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China on Monday accused U.S. chipmaker Nvidia of violating its anti-monopoly law, a move likely to escalate already-tense trade relations between the two countries as President-elect Donald Trump prepares to take office for a second time. China's state market regulatory arm said the probe is related to Nvidia's 2019 acquisition of Mellanox, a global supplier of computer networking equipment. The U.S. and France have also opened investigations related to Nvidia's market dominance, though on different grounds. Trump has promised to levy stiff tariffs on China when he takes office. He recently picked former Georgia Sen. David Perdue, whom a Chinese think tank has accused of being "anti-China," for U.S. ambassador to China.
Persons: Donald Trump, , Trump, Georgia Sen, David Perdue, Peter Navarro Organizations: Monday, Nvidia, Biden, U.S Locations: China, U.S, France, Santa Clara
Donald Trump details his plans for Day 1 of his presidency. Trump said pardons for Jan. 6 rioters will happen on day one, arguing many have endured overly harsh treatment in prison. Read more from the exclusive interview with Trump here. The federal lawsuit was originally filed in October in the Southern District of New York, listing Combs as a defendant. 🏈 Josh Allen had one of the greatest games in NFL history and still lost.
Persons: Donald Trump, Kristen Welker, Trump’s, Welker, Trump, Jan, , ” Trump, Joe Biden, Read, Assad, “ It’s, Bashar al, Jay, Sean ‘ Diddy ’ Combs Hannah Mckay, Shawn Carter, Sean “ Diddy ” Combs, Combs, Carter, Tony Buzbee, Buzbee, Josh Allen, Sam Darnold, Ed Zurga, Greg Rosenstein, 👑, 🤘, Jo, Tam, ove, bui, lea, Ann i e Hil Organizations: Trump, NBC, Press, , Syrian, Reuters, MTV, of, Chiefs, Kansas City Chiefs, NFL, AFC West, Los Angeles Chargers, NBC News Locations: Syria, Manhattan, Damascus, Russia, Moscow, Southern, of New York, Texas
I mean, all I do is — I — I don’t openly look at the — the company," Trump said. “President Trump removed himself from his multi-billion-dollar real estate empire to run for office and forewent his government salary, becoming the first President to actually lose net worth while serving in the White House. Yet ethics experts, government watchdogs and Democrats warn that Trump’s wide web of business dealings pose alarming conflicts of interest for his presidency. While Eric Trump had said the Trump properties would give the taxpayers an essentially free rate on Secret Service accommodations, the Secret Service paid as much as $1,185 a night — five times the recommended rate for Secret Service on the job — to protect the then-president. While Trump pledged not to engage in any foreign business deals during his first administration, his transition team declined to say if that rule will apply to his second term.
Persons: Donald Trump, White, Trump, He’s, , I’m, wouldn't, he’d, President Trump didn’t, ” Karoline Leavitt, watchdogs, , Jordan Libowitz, Critics, Eric Trump, , Richard Painter, George W, Joe Biden, it’s, “ Crypto, ” Trump, Biden, Hilary Allen, Paul Atkins, BITCOINERS, Kedric Payne, Justin Sun, Marks, Allen, Crypto, Donald J, Libowitz, he’s, Painter, Bush, ” Painter, Obama Organizations: NBC, Trump, NBC News, Trump Organization —, , Service, Hotels, Republican, D.C, Secret Service, Liberty Financial, Securities and Exchange Commission, SEC, American University, Truth, Liberty, ” Media, Trump Media, Technology Group, Federal Communications Commission, Penn Biden Center, University of Pennsylvania, Biden Locations: Scotland, Oman, Washington, Aberdeen, Lago, Florida, cologne, Texas
Celebrations broke out across Syria over the weekend, with statues depicting his father and predecessor, Hafez al-Assad, pulled down from their pedestals. “I’m not looking to go back into the past,” Trump said when asked he was whether he would go after outgoing President Joe Biden. Foreign dignitaries in attendance included President-elect Donald Trump, first lady Jill Biden, Prince William and Ukrainian President Volodymyr Zelenskyy. South Korean president’s impeachment failsAn image of South Korean President Yoon Suk Yeol is raised at a rally in Seoul calling for his ouster on Dec. 5. End of an Era(s)Tears will be ricocheting as Taylor Swift's record-shattering world tour draws to a close Sunday night with a final stop in Vancouver, British Columbia.
