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☆ Elon Musk is looking to cut government waste. Here's what the US spends money on right now.
▼ + stars: | 2024-11-13 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +4 min

Trump tapped Elon Musk and Vivek Ramaswamy to co-lead a "Department of Government Efficiency." The US spent $6.75 trillion in fiscal year 2024, with Social Security and health topping the list. The highest amounts of spending came from the Department of Health and Human Services, the Social Security Administration, and the Treasury Department. Over the past year, Social Security accounted for $1.46 trillion of the spending, health accounted for $912 billion, and Medicare came in at $874 billion. Social Security and Medicare are forms of mandatory spending that do not require annual congressional approval and would require legislation to change.

Persons: Trump, Elon Musk, Vivek Ramaswamy, —, Donald Trump, Musk, Ramaswamy, Karoline Leavitt, Vance Organizations: Department of Government, US, Social Security, Service, GOP, Trump, Treasury Department, Department of Health, Human Services, Social Security Administration, Social, White, Management, Budget, Education Department, IRS, FBI Locations: Trump, Government

☆ Americans’ debt is growing — but so are incomes
▼ + stars: | 2024-11-13 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

CNN —Americans are continuing to pile on debt at record levels — but for many households, those IOUs are completely manageable, according to new data released Wednesday. Balances grew across all major debt categories, with credit cards and auto loans continuing to see the biggest gains. However, by and large, most households have been able to handle that rising debt: Their after-tax income has grown even more, according to the New York Fed. Disposable personal income hit $21.8 trillion in the third quarter, bringing the total debt balance to income ratio to 82%. And, for 18 months running, that pay growth has outpaced inflation, according to Bureau of Labor Statistics data released Wednesday.

Persons: Delinquencies, “, ” “, ” Donghoon Lee, — Organizations: CNN, Federal Reserve Bank of New, New York Fed, of Labor Statistics

☆ UN sounds alarm at Israel’s ‘severe violations’ at key buffer zone with Syria
▼ + stars: | 2024-11-13 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +7 min

CNN —The United Nations has accused Israel of “severe violations” of a 50-year-old agreement with Syria, saying it has engaged in “engineering groundwork activities” that encroach on a key buffer zone in the Golan Heights. The Israeli military said the strikes were part of a larger effort to target the capabilities of a Hezbollah unit responsible for weapons smuggling. Saban said that Hezbollah is unlikely to try and trigger an Israeli military offensive from the Golan, however. In July, the IDF said it struck Syrian military infrastructure in retaliation for alleged breaches. “The IDF holds the Syrian military responsible for all activities occurring within its territory and will not allow any attempts to violate Israeli sovereignty,” the Israeli military said.

Persons: Israel, UNDOF, ”, Yasushi Kaneko, Navvar Saban, Golan, ” Saban, Majdal Shams, Saban Organizations: CNN, United Nations, UN, Observer Force, Planet Labs, European Space Agency, Israel Defense Forces, Labs, Alpha, IDF, Israel, Yomiuri Shimbun, AP, Harmoon, for Contemporary Studies, Lebanese, Syrian Foreign Ministry, Defense Ministry Locations: Syria, Golan, Israel, Jubata Al Khashab, Majdal Shams, Jordan, Lebanon, Iran, Iraq, Syria Israel, Tehran, Damascus, Majdal, Qusayr, Homs

☆ Cisco reports fourth straight quarter of declining revenue
▼ + stars: | 2024-11-13 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Cisco CEO Chuck Robbins speaks at The Wall Street Journal's Future of Everything Festival in New York on May 21, 2024. Cisco reported a fourth straight quarter of declining revenue even as results topped analysts' estimates. Net income fell to $2.71 billion, or 68 cents per share, from $3.64 billion, or 89 cents per share, in the same quarter a year ago. During the quarter, Cisco acquired security startups DeepFactor and Robust Intelligence. Analysts expected adjusted earnings for the year of $3.58 per share on $55.89 billion in revenue.

