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President-elect Donald Trump on Friday asked Scott Bessent, a top fundraiser to his campaign, to serve as secretary of the Treasury Department, two sources familiar with the matter confirmed to NBC News. And with Trump proposing aggressive tariffs on imports from countries spanning the globe, the new Treasury Department chief will have to manage relationships with global finance ministers who may choose to retaliate with tariffs of their own. With inflation moderating over the past year, the Powell-led Fed has cut interest rates as part of a bid to stop high borrowing costs from unduly raising unemployment. In Trump’s first term, he tapped banker Steven Mnuchin to lead the Treasury Department. But his tenure at the Treasury Department was more stable than those of other high-level Cabinet posts in Trump’s first term.
Persons: Donald Trump, Scott Bessent, Bessent, Trump, Jerome Powell, , ” Powell, Powell, Steven Mnuchin, Mnuchin, Trump’s Organizations: Treasury Department, NBC News, Senate, White, Republican, Congress, Federal Reserve, Bloomberg News, Fed, CNBC Locations: Hollywood
A prominent digital rights activist, who is transgender, confronted Rep. Nancy Mace at a public event Thursday, days after the congresswoman from South Carolina introduced a resolution to ban transgender women from using women’s bathrooms in the U.S. Capitol. A representative for Mace and Project Liberty, the organization that hosted the summit and invited Greer, didn’t immediately respond to a request for comment. Greer’s organization is known for its viral protest efforts against internet censorship and surveillance and in support of net neutrality. McBride, whom Mace has repeatedly misgendered, said in a statement that she would follow the new bathroom rules as outlined by Johnson, even if she disagrees with them. In her congressional office, McBride will have a private bathroom, while all other public bathrooms in the Capitol will be banned for transgender people.
Persons: Nancy Mace, Evan Greer, Mace, Ro Khanna, ” Greer, ” Mace, misgendering Greer, Greer, didn’t, , , “ I’m, , Sarah McBride, Mike Johnson, McBride, misgendered, Johnson Organizations: U.S . Capitol, Georgetown University, Washington , D.C, Democratic Rep, Tech Solutions, Liberty, NBC Locations: South Carolina, Washington ,
“It’s many, many things under one umbrella.”Although people diagnosed with autism often have similar strengths and challenges, “there are many paths to autism and many presentations of autism,” Miller said. Scientists have identified more than 100 genes related to autism, Miller said, and genes are believed to play a role in 60% to 80% of cases. “We’re making leaps and bounds about known genetic causes of autism.”Yet genes clearly don’t explain every case of autism. But only a fraction of children with the genetic mutation actually develop autism, Miller said. He notes that only 8.4% of the $419 million spent on autism research in the United States is devoted to support and services for people with autism.
Persons: Robert F, Kennedy Jr, , Donald Trump, , United Kingdom —, immunizations, Kennedy, , Ari Ne’eman, , ” Timothy Caulfield, Judith Miller, it’s, Manish Arora, ” Arora, ” Miller, Arora, Catherine Lord, UCLA David, Miller, Gregory Cejas, ” Lord, It’s, he’s Organizations: Department of Health, Human Services, World Health Organization, Network, Harvard, of Public Health, University of Alberta’s Health Law Institute, Center for Autism Research, Children’s Hospital of Philadelphia, Icahn School of Medicine, Autism, UCLA, UCLA David Geffen School of Medicine, Autism Clinical, Washington University School of Medicine Locations: British, United Kingdom, Chan, Canada, , Mount Sinai, New York, United States
The University of Texas System announced Wednesday it will expand its free tuition program for lower-income families to include all families making $100,000 or less a year. The free tuition for undergraduate students will begin in the fall of 2025 and will cover tuition and fees. “The combination of these actions today will ensure that average student debt at UT academic institutions continues to decline. UT System Chancellor James B. Milliken said in a statement: “Across UT institutions, enrollment is growing, and student debt is declining, indicating success in both access and affordability. Further, families with an income below $100,000 will have tuition as well as housing, dining fees and allowances for books and personal expenses covered.