Persons: Assad, Bashar al, Hafez al, Hassan Abdul, Ghani, Joe Biden, Trump, Donald Trump, Kristen Welker, ” Trump, Pam Bondi, Jack Smith, , Biden, Kash Patel, , Trump’s, Jay, Sean Combs Jay, Bauer, Griffin, Shawn Carter, Sean “ Diddy ” Combs, Jane Doe, , Combs, Carter, ” Carter, Brian Thompson, Notre Dame, Jill Biden, Prince William, Volodymyr Zelenskyy, Emmanuel Macron, Yoon Suk, Anthony Wallace, Yoon, ” Yoon, Taylor Organizations: U.S, United Nations, Capitol, NBC, Press, Justice Department, Trump, Lone Star, FBI, MTV, of, NBC News, New York police, NYPD, Notre, Notre Dame, Zelenskyy, Getty, South, Federal Locations: Damascus, Moscow, Syria, Hayat Tahrir, Al Qaeda, Free Syria, Texas, Los Angeles, Southern, of New York, Notre, Massachusetts, Seoul, AFP, Vancouver , British Columbia
The Environmental Protection Agency on Monday banned two solvents found in everyday products that can cause cancer and other serious diseases. For decades, communities close to factories, airports, dry cleaners and other sites have lived with the consequences of exposure to trichloroethylene, or TCE, a toxic chemical used in cleaners, spot removers, lubricants and glue. TCE is known to cause liver cancer, kidney cancer and non-Hodgkin’s lymphoma, and to damage the nervous and immune systems. also banned all consumer uses of perchloroethylene, used in dry-cleaning and in automotive-care products. Though it is less harmful than TCE, the solvent, also called Perc, can cause liver, kidney, brain and testicular cancer, and can damage kidneys, the liver and the immune system.
Persons: Trump, John Travolta Organizations: Environmental Protection Agency, Toxic
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Rep. Donna Edwards: Don't see how tariffs won't have a negative impact on American consumersMick Mulvaney, former White House chief of staff and Actum Strategic Advisors co-chair, and former U.S. Congresswoman Donna Edwards join 'Squawk Box' to discuss President-elect Trump's interview on NBC's Meet the Press, sweeping changes he plans to carry out in his second administration, changes to immigration policy, tariff threats, and more.
Persons: Donna Edwards, Mick Mulvaney, Trump's Organizations: White House, Actum, Advisors, NBC's, Press
The probe serves as the latest escalation of a growing battle for AI dominance, which both the United States and China believe is crucial for national security. The memory chips are different than the graphics processors Nvidia makes, but they are also crucial technology that helps power AI. The administration’s new export controls are the third such round of chip sales restrictions to China. But China’s Commerce Ministry lambasted the United States’ restrictions, saying they pose “a significant threat” to the stability of global supply chains. Nvidia is also under antitrust scrutiny in the United States, according to Bloomberg.
Persons: Biden Organizations: CNN, Nvidia, China Central Television, Apple, US Commerce Department, Ministry, United, Senior, Bloomberg, Intel Locations: China, United States, Beijing
For Trump, this economy looks like a mirror image of the one he inherited in 2017. The soon-to-be Trump economy is facing down a trio of weak spots that could start to rear their heads pretty soon after Inauguration Day. Yes, the unemployment rate sits at just 4.1%, only a bit higher than its multidecade low. A variety of measures, however, suggest that the low headline unemployment rate overstates the degree of strength in the jobs market. In both cases, the unemployment rate was quite a bit higher, suggesting that the unemployment rate likely overstates the degree of health in the labor market.