Persons: Chuck Robbins, Robbins, Scott Herren, Herren Organizations: Cisco, Everything, StreetAccount, Dell, White, Intelligence, Cisco Systems, Applied Materials, Disney Locations: New York

☆ LA Times owner says Harris’ stance on Gaza war contributed to non-endorsement, plans editorial board revamp
▼ + stars: | 2024-11-13 | by ( Liam Reilly | Hadas Gold | ) edition.cnn.com time to read: +5 min

Three members of the paper’s editorial board resigned, scores of staffers openly protested, and thousands of readers cancelled their subscriptions as the Times was thrust into an uncomfortable spotlight. A new Editorial Board. After news of the Times’ non-endorsement broke last month, Soon-Shiong’s 31-year-olddaughter, Nika, told The New York Times that “our family made the joint decision” over Harris’ stance on the war in Gaza. As with the Times, the decision was handed down by the publication’s billionaire owner, Amazon founder Jeff Bezos, igniting a firestorm of controversy. Asked about whether the backlash over his decision not to endorse had been a “disaster” for the paper, Soon-Shiong pushed back.

Persons: Patrick Soon, Shiong, Kamala Harris, Harris, ”, “, Nika, ’, “ Somebody, ‘, Jeff Bezos Organizations: New, New York CNN, Los Angeles Times, Times, CNN, Editorial Board, Trust, New York Times, Washington Post, Amazon Locations: New York, Gaza

☆ Forget LA and BK: The rural places where young Americans are moving
▼ + stars: | 2024-11-13 | by ( Noah Sheidlower | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Younger Americans are moving to rural areas, reshaping demographics and economies. Census data shows a shift from cities to rural areas for people ages 25 to 44 since 2020. Instead, they're heading to rural areas. AdvertisementLombard said there's been a surge of young people moving to South Carolina, North Carolina, and Tennessee, oftentimes for work. Even with many companies pushing for mandatory return-to-office policies, younger Americans continued moving to rural communities in 2023 at an accelerated pace.

Persons: —, Z, Hamilton Lombard, Lombard, there's, it's Organizations: Service, University of Virginia, Colorado Rockies, Brooklyn —, Power, nsheidlower Locations: Rural, Los Angeles, Kings County, Brooklyn, South Carolina, North Carolina, Tennessee, Flint , Michigan, Oak, Huntsville, Atlanta, Georgia

☆ Elon Musk's promise of an 'epic' leaderboard of 'dumb' government spending reveals his marketing savvy
▼ + stars: | 2024-11-13 | by ( Geoff Weiss | Grace Eliza Goodwin | ) www.businessinsider.com time to read: +7 min

Elon Musk says a leaderboard of "dumb" government spending will expose waste — and he wants your two cents. The Tesla CEO said this week that he planned to post a public "leaderboard for the most insanely dumb spending of your tax dollars." While the effectiveness of Musk's leaderboard remains to be seen, experts told Business Insider it showed his marketing savvy — even if it could also encourage "gotcha" moments that need more context. Especially in a dry realm such as government spending, Musk's plans are bound to grab eyeballs — and perhaps make people feel more invested in the outcome. She said there was some precedent for Musk's leaderboard, noting that former Sen. William Proxmire, a Democrat from Wisconsin, issued the "Golden Fleece Award" for wasteful spending throughout the 1970s and '80s via monthly press releases.

