MILWAUKEE (AP) — Themus Fulks scored 23 points as Milwaukee beat Akron 100-81 on Sunday. Fulks had five rebounds and seven assists for the Panthers (8-4, 2-0 Horizon League). Kentrell Pullian added 19 points while shooting 7 for 13 (2 for 5 from 3-point range) and 3 of 4 from the free-throw line while they also had six rebounds and five steals. Jamichael Stillwell had 17 points and shot 5 of 9 from the field and 5 for 7 from the line. The Zips (6-3) were led by Tavari Johnson, who posted 22 points and two steals. Nate Johnson added 19 points, six rebounds, four assists and two steals for Akron. Sharron Young had 11 points and three steals. The loss ended a five-game winning streak for the Zips. Milwaukee took the lead with 16:39 remaining in the first half and did not relinquish it. The score was 58-45 at halftime, with Erik Pratt racking up 14 points. Fulks scored 16 points in the second half to help lead the way as Milwaukee went on to secure a victory, outscoring Akron by six points in the second half. Milwaukee's next game is Sunday against North Central (IL) at home, and Akron squares off against Yale on Friday. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
(Bloomberg) — Some hedge fund managers are sounding the alarm on overvalued nuclear power stocks and scaling back exposure after a stunning rally this year. Sydney-based Tribeca Investment Partners and Segra Capital Management in Palm Beach, Florida, are among funds that have recently trimmed bets on nuclear technology developers and utilities. “The concern I have is some of this stuff has rallied hard,” said Guy Keller, a portfolio manager at Tribeca who oversees its long/short Nuclear Energy Opportunities Strategy. As a result, it makes sense to “bring my risk down.” Still, “I would never” build a short position “because you’re one data-center announcement away from blowing yourself up,” Keller said in an interview. Investing in nuclear power emerged as one of the hottest energy themes of the year. The rise of artificial intelligence and the huge data centers required to power it mean the future of nuclear is now firmly tied to the seemingly unstoppable rise of Big Tech. At the same time, more green-oriented investors have started to embrace nuclear as a necessary part of the low-carbon energy transition. Stocks swept up in the wave of enthusiasm include Constellation Energy Corp., which has almost doubled this year amid the revival of its shuttered Three Mile Island nuclear plant, and NuScale Power Corp., whose shares soared more than 800% until hitting a peak in late November. Lisa Audet, founder and chief investment officer of Greenwich, Connecticut-based Tall Trees Capital Management, said she remains “cautious” on small modular reactor developers like Oklo Inc. and NuScale, even after watching the share prices come down. Short interest as a percentage of shares outstanding currently stands at about 17% for Oklo and almost 15% for NuScale, according to IHS Markit data, compared with less than 1% for Constellation Energy. Small modular reactors are intended to be faster and cheaper to bring into service than large-scale plants, though the technology remains in development and the first commercial projects aren’t likely until the 2030s, according to the International Energy Agency. The rest of Wall Street is also turning more wary. A team of JPMorgan Chase & Co. analysts published a 63-page report in October warning of the risk of hype surrounding nuclear stocks, even coining a specific term for the moment: “NucleHype.” Led by Jean-Xavier Hecker, head of ESG and sustainability for EMEA equity research, the report highlighted “inherent challenges” in the sector, including uranium supply-chain constraints and the amount of time it takes to develop nuclear power. Some hedge fund managers are seeing opportunities in other parts of the value chain. A “fragile and fragmented” supply chain for uranium “should lead to positive price pressures for the commodity in 2025,” said Arthur Hyde, a portfolio manager at Segra Capital, which manages $600 million of assets mainly in the nuclear and uranium space. Uranium prices have fallen about a third from their February peak, paring gains for the basket of producers and project developers in the $3.4 billion Global X Uranium ETF to 1.4% this year from almost 38% in 2023. Some mining companies are now oversold, Hyde said. However, nuclear-tech valuations are still “relatively lofty” and “you’re going to need a lot of good news to support those valuations into the new year,” he said. That led Segra Capital to scale back its holdings of US utilities and technology companies in the fourth quarter, and add to its exposure of producers and developers in the US, Canada and Australia. Tribeca’s Keller said most of his fund is tilted toward uranium assets, based partly on a bet that Big Tech will eventually expand its investments into the supply chains needed to power nuclear plants. “It’s not going to be long before they realize that they need to secure the upstream supply as well,” he said. “And again, it’s just going to take one deal and then all of the others will pile in.” Segra Capital and Tribeca, which has more than A$200 million ($127 million) in the nuclear and uranium sector, are constructive about the incoming Donald Trump administration’s stance on nuclear. “I’m fairly confident that the Trump administration will be—and is—pro-nuclear,” Keller said. —With assistance from Will Wade and John Cheng.PROVIDENCE, R.I. (AP) — Cybercriminals could release personal data of many Rhode Islanders as early as this upcoming week in a major cyberattack that hit the state's