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☆ 5 reasons why a Roth IRA is a 'no-brainer' for 'anyone in their 20s,' from certified financial planners
▼ + stars: | 2024-11-22 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

It's a "no-brainer" for "anyone in their 20s," says Eustache Clerveaux, a certified financial planner and senior analyst at Hudson Financial Group. This includes Roth 401(k)s. But for younger workers who don't have access to a workplace plan, a Roth IRA can be a great way to start building wealth. Like a 401(k), Roth IRA contributions benefit from compound interest, where your money and its returns grow together over time. Younger investors are less likely to hit Roth IRA income limitsOne key reason to start investing in your 20s is that you're more likely to qualify for a Roth IRA. This makes it an ideal time to pay taxes upfront on Roth IRA contributions.

Persons: Young, Roth, Eustache Clerveaux, Here's, You've, Stephen Maggard, you've, William Michael Lofley Organizations: Hudson Financial, Roth IRA Locations: South Carolina, Florida

☆ Your questions about Trump 2.0, answered
▼ + stars: | 2024-11-22 | by ( Zachary B. Wolf | Leinz Vales | ) edition.cnn.com time to read: +19 min

CNN —When we asked CNN readers for their questions about the incoming Trump 2.0 administration, we got a lot of nervous and scared feedback. Donald Trump and Ivanka Trump walk to Marine One at the White House in Washington, DC, on January 4, 2021. This is her response:Trump has promised to protect Social Security and not raise the retirement age or make other cuts. For more, read Luhby’s story on how a second Trump term could affect Social Security benefits. For his second term, Trump has promised to find military officials more loyal to him and that he’ll fight an “enemy from within” of political opponents.

Persons: Donald Trump’s, I’m, …, Catherine Shoichet, Shoichet, Trump, ”, Lisa Graybill, Tom Homan, He’s, Kelli Stump, she’s, “, Ashley, Joe Biden, Eric Gay, Stephen Miller, Trump’s, Alan, Jim Sciutto, Roman Plipey, Afghanistan –, Vladimir, Putin, Marco, Rubio, Mike, Waltz –, Tulsi, Gabbard, Will, Greg, ” Trump, Donald Trump, Ivanka Trump, Joshua Roberts, hasn’t, Tami Luhby, James, There’s, Portugal's, Armando Franca, Lawrence, Katie Lobosco, that’s, there’s, –, Biden’s, Will Trump, Biden, Emily, … Gustavo, doesn’t Biden, Steve Here’s, Ella Nilsen, Jim Watson, it’s, Will Trump’s, Keith Trump’s, Nixon, Adam, ” Sen, Adam Schiff of, ” Schiff, Matt Gaetz Organizations: CNN, Trump, Security, National Immigration Law Center, American Immigration Lawyers, Ashley Presidents, US Customs, National Guard, US, Ukraine, Getty, NATO, White, Reuters, Social, Social Security, Bee, FBI, New Jersey Trump, Republicans, Congress, Pentagon, Trump White House, NPR Locations: Rio, Mexico, Eagle Pass , Texas, Ukraine, Powers, Russia, China, Europe, Kyiv, Roman, AFP, Afghanistan, Maine, Washington ,, Barbara, Louisiana, Italy, Lisbon, Illinois, New Jersey, Florida, North Carolina, Colorado, Red Butte, Tusayan , Arizona, Adam Schiff of California

☆ Dozens of retailers jacked up interest rates on store cards ahead of Fed cuts
▼ + stars: | 2024-11-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +6 min

Now we see it's very common for these store cards to charge over 30%." Just before the Fed began its rate-cutting cycle in September, many retailers and their bank partners raised interest rates on their store cards to protect their profits when the federal funds rate — which determines their own interest rates — came down. Now, the average interest rate on a store card is at an all-time high just ahead of the holiday shopping season, which is when most consumers sign up for store cards. That was less than half of the interest rate increase for store cards seen from September 2023 to September 2024, when the federal funds rate didn't budge. When asked why they increased the APR on their store cards, the companies that returned CNBC's request for comment pointed vaguely to industry standards and the current economic environment.

