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☆ What Trump's pick for Treasury secretary could mean for global markets
▼ + stars: | 2024-11-25 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

Scott Bessent speaks at the National Conservative Conference in Washington D.C., Wednesday, July 10, 2024. Dominic Gwinn | Afp | Getty ImagesFinancial markets on Monday welcomed President-elect Donald Trump's pick for U.S. Treasury secretary, with currencies across the globe rallying on hopes that hedge fund manager Scott Bessent can take some of the sting out of Trump's more extreme economic views. "Trump's pick for Treasury Secretary has swelled investor sentiment further with stocks on Wall Street looking set for another flurry of gains," Susannah Streeter, head of money and markets at Hargreaves Lansdown, said in a research note. While many economists are skeptical about the effectiveness of tariffs, Bessent has defended them as "a useful tool for achieving the president's foreign policy objectives." Some strategists expect Trump's Treasury chief pick to be welcomed as good news for Asian currencies over the coming months.

Persons: Scott Bessent, Dominic Gwinn, Donald Trump's, paring, Trump, Bessent, Susannah Streeter, Hargreaves Lansdown, Scott Bessent's, George Soros, Trump's, Scott Spratt, Donald Trump, Brandon Bell Organizations: National Conservative Conference, Washington D.C, Afp, Getty Images, U.S, Treasury, Treasury Department, Connecticut, Key Square, Trump, Hargreaves, China News Service, US, Rabobank, Trump's Treasury, Societe Generale Corporate, Investment Banking, Asia FX, SpaceX, Via Reuters Locations: Washington, London, Xinfeng County, Ganzhou City, Jiangxi Province, China, U.S, Mexico, Treasuries, Brownsville , Texas

☆ An inside look at Treasury secretary nominee Scott Bessent's research process and 'competitive edge'
▼ + stars: | 2024-11-25 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

AdvertisementA 2017 presentation for macro investor Scott Bessent's hedge fund explains his research process and "edge." His firm, Key Square Capital, struggled to generate returns despite its strong pedigree. Bessent — the former righthand man for billionaire George Soros and now the nominee for Treasury secretary by President-elect Donald Trump — saw billions of dollars leave his firm, Key Square Capital, after its 2016 launch, Reuters reported. It's not clear if there have been any changes to the investment process in the seven years since the presentation was created. Advertisement"Key Square views its research process as a think tank that is bolted on to disciplined trading and risk management," one slide reads.

Persons: Scott Bessent's, Donald Trump, Bessent, George Soros, Donald Trump —, Soros, Jim Chanos Organizations: Key Square Capital, Reuters, Business, Associates, Key

☆ Scott Bessent: CEOs relieved about Trump pick to lead Treasury
▼ + stars: | 2024-11-25 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Business leaders say they are relieved President-elect Donald Trump made a safe choice to lead the Department of Treasury after more unconventional selections to other cabinet posts. Hedge fund executive Scott Bessent survived an internal squabble over the role of Treasury secretary, a key position that will face almost immediate deadlines and pressures. “Bessent is reasonable and pragmatic.”JPMorgan Chase CEO Jamie Dimon, one of the most powerful executives on Wall Street, is a fan, too. And for this key position, Trump opted to go with a pick that is not expected to draw a contentious confirmation battle. Trump instead picked Lutnick for Commerce secretary, another key role, though not as prominent as Treasury.

Persons: , Donald Trump, Scott Bessent, “, ”, Jeffrey Sonnenfeld, Jamie Dimon, Dimon, he’s, Jim Rogers, Jim Chanos, Stanley Druckenmiller, George Soros, Trump, Smoot, Hawley, ” Sonnenfeld, Larry Kudlow, Bessent, Biden, Kudlow, Cantor Fitzgerald, Howard Lutnick, Elon Musk, Sonnenfeld, Anthony Scaramucci, Jay Timmons, Mike Pence, ” Timmons, Timmons, Larry Summers, Clinton, CNN’s Fareed Zakaria, Summers, ” Tony Carrk, “ Scott Bessent’s Organizations: New, New York CNN — Business, of Treasury, Democrats, Yale Chief, Institute, JPMorgan, Wall, CNN, Federal Reserve, Congress, National Economic Council, Trump, Commerce, Treasury, Treasury Department, National Association of Manufacturers Locations: New York, ”, China

☆ The auto industry is pulling back on its ‘capital junkie’ tendencies after unprecedented spending on EVs, self-driving
▼ + stars: | 2024-11-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +13 min

It's a "capital junkie" that's been on a yearslong binge of unprecedented spending on all-electric and autonomous vehicles. The April 2015 report highlighted the industry's massive capital spending on overlapping or niche products that Marchionne was convinced could be solved through consolidation and shared capital spending. Most capital spending by automakers isn't wasted, but the industry isn't as efficient as other sectors, with minimal return on invested capital. Stock Chart Icon Stock chart icon Stocks of GM, Ford and Chrysler parent Stellantis in 2024. Courtesy: Business WireGM and Hyundai this summer entered into an agreement to explore "future collaboration across key strategic areas" in an effort to reduce capital spending and increase efficiencies.