online system for delivering health and human services benefits, Gov. Daniel McKee said. The hackers are demanding a ransom, officials said without elaborating. The state urged Rhode Islanders to take action to protect their personal information, which may include names, addresses, dates of birth, Social Security numbers and certain banking information. Anyone who has been involved in Medicaid, the Supplemental Nutrition Assistance Program known as SNAP, Temporary Assistance for Needy Families, Childcare Assistance Program, Rhode Island Works, Long-term Services and Supports, the At HOME Cost Share Program and health insurance purchased through HealthSource RI may be impacted, McKee said Saturday. The system known as RIBridges was taken offline on Friday, after the state was informed by its vendor, Deloitte, that there was a major security threat to the system. The vendor confirmed that “there is a high probability that a cybercriminal has obtained files with personally identifiable information from RIBridges,” the state said. The state has contracted with Experian to run a toll-free hotline for Rhode Islanders to call to get information about the breach and how they can protect their data.
DAZN ADVANCES GLOBAL EXPANSION WITH ACQUISITION OF FOXTEL, A LEADING AUSTRALIAN SPORTS AND ENTERTAINMENT MEDIA GROUPTrump taps Devin Nunes, two other Californians for administration posts
Drones spotted across New Jersey have left residents puzzled and unsettled, with no official explanations offered as the mystery continues. Former CIA Operations Officer Laura Ballman weighed in on the strange sightings suggesting they could be part of a classified government exercise. Ballman, during an appearance on Fox News Live, described the drone activity as "extremely unsettling" and noted that recent statements from National Security spokesman John Kirby — affirming the drones are not operating illegally — suggest a US-government-related operation could be at play. "Deducing the statements from [National Security spokesman] John Kirby that these drones are not operating illegally, coupled with several op-eds that have been out there in the last 24 hours about the need to look at our detection systems, makes me think perhaps this is actually a classified exercise to test either evasion technology or detection technology in urban areas," Ballman was quoted as saying by the news website. Although she emphasized that she would be "shocked" if the CIA were directly involved, she expressed concern over the lack of transparency from the US government. Ballman said it is "troubling" that the reasons for these mysterious drone sightings remain undisclosed, leaving the public in the dark. The drone activity continues to raise questions as officials struggle to provide concrete answers, and residents demand clarity on what might lie behind the skies of New Jersey. Kirby had previously said the aircraft could be lawfully operated planes or helicopters mistaken for drones. "While there is no known malicious activity occurring, the reported sightings there do, however, highlight a gap in authorities," he told reporters Thursday, calling for Congress to pass new legislation to "extend and expand existing counter-drone authorities." Mysterious drone sightings spark federal investigation Dozens of mysterious nighttime drone flights have been reported over New Jersey and the East Coast, raising concerns among residents and officials. The sightings began in mid-November and have since expanded to include Maryland, Massachusetts, and other states, with some drones spotted near key locations such as the Picatinny Arsenal — a US military research and manufacturing facility — and over former President Donald Trump ’s golf course in Bedminster. Federal response New Jersey Governor Phil Murphy has taken action by writing to President Joe Biden to demand answers about the sightings. Additionally, New Jersey's newly elected Senator Andy Kim joined the investigation. The FBI is leading the investigation alongside other federal agencies and is calling on residents to share any videos, photos, or information that might shed light on the origins of these drones. Dozens of witnesses have reported sightings across the state, with initial reports concentrated along the Raritan River. Joe Biden administration's position Although reports of the drones have sparked fear and speculation, the outgoing Biden administration has sought to downplay the public's concerns. Officials have stressed that most sightings involve manned aircraft rather than potential threats and have found no conclusive evidence of a national security risk. However, frustration is mounting among Democrats, over the perceived lack of transparency and urgency from the federal government in addressing these concerns. Trump’s comments fuel speculation Former President Donald Trump weighed in on the sightings , calling for transparency and immediate action. In a social media post last week, Trump questioned the government’s role , stating: “Can this really be happening without our government’s knowledge? I don’t think so. Let the public know, and now. Otherwise, shoot them down.” As investigations continue and the drone sightings expand, questions remain about their origins and purpose — whether they represent a national security issue, government testing, or something far more mysterious.Trump vows to block Japanese steelmaker from buying US Steel, pledges tax incentives and tariffsLOS ANGELES--(BUSINESS WIRE)--Dec 22, 2024-- Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF”, “Faraday Future”, or “Company”), a California-based technology company