Persons: Elon Musk, —, Musk, Donald Trump's, DOGE —, he's, Vivek Ramaswamy, Natalie Andreas, Austin who's, Ayelet, didn't, Musk's, Andreas, Karen North, Clinton, Sen, William Proxmire, It's, screwworms —, Amy Jo Kim, Kim Organizations: Service, Department of Government, University of Texas, Austin, University of Chicago's Booth School of Business, University of Southern California's Annenberg School for Communication, Journalism, Stanford Locations: Wisconsin

CNN —Argentine delegates at the COP29 United Nations climate summit in Baku, Azerbaijan, have been ordered to withdraw from negotiations and return home, according to a source at the country’s foreign ministry. He is expected to travel to the United States this week to attend a Conservative Political Action Conference (CPAC) summit at Mar-a-Lago, Florida. Milei came to power less than a year ago, running on a libertarian platform, and has since implemented drastic social and economic measures in Argentina. Other cuts to public services have so far included shutting down the Argentina national press agency Télam and several ministries. Abortions were legalized in Argentina in 2021 in all cases up to 14 weeks of pregnancy.

Persons: Donald Trump’s, Trump, Biden, “, ”, John Podesta, Javier Milei, ” Milei, Milei, ” Javier Milei, UNGA, Michael M, Diana Mondino, CNNE, Donald Trump, Trump’s Organizations: CNN, Argentine, COP29, White, UN, Assembly, United Nations, Conservative Political, Argentina national Locations: Nations, Baku, Azerbaijan, Paris, Argentina, New York City, Cuba, Venezuela, United States, Mar, Lago , Florida, Buenos Aires

☆ An under-the-radar Trump trade that will benefit from pro-crypto stance and deregulation
▼ + stars: | 2024-11-13 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

"But SQ has also come under regulators' scrutiny (FinCen, CFPB) recently around its Cash App and Afterpay businesses. The president-elect has taken a pro-crypto stance during his time on the campaign trail , pledging to ensure that the federal government does not sell off its bitcoin holdings. A more favorable regulatory environment could also spell gains for Visa , which has rallied around 19% this year, according to Bernstein. "While it is unlikely that the DOJ pulls the case, it's possible that President-elect Trump names a more pro-business Head, who might be more amenable to a weaker settlement with Visa." That stock has seen the biggest year-to-date gains of the three, rising around 24%.

Persons: Donald Trump's, Bernstein, Harshita Rawat, Rawat, Trump, Gary Gensler Organizations: U.S . Securities, Exchange, Visa, Department of Justice, DOJ, Trump, Mastercard, Discover Financial

☆ Tencent posts better-than-expected 47% profit surge as games, AI tools shine
▼ + stars: | 2024-11-13 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Chinese tech company Tencent is a gaming giant and the parent company of WeChat, the ubiquitous social messaging app in China. Cheng Xin | Getty Images News | Getty ImagesChinese social media and gaming company Tencent on Wednesday reported better-than-expected profit in the third quarter ended Sept. 30, spurred by growth in games, advertising and cloud services. Tencent reported profit attributable to shareholders surged by 47% year-on-year to 53.23 billion yuan ($7.37 billion) in the third quarter, compared with an LSEG estimate of 46.18 billion yuan for the period. The company's revenue rose by an annual 8% to 167.19 billion yuan, short of the 167.82 billion yuan analyst forecast. Marketing services revenue, previously called online advertising, surged by an annual 17% to 29.99 billion yuan, making it one of the fastest-growing categories outside gaming.

Persons: Cheng Xin, Tencent Organizations: Getty, Management, Gaming, Global Locations: WeChat, China, Weixin

☆ Elon Musk worries free speech advocates with his calls to prosecute researchers and critics
▼ + stars: | 2024-11-13 | by ( David Ingram | Lora Kolodny | ) www.cnbc.com time to read: +8 min

He cited X's increasing compliance with foreign governments' demands to censor content on the platform and the lawsuits against the Center for Countering Digital Hate and Media Matters. X has a pending lawsuit against Media Matters and a pending appeal in a lawsuit that X lost against the Center for Countering Digital Hate. The ACLU, the Electronic Frontier Foundation and the Knight First Amendment Institute at Columbia University filed an amicus brief in support of the Center for Countering Digital Hate. The feud between Musk and the Center for Countering Digital Hate has continued. Rep. Jim Jordan, R-Ohio, also criticized the Center for Countering Digital Hate on Thursday, sending the organization a demand for documents related to the "Kill Musk's Twitter" language.

