By John Liu, CNN

(CNN) — President Donald Trump has delayed new tariff increases on upholstered furniture, kitchen cabinets, and vanities for a year to 2027, according to a White House statement.

The American president signed a proclamation hours before the end of 2025, postponing the tariffs hikes on these items, which were originally due to take effect on January 1, 2026.

This is a developing story and will be updated.

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LA CONCHITA, Calif. (KEYT) La Conchita residents are keeping a close eye on rain totals.

La Conchita has had 7 inches of rain in the past two weeks.

Forecasters said there is the potential to exceed the historical landslide trigger of eight inches in 14 days.

The community between Ventura and Carpinteria still has constant reminders of the slides in 1995 and 2005.

One fenced off area with a flag pole marks the hillside where members of the Wallet family died.

Residents are encouraged to seek shelter elsewhere during the downpour.

Homeowner Steve Reisman plans to play it safe.

"I knew what was getting into when I bought into the area about three years ago but I am really not that concerned there are a lot of circumstances before such as the farmer over irrigating and I think the hillside that was loose already came down with enough rain though anything can happen but for the most part when the levels get high enough  we start to vacate and I'm going to be heading to Woodland Hills in about an hour or so for the weekend,"said Reisman.

He is far from alone.

Many of the people who live in La Conchita have left for the holiday.

La Conchita is consider a hazard zone.

Reisman said he can not buy insurance.

Rain is expected on and off until Tuesday.

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MONTECITO, Calif. (KEYT)  Montecito Community Connect on social media helped return something special to a Montecito mudslide survivor and author .

"Just the other day I happened to be on Facebook and I was scanning through and I saw a post from Montecito Connect, and that was set up after the mudslide for people to post things that they found in the mud so they could get returned to their rightful owner, and It is 8 years later and I happened to be in my own Facebook and somehow someway that link came up to my feed and I saw that a nice woman in Carpinteria was posting that she had found, after the heavy rains on the beach, a piece of a ceramic Christmas tree and she thought it could have come from the heavy rains that unearthed things from the debris flow and that very well could be the case," said Kim Cantin.

The January 9, 2018 debris flow following the Thomas Fire swept away Kim Cantin's beloved husband Dave and their 17-year-old son Jack.

First responders rescued Kim and her daughter Lauren. 

Candi Kelsey Burquez had a feeling what she found would mean something so someone impacted by what happened.

"I know my late husband had a treasured ceramic tree with lights that he got from his Pepe, his grandfather, and every Christmas he would take it out and it is just amazing that it came right on the heals of Christmas that I got something from Christmas and it is just a week before the 8 year anniversary, so I think it may be a little bit of my guy saying Merry Christmas, " said Cantin.

An understated memorial next to the Montecito Inn honors the 23 lives lost.

People walking by may not realize it has stones surrounding a planter in memory of each one.

"I am so  grateful for the continued compassion for this community that someone was thoughtful enough to think that it could be someone's from the mudslides, the thing that they found and took the time to post it, so the compassion of this community continues to amaze me and I am so grateful for it." said Cantin.

Cantin's courage and resolve is part of story that inspired her to write the book entitled, "Where Yellow Flowers Bloom: A True Story of Hope Through Unimaginable Loss."

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By Gloria Pazmino, CNN

(CNN) — Zohran Mamdani, the democratic socialist who campaigned on a promise to tackle the affordability crisis in one of America’s most expensive cities, was sworn in as New York City’s 112th mayor early Thursday.

Mamdani, a 34-year-old immigrant from Uganda, makes history as the city’s first Muslim mayor, first South Asian mayor and the youngest mayor to hold the high-profile office in more than a century.

The former state assemblyman from Queens captured the world’s attention and stunned the political establishment with his win in the Democratic primary last summer, running a campaign focused on affordability: He promised to create a universal childcare program, freeze the rent for roughly two million rent-stabilized tenants and make city buses “fast and free.”

Mamdani was sworn just after midnight during a private ceremony alongside his wife, artist Rama Duwaji.

New York State Attorney General Letitia James, who Mamdani has described as a “political inspiration,” administered the oath of office.

The setting was symbolic. Mamdani was sworn in on the platform of the old City Hall subway station underneath City Hall Park in Manhattan – an architectural marvel where tiled, arched ceilings, colored glass skylights and brass chandeliers have laid dormant since the station was shuttered in 1945.