Persons: Donald Trump, , Trump, George W, Bush, Barack Obama, Joe Biden, it's, Biden, Kamala Harris, Jerome Powell, They're, Scott Bessent, there's Organizations: Trump, Manufacturing, overinvestment, Mortgage, American, Plan, Infrastructure Investment, Jobs, Representatives, Biden, Energy, Team Trump, Consumer, Republican, Treasury Locations: Washington, Trump, Germany, China, American, steelmaking, Georgia, Arizona
Chinese-based ByteDance and its short-video app TikTok on Monday asked an appeals court to temporarily block a law that would require that parent company ByteDance to divest TikTok by Jan. 19 or face a ban, pending a review by the U.S. Supreme Court. On Friday, a three-judge panel of the appeals court upheld the law requiring ByteDance to divest TikTok in the United States by early next year or face a ban in just six weeks. Lawyers for the companies said the prospect the Supreme Court will take the case "and reverse is sufficiently high to warrant the temporary pause needed to create time for further deliberation." Trump, who unsuccessfully tried to ban TikTok during his first term in 2020, said before the November presidential election he would not allow the ban on TikTok. In 2020, Trump also tried to ban Tencent-owned WeChat, but was blocked by the courts.
Persons: Jan, Donald Trump, , Joe Biden, Trump Organizations: TikTok, U.S, Supreme, U.S ., Appeals, District of Columbia Locations: United States
Bank of America will lag its peers in a capital markets recovery cycle, Morgan Stanley predicted. BAC YTD mountain BAC YTD chart Shares of Bank of America have rallied 39% this year. While Bank of America will benefit from a capital markets rebound, Graseck also shared her preference for banks that are more skewed to capital markets, since those names will likely see more upside. "In a bear case, BAC is more credit exposed vs. capital markets pure plays," the analyst wrote. And while Bank of America could get a boost from that, other banks tied more closely to dealmaking and capital markets may get a bigger one.
Persons: Morgan Stanley, Betsy Graseck, Graseck, Goldman Sachs, Trump Organizations: America, Bank of America, Citi, of New York Mellon, State
Sacks will be Trump's crypto and AI czar, boosting Silicon Valley's place in the administration. After graduating from Stanford, Sacks attended law school at the University of Chicago. Now, Sacks is considered a member of the elite "PayPal Mafia," along with Thiel, Elon Musk, and LinkedIn co-founder Reid Hoffman. After leaving PayPal, Sacks pursued a brief stint in Hollywood and produced Thank You for Smoking, a 2005 satirical film that was nominated for a Golden Globe. On December 5, Trump announced that Sacks will serve as his AI and crypto czar, to the delight of some Silicon Valley execs.
Persons: Sacks, he's, Elon Musk, Peter Thiel, David Sacks, Donald Trump's, Thiel, ANDREW CABALLERO, REYNOLDS, I'm, Confinity, Reid Hoffman, Mark Zuckerberg's, Thiel's Palantir, SpaceX, Patrick McMullan, Hillary Clinton, Trump, Sen, Mitt Romney, Robert F, Kennedy Jr, Ron DeSantis, JD Vance, Sack, he'd, Musk, David, White, he'll Organizations: Stanford, PayPal, Venture, Craft Ventures, Stanford University, University of Chicago, PayPal Mafia, McKinsey, Thiel, eBay, LinkedIn, Times, Globe, Microsoft, Mark Zuckerberg's Facebook, Getty, Florida Gov, Trump, San, Republican National Convention, Truth Social, Big Tech, Reuters, White, Bloomberg, Securities and Exchange, Wall Street Locations: South Africa, Cape Town , South Africa, Tennessee, Hollywood, Silicon Valley, America, Valley
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets likely to adjust to potential near-term spike in oil prices: AnalystTom Kloza of OPIS discusses the bull case for oil prices despite the risks that exist, including potential tariffs from a new Donald Trump administration and the possibility of more supplies in the market.