Persons: Tommy, Petco, Ted Rossman, it's, Jasmine Matheney, Nordstrom, Matheney, you've, preemptively Organizations: U.S, Federal Reserve, Navy, Academy Sports, Fed, CNBC, Comenity Bank, Big Lots Locations: Petco, Burlington, Macy's, Michael's, Michigan

☆ One of Trump’s Treasury contenders hails from the most cutthroat private equity firm on Wall Street
▼ + stars: | 2024-11-22 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

The words “private equity” are almost poetic in their power to obfuscate in such a way that most people simply tune out when they hear them. But there’s a reason workers tend to have a negative association with private equity. Per Bloomberg, Apollo “built its name as the scrappiest private equity and distressed-debt investor on Wall Street by buying businesses and loading them up with debt that offered creditors meager protections in the face of default.”Historically, private equity deals were largely handled by big banks. Private equity firms now hold controlling stakes across an array of industries, including supermarkets, housing, health care, fashion, restaurants and vet clinics. And other efforts to force more transparency and accountability in private equity have similarly faced opposition.

Persons: CNN Business ’, Marc Rowan, Donald Trump’s, Rowan, Bill Lazonick, he’s, ”, Megan Greenwell, aren’t, ” Dennis Kelleher, Apollo “, it’s, Sen, Elizabeth Warren of, hadn’t, Scott Bessent, Kevin Warsh, “, ” Greenwell Organizations: CNN Business, New York CNN, Apollo Global Management, Treasury, OCC, Republicans, Industry Research Network, — Bloomberg, KKR, Blackstone, Carlyle Group, Securities and Exchange Commission, “, Research, Treasury Department, Bloomberg, Financial Times, Federal Reserve Locations: New York, ”, Elizabeth Warren of Massachusetts

☆ A 26-year-old solopreneur with a 6-figure business shares 4 tips for successfully transitioning from a normal job to a full-time content creator
▼ + stars: | 2024-11-22 | by ( Christine Ji | ) www.businessinsider.com time to read: +6 min

AdvertisementNatalie Fischer quit her corporate job to become a solopreneur creating financial content. In 2023, Fischer took a leap of faith and quit her corporate job to focus full time on finance content creation as a solopreneur, or a one-person business. Advertisement"That gave me a lot of comfort knowing that if worse comes to worse, I can always get another job," Fischer said. You can do bothBeing a solopreneur and working a corporate role aren't diametrically opposed. Fischer has seen fellow solopreneurs balance a content creation business, a corporate role, and even write a book at the same time.

Persons: Natalie Fischer, Fischer, influencer, Fischer couldn't, She's, Fischer's, Goldman Sachs, didn't, I'd, Christine Ji Organizations: Business

☆ Morgan Stanley cautions against owning overcrowded stocks for risk of high valuation, volatility
▼ + stars: | 2024-11-22 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Owning overcrowded stocks could increase volatility and lead to muted portfolio gains, according to Morgan Stanley. "Crowded trades come with the risk of overvaluation and increased volatility as it may be more difficult to attract the marginal investor, while avoiding overcrowded stocks can provide investors with an opportunity to capture unrecognized value when paired with strong fundamentals," Morgan Stanley strategists said in a note to clients. Car rental agency Avis Budget Group was the most crowded stock among hedge funds, with more than half its float owned by professional traders. Aerospace and defense company Loar Holdings and real estate development and management firm Howard Hughes were also on the list of crowded trades. Janus Henderson , The New York Times , Planet Fitness and Wayfair were popular names among hedge funds last quarter.

Persons: Morgan Stanley, Russell, Howard Hughes, Janus Henderson Organizations: Avis Budget Group, Aerospace, Loar Holdings, The New York Times Locations: The

Matt Gaetz’s withdrawal Thursday as a candidate for attorney general illustrates the roadblocks President-elect Donald Trump could face as he attempts to convert his campaign of “retribution” into a governing coalition capable of working within the realities of Washington. In Gaetz, Trump would finally get the loyal attorney general he felt like he never had in his first term. But it was a tough sell from the moment Trump announced Gaetz as his choice eight days ago — in a pick that shocked much of Washington. In the end, it was the “combination of the ethics report and opposition among Senate Republicans,” that doomed Gaetz’s candidacy, a senior Senate aide told NBC News. Before Gaetz’s withdrawal Thursday, Trump allies were pushing hard on GOP senators and other ambitious Republicans to publicly support his embattled Cabinet picks.

