Lexington Gardens, a PBRA building on 107th Street in Manhattan. (Adi Talwar/City Limits)

How is the PBRA program different from NYCHA and Section 8 vouchers? 

The difference is that for NYCHA tenants and voucher tenants, there is some kind of  government agency involved in making sure the subsidy actually works. So when NYCHA does something wrong, for example when they miscalculate a tenants’ rent share, the tenant can file a rent grievance against NYCHA, or file a lawsuit against NYCHA. But in PBRA housing, everything is done by a private corporation—there is no government agency involved in doing the day-to-day tasks of running the buildings or calculating rent.  

Project-Based Section 8 Rental Assistance is a whole development that accepts the subsidy. If the tenant leaves the building, they can’t take the subsidy with them. And then in terms of transfer rights, the tenant does have the right to request transfers, but only within the development owned by that specific owner, which could be just one building.

What should I do if I’m having a problem with my apartment? 

The best thing you can do is start organizing with your neighbors and create a tenant  association. There are tenant organizers at Community Voices Heard and other places that will help you create a tenant association, and from there, you can use your collective power, and the power of numbers, to force your landlord to act and make changes. Lawyers like us at Legal Services can be a tool used by tenant associations as well. Tenant associations can hire us to write demand letters, file complaints with the federal government, and even sue your landlord for not following the law.  

You can try working with your property manager or calling CGI [the supervisory agency for PBRA in New York] but they each have advantages and pitfalls. If you get a kind property manager it could be helpful. A property manager could also ignore you and misunderstand you and not fix a problem or make a problem worse. Same for CGI.

Two of the biggest things tenants can do to kind of protect their rights in the process is keep a careful record of every time that you contact your property manager, and only do it in writing and when you submit documents to your property manager, get a receipt that you can prove you handed it in. Property managers will say they never heard from you, say they never received documents from you, and it will be your word against theirs.

Your property manager and CGI’s contact info must be listed in your building (usually in the lobby or the management office). If it is not, try reaching out to LSNYC.

What are my rights if I am served an eviction notice? 

I tell this to every tenant I meet—in New York City, only an order from a judge can force a tenant to leave their apartment. So if you get an eviction notice, don’t just leave the apartment—make sure that you head down to the courthouse by the deadline listed on the notice to file your answer. An answer is just a list of defenses you might have in the case—it is your side of the story. 

You have the right to explain to the judge your perspective on what is going on, whether your rent was miscalculated, your recertification wasn’t processed, there are outstanding conditions to be repaired in your apartment—or any other ways your rights were violated. Some of these issues could be defenses to the eviction brought against you. Make sure that you attend all court dates so you have a chance to raise all of your rights and defense in an eviction case. 

To reach the reporter behind this story, contact Patrick@citylimits.org. To reach the editor, contact Jeanmarie@citylimits.org

Want to republish this story? Find City Limits’ reprint policy here.

The post How To Get Help If You Live in an Apartment With Project-Based Rental Assistance appeared first on City Limits.

By RIO YAMAT, Associated Press Airlines and Travel Reporter

A startling message came over the radio from an air traffic control tower near Los Angeles less than a week into the federal government shutdown: “The tower is closed due to staffing.”

Without enough air traffic controllers to guide planes into and out of Hollywood Burbank Airport, the tower went dark for almost six hours on Oct. 6, leaving pilots to coordinate their movements among themselves. Flight delays averaged two-and-a-half hours in one of the first visible signs that the shutdown was already taking a toll on the nation’s aviation system.

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Since the shutdown began Oct. 1, the Federal Aviation Administration has reported controller shortages in cities across the U.S., from airports in Boston and Philadelphia, to control centers in Atlanta and Houston. Flight delays have spread to airports in Nashville, Dallas, Newark and more.

And already there has been an increase in unscheduled absences among security screeners at some airports. The union representing Transportation Security Administration employees says the absences haven’t yet caused major disruptions, but it warned longer lines at security checkpoints could soon become a reality after workers received their final paychecks over the weekend.

Experts and union leaders say the disruptions are a stark reminder that the aviation system is already stretched too thin by chronic understaffing and outdated technology. They warn the cracks in the system could rapidly deepen the longer the shutdown drags on and critical aviation workers are without their regular paychecks.

“It’s like having a drought the year after you had a drought,” Greg Raiff, CEO of Elevate Aviation Group, told The Associated Press.

Problems have persisted for years

These concerns aren’t new. In 2019, the aviation system buckled under the weight of a 35-day government shutdown — the longest in U.S. history — during President Donald Trump’s first term.

Around the three-week mark, air traffic controllers, many of them working up to 60 hours a week, sued the government over their missed paychecks. One terminal at the Miami International Airport was forced to close because security screeners were calling out sick in large numbers. Some even quit altogether.

Transportation Security Administration worker guides travelers at a security checkpoint in Denver International Airport Thursday, Oct. 2, 2025, in Denver. (AP Photo/David Zalubowski)

“Here we are so many years later, and the problems have not been addressed,” said aviation attorney Ricardo Martinez-Cid, a Florida Bar-certified expert on aviation law who regularly represents crash victims. “Now we’re in a worse position when we had been put on notice. We had the opportunity to address it.”

Since then, the country has faced repeated warnings. In January, a mid-air crash over the Potomac River involving a commercial jet and a military helicopter killed 67 people. A series of equipment failures and radar outages this year also highlighted the need for upgrades.