Persons: James B, Milliken, , Sally Kornbluth, Don’t Organizations: University of Texas System, Regents, UT, UT Austin, Texas, Massachusetts Institute of Technology, MIT Locations: U.S
Tech billionaire Elon Musk, the owner of social media platform X, criticized proposed legislation in Australia that aims to ban social media for children under 16. The legislation, which was introduced in Parliament by Australia’s center-left government on Thursday, is among the world’s toughest on social media. Other countries have tried to impose limits on social media for children, including the United States which requires technology companies to obtain parental consent to collect data from children under 13. This is not the first time Musk has been publicly critical of the Australian government over tech regulation. At the time, Albanese called Musk an “arrogant billionaire who thinks he is above the law.”In September, Musk called the Australian government “fascists” over plans to crack down on misinformation online.
Persons: Elon Musk, , Anthony Albanese, Albanese, Musk Organizations: Tech, Facebook, Australian Locations: Australia, Australia’s, United States
Markets: The stock market is wrapping up a good week, with the S & P 500 on Friday pacing for its fifth straight session of gains. Next week: It's a holiday-shortened week with markets closed Thursday for Thanksgiving and closed early (1 p.m. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, industrials, Coterra, We're, Blackwell, CrowdStrike, Robert F Kennedy, we'll, JM Smucker, Jim Cramer's, Jim Organizations: CNBC, ., Walmart, Costco, Utilities, Nvidia, Coterra Energy, Technology, Enterprise, Department of Health, Human Services, Department of Justice, Google, Chrome, Burlington Stores, Dick's Sporting Goods, JM, Abercrombie, Fitch, Dell Technologies, HP Inc, Federal, Jim Cramer's Charitable, Traders, New York Stock Exchange, NYSE Locations: New York City
CNN —Russia’s use of a nuclear-capable ballistic missile on Thursday is the latest escalation in the Ukraine war. The use of what Vladimir Putin said was a ballistic missile with multiple warheads in offensive combat is a clear departure from decades of the Cold War doctrine of deterrence. Ballistic missiles with multiple warheads, known as “multiple independently targeted reentry vehicles,” or MIRVs, have never been used to strike an enemy, experts say. Aftermath of Russian missile strike in Dnipro, Ukraine, on November 21, 2024. Pakistan reportedly tested a missile with multiple warheads in 2017, and earlier this year India said it had successfully tested a MIRVed ICBM.
Persons: Vladimir Putin, MIRV, ” Hans Kristensen, Kristensen, Matt Korda, , Manish Swarup, Korda, ” Kristensen Organizations: CNN, West, Federation of American, Russian, Ballistic, Federation of American Scientists, Union of Concerned Scientists, Center for Arms Control, AP Locations: Ukraine, Dnipro, That’s, US, Ukrainian, Russia, United States, Europe, China, United Kingdom, France, Pakistan, India, New Delhi, North Korea
Reuters —The Nicaraguan parliament, dominated by the ruling Sandinista Front, on Friday approved a constitutional reform that hands more power to President Daniel Ortega as well as the Central American nation’s police and military. The two have been married since 2005 and she was made vice president in 2017. Under the new reform, the co-presidents will have control over the legislature, judiciary and electoral, public administration, and oversight bodies as well as autonomous entities. Government critics have said the reforms legalize the “absolute power” already exercised for years by Ortega and Murillo. “If adopted, these changes will sound the death knell for fundamental freedoms and rule of law in Nicaragua,” he said in a statement.
Persons: Daniel Ortega, , Rosario Murillo, Ortega, , Murillo, Gustavo Porras, Human Rights Volker Turk Organizations: Reuters, Nicaraguan, Sandinista, Central American nation’s, Government, of American, UN, Human Rights Locations: United States, of American States, Nicaragua
AdvertisementJPMorgan tech exec Teresa Heitsenrether talked about the bank's ongoing adoption of generative AI. And it certainly has helped with that," Heitsenrether, who is responsible for executing the bank's generative AI strategy, told a conference in New York on Thursday. AdvertisementDimon himself is a "tremendous user," she said, and is waiting for the ability to use the bank's tools on his phone. JPMorgan, America's largest bank, has now rolled out the LLM Suite, a generative AI assistant, to 200,000 of its employees. The wealth and asset management arm was the first division to use generative AI, piloting a generative AI "copilot" for its private bank this summer.