Persons: Matt Gaetz’s, Donald Trump, ”, Gaetz, MAGA, Trump, “, Vance, ” Gaetz, Sens, Mitch McConnell of, Lisa Murkowski, Susan Collins of, Markwayne Mullin, John Curtis of Utah, JD Vance, ” Sen, Mike Rounds, ” Rounds, Pete Hegseth, shouldn’t, Robert F, Kennedy Jr, Tulsi Gabbard, Matt, they’re Organizations: Republican, The Justice Department, Republicans, NBC News, Trump, Capitol, Gaetz, “, Senate, Fox News, Justice Department Locations: Washington, Florida, Trump, Mitch McConnell of Kentucky, Alaska, Susan Collins of Maine, Oklahoma, Ohio, Hawaii

☆ 73% of workers worry Social Security won’t be able to pay retirement benefits. Here’s what advisors say
▼ + stars: | 2024-11-21 | by ( Lorie Konish | ) www.nbcnews.com time to read: +4 min

Most Americans are concerned about what may happen to Social Security when its retirement trust fund crosses a projected 2033 depletion date, according to a new Bankrate survey. Nearly three-quarters, 73%, of non-retired adults and 71% retired adults say they worry they won’t receive their benefits if the trust fund runs out. Social Security’s actuaries project the fund the program relies on to pay retirement benefits will be depleted in 2033. Retirees can claim Social Security retirement benefits as early as age 62, though they take a permanent lifetime reduction. Social Security is “inflation indexed longevity insurance,” said CFP David Haas, owner of Cereus Financial Advisors in Franklin Lakes, New Jersey.

Persons: Gen Xers, someone’s, ”, Mark Hamrick, Zers, it’s, —, they’ve, George Gagliardi, ” Gagliardi, David Haas, ” Haas, Xers, Haas Organizations: Security, Bankrate, Social, actuaries, Social Security, Cereus Financial Locations: millennials, Lexington , Massachusetts, Franklin Lakes , New Jersey

If Steel wins, that number would be 151, the same number of women serving in Congress on Election Day, and the first stall in progress since 2016, when President-elect Donald Trump won his first term. Both scenarios mean the number of women in the next Congress will also fall short of the current record of 152 women, following Texas Democratic Rep. Erica Lee Carter’s special election win this month. Senate Republican women will also meet their current record, with nine in the chamber. The number of House Republican women will decrease because of some losses and retirements, falling from 34 in the current Congress to 31 or 32, depending on Steel and Miller-Meeks’ races. After Trump’s first election in 2016, Democrats did see a surge in women running for Congress in 2018, and a wave of Republican women stepped up to run two years later in 2020.

Persons: Mary Peltola, Republican Nick Begich, Michelle Steel, Derek Tran, Steel, Mariannette Miller, Meeks, Christina Bohannon, Donald Trump, Kelly Dittmar, Erica Lee Carter’s, ” Dittmar, Maryland’s Angela Alsobrooks, Delaware’s Lisa Blunt Rochester, North Dakota Republican Julie Fedorchak, South Carolina Republican Sheri Biggs, Elise Stefanik, Stefanik, ” Danielle Barrow, Sara Spain, Dittmar, ’ ”, Oregon’s Janelle Bynum, Laura Gillen, House Republicans ’, Trump’s, It’s, “ We’ve Organizations: Democratic Rep, NBC News, Republican, Senate, Center for American Women, Rutgers University's Eagleton Institute, Politics, Steel, Trump, Texas Democratic, Democratic, Senate Republican, North Dakota Republican, South Carolina Republican, United Nations, GOP, House Republicans Locations: Alaska, Southern California, Iowa’s, South, West Virginia , Ohio, Montana

☆ SEC Chair Gary Gensler will step down Jan. 20, making way for Trump replacement
▼ + stars: | 2024-11-21 | by ( Jesse Pound | ) www.nbcnews.com time to read: +2 min