specializing in artificial intelligence electric vehicles (AIEV), announced that it has secured approximately $30 million in cash financing commitments. The funds will be used to accelerate the Company’s growth and the development of Faraday X (FX), FF’s strategy of launching affordable high performance AIEV equipped vehicles with cutting edge technology, filling the U.S. market gap in this segment, and for general corporate purposes. Targeting the mainstream EV market in the U.S., FF is expected to have its first two FX prototype mules arrive in Los Angeles later this month, with product development and testing scheduled to begin at FF’s manufacturing facility in Hanford, CA. As part of their delivery journey, the two prototype mules will stop in Las Vegas from January 5 to 7, 2025, where the Company will provide updates on its FX strategy. The $30 million financing commitment includes a pre-funded $7.5 million, which was received in the fourth quarter of this year, and $22.5 million in new cash commitments (the “Financing”), structured in the form of unsecured convertible notes (“Convertible Notes”) and warrants to acquire additional shares of the Company’s common stock (“Warrants”). The conversion price for the Convertible Notes and exercise price for the Warrants are $1.16 and $1.392 per share, respectively, subject to adjustment as set forth therein. The shares of common stock underlying the Convertible Notes and Warrants issued in the Financing are currently unregistered, subject to trading restrictions, and not immediately tradable. The Financing is subject to customary closing conditions. For additional information regarding the material terms relating to the Financing, please see the Company’s Form 8-K to be filed with the SEC on December 23, 2024. “The new funding lays a solid foundation for both FF and its new brand as the Company approaches the end of 2024 and enters the new year,” said Matthias Aydt, Global CEO of FF “I am optimistic about the opportunities that this new funding will bring, including supporting the ongoing production of our FF 91 2.0 and the growth of the FX brand,” Aydt explained. “We are pleased to have supported FF in successfully completing this round of financing,” said Jerry Wang, President of FF Global Partners and Head of Corporate Development, FFIE (Consultant), “We are enthusiastic about the promising opportunities ahead for the FX brand, and we firmly believe in FF's ability to execute its strategy effectively and deliver significant value in the process.” The Convertible Notes, along with the Warrants, were offered and sold in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D of the Securities Act and in reliance on similar exemptions under applicable state laws. Accordingly, the Convertible Notes, Warrants and underlying shares of common stock issuable upon conversion of the Convertible Notes and exercise of the Warrants may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The Company has agreed to file one or more registration statements with the Securities and Exchange Commission registering the resale of the shares of common stock issuable upon conversion of the Convertible Notes and exercise of the Warrants issued in connection with the Financing. This press release does not constitute an offer to sell or the solicitation of an offer to buy the convertible notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful prior to registration or qualification under the securities laws of any such jurisdiction. ABOUT FARADAY FUTURE Faraday Future is the pioneer of the Ultimate AI TechLuxury market amidst the global trend of EVs. Luxury is just one of the key factors reflecting FF’s achievements in reshaping the EV industry. The company is dedicated to establishing an ever-evolving, interactive in-car software and operating system powered by artificial intelligence and user-generated data, optimizing the experience for each individual within an ecosystem of worldwide users who are also contributors to the innovative FF model. FORWARD LOOKING STATEMENTS This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding the closing of the Convertible Notes financing, the Faraday X (FX) strategy and plans for the FX brand, the delivery of two prototype mules, and anticipated use of funds from the Convertible Notes financing, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: that the closing of the Financing could be delayed or not occur at all; the timing for the two prototype mules to clear U.S. customs; the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warrant claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to cover future warranty claims; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K filed with the SEC on May 28, 2024, as amended on May 30, 2024, and June 24, 2024, as updated by the “Risk Factors” section of the Company’s first quarter 2024 Form 10-Q filed with the SEC on July 30, 2024, and other documents filed by the Company from time to time with the SEC. View source version on businesswire.com : https://www.businesswire.com/news/home/20241222966710/en/ CONTACT: Investors (English):ir@faradayfuture.com Investors (Chinese):cn-ir@faradayfuture.com Media:john.schilling@ff.com KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: LUXURY ALTERNATIVE VEHICLES/FUELS TECHNOLOGY EV/ELECTRIC VEHICLES AUTOMOTIVE AUTOMOTIVE MANUFACTURING SOFTWARE MANUFACTURING RETAIL ARTIFICIAL INTELLIGENCE SOURCE: Faraday Future Intelligent Electric Inc. Copyright Business Wire 2024. PUB: 12/22/2024 05:11 PM/DISC: 12/22/2024 05:09 PM http://www.businesswire.com/news/home/20241222966710/en Copyright Business Wire 2024.
