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Tech billionaire Elon Musk and conservative activist Vivek Ramaswamy on Thursday began in-person discussions with congressional Republicans about ways they could slash federal spending and regulations once President-elect Donald Trump takes office. Trump has tasked Musk and Ramaswamy with issuing recommendations to overhaul the federal budget and bureaucracy — a goal that many Republicans say they agree with, but also one that presidents and Congresses under both parties, as well as divided governments, have repeatedly failed to deliver on. Musk and Ramaswamy traveled to Capitol Hill for a series of meetings with House and Senate members. It was their first such trip since their appointment by Trump as outside advisers , heading up a commission called the Department of Government Efficiency. DOGE is also the name of an internet meme and a cryptocurrency . “This is a brainstorming session,” House Speaker Mike Johnson, R-La., told reporters between meetings. He said the talks are “laying the groundwork” for what lawmakers will do next year. They have their work cut out for them. Trump oversaw an increase in deficits during his first term, even before the Covid-19 pandemic. In his 2024 campaign, he promised to preserve two of the most expensive parts of the budget — Social Security and Medicare — beyond “ cutting waste and fraud .” He also called for trillions of dollars in additional tax breaks on tips and overtime, in addition to extending his 2017 tax cuts, which would all add to the debt. And most congressional Republicans are determined to continue increasing military spending, another large slice of the pie.Musk, one of the world’s wealthiest people, has potential leverage over congressional Republicans because of his willingness to spend some of his vast fortune on politics, and his recent proximity to Trump. As recently as Sunday, the Tesla and SpaceX CEO has repeatedly warned Republicans to get in line behind Trump’s priorities or else face a primary challenge in 2026. Great @DOGE meeting with @elonmusk , @VivekGRamaswamy , @SpeakerJohnson , and X-Æ-12 pic.twitter.com/WRXQoz7MGY Officially, though, the roles for Musk and Ramaswamy are only advisory. They won’t be in the government and instead will be sending recommendations to the Trump White House, with a deadline of July 4, 2026.Musk’s newfound political influence follows his campaigning for Trump over the summer and fall. His super PAC, America PAC, spent more than $152 million to boost Trump and other Republicans, with much of the money coming from Musk and his friends, according to disclosure reports filed with the Federal Election Commission. Musk also held events for Trump in swing state Pennsylvania and turned X, which he owns, into a megaphone for pro-Trump views . Ramaswamy, a former biotech executive, ran in the Republican primary for president and lost to Trump before later endorsing him. Musk has repeatedly faced questions about potential conflicts of interest in advising on the federal budget. SpaceX is a major federal contractor, including with the Defense Department and NASA. And, according to Ramaswamy, one of their potential targets is a $6.6 billion loan to electric vehicle maker Rivian Automotive, a competitor to Tesla. Musk has not said how or if he plans to resolve those conflicts. One lawmaker, Sen. Thom Tillis, R-N.C., said Thursday it was too early to anticipate the priorities for cuts but that loosening regulation by administrative action and through Congress would be a good place to start. “There are tens of billions of dollars in regulatory relief that are on the table now,” Tillis said. The U.S. budget was $6.1 trillion in fiscal year 2023, according to the Peterson Foundation. Still, Tillis called the Thursday conversation an “organizational meeting” — akin to “an engagement meeting I’d have with a client.” Speaking to reporters in between meetings, Musk reiterated his support for ending tax credits to encourage electric vehicle sales, aligning with Republicans who are eying cuts to clean energy funding . “I think we should get rid of all credits,” he said in response to a reporter’s question about tax credits for electric vehicles. (Musk has previously said that EV credits help Tesla’s competitors .) Musk said little else as he walked through the Capitol’s corridors with one of his children. The billionaire was followed so closely by Capitol Hill reporters, he said, “It’s like there’s ambient press.” Once DOGE is established, Musk and Ramaswamy will have a small office of 10 to 12 staffers under the executive office of the president who will work closely