Securities and Exchange Commission Chair Gary Gensler will resign on Jan. 20, the agency announced Thursday, paving the way for President-elect Donald Trump to select a replacement immediately. Gensler took over the SEC in 2021, and under his leadership the commission has taken an ambitious but controversial approach to several regulatory issues, including cryptocurrencies. Trump has not announced his pick to lead the SEC, but the expectation is that the next chair will be friendlier to Wall Street and crypto. SEC commissioners serve five-year terms, so Gensler could have in theory stayed on until at least 2026. Under Gensler, the SEC pushed to require more disclosures from publicly traded companies and financial advisors for investors.

Persons: Gary Gensler, Donald Trump, Gensler, Trump, ” Gensler, Gensler’s Organizations: Securities, Exchange, SEC, cryptocurrencies, Gensler’s SEC

☆ Most employees don't leverage this 'triple-tax-free' account, advisor says. Here's how to use it
▼ + stars: | 2024-11-21 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Many employees have a health savings account, which offers tax incentives to save for medical expenses. However, most are still missing out on long-term HSA benefits, experts say. But you need an eligible high-deductible health plan to make contributions. Some 66% of employees picked an HSA-qualifying health plan when given the choice, according to the Plan Sponsor Council of America survey. However, the best health insurance plan depends on your family's expected medical expenses for the upcoming year, experts say.

Persons: Ted Jenkin, Biden Organizations: of America, Finance, Trump, of Locations: America, Atlanta

☆ There's still plenty of 'meat on the bone' in municipal bonds, Vanguard portfolio manager says
▼ + stars: | 2024-11-21 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

So that's why I say there's plenty of meat left on the bone for investing in credit munis," McFee said. Sector outlook Municipal bond funds buy and hold fixed income instruments issued by state and local governments or related entities. Over the past month, major index funds iShares National Muni Bond ETF (MUB) and Vanguard Tax-Exempt Bond ETF (VTEB) have raked in about $2.2 billion of combined inflows, according to FactSet. The big iShares and Vanguard muni funds have each returned about 1.7%, year to date, compared with 1.6% for the iShares Core U.S. And Vanguard is not the only asset manager pushing new muni funds into the market.

Persons: weren't, Steve McFee, McFee, Goldman Sachs Organizations: Vanguard, Bond, McFee, AAA, Muni Bond ETF, Vanguard muni, iShares, Aggregate Bond

☆ Wisconsin kayaker accused of faking his own drowning is alive in Europe, officials say. Investigators are begging him to return home
▼ + stars: | 2024-11-21 | by ( Elizabeth Wolfe | ) edition.cnn.com time to read: +6 min

CNN —Ryan Borgwardt, a Wisconsin kayaker accused of faking his own drowning and fleeing the country, is alive somewhere in Eastern Europe and has been talking to investigators, officials said. “Great news: we know that he’s alive and well,” Green Lake County Sheriff’s Office Chief Deputy Matthew L. Vande Kolk said Thursday. Borgwardt told investigators that he thought they would stop searching for him after about two weeks, officials said. He chose Green Lake, in part, because it is the deepest natural lake in Wisconsin. The FBI, Department of Homeland Security and the Wisconsin Department of Criminal Investigations are assisting investigators, Vande Kolk said.

Persons: CNN — Ryan Borgwardt, it’s, “, Matthew L, Vande Kolk, Ryan, Borgwardt, ” Borgwardt, Green Lake Sheriff Mark Podoll, Vande, ”, ” Vande Kolk, Kolk, Borgwardt’s, Podoll, Keith Cormican, Bruce’s, ” Cormican, …, Amanda Musa Organizations: CNN, Sheriff’s, Canada, Green Lake Sheriff, FBI, Department of Homeland Security, Wisconsin Department of Criminal Investigations Locations: Wisconsin, Eastern Europe, Lake, Green, Watertown , Wisconsin, Europe, Madison, Detroit, Uzbekistan, Canada

☆ Two Sigma's new leaders have made their mark with hundreds of job cuts. Here's what could come next for the $60 billion firm.
▼ + stars: | 2024-11-21 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

The hedge fund is run by co-CEOs Carter Lyons and Scott Hoffman, who took over for Two Sigma's billionaire cofounders in September. The firm is planning to continue to invest in its core strategies, a person close to the manager said. Related Video How tech layoffs could affect the economyNo portfolio managers were eliminated, a person close to the manager told Business Insider. AdvertisementThe goal is to be more disciplined as the firm grows going forward, the person close to Two Sigma said. AdvertisementIn this light, the latest cuts could be seen as a clean-up of balance sheet bloat — but the person close to the firm said that a listing has not been discussed in any form.