Controller shortage at a ‘critical’ point

Before the latest shutdown, both the FAA and TSA were already dealing with staffing shortages. That includes a shortage of about 3,000 air traffic controllers.

Nick Daniels, president of the National Air Traffic Controllers Association, has said staffing levels have reached a “critical” point, the lowest in decades. The shortage is so severe that even a few air traffic controllers missing work can disrupt operations at already understaffed facilities.

“And on top of that,” he said, “they’re working with unreliable equipment.”

The shutdown began just as the FAA was starting to make some progress on addressing the shortage of controllers and modernizing the outdated equipment they rely on that keeps disrupting flights when it malfunctions.

The agency says it topped its goal of hiring 2,000 controllers this year after streamlining the application process at its academy in Oklahoma City, but it will take years still to eliminate the shortage. And it had just begun looking for companies to help oversee a $12.5 billion effort to overhaul its aging and complex technology systems.

Now, the shutdown is delaying those long-needed efforts. And union leaders say the staffing shortages may be worse by the time the government reopens.

Shutdown could increase gaps in staffing

Johnny Jones, secretary-treasurer of the American Federation of Government Employees chapter representing TSA workers, expressed concern that the shutdown could drive even more security screeners to leave the agency, especially given the uncertainty that the workers already have faced this year. That includes the Trump administration’s attempts to revoke their collective bargaining rights.

Daniels, meanwhile, warned it could stoke fear among newer controllers and trainees who might reconsider the career entirely to avoid working in future shutdowns.

It’s a long-standing concern. In 2019, after the 35-day shutdown ended, a congressional committee hearing dug into the impacts on air travel.

“All of these air traffic controllers and aviation safety professionals were used as pawns in a political fight that had nothing to do with aviation. This is wrong and must not be allowed to happen again,” warned the union leader representing air traffic controllers at the time.

At the hearing, there were also bipartisan calls for reform to keep the FAA funded “without interruption, even when the rest of the government shuts down,” as one lawmaker put it. Stories were shared of controllers and TSA agents taking on extra jobs to pay rent, mortgage and other bills despite working longer shifts to fill the gaps in staffing.

Lawmakers and industry officials who testified agreed: The shutdown made the aviation system less safe.

“We implore all involved, please heed not only our warnings but the entire stakeholder community’s warnings. This vicious budgetary cycle of stops and starts with little to no stability or predictably has simply got to stop,” said Nick Calio, then-president and CEO of Airlines for America, an industry trade group representing airlines including Delta, United and Southwest.

And yet the system remains vulnerable to shutdowns seven years later, Martinez-Cid said.

“We’re long overdue for a wake-up call.”

Associated Press transportation reporter Josh Funk contributed to this report.

By MARK SHERMAN, Associated Press

WASHINGTON (AP) — The Supreme Court is taking up a major Republican-led challenge to the Voting Rights Act, the centerpiece legislation of the Civil Rights Movement, that could gut a key provision of the law that prohibits racial discrimination in redistricting.

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The justices on Wednesday are hearing arguments for the second time in a case over Louisiana’s congressional map, which has two majority Black districts. A ruling for the state could open the door for legislatures to redraw congressional maps across the South, potentially boosting Republican electoral prospects by eliminating majority Black and Latino seats that tend to favor Democrats.

A mid-decade battle over congressional redistricting already is playing out across the nation, after President Donald Trump began urging Texas and other Republican-controlled states to redraw their lines to make it easier for the GOP to hold its narrow majority in the U.S. House of Representatives.

The court’s conservative majority has been skeptical of considerations of race, most recently ending affirmative action in college admissions. Twelve years ago, the court took a sledgehammer to another pillar of the landmark voting law that required states with a history of racial discrimination to get approval in advance from the Justice Department or federal judges before making election-related changes.

The court has separately given state legislatures wide berth to gerrymander for political purposes, subject only to review by state supreme courts. If the court now weakens or strikes down the law’s Section 2, states would not be bound by any limits in how they draw electoral districts, a result that is expected to lead to extreme gerrymandering by whichever party is in power at the state level.

Just two years ago, the court, by a 5-4 vote, affirmed a ruling that found a likely violation of the Voting Rights Act in a similar case over Alabama’s congressional map. Chief Justice John Roberts and Justice Brett Kavanaugh joined their three more liberal colleagues in the outcome.

That decision led to new districts in both states that sent two more Black Democrats to Congress.

Now, though, the court has asked the parties to answer a fundamental question: “Whether the state’s intentional creation of a second majority-minority congressional district violates the Fourteenth or Fifteenth Amendments to the U.S. Constitution.”

In the first arguments in the Louisiana case in March, Roberts sounded skeptical of the second majority Black district, which last year elected Democratic Rep. Cleo Fields. Roberts described the district as a “snake” that stretches more than 200 miles (320 kilometers) to link parts of the Shreveport, Alexandria, Lafayette and Baton Rouge areas.

The court fight over Louisiana’s congressional districts has lasted three years.

The state’s Republican-dominated legislature drew a new congressional map in 2022 to account for population shifts reflected in the 2020 census. But the changes effectively maintained the status quo of five Republican-leaning majority white districts and one Democratic-leaning majority Black district.

Civil rights advocates won a lower-court ruling that the districts likely discriminated against Black voters.

The state eventually drew a new map to comply with the court ruling and protect its influential Republican lawmakers, including House Speaker Mike Johnson. But white Louisiana voters claimed in their separate lawsuit that race was the predominant factor driving it. A three-judge court agreed, leading to the current high court case.