with the Office of Management and Budget, a source involved in the effort told NBC News. They will also have individuals within each federal department and agency who operate as DOGE liaisons, the source said. Musk and Ramaswamy are seeking individuals with business backgrounds with an interest in “gutting bureaucracy” to fill those roles. “A lot of these folks will be lawyers or have previous experience at that agency,” the source said. Musk has shown a willingness to consider cuts to some of the federal government’s most popular programs including Social Security. On Monday, he shared a post on X from Sen. Mike Lee, R-Utah, advocating an overhaul of Social Security into something like individual retirement accounts. “Interesting thread,” Musk wrote. Thursday morning, Musk met with incoming Senate Majority Leader John Thune, R-S.D., while Ramaswamy met separately behind closed doors with a group of 15 Senate Republicans for a little over an hour. In the afternoon, they met with a larger group of House and Senate members. Leaving the meeting with Ramaswamy, senators told NBC News that it was a positive conversation and consisted of an “exchanging of ideas,” as Sen. Eric Schmitt, R-Mo., and Sen. Shelley Moore Capito, R-W.Va., put it. But they would not divulge specific policies discussed inside. A source familiar with the private meeting in the afternoon told NBC News that the gathering turned into an “open mic session” featuring “an airing of grievances from House members who want Elon and Vivek to solve all their problems.” Some Democrats have expressed interest in working with Musk and Ramaswamy to reduce spending and regulations. Rep. Ro Khanna, D-Calif., posted on X on Thursday that Congress should model its efforts on a World War II-era committee led by then-Sen. Harry Truman . “Let’s look to the Truman Committee and ensure Americans get their money’s worth with DOD spending,” he wrote. While GOP efforts to reduce the size of the federal government and end wasteful spending are not new, senators did not offer much in terms of how this effort would be different or possibly more successful. “You’re way too ahead,” Tillis said when asked about budget deficits. Leaving the meeting, Ramaswamy also declined to answer reporters’ questions. In the 2024 election, Republicans won a 53-vote Senate majority and a paper-thin House majority of 220-215 . Those slim margins could give Democrats some influence over the outcome, and some of them mock the new Musk-led effort as a punchline. “DOGE is not real. Just because someone says there is now a department of so and so does not mean the actual department now exists,” said Rep. Brendan Boyle, D-Pa., the ranking member of the Budget Committee. “Republicans are total hypocrites when it comes to deficit and debt. ... Trump added more to the national debt than any president in American history,” Boyle continued. “So I have seen this movie before. I have absolutely no doubt that if Trump is able to ram through a second round of his tax cuts, then it will explode the national debt.” Veterans of past failed debt-reform efforts, including the Obama-era bipartisan “super committee” of 2011, doubt the DOGE will be more successful unless it’s willing to take on sacred cows. “If past is prologue, the DOGE faces an uphill climb. It’s not yet clear what authority or reach the DOGE has, but managing the federal budget cannot be done through talking points,” said Zach Mallove, a lobbyist who worked as a policy aide to Sen. Patty Murray, D-Wash., when she co-chaired the super committee. Mallove said lawmakers will have to accept some “political pain” for it to be meaningful. “In the end, the math just doesn’t add up: with a $1.7 trillion annual discretionary budget, you cannot cut $2 trillion without tapping into the country’s social safety net.” This article first appeared on NBCNews.com . Read more from NBC News here:"Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum." Section 1.10.32 of "de Finibus Bonorum et Malorum", written by Cicero in 45 BC "Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" Thanks for your interest in Kalkine Media's content! To continue reading, please log in to your account or create your free account with us.NEW YORK--(BUSINESS WIRE)--Dec 3, 2024-- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced that Chris Concannon, Chief Executive Officer, and Ilene Fiszel Bieler, Chief Financial Officer, will participate in the Goldman Sachs Financial Services Conference on December 11, 2024. Mr. Concannon and Ms. Fiszel Bieler will participate in a fireside chat at 8:40 a.m. ET. The live webcast and replay for the fireside chat will be