Persons: Carter Lyons, Scott Hoffman, cofounders, cofounders John Overdeck, David Siegel, Lyons, Hoffman, Lazard's Organizations: Sigma, Business, Bloomberg, shepherding Locations: New York

☆ Parts of Russia are canceling New Year's parties to redirect funds to the war in Ukraine
▼ + stars: | 2024-11-21 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

AdvertisementOfficials in two Russian regions have said public bodies won't be holding New Year's parties this year. The regions said that they're planning to redirect funds to the war in Ukraine instead, per reports. The governments of several Russian regions have decided not to hold New Year's parties, with many proposing to allocate savings to funding the war in Ukraine, according to multiple reports. The Buryatia region's Telegram account proposed using the saved funds for those participating in the war, and encouraged others to do the same. There are signs that Russia's public sector is under strain, with large layoffs planned in 2025.

Persons: Leningrad's, Vladimir Putin Organizations: New, Moscow Times, Telegraph, Church, Russian Kommersant, Atlantic Council Locations: Ukraine, Russia, Buryatia, Sakha, Ulan, Ude, Russia's, Tomsk, Saint Petersburg, Yaroslavl, Nizhny Novgorod, Russian

☆ Adani vs. Hindenburg: How one of India's biggest empires descended into chaos
▼ + stars: | 2024-11-21 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

Gautam Adani, the billionaire chairman of India's Adani Group, was indicted on Wednesday along with seven others in New York federal court for his involvement in a large-scale bribery and fraud scheme. March 2023 to May 2023In March, India's Supreme Court sets up an independent six-member panel to investigate the allegations made in the Hindenburg report. Then in May, the court-appointed panel said it has "drawn a blank" in its probe into Adani group, according to Reuters. December 2023 to January 2024By the end of 2023, Adani Enterprise shares had recovered from the fallout and concluded the year with smaller declines of 26%. Modi has been accused by opposition leader Rahul Gandhi for assisting the Adani Group in securing contracts in Sri Lanka, India and Australia.

Persons: Gautam Adani, Hindenburg, Adani, Madhabi Puri, Narendra Modi, Modi, Rahul Gandhi Organizations: Hindenburg Research, India's, Adani, Hindenburg, Adani Enterprises, Reuters, Adani Enterprise, Bloomberg, Indian, Forbes Locations: Krakow, Poland, New York, Asia, Madhabi Puri Buch, Sri Lanka, India, Australia

☆ OpenAI CEO Sam Altman was paid $76,001 last year
▼ + stars: | 2024-11-21 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Its CEO, however, was paid a relatively modest five figures at OpenAI in 2023, filings show. OpenAI CEO Sam Altman was paid $76,001 in compensation in 2023 to lead what's now one of the most valuable startups in the world, the company's tax filings for the year showed. During a hearing before a senate judiciary subcommittee in May 2023, Altman said he gets "paid enough for health insurance" and that he receives no equity in OpenAI. Bloomberg estimated in March 2024 that the CEO is worth at least $2 billion, not including any stake he may have in OpenAI. Altman denied during an all-hands meeting with employees that there were plans for him to receive a "giant euqity stake," CNBC reported.