Persons: Elon Musk, Donald Trump, Anna Moneymaker, Musk, Victoria Nuland, Nadine Strossen, Trump, Strossen, they're, Aaron Terr, Terr, there's, Michael Gerhardt, Chapel Hill, —, X, Charles Breyer, Imran Ahmed, Elon, Ahmed, Jim Jordan Organizations: Republican, State Department, Center, American Civil Liberties Union, New York Law School, SpaceX, Justice Department, Foundation, Rights, Hate, Media, NBC News, NBC, Media Matters, University of North, Chapel, Department, The Justice, District, ACLU, Electronic Frontier Foundation, Columbia University, Racket, Federal Government Locations: Butler , Pennsylvania, University of North Carolina, U.S, Ohio

As bitcoin shoots to new heights, some stocks that trade closely with the digital currency could also see their fortunes rise. Against that backdrop, CNBC Pro screened for stocks that have the highest positive correlation with bitcoin over the past 60 days, meaning they could rise in tandem. Fellow crypto miner Riot Platforms was also on the list with an 81% correlation to bitcoin. Lesser-known names that could see a boost on further bitcoin appreciation include crypto miners Bitdeer Technologies and Hut 8 . Bitdeer has a 67% correlation to the digital currency, while Hut 8's correlation coefficient is nearly 0.7.

Persons: Bitcoin, Donald Trump, Trump, bitcoin, Mark McLaughlin, Cryptocurrency, Mara Holdings, Cantor Fitzgerald, Mara, Brett Knoblauch, MARA, Bitdeer Organizations: cryptocurrencies, CNBC Pro, New York Stock Exchange, Nasdaq, Bank of America, Bitdeer Technologies

☆ Analysis: A Trump bitcoin promise is what crypto fans once fought against. They love it anyway
▼ + stars: | 2024-11-13 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —The crypto industry, an institution founded on the principle of getting the government’s greedy hands off the people’s currency, is booming. They may have finally convinced the government to get its hands on bitcoin. And second: He would create a national bitcoin reserve by preventing the government from selling the assets it has seized in criminal cases. I asked several experts this week about that apparent inconsistency in the crypto ethos. “This, by itself, represents an enormous symbolic win for the crypto industry that two years ago was being spoken of as dead in the water.”

Persons: CNN Business ’, Donald Trump, Faryar Shirzad, “, we’ve, ” Trump, ”, Sam Bankman, Trump, Gary Gensler, can’t, Gensler, Robert F, Kennedy Jr, Fort Knox ”, Sam, shouldn’t, Molly White, ’, Zeke Faux, ” Yesha Yadav Organizations: CNN Business, New York CNN, Securities and Exchange Commission, SEC, Vanderbilt University Locations: New York, Fort

☆ 49-year-old lived on $3 a day when he first moved to the U.S.—now he's a billionaire tech CEO
▼ + stars: | 2024-11-13 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +1 min

Nearly three decades ago, Tomas Gorny came to the U.S. as a Polish immigrant living on $3 a day, after rent and transportation costs. Today, the 49-year-old Gorny is the founder of multiple tech businesses, including a cloud-based business communications company called Nextiva that was most recently valued at $2.7 billion. Gorny, the company's CEO, has a net worth exceeding $1 billion, according to a Nextiva spokesperson. After rent and transportation costs, he had only a few dollars per day for food and other necessities, he says. Two years later, his $3 per day turned into a net worth above $1 million, he says.