available on the events and presentations section of the MarketAxess Investor Relations homepage, https://investor.marketaxess.com/events-and-presentations . About MarketAxess MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Over 2,000 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess . View source version on businesswire.com : https://www.businesswire.com/news/home/20241203298277/en/ CONTACT: INVESTOR RELATIONS Stephen Davidson MarketAxess Holdings Inc. +1 212 813 6313 sdavidson2@marketaxess.com MEDIA RELATIONS Marisha Mistry MarketAxess Holdings Inc. +1 917 267 1232 mmistry@marketaxess.com KEYWORD: UNITED STATES NORTH AMERICA NEW YORK INDUSTRY KEYWORD: FINTECH PROFESSIONAL SERVICES FINANCE SOURCE: MarketAxess Holdings Inc. Copyright Business Wire 2024. PUB: 12/03/2024 04:30 PM/DISC: 12/03/2024 04:28 PM http://www.businesswire.com/news/home/20241203298277/en
SAN DIEGO , Dec. 5, 2024 /PRNewswire/ -- Robbins LLP informs investors that a class action was filed on behalf of persons and entities that purchased or otherwise acquired Five9, Inc. (NASDAQ: FIVN ) securities, including call options, between June 4, 2024 and August 8, 2024 . Five9 provides software for a cloud-based contact center. For more information, submit a form , email attorney Aaron Dumas, Jr. , or give us a call at (800) 350-6003. The Allegations: Robbins LLP is Investigating Allegations that Five9, Inc. (FIVN) Misled Investors Regarding its Sales Execution and Efficiency Issues According to the complaint, during the class period, defendants failed to disclose that: (i) Five9's net new business was not "strong irrespective of the macro" and was, in fact, hampered by macroeconomic issues such as constrained and scrutinized customer budgets; (ii) Five9 was in the midst of a challenging bookings quarter due, in part, to sales execution and efficiency issues, and the Company was not "seeing very strong bookings momentum"; and (iii) Defendants did not have "enough information in terms of [their] existing customers that are going live" such that the statements that Five9 would see a positive inflection in its dollar-based retention rate lacked a reasonable basis. Plaintiff alleges that on August 8, 2024 , Five9 released its second quarter 2024 financial results in which the Company reduced its annual revenue guidance due to "recent bookings trends and the uncertain economic conditions." During the earnings call held that same day, the Company revealed it "had a challenging bookings quarter" due to "constrained and scrutinized" customer budgets and sales execution issues. Defendants announced remedial changes to address Five9's sales execution and efficiency issues. It was further revealed that "Q2 new logo bookings came in softer than expected" and that the Company was "no longer assuming" a dollar-based retention rate inflection in the second half of the year because of a "more muted seasonality in our service bookings[.]" On this news, Five9's common stock price dropped over 26%, from $42.47 per share on August 8, 2024 to $31.22 per share on August 9, 2024 . What Now : You may be eligible to participate in the class action against Five9, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by February 3, 2025 . A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here . All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Robbins LLP : Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders. To be notified if a class action against Five9, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today. Attorney Advertising. Past results do not guarantee a similar outcome. SOURCE Robbins LLPUS stocks closed near session highs on Friday as investors surveyed President-elect Donald Trump's efforts to build his team and bitcoin's ( BTC-USD ) bid to reach a key milestone. The S&P 500 ( ^GSPC ) advanced 0.3%, while the Dow Jones Industrial Average ( ^DJI ) gained over 400 points, or almost 1%, to close at a record. The tech-heavy Nasdaq Composite ( ^IXIC ) rose 0.2%. The major gauges closed out the week with wins of over 1%, despite getting off to a lackluster start as the post-election rally stalled. Markets regrouped after Nvidia's ( NVDA ) earnings fell short of definitively settling the question of whether AI would keep boosting stocks . Some of the "Magnificent Seven" tech megacap stocks closed lower on Friday, including Alphabet ( GOOG , GOOGL ), dogged by the potential forced sale of Google Chrome. Consumer Discretionary ( XLY ), Industrials ( XLI ), and Financials ( XLF ) led the sector gains this week, with XLF closing at an all-time high. Wall Street is still waiting to learn whom Trump will tap for his Treasury secretary — an announcement that could sway markets, given its importance to the economy. The president-elect tapped former Florida Attorney General Pam Bondi to be the US attorney general after his prior pick, Matt Gaetz, withdrew his name from consideration on Thursday. Meanwhile, surging bitcoin continued to move near the landmark $100,000 level , buoyed by growing confidence that the Trump administration will support pro-crypto policies. The leading token broke above $99,500 early on Friday before retreating amid hopes for looser regulatory oversight after SEC Chair Gary Gensler said he will step down soon. Smaller cryptocurrencies also got a boost. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Stocks rose on Friday with the Dow Jones Industrial Average ( ^DJI ) closing at a record high. The blue chip index added more than 400 points, or about 1% while the S&P 500 ( ^GSPC ) gained almost 0.4%. The Nasdaq Composite ( ^IXIC ) rose slightly. All three major averages rose more than 1% for the week. The 'Magnificent 7' stocks were mixed on Friday with Nvidia ( NVDA ) shares dipping more than 3% while Tesla ( TSLA ) shares popped almost 4% on Friday, helping lift the Consumer Discretionary ( XLY ) sector. Investors also gravitated towards Industrials ( XLI ), and Financials ( XLF ) which also led the weekly sector gains. Oil moved higher for the week as traders priced the threat of a supply disruption amid an escalating Russia-Ukraine war. Meanwhile Bitcoin ( BTC-USD ) hovered around $99,200 as of 4 p.m. ET as investors watched the cryptocurrency climb toward the $100,000 milestone. Next Thursday the stock market will be closed due to the Thanksgiving holiday. The biggest winning sectors this week were the ones leading Friday's gains — Consumer Discretionary ( XLY ), Industrials ( XLI ), and Financials ( XLF ). Here's a 5-day chart of the sector action. Consumer Discretionary includes EV giant ( TSLA ), which is up for the week. Investors have also been rotating into Industrial stocks and bank stocks since Donald Trump's presidencial win earlier this month. Oil moved up more than 1.5% on Friday as the Russia-Ukraine war escalated. West Texas Intermediate ( CL=F ) futures climbed to settle at $71.24 per barrel, while Brent ( BZ=F ), the international benchmark, rose above above $75. Russian President Vladimir Putin said on Friday he will continue testing a new missile after a recent strike against Ukraine in response to Kyiv’s use of US and British made weaponry this week. Crude prices were on pace for a weekly gain amid concerns that an escalated war could lead to the interruption of Russian supply. Nvidia ( NVDA ) shares dipped more than 3% to hit session lows on Friday afternoon despite quarterly results earlier this week that beat analyst expectations. Enthusiasm over how much higher shares of the chip giant can run seems to have stalled as investors have rotated out of the AI darling and into Consumer Discretionary ( XLY ), Industrials ( XLI ), and Financials ( XLF ). Yahoo Finance's Dan Howley reports: Microsoft ( MSFT ) is preparing to roll out its long-delayed artificial intelligence-powered Recall feature for Windows 11 PCs to developers as part of its Windows Insider program. The company initially announced Recall back in May when it debuted its Copilot+ PCs , AI PCs that have a specific set of features for running native AI applications. Recall is designed to capture screenshots of the various tasks you perform while using your computer, whether that’s browsing the web or working on a document. Read more here. Bitcoin ( BTC-USD ) rose back above $99,000 as investors watched the cryptocurrency climb toward the $100,000 milestone. The token has been at the center of the Trump trade over optimism that the incoming administration will implement pro-crypto policies. Year to date, bitcoin is up more than 120%. Tesla ( TSLA ) shares popped 4% on Friday, helping lift the Consumer Discretionary ( XLY ) sector. Shares of the EV giant are on track for a weekly win. The stock is up roughly 40% since the presidential elections earlier this month over optimism that CEO Elon Musk's support for President-elect Donald Trump will result in looser regulations around autonomous driving. Satellite TV provider DirecTV ( T , TPG ) will no longer merge with rival Dish Network ( SATS ) after bondholders rejected the offer. The deal, which was contingent on a key debt exchange, would have created one of the nation's largest pay-TV providers . Both companies had discussed a possible combination more than two decades ago. “While we believed a combination of DirecTV and Dish would have benefited all stakeholders, we