Persons: Teresa Heitsenrether, Heitsenrether, it's, Jamie Dimon, Dimon, He's, Keri Smith, What's, she'll, Sumitra Ganesh, Ganesh Organizations: JPMorgan, Accenture Locations: New York
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'A lot of room to go' before Google antitrust case is decided, says BofA's Justin PostJustin Post, BofA Securities senior internet technology analyst, joins CNBC's Kate Rooney and Deidre Bosa on 'The Exchange' to discuss the AI landscape, Google's antitrust scrutiny, and more.
Persons: BofA's Justin, Justin Post, Kate Rooney, Deidre Organizations: BofA Securities
The Trump trade showed its resilience this week
  + stars: | 2024-11-22 | by ( Brian Evans | ) www.cnbc.com   time to read: +3 min
Small-cap stocks were one of the biggest winners on Wall Street this week, serving as a prime example that the Trump trade is alive and well after a brief pause . Small caps were not the only components of the Trump trade that had strong gains this week. According to Tom Fitzpatrick, managing director at R.J. O'Brien & Associates, all signs point toward the Trump trade staying strong. Tesla, other stock components of the Trump trade Electric vehicle stock Tesla advanced nearly 10% this week. "I believe energy still has a lot to prove and the Trump trade didn't work out as well as investors thought it supposed to over his first term."
Persons: Trump, Russell, Donald Trump, Tom Fitzpatrick, Fitzpatrick, Bitcoin, Gary Gensler, Tesla, Elon Musk, Vivek Ramaswamy, Halliburton, Jay Woods, Woods Organizations: Nasdaq, Dow Jones, Investors, Trump, Tesla, Trump Media & Technology Group, Halliburton, U.S . Steel, O'Brien & Associates, CNBC, U.S, Securities and Exchange Commission, Freedom Capital Markets . Energy
Chinese markets are "turning a corner" following a series of government stimulus measures , HSBC said, naming its top stock ideas for 2025. Here are two of the stocks HSBC likes: KE Holdings HSBC is bullish on real estate player KE Holdings (or Beike), and considers it a key beneficiary of "China's 2025 inflection point." KE Holdings "has the highest earnings sensitivity to a recovery in property sales in both the primary and secondary markets," he added. KE Holdings' shares are listed on the Hong Kong Exchange and trade as an American Depositary Receipt (ADR) in the U.S. under the ticker BEKE . Hongfa Technology HSBC is also bullish Hongfa Technology and has a target price of 48.10 Chinese yuan ($28.30) on the stock, giving it around 50% upside.
Persons: Oliver Yu, Goldman Sachs, Morgan Stanley, Yu, Corey Chan, Chan, — CNBC's Michael Bloom Organizations: HSBC, KE Holdings HSBC, Holdings, HSBC Global Research's, Real, KE Holdings, Hong Kong Exchange, Hongfa Technology HSBC, Technology, HSBC Qianhai Securities, Shanghai Stock Exchange, iShares Global Tech ETF, Fidelity MSCI Locations: China, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Chip War' author discusses Trump 2.0's impact on U.S. semiconductor policyChris Miller, associate professor at the Fletcher School at Tufts University and author of "Chip War: The Fight for the World's Most Critical Technology," discusses what Donald Trump's presidential election victory means for U.S. semiconductor policy and competition with China.
Persons: Chris Miller, Donald Trump's Organizations: Trump, Fletcher School, Tufts University Locations: China
What Elon Musk Needs From China
  + stars: | 2024-11-22 | by ( Keith Bradsher | ) www.nytimes.com   time to read: +1 min
No American business leader has more visibly and lavishly supported President-elect Donald J. Trump than Elon Musk — and few if any have a more complex relationship with China, a country that Mr. Trump has vowed to confront with higher tariffs and other measures. Mr. Musk has a lot on the line. Tesla sells more cars in China than anywhere except the United States, and his local competition is getting stronger. Mr. Musk has personally appealed to China’s premier, Li Qiang, for permission to proceed with what Tesla calls Full Self-Driving as the company’s market share in China has dwindled. Some experts have suggested that Beijing may be able to turn Mr. Musk into an influential ally in trying to persuade Mr. Trump to take a more conciliatory approach on trade.