Persons: Sam Altman, what's, Altman, Ilya Sutskever, Chris Clark, Sutskever, Clark, OpenAI Organizations: Microsoft, Census Bureau, Social Security Administration, Bloomberg, CNBC Locations: OpenAI, San Francisco County

☆ HSBC names 3 'underappreciated' Asian stocks to watch in 2025 — giving one 63% upside potential
▼ + stars: | 2024-11-21 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

Meituan HSBC is bullish on Meituan and has a target price of 220 Hong Kong dollars ($28.30) on the stock, giving it 25.8% upside potential. "Despite the macro challenges, Meituan's growth profile remains resilient," said Charlene Liu, HSBC Global Research's head of internet and gaming research for Asia-Pacific. Calling it a "best-in-class small-cap" idea, HSBC Global Research's India health-care analyst Damayanti Kerai believes it is "well positioned to sustain healthy growth." Kia's shares have been on an uptrend, gaining around 8% in the last five days. HSBC has a target price of 160,000 Korean Won ($114.80) on the stock, implying nearly 63.1% upside potential.

Persons: Charlene Liu, Liu, Damayanti Kerai, Kerai, Will Cho, Cho, — CNBC's Michael Bloom Organizations: HSBC, Hong, HSBC Global Research's, Morningstar, Hong Kong Exchange, Krishna, Medical Sciences, Bombay Stock Exchanges, Kia, Korea Exchange, Won Locations: Asia, Hong Kong, U.S, HSBC Global Research's India, Korean, HSBC Global Research's Korea, EU

☆ Citadel founder Ken Griffin said he would be 'open' to selling a stake in his $65 billion hedge fund
▼ + stars: | 2024-11-21 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

AdvertisementCitadel founder Ken Griffin said on Thursday that he's "open" to selling a stake in his hedge fund. Griffin had previously sold a minority stake in his market maker to VC funds Sequoia and Paradigm. BlackRock's potential investment into Izzy Englander's Millennium might have Citadel founder Ken Griffin thinking. Griffin said Sequoia has pushed Citadel Securities' leadership in the boardroom, making them a better company. AdvertisementAs for who he'd want as a minority stakeholder of Citadel, Griffin clearly has a type.

Persons: Ken Griffin, Griffin, Izzy Englander's, Larry Fink, Sam Bankman, he'd, that's, it's, Sequoia Organizations: Citadel, Sequoia, Economic, of New, BlackRock, Millennium, Financial Times, Bloomberg, Citadel Securities, Apple, Nvidia Locations: of New York, York

☆ Goldman's hedge fund stock list is up 30% this year. Here's what's in it
▼ + stars: | 2024-11-21 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Goldman Sachs' list of top-performing longs in hedge funds has seen outsized gains in 2024, a sign that moves made by these firms have paid off this year. The bank's so-called very important positions, or "VIP," list has climbed about 30% year to date. Goldman strategist Ben Snider noted that hedge funds shifted somewhat to cyclical industrials from defensives in the third quarter, allowing them to benefit from the postelection rally. Goldman has a running list of its very important stock picks within hedge fund long holdings. However, most analysts surveyed by LSEG rate the stock a buy or strong buy, consensus price targets suggests shares may drop more than 23%.

Persons: Goldman Sachs, Goldman, Ben Snider, Snider, Mike Tyson, Jake Paul, AppLovin, Piper Sandler, James Callahan, Eli Lilly, Donald Trump, Robert F, Kennedy, Jr Organizations: China ADR, Netflix, Department of Health, Human Services, LSEG Locations: defensives, China

☆ New York City FC, Etihad Airways agree to 20-year naming rights deal for new MLS stadium
▼ + stars: | 2024-11-21 | by ( Jake Piazza | In | ) www.cnbc.com time to read: +2 min

The club is partnering with Etihad Airways for the exclusive naming rights to the new venue in Queens, New York, which will officially be called Etihad Park, according to a joint press release. Sims said the new venue opens up lucrative partnership opportunities, and the naming rights agreement is a prominent one. Etihad Park is being built with private funds. Etihad Park isn't the only new addition to Queens. As for why the new stadium name is Etihad Park and not "stadium" or "arena," it's an homage to New York City's iconic green spaces, according to Sims.