have terminated the transaction because the proposed exchange terms were necessary to protect DirecTV’s balance sheet and our operational flexibility,” DirecTV CEO Bill Morrow said in a statement. Shares in EchoStar, which owns Dish Network, fell by more than 4% on Friday following the news. The deal would have helped aid EchoStar's heavy debt load while also helping cut costs for the owners of DirecTV. AT&T spun off DirecTV in 2021, moving it into a joint venture with private equity investor TPG. At the time, it was valued at about $16 billion with the telecom giant taking a $15.5 billion impairment charge in 2020 to account for subscriber losses. DirecTV was dealt yet another blow after it lost its coveted Sunday Ticket package to Alphabet's YouTube TV ( GOOGL , GOOG ) in late 2022. Amid those struggles, AT&T recently revealed it would sell its entire 70% stake to TPG for $7.6 billion in a move that allows the telecom operator to fully exit the TV business. That deal is still on. AT&T previously had agreed to hold on to its stake in DirecTV for a three-year period, which expired on July 31. Nvidia ( NVDA ) shares dropped more than 2% on Friday, dragging on the Nasdaq Composite ( ^IXIC ). Shares of the AI chip heavyweight opened in the red after wavering between positive and negative territory on Thursday in reaction to the company's latest quarterly results. Other 'Magnificent Seven' stocks were also under pressure, with Alphabet ( GOOGL , GOOG ) down more than 1% after losing more than 4% in the prior session. E-commerce giant ( AMZN ) was also down less than 1%. Meanwhile, Tesla ( TSLA ) stock rose more than 1%. The Nasdaq was struggling to stay in green territory, down roughly 0.3% by 10:30 a.m. ET. US economic output is roaring as businesses prepare for lower interest rates and a new administration in Washington. S&P Global's flash US composite PMI , which captures activity in both the services and manufacturing sectors, came in at 55.3 in November, up from 54.1 in October. Economists had expected the index to tick up to 54.1. The composite PMI reading for November also signaled the fastest expansion of business activity since April 2022. Chris Williamson, chief business economist at S&P Global Market Intelligence, said the data shows business ramping up activity amid a changing operating environment, headed into 2025. “The business mood has brightened in November, with confidence about the year ahead hitting a two-and-a-half year high," Williamson said. "The prospect of lower interest rates and a more pro-business approach from the incoming administration has fueled greater optimism, in turn helping drive output and order book inflows higher in November." Super Micro Computer ( SMCI ) — an AI server maker that uses Nvidia's chips and has a major deal with Elon Musk's xAI — continued a sharp ascent Friday. Shares rose over 9% in early trading, putting the stock on track to record a weekly gain of over 65%. The stock's rally this week has been driven by the company's announcement that it's hired a new auditor and submitted a compliance plan to avoid delisting by the Nasdaq. Super Micro's prior accountant, Ernst & Young, resigned in late October, saying it was "unwilling to be associated with the financial statements prepared by management," and the server maker has been at risk of delisting. Super Micro is reportedly being investigated by the Department of Justice over allegations of accounting violations and other questionable business dealings outlined in a scathing report by short seller firm Hindenburg Research in late August. Reddit ( RDDT ) stock fell over 8% in early trading on Friday as investors reacted to a Bloomberg report that a company shareholder — Conde Nast parent Advance Magazine Publishers Inc. — is looking to establish a credit facility using its stake in the social media platform. Citing people familiar with the matter, Bloomberg reported that Advance Magazine Publishers Inc. is offering 7.8 million shares for $145.38 to $148.54 each, which would be valued at as much as $1.2 billion. That price range represented as much as an 8% discount on Reddit's closing price Thursday of $158. Reddit stock has been on a massive rally over the past month, surging more than 90% since its earnings beat in late October. The social media company went public in March in one of 2024's few hot IPOs, surging nearly 50% after its debut. Shares rose 16% on Thursday alone. The Dow Jones Industrial Average ( ^DJI ) added 250 points, or 0.6%, shortly after the market open as shares of Home Depot ( HD ), Honeywell ( HON ), and Nike ( NKE ) rose. The S&P 500 ( ^GSPC ) gained 0.4%, while the Nasdaq