Persons: Tom Kloza, OPIS, Donald Trump
China's top antimonopoly regulator is investigating Nvidia. China Central Television reported that Nvidia is being probed over violations of antimonopoly laws. AdvertisementChina's top antimonopoly regulator has launched an investigation into Nvidia, sending its shares down by 2.2% in premarket trading. The State Administration for Market Regulation is probing the chipmaker giant over potential violations of antimonopoly regulations, the watchdog announced Monday. The ministry said the measures were in response to fresh US chip export bans, which were also announced last week.
Organizations: Nvidia, China Central Television, Administration, Technologies, China's Ministry of Commerce, The, of Justice Locations: China, Santa Clara
A set of "sensible" regulatory guidelines can help make the U.S. a cryptocurrency superpower, according to Eric Trump, executive vice president of the Trump organization and son of president-elect Donald Trump. Speaking to CNBC's Dan Murphy in Abu Dhabi, United Arab Emirates, Eric Trump said Monday that he'd been a "big fan of crypto for a long time" and his father intends to "make America the crypto capital of the world" on his return to the White House. His comments come shortly after the price of bitcoin, the world's largest cryptocurrency, climbed above $100,000 for the first time. And so, we're incredibly excited on a lot of fronts," Eric Trump said. And again, America, you know, better lead the way, otherwise we're going to leave a lot behind," he added.
Persons: Eric Trump, Donald Trump, CNBC's Dan Murphy, he'd Organizations: Trump, United, Metrics Locations: U.S, Abu Dhabi, United Arab Emirates, DeFi ., America
Trump faces tightening web of US adversariesBut Trump has stiff challenges in Syria and beyond. Trump may have to quickly decide whether to maintain a deployment of hundreds of US troops in Syria to fight any resurgence of ISIS. And America’s problems with Russia, North Korea and Iran are compounded by the loose but expanding strategic synergy between the trio and China. And he announced the airstrikes by B-52 bombers, F-15 fighter jets and A-10 aircraft against ISIS targets in central Syria. McMaster, urged his old boss on Sunday to treat Iran, Russia, China and North Korea as different threads of the same challenge.
Persons: Donald Trump, Emmanuel Macron, Assad, , ” Trump, Trump, Republican Sen, Markwayne Mullin, Bashar al, Vladimir Putin, Trump’s, NBC’s Kristen Welker, Joe Biden, Ayatollah Ali Khamenei, Biden, , Fawaz, CNN’s Becky Anderson, Hafez al, Hayat Tahrir, Syria —, Putin, Volodymyr, Zelensky, Vladimir, ” McMaster, ” Uriel Epshtein, Organizations: CNN, Sunday, Republican, Press, NATO, Trump, ISIS, Hezbollah, Trump administration’s, Notre Dame Cathedral, United, London School of Economics, Hayat, EU, H.R, McMaster, “ Fox, Democracy, CNN International Locations: Paris, Syria, , Damascus, East, South Asia, United States, “ State, Iran, Russia, Ukraine, , al Qaeda, Lebanon, Gaza, Tehran, Israel, Yemen, Eurasia, Pyongyang, North Korea, China, Europe, Asia, barreling, United Nations, rearm, Jerusalem, Kyiv
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Lead Bank CEO and chair Jackie ResesLead Bank CEO, chair and co-founder Jackie Reses joins 'Squawk Box' to discuss the future of fintech, AI and crypto, impact of the second Trump administration, whether tech founders are being 'debanked', and more.
Persons: Jackie Reses, Trump Organizations: Lead Bank, Jackie Reses Lead Bank
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEverything Trump says about tariffs is 'completely and utterly wrong': StrategistPaul Gambles of MBMG Family Office Group says that Trump's tariffs risk taking away America's competitive advantage, and that markets will be both over-reacting and under-reacting to the Trump administration's 'crazy' trade policy.