Persons: Brad Sims, Sims, Pete Giorgio Organizations: New, New York City, Major League Soccer, Etihad Airways, Etihad, New York City FC, CNBC, Yankee Stadium, Citi Field, MLS, Deloitte, Etihad Park Locations: New York, Queens , New York, Queens

☆ The market is having knee-jerk reactions to Trump's picks. That could spell buying opportunities
▼ + stars: | 2024-11-21 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Big swaths of the market have pulled back since the Nov. 5 election. Vaccine makers and processed food companies suffered after Robert F. Kennedy Jr., a prominent vaccine skeptic, was tapped to lead the Department of Health and Human Services. Just this week, HSBC upgraded Moderna to buy from hold, saying that its "pipeline deserves more than the market is giving it credit for." BioNTech, which pulled back more than 5% this month, was identified by Evercore ISI this week as a buying opportunity. AbbVie and First Solar are two other stocks with strong upside potential, based on analysts' consensus price targets compiled by FactSet.

Persons: Donald Trump's, Robert F, Kennedy Jr, Elon Musk, Vivek Ramaswamy, Nanette Abuhoff Jacobson, Luke O'Neill, FactSet Organizations: Department of Health, Human Services, Defense, Department of Government, Hartford Funds, Catalyst, Alpha Fund, White House, Moderna, HSBC, Evercore ISI, RFK Jr Locations: China

☆ SEC Chair Gary Gensler will step down Jan. 20, make way for Trump replacement
▼ + stars: | 2024-11-21 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

SEC commissioners serve five-year terms, so Gensler could in theory have stayed on until at least 2026. Gensler took over the SEC in 2021, and under his leadership the commission has taken an ambitious but controversial approach to several regulatory issues, including cryptocurrencies. Trump has not announced his pick to lead the SEC, but the expectation is that the next chair will be friendlier to Wall Street and crypto. Securities and Exchange Commission Chair Gary Gensler will resign on Jan. 20, the agency announced Thursday, paving the way for President-elect Donald Trump to immediately select a replacement. Under Gensler, the SEC pushed to require more disclosure from publicly traded companies and financial advisors for investors.

Persons: Gensler, Trump, Gary Gensler, Donald Trump, Elon Musk, Musk, Gensler's, — CNBC's Lora Kolodny Organizations: SEC, cryptocurrencies, . Securities, Exchange, Gensler's SEC, Twitter, Trump, Government Efficiency

☆ Former New York cop pleads guilty to foreign exchange fund fraud conspiracy
▼ + stars: | 2024-11-21 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +1 min

U.S. Attorney for the Eastern District of New York, Breon Peace, speaks during a news conference in Brooklyn, New York, U.S., October 22, 2024. Former New York City police officer Jason Rodriguez pleaded guilty to conspiracy to commit wire fraud related to his role as the chief operating officer of a foreign exchange investment fund, prosecutors said in a release Thursday. Rodriguez, 38, was indicted in a Brooklyn federal court in February after he lied to investors and lost most of the $4.8 million put into his forex investment fund, Technical Trading Team. To date, approximately $3.5 million of those funds have not been paid back to the investors, according to the U.S. Attorney's Office for the Eastern District of New York. "In reality, there were no guardrails, he resigned from the NYPD in disgrace, and he lost most of the money, inflicting substantial harm on his victims."

Persons: Jason Rodriguez, Rodriguez, Breon Pace, Peace Organizations: Attorney, Eastern, of, Former New York, Attorney's Locations: of New York, Brooklyn , New York, U.S, Former New York City, Brooklyn, United States

☆ 73% of workers worry Social Security won't be able to pay retirement benefits. Here's what advisors say
▼ + stars: | 2024-11-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Most Americans are concerned about what may happen to Social Security when its retirement trust fund crosses a projected 2033 depletion date, according to a new Bankrate survey. Nearly three-quarters, 73%, of non-retired adults and 71% retired adults say they worry they won't receive their benefits if the trust fund runs out. That includes 81% of working baby boomers and 82% of Gen Xers who are worried they may not receive their benefits at retirement age if the trust fund is depleted. Social Security relies on trust funds to supplement its monthly benefit payments that currently reach more than 72.5 million beneficiaries, including Supplemental Security Income beneficiaries. Social Security's actuaries project the fund the program relies on to pay retirement benefits will be depleted in 2033.

Persons: Gen Xers, someone's, Mark Hamrick, Trump, Zers Organizations: Security, Bankrate, Finance, Social, actuaries Locations: millennials

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