Persons: Donald J, Trump, Elon Musk, Musk, Tesla, Li Qiang Organizations: Elon, Mr Locations: China, United States, Beijing
AdvertisementUS troops remain in Syria to counter ISIS and patrol oil fields in the region. For almost a decade, US troops have been on the ground in Syria to assist Kurdish-led forces in the defeat of the infamous Islamic State. AdvertisementDuring his first term, Trump ordered the withdrawal of US troops partnered with the Kurdish-led Syrian Democratic Forces after ISIS' territorial defeat. Trump then backtracked and kept 900 US troops in Syria. Advertisement"We may have felt frustrated during Trump's first term due to his decision to withdraw American forces from Syria in 2019," Mohamad said.
Persons: Trump, tamp, Donald Trump, specter, Sinam Mohamad, Trump's, Mohamad, Bashar al, Assad, Mohammed A, Salih, Delil SOULEIMAN, Paul Iddon Organizations: ISIS, Syrian Democratic Forces, Office, Syrian Democratic Council, Autonomous Administration, North, Kurdistan Workers ' Party, Trump, Foreign Policy Research Institute, SDF Locations: Syria, Turkey, Kurdish, State, Russia, United States, East Syria, Syrian, Kurdistan, Ankara, America, Jordan, Hol, Afghanistan, Iran, North
While Anthropic and OpenAI continue to raise significant sums, some smaller companies have essentially been folded into Google and Microsoft. U.S. regulators are also scrutinizing the multibillion-dollar investments that Microsoft, Amazon and Google are putting into A.I. But the deals are seen as allowing the big companies to form deep ties with their smaller rivals while avoiding most government scrutiny. Like OpenAI, Anthropic is a developer of so-called generative A.I., the technology capable of learning from vast amounts of data to create humanlike text and images. Anthropic has tried to position itself as one of the more responsible actors in the field of A.I.
Persons: OpenAI, Anthropic’s Claude, Anthropic Organizations: Google, Microsoft, The New York Times, The Times Locations: U.S
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Carpenter Technology has multiple avenues of growth over the next few years, according to JPMorgan. Analyst Bennett Moore initiated coverage of the U.S.-based stainless steel and alloys manufacturer with an overweight rating and a price target of $220. "Shares have rallied ... on the back of strong demand, solid execution, and an attractive earnings outlook, and we feel the company is well positioned to capture further upside," Moore said in a Thursday note. Moore's investment thesis is built on the company's robust demand for its mostly customer-specific premium products, which he said gives Carpenter strong pricing power and supported its position as an "indispensable supplier." Carpenter Technology steel alloy making.
Persons: Carpenter, Bennett Moore, Moore, Tim Leedy Organizations: Carpenter Technology, JPMorgan, Carpenter's, Medianews, Getty Locations: U.S
Some of his ventures already benefit tremendously from federal contracts. SpaceX has received more than $19 billion from contracts with the federal government, according to research from FedScout. Musk, who has frequently blamed the government for stifling innovation, could also push for less regulation of his businesses. Musk and Ramaswamy also championed the large-scale auditing of agencies, calling out the Pentagon for failing its seventh consecutive audit. To learn how else Elon Musk and his companies may benefit from having the ear of the president-elect watch the video.
Persons: Elon, Geoff Orazem, Vivek Ramaswamy, Trump, Ramaswamy, Elon Musk, Lora Kolodny Organizations: Company, SpaceX, Trump, Republican, Department of Government, Street, Congress, Pentagon, CNBC Locations: FedScout
AdvertisementRussia has sent North Korea 1 million barrels of oil since March, according to satellite imagery analysis. An analysis of satellite images shows Russia defying sanctions to supply North Korea with at least one million barrels of oil this year, according to a new report. In the imagery, vessels would set out from North Korea riding high in the water, but on their return would appear fully laden, the group said. In this image marked up by the Open Source Centre, the Yu Son was deemed to be carrying oil to North Korea. The new findings also give further insight into the continued material exchanges between Russia and North Korea.
Persons: Yu Son, Yu, David Lammy, Ursula Hyzy, Vostochny, Kim Jong Un, Vladimir Putin, Kim, hasn't, Joseph Byrne, Kim it's, Joseph S, Bermudez Jr Organizations: North, BBC, Canadian Armed Forces, UN, UN Security, Getty, Reuters, Carnegie Endowment, Center for Strategic, International Studies Locations: Russia, North Korea, Korea, Ukraine, Vostochny, AFP
Intuit — Stock in the financial software firm pulled back about 3% after its earnings guidance for the current quarter missed analyst estimates. Intuit forecast second-quarter earnings of $2.55 to $2.61 per share, while analysts polled by FactSet were looking for a profit of $3.25 per share. Ross' third-quarter earnings of $1.48 per share surpassed the $1.40 forecast from analysts polled by LSEG. NetApp earned $1.87 per share, after adjustements, on revenue of $1.66 billion, while analysts polled by LSEG were looking for a profit of $1.78 per share and revenue of $1.65 billion. Elastic — The software stock jumped 24% after the company posted an earnings beat.