Persons: Tomas Gorny, Gorny, — Organizations: CNBC, Internet Communications Locations: Germany, Los Angeles

☆ The Trump inflation shock could be worse than the last inflation crisis, Larry Summers warns
▼ + stars: | 2024-11-13 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Larry Summers has some unsolicited advice for President-elect Donald Trump: Don’t keep your campaign promises — unless you want to send prices skyrocketing once again. “If he carries through on what he said during his campaign, there will be an inflation shock significantly greater than the one the country suffered in 2021,” Summers told Kate Bolduan on CNN News Central on Wednesday. “I hope that he will get the message from this election and adjust his programs so that it’s not inflationary,” Summers told CNN. “In his first term, President Trump instituted tariffs against China that created jobs, spurred investment, and resulted in no inflation,” Karoline Leavitt, a Trump transition spokesperson, said in a statement. They just didn’t want the consequences that came with it in terms of increased inflation,” Summers said.

Persons: Larry Summers, Donald Trump, Summers, Clinton, ” Summers, Kate Bolduan, That’s, Trump, Obama, “, ” Karoline Leavitt, ” Scott Bessent, ” Bessent, Axios, Trump “, Kamala Harris, Biden, I’ve, ” Organizations: New, New York CNN, Treasury, Federal Reserve, CNN News Central, CNN, Trump, Wall Street Journal Locations: New York, China, Ukraine

☆ A big-cap tech has been surprisingly lagging the software stock breakout. That may be about to change
▼ + stars: | 2024-11-13 | by ( Frank Cappelleri | ) www.cnbc.com time to read: +4 min

The iShares Expanded Tech-Software Sector ETF (IGV) has been getting a lot of attention, and rightly so. Things have recently accelerated in November, and Tuesday, the IGV Software ETF was one of just three ETFs we track to make new all-time highs. Within the IGV Software ETF, it also has the third biggest weighting, but it's behind both CRM and ORCL. More importantly, MSFT has been noticeably lagging the IGV ETF across various time frames. The potential good news is that: 1. the ratio line remains in a long-term uptrend and 2. the last two oversold conditions happened near major relative trading lows.

Persons: IGV, MSFT, it's Organizations: Software Sector, Technology Trust, IGV Software, Microsoft, NASDAQ, Software, CNBC, NBC UNIVERSAL Locations: MSFT

☆ Trump victory may provide TikTok a lifeline to remain in the U.S.
▼ + stars: | 2024-11-13 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

In April, President Joe Biden signed a law that requires China's ByteDance to sell TikTok by Jan. 19. Although both Republicans and Democrats supported the Biden TikTok ban in April, Trump voiced opposition to the ban during his candidacy. Since his election, Trump hasn't publicly discussed his plans for TikTok, but Trump-Vance transition spokeswoman Karoline Leavitt told CNBC that the president-elect "will deliver." "The American people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail," Leavitt said in a statement. That month it was also reported that Yass was a part owner of the business that merged with the parent company of Trump's Truth Social.

Persons: Donald Trump, Tim Cook, Meta, Mark Zuckerberg, Jeff Bezos, Shou Zi Chew, Joe Biden, Jan, Trump's, Trump, CNBC's, Kamala Harris, We're, Trump hasn't, Vance, Karoline Leavitt, Leavitt, TikTok, Jeff Yass Organizations: U.S, Apple, U.S ., Google, White, Democrats, Biden, Trump, CNBC, Republican, Susquehanna International Group, NBC Locations: Communist China, U.S, Smithton , Pennsylvania, Chew, TikTok, ByteDance, Yass

☆ How Trump's Army veteran pick for Pentagon chief, Fox & Friends' Pete Hegseth, sees the world
▼ + stars: | 2024-11-13 | by ( Chris Panella | ) www.businessinsider.com time to read: +8 min

AdvertisementTrump has tapped Pete Hegseth, an Army veteran and Fox News host, to be secretary of defense. US President-elect Donald Trump has tapped Pete Hegseth, a Fox & Friends host and US Army National Guard veteran, to be secretary of defense. Hegseth was considered for Veterans Affairs secretary during Trump's first term and faced pushback from veterans group leaders. All US military combat roles opened to women in 2015. AdvertisementThroughout the war, Hegseth has shifted stances, calling Putin a "war criminal" and criticizing Biden for not getting Ukraine military aid quickly enough.