Persons: Trump, Paul Gambles Organizations: Family
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLead Bank CEO Jackie Reses: Evolution of crypto will only add to the continuing evolution of bankingLead Bank CEO, chair and co-founder Jackie Reses joins 'Squawk Box' to discuss the future of fintech, AI and crypto, impact of the second Trump administration, whether tech founders are being 'debanked', and more.
Persons: Jackie Reses, Trump Organizations: Lead, Bank
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSethi: If we have a strong economy and some inflation, growth will do great. Sarat Sethi, Managing Partner at DCLA, discusses the investment landscape under the incoming Trump administration. He highlights reduced regulatory uncertainty and increased M&A activity as bullish factors, particularly for financial services. Sethi sees opportunities in healthcare and consumer staples despite some uncertainties.
Persons: Sethi, Sarat Sethi, Trump
Advanced Micro Devices — The chipmaker dropped more than 1% after a Bank of America downgrade to neutral from buy. Interpublic Group of Companies , Omnicom Group — The stocks moved in opposite directions after the companies announced that Omnicom will acquire Interpublic in a stock-for-stock transaction . Following the announcement, shares of Interpublic jumped nearly 15%, while Omnicom shares fell about 3%. SoFi Technologies — The fintech stock slipped 2% after a downgrade to underperform from neutral at Bank of America. PayPal — Shares of the fintech company rose 2% after Bank of America upgraded the stock to buy from neutral.
Persons: Vivek Arya, Omnicom, Interpublic, Reddit, Morgan Stanley, Brian Nowak, SoFi, , Fred Imbert, Jesse Pound, Lisa Kailai Han, Sean Conlon, Samantha Subin, Michelle Fox, Hakyung Kim Organizations: Nvidia, Administration, Bank of America, Big Tech, U.S . Special, Command, Interpublic, of Companies, Omnicom, Dow, Macquarie Asset Management, U.S, Technologies, PayPal Locations: China, Gulf
Republicans, after years of doom and gloom, are feeling great about the economy again. After years of mostly good vibes about the economy, consumer sentiment among Democrats tumbled in December to the lowest level since the summer of 2022, when gas prices were near $5 a gallon. The post-election shift in the economic perceptions of Republicans and Democrats is not shocking. Consumer spending powers the economyTrump has repeatedly argued that his unprecedented trade agenda will not reignite inflation. In theory, these gaps could have significant consequences for the US economy, which is driven in large part by consumer spending.
Persons: Donald Trump’s, , Oliver Allen, , ’ ”, Hector Sandoval, haven’t, Joanne Hsu, ” Hsu, “ It’s, Hsu, Trump, skyrocket, Reagan Organizations: New, New York CNN, Republicans, University of Michigan, Pantheon, University of Florida, University of Michigan’s Institute for Social Research, CNN, Federal Reserve, Trump Locations: New York, Mexico, Canada, China, Russia, Brazil
New York CNN —President-elect Donald Trump campaigned on the promise to create more American jobs and protect existing ones. For example, higher tariffs could help boost American manufacturing jobs if more businesses decide they want their goods made domestically to avoid the added cost of importing. That’s because, in response to being subjected to higher tariffs, impacted nations would likely impose comparable tariffs on American goods, he said. That could significantly raise American businesses’ costs while also reducing demand for their goods. Many American companies experienced this during Trump’s first term as China responded with tit-for-tat tariffs on American imports.