Drama surrounds final three F1 races of season
NoneThe International Financial Services Centres Authority (IFSCA) has eased its fund management rules to make it more attractive for fund managers to set up shop at Gift IFSC. The Fund Management Entity (FME) rules allow retail schemes, non-retail schemes (alternative investment funds), investment trusts and portfolio management services. As on March 31, 2024, there were 104 FMEs registered with IFSCA, with 92 non-retail ones. The minimum corpus for schemes has been reduced from $5 million to $3 million. For open-ended schemes, the investment activities may commence upon achieving a corpus of $1 million and the minimum corpus of $3 million may be achieved within 12 months. The minimum investment amount for PMS has been reduced to $75,000 from $150,000. Clients under PMS are also permitted to transfer their funds in a designated broking account which may be then managed by the FME under PMS, subject to certain safeguards. The valuation of a scheme’s assets by an independent service provider is exempted for fund of funds if the underlying fund has already been valued. The requirement to appoint key managerial personnel with the prior nod of IFSCA is done away with. FMEs may open branch or representative offices in other jurisdictions without prior approval from IFSCA for marketing their offerings and client service. “The recent amendments by IFSCA are a significant step towards aligning GIFT IFSC with global financial hubs. The reduction in minimum corpus requirements, flexibility in PMS investments, and relaxed regulatory norms will not only attract new fund managers but also provide existing players with the operational agility needed to scale efficiently,” said Jaiman Patel, Partner, EY India. For non-retail schemes, the contribution by the fund management entity (FME) and its associates in a scheme, currently restricted at 10 per cent, is permitted up to 100 per cent, provided the FME and its associates that invests in the scheme and their ultimate beneficiary owners are persons not resident in India. Such schemes will not invest more than one-third of their corpus in a single company and its associates. The valuation of a non-retail scheme’s assets by an independent service provider is exempted for fund of funds scheme if the underlying fund has been valued by an independent service provider. The criteria of five years of experience in managing assets of $200 million and 25,000 investors may be evaluated by considering the experience of FME, its holding company or their subsidiaries. The requirement of listing of close-ended retail schemes on recognized stock exchanges is made optional if minimum amount of investment by each investor in the scheme is at least $10,000. Single company and single sector restrictions in a retail scheme will not apply to fund of funds scheme. The cap of investment in single company by a sectoral, thematic or index scheme will be linked to the weightage of that company in the representative index that such scheme intends to benchmark with or 15 per cent, whichever is higher. Comments
Spyware Controversy Keeps Coming Up as Problems Are Left Unsolved After five years of legal battles, WhatsApp has won a case against an Israeli company called NSO, which created the spyware called Pegasus. A US court decided that NSO broke both US laws and WhatsApp’s rules. Pegasus is spyware that has been used to spy on people through WhatsApp. It’s been a big problem in India, too, as many people targeted by this spyware were journalists, politicians, and even government officials. There are other dangerous types of malware, but the questions left unanswered in the Pegasus case are still very important. They deal with the balance between keeping people safe and protecting their privacy, which is important for a healthy democracy. When asked if the government uses Pegasus to spy on people, India’s home ministry said in 2019 that both the central and state governments can legally intercept or monitor information based on certain laws. They also named ten government agencies that are allowed to do this. But unlike in many other countries, India does not have strong systems to make sure these agencies use their power properly, or laws that clearly separate what’s necessary from what could be abused. A report by a Supreme Court committee about the Pegasus case has not been made public. The committee did find malware on five phones, but it couldn’t prove it was Pegasus. The court said that the Indian government didn’t cooperate with the investigation. The government argued that no country would reveal which software it uses for security reasons, but the court reminded everyone that national security is important, but so is protecting people’s privacy and having checks in place to stop abuse of power. This is even more important because, as we’ve seen in political battles in states like Andhra Pradesh, it can be tempting for any government to misuse surveillance powers. We also remember the reforms in the US after the Watergate scandal that helped rebuild trust in their political system. Today, technology is much more powerful, and spying on people can be far more invasive. If we’re facing bigger dangers, we need stronger protections.