Persons: Pete Hegseth, Hegseth, Donald Trump, Joe, Trump, Trump's, Brace, Paul Rieckhoff, Adam Smith, Adam Kinzinger, Joe Biden's, Shawn Ryan, he'll, Abreanna Goodrich, we've, Shawn Ryan Show, Genya SAVILOV, AFP Hegseth, He's, Vladimir Putin's, Putin, Biden, Israel Trump's, Doug Mills, Benjamin Netanyahu, Israel wasn't, he's, Xiang Organizations: Trump, Army, Fox News, Defense Department, NATO, Fox & Friends, US Army National Guard, Israel, Wall Street, Veterans Affairs, SecDef, Independent Veterans of, Fox, Department of Defense, House Armed Services, Air National Guard, Republican, US National Guard, Pentagon, US Army, Spc, AFP, Kyiv, Warriors, Israeli, Getty, US Locations: Ukraine, America, Independent Veterans of America, Iraq, Afghanistan, Jerusalem, Russia, Soviet Union, Israel, Gaza, Iran, Washington, China, Xinhua, Asia, Pacific, Taiwan

☆ Nasdaq CEO shares the best investing advice she's given her own son: It’s a ‘foundational element of wealth creation’
▼ + stars: | 2024-11-13 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

It's her most important money advice for all investing newcomers — including her own children, Friedman told CNBC Make It on Tuesday while speaking at the Fortune Global Forum 2024. "Learn by doing — with small amounts of money, or even on platforms where you don't actually have to use real money," said Friedman. The earlier you can start investing, the better, added Barclays CEO C.S. 'They should start young from that first paycheck, have a really long term view, and the equity markets are a really important part of that." Later in life, you'll thank yourself for starting early, said Friedman: "[Investing] is a foundational element of wealth creation in this country."

Persons: millennials, Gen, Adena Friedman, Friedman, Gen Zers, Roth, Douglas Boneparth Organizations: Nasdaq, CNBC, Fortune, Young, Survey, Barclays, C.S, Global Locations: New York

☆ Amazon Prime Video to stream Diamond regional sports networks
▼ + stars: | 2024-11-13 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Diamond Sports reached a deal with Amazon's Prime Video that will allow its 16 regional sports networks to be made available on the streaming platform. The company's previously launched FanDuel Sports Network streaming options will still be available. In October, Diamond inked a naming rights deal with Flutter -owned FanDuel, rebranding its networks from Bally Sports to FanDuel Sports Network. Both Prime Video and the FanDuel Sports Network app will offer the single games, according to the person familiar with the offering. Amazon's Prime Video already airs a selection of Yankees games each season since it is a stakeholder in the YES Network.

Persons: Diamond Organizations: Sports, Amazon's, Sports Network, Diamond Sports, Bally Sports, FanDuel Sports Network, National Hockey League, Basketball Association, FanDuel Sports, Major League Baseball, Atlanta Braves, Braves, Amazon, NBA, NHL, MLB, New York Yankees, YES Network, Yankees, YES

☆ Why Builders Are Renting Out New Houses Instead of Cutting Home Prices
▼ + stars: | 2024-11-13 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

Builders, meanwhile, are luring buyers with some perks but are barely budging on prices. That's partly because these companies have another place to turn: the rental market. Opportunistic investors — mostly small and midsize players, who own the vast majority of single-family rentals in the country — are happy to oblige. Builders have also started developing entire communities of single-family homes to be rented out rather than sold, a strategy known as build-for-rent. Their embrace of the rental market says more about the obstacles for buyers than for builders.