The location, which is closed to the public except for the occasional guided tour, is one of New York’s 28 original subway stations that opened in 1904, ushering in a new dawn of innovation and growth in New York City.

Mamdani has made public transportation a central focus of his agenda. In addition to proposing to make city buses free, he has said his administration would expand the city’s bicycle lane network and optimize streets for pedestrians.

A public ceremony will be held at City Hall Plaza on Thursday afternoon. At least 4,000 people are expected to attend, including high-profile leaders of the progressive movement: Democratic Rep. Alexandria Ocasio-Cortez will introduce Mamdani, and the public oath of office will be administered by independent Vermont Sen. Bernie Sanders.

A block party hosted by Mamdani’s transition team – dubbed the “Inauguration of a New Era” – will line Broadway, with supporters of the new mayor gathering outside the gates of City Hall.

Mamdani’s ambitious agenda has drawn some skepticism. He has proposed taxing the wealthy to pay for his proposals, something he can only do with the support of the state legislature and the governor. And while Mamdani is taking office at a time of general economic strength in the city, the high cost of living is squeezing working-class New Yorkers.

The dawn of Mamdani’s administration also comes as the national Democratic Party is wrestling with its identity and struggling to energize a divided base. Mamdani’s win has fueled debate about whether the party should move further to the left and focus on affordability as its primary issue in the upcoming midterm elections.

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By John Towfighi, CNN

New York (CNN) — The S&P 500 just completed a three-peat of double-digit gains. Will 2026 be a four-peat?

After three years of stellar gains, Wall Street widely expects the good times to keep rolling in 2026 — but with varied views on how much stocks will rally. Wall Street forecasts reviewed by CNN show a wide range of targets from strategists, though all estimate positive gains.

The S&P 500 ended 2025 at 6,845.5 points. Analysts at Bank of America expect the benchmark index to hit 7,100 by year-end 2026, suggesting a roughly 3.72% gain from now. Meanwhile, analysts at Deutsche Bank expect the S&P to hit 8,000 points by year-end, suggesting a gain of 16.87%.

When the S&P 500 has gained at least 15% in a year, the following year’s returns have averaged about 8%, according to Adam Turnquist, chief technical strategist at LPL Financial.

The S&P in those years had an average decline of roughly 14% at some point before rebounding and climbing higher. It’s a reminder that stock market gains are not always straightforward, Turnquist said.

US stocks climbed higher in 2025 despite whiplash from tariff announcements, fraught geopolitical tensions, affronts to the Federal Reserve’s independence and nerves about an AI bubble.

The S&P 500 fell as much as 19% in April as President Donald Trump rolled out aggressive tariffs, but the index sharply rebounded, soaring higher after the most severe trade threats were paused. The index ultimately recorded 39 new record highs across the year and gained more than 16%.

Stocks were powered higher by enthusiasm about tech and AI, a detente in severe trade tensions, optimism about Fed rate cuts and robust corporate earnings growth.

Expectations for further Fed rate cuts in 2026 and resilient earnings from corporate America continue to support a strong outlook for stocks.

“This year’s gains have shown that the bull market is all gas, no brakes,” said Hardika Singh, economic strategist at Fundstrat. “And there are few solid reasons to believe this run can’t extend into the next year.”

Yet Wall Street analysts also note that uncertainty about Trump’s pick for Federal Reserve Chair as well as persistent geopolitical tensions and tariffs could create headwinds for stocks after such strong recent gains.

Valuations — a measure of how pricey a stock is relative to the company’s earnings — were a hot topic in 2025, with Wall Street analysts noting that US stocks are becoming increasingly expensive.

While not a market-timing tool, high valuations can often correspond with undersized future returns (unless earnings growth continues to exceed expectations). After three years of such eye-watering gains, some strategists are less certain that US stocks have significant upside potential.

“We remain constructive on equities for 2026 as earnings continue to grow, but forecast lower index returns than in 2025, amid a broadening bull market,” Peter Oppenheimer, chief global equity strategist at Goldman Sachs, said in a note.

The bull case for 2026

The bulls on Wall Street point to AI. The technology has unlocked a new era of growth for US stocks, analysts say, with opportunities for considerable profits in the future.

“The US is set to remain the world’s growth engine, driven by a resilient economy and an AI-