Persons: FactSet, Goldman Sachs, Ross, NetApp, LSEG, — CNBC's Michelle Fox, Sean Conlon Organizations: Intuit —, Intuit, Ross, LSEG Locations: LSEG .
Python and SQL are among the most popular languages; C++ and Tableau are more specialized. Big Tech firms like Apple and Amazon have signaled a move away from the complicated coding language C++, but there's still a place for engineers who know the coding language on Wall Street. AdvertisementIn today's machine-to-machine world, having some experience with programming languages is a must. As it turns out, not all programming languages are made equal and some are more relevant to certain corners of Wall Street than others. Here are the programming languages to know:
Persons: there's, Apple, Swift, It's, Matt Stabile Organizations: Business, Big Tech, Apple, Stony Brook University, White, Citadel Securities, Microsoft, Virtu Financial, Hudson, Sigma, Susquehanna International Group, Wall
JPMorgan says this steelmaker could gain more than 20% from here
  + stars: | 2024-11-22 | by ( Pia Singh | In | ) www.cnbc.com   time to read: +2 min
Carpenter Technology has multiple avenues of growth over the next few years, according to JPMorgan. Analyst Bennett Moore initiated coverage of the U.S.-based stainless steel and alloys manufacturer with an overweight rating and a price target of $220. "Shares have rallied ... on the back of strong demand, solid execution, and an attractive earnings outlook, and we feel the company is well positioned to capture further upside," Moore said in a Thursday note. Moore's investment thesis is built on the company's robust demand for its mostly customer-specific premium products, which he said gives Carpenter strong pricing power and supported its position as an "indispensable supplier." Carpenter Technology makes stainless steel and alloys, including a steel alloy used in manufacturing high-end knives.
Persons: Carpenter, Bennett Moore, Moore, Tim Leedy Organizations: Carpenter Technology, JPMorgan, Carpenter's, Medianews, Getty Locations: U.S
CNBC's Jim Cramer on Friday previewed next week's important Wall Street action, suggesting it's wise to pay attention to a slew of retail earnings as well as reports from Dell and CrowdStrike . Tuesday is a big day for retailers, with reports from Best Buy , Abercrombie & Fitch , Kohl's , Macy's , Burlington Stores and Dick's Sporting Goods . He added that some retailers whose earnings weren't great still saw their stocks soar but others got badly dinged, like Target . He said investors might want to buy some Dell stock now and some after earnings if it pulls back. While stock action tends to slow during the rest of the holiday week, Cramer pointed out that on Wednesday the government will release the latest personal consumption expenditures index.
Persons: CNBC's Jim Cramer, Cramer, Wall, Smucker, weren't, Dell Organizations: Dell, Body, Abercrombie, Fitch, Kohl's, Burlington Stores, Dick's Sporting Goods, Target, Nvidia, HP, Federal Reserve Locations: Macy's
Fossil fuels still dominate the global energy mix at 81.5% in 2023, according to the Energy Institute. "It just goes to show how difficult it is to change the energy mix. It's because it takes time," said Lorenzo Simonelli, chairman and CEO of Baker Hughes, a global energy technology company. Takayuki Ueda, the representative director president and CEO of INPEX, a Japanese oil company, reiterated technology's role in the energy transition. Energy companies have been leaning on gas as a "reliable dispatch of power" to meet demand, said Maví Zingoni, CEO of Power at GE Vernova, an energy equipment manufacturing and services company.
Persons: Lorenzo Simonelli, Baker Hughes, Simonelli, Takayuki Ueda, Ueda, Maví Zingoni, Zingoni, Olivier Le Peuch, Le Peuch, CNBC's Dan Murphy Organizations: Energy Institute, CNBC, Energy, Power, GE Vernova, SLB Locations: Abu Dhabi
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