Chargers are expected to be without top RB Dobbins and could lean on QB Herbert against Falcons
HOUSTON (AP) — For a second straight season, the Houston Texans will be without Tank Dell to end the regular season and for the playoffs after the dynamic receiver suffered another major injury. Dell sustained what coach DeMeco Ryans called a “significant” knee injury on a 30-yard touchdown catch in Houston’s loss to Kansas City on Saturday . Though the team hasn’t officially ruled him out for the season, it seems unlikely that he’ll be able to return after he was hospitalized overnight following the injury. Ryans said Sunday that Dell had been released from the hospital and was heading back to Houston. He added that he was still being evaluated to see what the next steps would be. This injury comes after Dell fractured his fibula in Week 13 against the Broncos last season and had surgery on it the following day. “It’s tough to see guys get injured, the work that guys put in, how much they put their bodies on the line to play this game,” Ryans said. “It’s deeper than football. We are talking about real people who have real emotions and real feelings who are going through a tough time right now. Our thoughts and prayers are with everyone involved in that situation.” The AFC South champion Texans will have to regroup quickly with a visit from the Ravens coming on Christmas Day. Dell’s injury is another blow to a team that was already missing Stefon Diggs after the four-time Pro Bowl receiver sustained a season-ending knee injury in Week 8. Dell ranks second on the team with 51 receptions for 667 yards and three touchdowns behind Nico Collins, who has 909 yards receiving and six scores. Tight end Dalton Schultz has 482 yards receiving and two touchdowns and running back Joe Mixon 291 yards receiving and a touchdown grab. But with Dell and Diggs out, the Texans are thin at receiver. John Metchie, who has just 182 yards receiving this season, could fill in for Diggs this week, but his status is uncertain after he missed Saturday’s game with a shoulder injury. “There is a chance John could be back,” Ryans said. “I think he’s progressing, so we’ll see where he ends up on Wednesday.” Other options at the position are veteran Robert Woods, who has just 143 yards receiving this season, and Xavier Hutchinson, who nine catches. Quarterback C.J. Stroud, one of Dell’s closest friends, was distraught after Dell’s injury and remained upset after the game. He said it will be difficult for the team to bounce back after losing Dell to a serious injury again. “The easy answer is to tell you something to make everybody feel nice, but it’s not the truth right now,” he said after the game. “The truth is that it’s not easy seeing your brother go down like that. (Sunday) we’ll have to get recovery, get ready for Wednesday because it’s another big-time opponent. The Ravens are a great team. It’ll be a playoff atmosphere on Christmas Day.” What's working Stroud distributed the ball well Saturday, completing passes to six different players. Dell led the way with six receptions for 98 yards and Collins had seven receptions for 60 yards while being double-teamed often. With teams likely to place even more emphasis on stopping Collins with Dell out, Stroud will need to continue to spread the ball around against the Ravens. What needs help The Texans continue to struggle in the red zone and converted just 1 of 3 opportunities Saturday. This comes after they were also 1 of 3 in a win over the Jaguars in Week 13 and converted just 2 of 4 chances in a loss to the Titans in Week 12. “We had our opportunities, and it just comes down to as simple as guys being in the right spot,” Ryans said. “We just have to make the plays. We have to finish and that’s all it comes down to.” Stock up LB Christian Harris had seventh tackles and a sack against the Chiefs in his second game of the season after missing the first 13 with a calf injury. His sack was Houston’s 46th of the season, which ties a franchise record that was set last season. Stock down K Ka’imi Fairbairn missed an extra point Saturday. He’s been excellent from long range this season, making 13 field goals longer than 50 yards. But has struggled on shorter kicks, missing two from less than 30 yards before Saturday’s PAT miss. Injuries S Jimmie Ward injured his foot Saturday and could miss the rest of the season. ... G Shaq Mason injured his knee against the Chiefs and will likely miss Wednesday’s game. Key number 10 — Dell’s touchdown Saturday was the 10th of his career, tying Hall of Famer Andre Johnson for most TD catches by a Texans through their first two seasons. Next steps The Texans look for their first win over Baltimore since 2014 after five consecutive wins by the Ravens, including a 34-10 victory in the divisional round of the playoffs last season. ___ AP NFL: https://apnews.com/hub/nfl Kristie Rieken, The Associated Press