Persons: Donald Trump, Vance, Trump, Harry Holzer, Holzer, Elon Musk, Vivek Ramaswamy, ” Musk, Ramaswamy, Biden, , Tesla, Giacomo Santangelo, it’s, ” Santangelo Organizations: New, New York CNN, Trump, CNN, White House, Georgetown University, Brookings Institution, Department of Labor, Federal, Government, Justice Department, Education Department, Biden, Department of Energy, DOE, Federal Reserve Locations: New York, China
Citigroup sets 6,500 target for S&P 500 in 2025
  + stars: | 2024-12-09 | by ( Brian Evans | ) www.cnbc.com   time to read: +2 min
The bank set a 6,500 target for the S & P 500 for 2025 as its base case. .SPX YTD mountain The S & P 500 is on pace to add more than 20% for the second-straight year. Citi's bull case has the S & P 500 scaling to 6,900, while its bear case calls for a pullback to 5,100. Chronert also forecast earnings growth of more than 13% for S & P 500 companies in 2025. Previous work showed that tariffs are likely to create a drag to earnings," Chronert said.
Persons: Donald, Scott Chronert, Chronert, Trump's Organizations: Citi, White, Nasdaq, Dow Jones
Nvidia shares were under pressure Monday after a regulator in China said it was investigating the chipmaker over possible violations of the country's antimonopoly law. The State Administration for Market Regulation opened an investigation into the chipmaker in relation to acquisition of Mellanox, the Chinese government said Monday. "In recent days, due to Nvidia's suspected violation of China's anti-monopoly law and the State Administration for Market Regulation's restrictive conditions around Nvidia's acquisition of Mellanox shares ... the State Administration for Market Regulation is opening a probe into Nvidia in accordance with law," according to a statement translated by CNBC. The company has worked to create new products to sell in China that abide by the U.S. regulations. Shares have also helped push the market to new highs, along with the broader technology sector.
Persons: Jensen Huang, Biden, — CNBC's Evelyn Cheng Organizations: Center, Washington , D.C, Nvidia, Administration, Market, Mellanox, State Administration, CNBC, U.S, ChatGPT Locations: Washington ,, China, U.S
Interviews with more than a dozen individuals who worked with Patel shed new light on his path to power. After joining the White House as a member of the National Security Council, Patel became known as an aggressive colleague, sources say, often clashing with others. “The (FBI) director leads an agency that’s going after Russian and Chinese spies, mobsters, kidnappers,” one source familiar with the transition’s discussions about the FBI job told CNN. Earl Matthews, a former Trump official who worked with Patel in the White House, said he brings a unique resume to the job. ‘Why is Kash here?’By 2019, after Republicans lost their House majority, Nunes worked to make good on his promise to help Patel get to the White House.
Persons: Donald Trump’s, Kash Patel, Patel, , Lynn Hughes, , “ You’re, Hughes, Trump, MAGA, he’s, Earl Matthews, ” Matthews, “ He’s, He’s, “ Kash Patel, Robert O’Brien, Kash, , Alex Pfeiffer, Washington US Sen, Lindsey Graham, Donald Trump, Alex Wong, don’t, Justice Department’s, Devin Nunes, Nunes, General, Charles Kupperman, Kupperman, John Bolton, we’re, ’ ” Kupperman, Pat Cipollone, Cipollone, Sean Hannity, ‘ Sean, I’m, Charlie Kupperman, John Eisenberg, , Brandon Bell, Trump’s, ” Patel, Richard Grenell, Defense Mark Esper, Esper, ” Esper, CNN’s Kaitlan Collins, Jack Dempsey, Chris Miller, William Barr, mulled, Donald Trump Jr, Eric Trump, Ric Grenell, Mike Rogers, Joe Biden, Pam Bondi, ” Trump, that’s, Pam Organizations: CNN, FBI, Department, DOJ’s National Security Division, Justice Department, Washington Post, House, Pentagon, Capitol, Trump, House Intelligence, White, National Security Council, DOJ, National Security, , Washington US, Pace University Law School, Justice Department’s National Security Division, Ivy League, Justice, Republican, Republicans, Bolton, NSC, Fox News, Getty, House Intelligence Committee, National Intelligence, Defense, Navy SEAL, GOP Locations: Texas, Tajikistan, Washington, Miami, Russia, DC, Shabaab, America, Florida, Long Island , New York, surveil, Tucson , Arizona, American, West Africa, Patel, Africa, Colorado,
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