Composite ( ^IXIC ) stepped above the flat line. Stocks wavered at the open on Friday, but the major averages were still on track to end the week with wins. Meanwhile, investors watched the price of bitcoin ( BTC-USD ), with the leading token trading a stone's throw away from $100,000. The S&P 500 ( ^GSPC ) rose slightly, while the Dow Jones Industrial Average ( ^DJI ) was little changed. The tech-heavy Nasdaq Composite ( ^IXIC ) fell slightly. Alphabet ( GOOGL , GOOG ) shares extended losses after dropping more than 4% on Thursday amid the threat of a forced sale of Google's Chrome browser. Bitcoin climbed above $99,400 early on Friday before retreating. The cryptocurrency has been on fire since Donald Trump's presidential victory earlier this month, amid optimism that his incoming administration will implement crypto-friendly policies. By 9:30 a.m. ET, bitcoin was trading at just under $98,000. Bitcoin ( BTC-USD ) neared the $100,000 level Friday in its latest flirtation with the milestone. Yahoo Finance's Julie Hyman reports on bitcoin's recent surge, up nearly 50% in the past month: The most-held cryptocurrency has been surging since the US presidential election as the crypto community expects a more friendly regulatory regime with President-elect Trump as "HODLer-in-chief." That added to an already torrid rally this year, prompted by the introduction of spot bitcoin ETFs. On the policy front, encouraging signs have been mounting: Coinbase ( COIN ) CEO Brian Armstrong reportedly met with Trump to discuss his picks for the head of the Securities and Exchange Commission. And SEC boss Gary Gensler and FDIC Chair Martin Gruenberg, seen as crypto foes by the industry, are stepping down around Inauguration Day. Read the full story here. Economic data: S&P Global US manufacturing & services PMI (November preliminary); University of Michigan consumer sentiment (November final) Earnings: No notable earnings releases. Here are some of the biggest stories you may have missed overnight and early this morning: YF columnist Rick Newman: Musk's DOGE is already overreaching 2025 Medicare premiums will eat into Social Security checks Bitcoin's surging to $100K — and that's what it needs to do Boeing CEO tells staff to focus on competition, not complaining Gold gains, set for biggest weekly jump in 13 months Honeywell to sell PPE business for $1.33B Cryptos targeted by SEC rise after Gensler steps away
OTTAWA — Canada will beef up its border security in time for the inauguration of president-elect Donald Trump, Public Safety Minister Dominic LeBlanc said Tuesday as he appeared at a House of Commons committee. LeBlanc couldn't provide specifics on the number of extra "boots on the ground," but said the government is finalizing a plan based on advice received from the RCMP and Canada Border Services Agency, and that he is now working with Finance Minister Chrystia Freeland to fund it. "We haven't made, as a government, those final decisions," LeBlanc told the committee, in response to questions from Conservative MP Raquel Dancho. "There will be additional resources. Human and equipment. We will be making announcements in terms of procurement and personnel before (Jan. 20)," he said, referencing Trump's inauguration date. Last week, Trump threatened Canada with 25 per cent tariffs on all imports if Canada didn't do more to stem the passage of migrants and illegal drugs across the border. If enacted the move could critically damage Canada's economy, with more than 70 per cent of Canadian exports bound for the United States. On Friday, LeBlanc and Prime Minister Justin Trudeau flew to Florida to dine with Trump and some of his cabinet nominees at his Mar-a-Lago resort in Florida where they informally discussed trade and border security among other topics. Trudeau met with opposition leaders in his office on Parliament Hill on Tuesday to brief them on the situation as it stands now. An official in Trudeau's office said during the meeting Trudeau stressed the importance of not negotiating against Canada in public, and asked party leaders to state repeatedly and publicly that tariffs will raise the cost of living on both sides of the border. Finance Minister Chrystia Freeland, who attended the meeting, said at an afternoon news conference that unity is key among premiers and federal party leaders, because successfully beating back the tariffs is "not going to happen by accident." "All of us should be putting country before party," she said. Bloc Québécois leader Yves-François Blanchet said the meeting was cordial, discussions rational and constructive, and said having more of those meetings would be helpful in having