Displaced Lebanese head for homes as fragile truce appears to hold
Stocks jumped at Monday's open and bond yields retreated as markets welcomed President-elect Donald Trump's nomination of Scott Bessent to be his Treasury secretary. The Dow Jones Industrial Average closed at a new all-time high and the S&P 500 hit a new intraday high early in the opening session of a holiday-shortened week highlighted by a packed economic calendar. In a Friday evening post on Truth Social , Trump described Bessent, the former chief investment strategist of Soros Fund Management, as "one of the world's foremost international investors and geopolitical and economic strategists." The president-elect added, "Scott's story is that of the American Dream." Bessent is also the co-founder of Key Square Group, a macro-focused investment firm that specializes in analyzing economic, political and market conditions to trade across asset classes, including currencies and interest rates as well as commodities and stocks. Subscribe to Kiplinger’s Personal Finance Be a smarter, better informed investor. Sign up for Kiplinger’s Free E-Newsletters Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of expert advice - straight to your e-mail. Wall Street is positive about Bessent because of his success as an investor and for the moderating influence he is expected to exert within the Trump administration. In a November 15 op-ed for Fox News on the subject of Trump's primary tool of economic policy, Bessent writes, "The truth is that tariffs have a long and storied history as both a revenue-raising tool and a way of protecting strategically important industries in the U.S. President-elect Trump has added a third leg to the stool: tariffs as a negotiating tool with our trading partners." "The nomination of Scott Bessent to be U.S. Treasury Secretary has been a catalyst for lower bond yields, higher equity indices and a weaker dollar this morning," writes Kit Juckes , chief forex strategist at Societe Generale. The nomination is a palliative for investors "worried about the size of the U.S. budget deficit and the inflationary impact of tariffs. Whether he can help get the U.S. to 3% GDP growth and a 3% budget deficit time will tell, but for now, he has changed the market mood, if nothing else," Juckes concludes. The yield on the 10-year U.S. Treasury note declined by 15 basis points to 4.27%, while the yield on the 2-year dipped 10 basis points to 4.27%. The Dow backed off its intraday high but still closed at a record level, rising 1% to 44,736. The S&P 500 also slipped from its intraday high but held on for a 0.3% gain to 5,987. The Nasdaq Composite , meanwhile, edged up 0.3% to 19,054. Stocks on the move Earnings season is nearing an end, with 95% of the S&P 500 having reported so far. FactSet Senior Earnings Analyst John Butters notes that with numbers from 462 of the firms in the index, 75% have reported positive earnings per share (EPS) surprises and 61% have reported positive revenue surprises. "For Q3 2024," Butters writes, "the blended (year-over-year) earnings growth rate for the S&P 500 is 5.8%. If 5.8% is the actual growth rate for the quarter, it will mark the 5th straight quarter of year-over-year earnings growth for the index." Bath & Body Works ( BBWI ) was deleted from S&P 500 on October 1, but the stock surged 16.5% after the specialty retailer beat top- and bottom-line expectations for its third quarter and raised its full-year outlook. "Our strong results exceeded the high end of our net sales and earnings per diluted share guidance," said Bath & Body Works CEO Gina Boswell in a statement. "As a result, we are raising our full-year guidance to fully reflect this outperformance." Wall Street remains optimistic about BBWI. According to S&P Global Market Intelligence , the consensus recommendation is Buy, and the average 12-month price target for the consumer discretionary stock is $42.76. Even after Monday's strong showing that's about 20% upside. Macy's ( M ) stock, which was removed from the S&P 500 in April 2020, fell 2.3% after the retailer announced preliminary results for its third quarter, during