Persons: homebuilders, John Burns, Keith Hughes, —, Horton, Don Mullen, they've, Adam Stern, Sean Morgan, Alex Offutt, Ray Sturm, Sturm, Selma Hepp, It's Organizations: John Burns Research, Consulting, Builders, John, Houston, Owners, SFR, Sun, Dallas, Local, Business Purpose, Offutt Locations: Tampa , Florida, Carolinas, Nashville, Horton

☆ Chipotle shareholder sues over skimpy portion sizes
▼ + stars: | 2024-11-13 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —A Chipotle shareholder is suing the fast-casual chain over viral social media complaints about skimpy portion sizes. The proposed class-action lawsuit filed Monday claims Chipotle understated customer dissatisfaction regarding its “highly inconsistent” portion sizes in official disclosures. “First, there was never a directive to provide less to our customers,” Niccol said during the earnings call. After that earnings call on October 30, Chipotle stock dipped 7.86%. The proposed class action would make eligible anyone who purchased or sold Chipotle stock from February 8 to October 29, 2024.

Persons: Keith Lee, Chipotle, ” Laurie Schalow, Chipotle’s “, Brian Niccol, ” Niccol, Niccol, Jack Hartung, Scott Boatwright, Boatwright Organizations: New, New York CNN, Starbucks Locations: New York, Wells, Chipotle’s, Chipotle

☆ Investors are pumping money into the Trump trade. Here's how it did last time
▼ + stars: | 2024-11-13 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

Wall Street has been pumping money into the Trump trade, but investors should be wary before committing capital based on campaign promises, if history is any indication. From Election Day 2016 through year-end, the asset class outperformed the S & P 500 by 8% on a relative basis. In fact, from Election Day 2016 through Election Day 2020, smallcaps tumbled more than 22%. Expand the timeline to one year out from Election Day, and the ETF underperformed the broader index by 11%. Energy Energy stocks are expected to get a huge boost from Trump, who made energy a focus of his presidential campaign , and promised to "drill, baby, drill."

Persons: Trump, Donald Trump's, elect's, Russell, Biden, Wells, Austin Pickle, —, smallcaps, that's, Fred Imbert Organizations: Bank, Regional Banking, Wells, Investment Institute, Trump, Wells Fargo Investment Institute, Dow Jones, . Energy Energy, Energy Locations: Wells Fargo, that's year's

☆ Everything is under $20 at Amazon’s newest store
▼ + stars: | 2024-11-13 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Amazon is targeting retail rivals Shein, Temu and TikTok Shop with a new deeply discounted storefront that sells a wide array of products for $20 or less. Called “Amazon Haul,” the mobile-only experience debuted Wednesday in the Amazon app and has everything from fashion accessories to home goods, plus clothes and electronics. Amazon said in an announcement that a “majority” of the Haul items are under $10, with some even less than $1. However, the cheap prices come with a caveat that items can take one to two weeks to be delivered. Also, the store only accepts returns on items that are $3 or more.

Persons: Neil Saunders, ”, ” Saunders, it’s Organizations: New, New York CNN, Shein, CNN, Amazon, Consumer Product Safety Locations: New York, United States, GlobalData

☆ Annual inflation rate hit 2.6% in October, meeting expectations
▼ + stars: | 2024-11-13 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The core CPI accelerated 0.3% for the month and was at 3.3% annually, also meeting forecasts. The consumer price index , which measures costs across a spectrum of goods and services, increased 0.2% for the month. That took the 12-month inflation rate to 2.6%, up 0.2 percentage point from September. Inflation perked up in October though pretty much in line with Wall Street expectations, the Bureau of Labor Statistics reported Wednesday. Energy costs, which had been declining in recent months, were flat in October while the food index increased 0.2%.

Persons: Dow Jones, Trump, Ellen Zentner Organizations: Dow, of Labor Statistics, Stock, Federal Reserve, Energy, BLS, White, CPI, Morgan Stanley Wealth Management

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