a consistent approach on U.S. policy — amid a looming Canadian election. "If that tone that was used in that type of meeting could show up in Parliament, people would have more confidence in us and take us more seriously," Blanchet told reporters, in French. In English he said he was willing to wait for the government's finalized plan for the border before commenting on it, adding he's trying not to turn the issue into a partisan fight. "The parts of (the plan) are exactly what we asked for a long time ago. We asked for more people at the border and ports of entry," Blanchet said. "This is what they seem to be doing with closer collaboration with U.S. authorities. We don't have the details, we don't have the numbers. But we know about the intention, which by itself is the beginning of a good thing." Conservative Leader Pierre Poilievre emerged from the meeting appearing to heed Trudeau's call to stress the impact the tariffs could have on the U.S. economy. "It should be obvious and easy to make these arguments to the Americans, because they would be doing enormous damage to their own economy," Poilievre told reporters. But he was also highly critical of Trudeau for enacting policies that Poilievre said put Canada into the position it is in now. He said his demands are for Trudeau to fix the "disorder" at the border and the immigration system, as well as reverse economic damages he says were caused by the carbon price and an emissions cap on oil and gas production. Green Party Leader Elizabeth May said Trudeau told the party leaders that it would be helpful if they "didn't amplify the kind of messaging and language that the Trump administration is using to attack Canada." "When you sit around a table, there's the sense that we're all here with a shared view and goals that we share as Canadians," May told reporters. "That said, there were differences in responses as we went around afterwards how much we were willing to say 'yes, we will do whatever we can as opposition party leaders to avoid giving the Trump administration any sound bites that sound like Canadians agree with Trump.'" In a post on Truth Social Nov. 30, Trump called his meeting with Trudeau productive particularly about the drug crisis, but made no mention of whether it had moved the needle for him on tariffs. On Tuesday he posted an illustration of him standing on a mountain with a Canadian flag and the caption "O Canada" without any further explanation. Earlier Tuesday at the public safety committee, RCMP Commissioner Michael Duheme said the RCMP did not have intelligence about where people might try to cross the U.S. border, which would inform where to deploy additional officers and how many. He said the challenging part is it's only a crime once people or drugs actually cross into the U.S. "There's collaboration (with U.S. Customs and Border Protection). But I think it's really important to identify those hot areas based on the position that the U.S. will take." Speaking to reporters outside the committee, Duheme said protecting the border is a shared responsibility between both countries and there are problems going both ways. "You heard fentanyl, you heard firearms are coming up from the south. So it's a shared responsibility," he said. The flow of illegal firearms is a topic LeBlanc and Prime Minister Justin Trudeau raised with Trump at their dinner Friday night. "The prime minister did say, when they were talking about their concerns around fentanyl and precursor chemicals and drugs, that we have for a long time worried about illegal firearms smuggled into Canada," LeBlanc told the committee. "We made that point to (Trump) that that was something we wanted to do in partnership with them." LeBlanc also told reporters on Monday that his department is mulling over expanding the CBSA's mandate to include border patrol between ports of entry. Right now, that responsibility falls on the RCMP. But LeBlanc said such a move would require a legislative change that would take some time to enact. "We’re always looking at good ideas and we’re not dismissing this one, but it’s not a priority for us in terms of arriving at the conclusion we want," LeBlanc said. Speaking to reporters following the leaders meeting with Trudeau, NDP leader Jagmeet Singh said it's a change he would support. "Let's protect our borders, keep us safe, and also help in the fight against these tariffs," Singh said. This report by The Canadian Press was first published Dec. 3, 2024 . -with files from David Baxter. Nick Murray, The Canadian Press‘Wheel of Fortune’ Player Misses $40,000 Win After Disney Disaster
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