which sales declined 2.4% year over year. Macy's also announced a delay in filing its quarterly statement with the Securities and Exchange Commission (SEC) after management "identified an issue related to delivery expenses in one of its accrual accounts." Macy's determined a single employee "intentionally made erroneous accounting accrual entries to hide approximately $132 to $154 million of cumulative delivery expenses." The big picture remains murky for the iconic retailer. "It has major disadvantages vs peers around price, product, and service," writes UBS Global Research analyst Jay Sole in a November 18 note. "We believe these dynamics should lead to continuous net losses. M's current stock price does not reflect long-term earnings-per-share challenges, in our view." Incoming data With third-quarter earnings season winding down, investors have a packed economic calendar to capture their attention this week. Note that markets will be closed on Thursday and will shut down early on Friday for the Thanksgiving holiday. Tuesday's releases include the S&P CoreLogic Case-Shiller Home Price Indices at 9 am Eastern time as well as a consumer confidence survey from The Conference Board and new home sales data from the Census Bureau at 10 am. The Federal Reserve will publish the minutes from the November FOMC meeting at 2 pm. And it's a particularly big Wednesday, with initial jobless claims coming in a day early because of the holiday on Thursday. We'll also see data on durable goods orders, retail and wholesale inventories, the U.S. trade balance and the second read on third-quarter GDP. The main event is the release of the Personal Consumption and Expenditures Price Index (PCE) series at 10 am. PCE is the Fed's preferred measure of inflation . "Based on the depth and breadth of the transitions in progress at this time in monetary policy, on Capitol Hill and in the change of Administration along with what appears to be a watershed period in technological innovation, some market participants can't help but wonder if they should be adjusting their portfolio exposures for a myriad of outcomes espoused by various market pundits with widely divergent views and opinions," writes John Stoltzfus of Oppenheimer Asset Management. "For one, while the pace of inflation appears to be slowing enabling the Fed to move towards more rate cuts in the months ahead," Stoltzfus observes, "the latest CPI numbers showed some inflation stickiness that has proved irksome to those with great expectations for more frequent and deeper interest rate cuts." According to the CME FedWatch tool, as of Monday afternoon, there is a 55.9% chance the Federal Open Market Committee cuts the target range for the federal funds rate by 25 basis points at its December 18 meeting. Related content Stock Picks That Billionaires Love Best Bond Funds to Buy Now Six Ways Trump Could Change Your RetirementBITCOIN is headed towards its first weekly decline since Donald Trump’s victory in last month’s US election as a cautious Federal Reserve policy outlook tempers optimism sparked by the president-elect’s embrace of the crypto sector. The largest digital asset was down more than 7 per cent for the seven-day period till 2.50 pm on Sunday (Dec 22) in New York, the biggest such drop since September. A wider crypto market gauge, encompassing smaller tokens such as Ether and meme-crowd favourite Dogecoin, suffered a sharper decline of about 10 per cent. On Wednesday, the Fed delivered a third straight interest-rate cut while signalling a slower pace of monetary easing next year to keep inflation in check, sending global stocks into a tailspin. The hawkish pivot also damped the speculative spirits unleashed in the crypto market by Trump’s pledge of friendly regulations and his backing for a national Bitcoin stockpile. The original cryptocurrency changed hands at about US$95,000, about US$13,000 below the record high set on Dec 17. The token is up more than 40 per cent since the presidential election on Nov 5. Choppy price action near term ahead of a “bullish trajectory” into the first quarter of 2025 is still the “most likely scenario”, David Lawant, head of research at crypto prime broker FalconX, wrote in a note. Lawant said a “low-liquidity environment may bring more volatility as we enter into the final days of the year, especially because on Dec 27 crypto is likely going to see the biggest options expiry event of its history”. BLOOMBERGRevitalizing PTT: Blueprint for digital, operational growth in Turkish postal system