Persons: bender, Morgan Stanley, Adam Jonas, It's, Sergio Marchionne, Marchionne, Sergio Marchionne Brendan McDermid, Jonas, Joe Hinrichs, isn't, We've, Rebecca Evans, Roland Berger, Ford, Peter Rawlinson, Andrew Kelly, Oliver Blume, Blume, Paul Jacobson, Jacobson, Rivian, RJ Scaringe, Mary Barra, Euisun Chung, codevelop, Stellantis, —, Carlos Tavares, Oliver Bunic Organizations: General Motors, Ford, Nissan Motor, Volkswagen Group, Chrysler, Companies, Research, GM, Volkswagen, Toyota Motor, Fiat, Rivian, Lucid, Fiat Chrysler, Reuters, Rivian Automotive, Hyundai Motor, Toyota, CSX Corp, Rehab, Nissan, CNBC, Lucid Motors, Nasdaq, Churchill Capital Corp, Reuters Volkswagen, VW, Honda, BMW, SAIC, Barclays, Saudi, Public Investment Fund, Hyundai, Detroit, French, PSA Groupe, Stellantis NV, Bloomberg, Getty Locations: Casa Grande , Arizona, Detroit, Japan, Germany, That's, New York City , New York, Europe, China, U.S, Kragujevac, Serbia

☆ Warren Buffett has advice for parents on inheritance planning
▼ + stars: | 2024-11-25 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

AdvertisementWarren Buffett shared advice on discussing inheritance with children in a nearly 1,500-word letter. Warren Buffett is sharing wisdom for parents: talk to your kids about their inheritance — before it's too late. Advertisement"When your children are mature, have them read your will before you sign it," Buffett wrote. in respect to testamentary decisions when you are no longer able to respond," Buffett wrote in the letter. Along with Melinda French Gates and Bill Gates, Buffett founded the Giving Pledge, a commitment for the world's billionaires to give the majority of their wealth towards philanthropy.

Persons: Warren Buffett, Buffett, they're, it's, Berkshire Hathaway, Susan Buffett, Howard, Peter, Susan, he's, jealousies, I've, Melinda French Gates, Bill Gates, Michael Bloomberg Organizations: Berkshire, Forbes

☆ Intel and Commerce Department close to finalizing roughly $8 billion CHIPS Act grant, source says
▼ + stars: | 2024-11-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Chipmaker Intel and the CHIPS Act Office are close to finalizing a deal which would award the company a roughly $8 billion grant, according to a person familiar with the matter, as the Biden administration moves to dole out funds before President-elect Donald Trump's inauguration. The U.S. awarded Taiwan Semiconductor Manufacturing Co. a $6.6 billion grant earlier this month, raising investor expectations that cash funding for Intel would come soon. Intel has benefited from CHIPS Act tax breaks but has not yet received cash awards, something which Intel CEO Pat Gelsinger has expressed dissatisfaction with. "We're frustrated that hasn't moved faster," Gelsinger told CNBC in October, referring to the CHIPS Act grants. U.S. House Speaker Mike Johnson had previously said he might look to repeal the bipartisan CHIPS Act, but he then walked back those comments.

Persons: Biden, Donald Trump's, Intel's, Pat Gelsinger, hasn't, Gelsinger, They've, Mike Johnson, acquirers Organizations: Intel, Commerce Department, Department of Defense, Street Journal, The New York Times, U.S, Taiwan Semiconductor Manufacturing, CNBC, Qualcomm Locations: Intel's

☆ NowThis made deep cuts to its staff for the second time this year
▼ + stars: | 2024-11-25 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

AdvertisementNowThis laid off about half its unionized newsroom, marking the second deep round of cuts this year. The layoffs affected 13 of 21 of NowThis' WGA East members. NowThis recently laid off about half its unionized newsroom, the second round of deep cuts this year at the digital news company. Thirteen of NowThis' 21 members of WGA East, which represents the newsroom, were impacted, according to a union representative. NowThis used to be part of Vox Media, which got the company in its 2021 acquisition of Group Nine Media.

Persons: NowThis, Michael Vito Valentino, Vox, George Soros Organizations: WGA, Fallen Media, MTV, Vox Media, Group Nine Media, NowThis, Open Society, Democratic, Noticias Para Inmigrantes Locations: NowThis

☆ CNBC Daily Open: Small- and mid-caps stole the limelight last week
▼ + stars: | 2024-11-25 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +5 min

NYSEThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayWinning week for marketsMajor U.S. indexes rose on Friday to end the week in the green, despite mega-cap stocks Nvidia and Alphabet shares dropping. [PRO] Interest rates back in focusThis week, the October personal consumption expenditures price index, out Wednesday, will dominate attention. The Dow Jones Industrial Average was 2% higher for the week and the S&P 500 and Nasdaq Composite both climbed around 1.7%.

Persons: GOOG, Donald Trump, Scott Bessent, Bessent, Kevin Warsh, Marc Rowan, Sir Richard Branson, Russell, Sam Stovall, Sundeep Gantori, — CNBC's Pia Singh, Alex Harring, Jesse Pound Organizations: New York Stock Exchange, NYSE, CNBC, U.S, Trump, Treasury, Fed, Anthropic Amazon, COP29, Virgin, U.S . Federal Reserve, Federal, Market, Nvidia, U.S . Department of Justice, Big Tech, Dow Jones, Nasdaq, Super Micro Company, CFRA Research, NVIDIA, UBS Locations: New York City, Anthropic, Azerbaijan

☆ Warren Buffett Publishes Letter on Giving Away Wealth, Kids, and Luck
▼ + stars: | 2024-11-25 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Warren Buffett surprised shareholders on Monday with a near-1,500-word letter alongside his usual Thanksgiving gift to four of his family's foundations. The famed investor and Berkshire Hathaway CEO said he would shortly convert 1,600 of his Class A shares into 2.4 million Class B shares, worth about $1.2 billion. Buffett picked more trustees to share his wealthIn his unexpected missive to Berkshire shareholders, Buffett said the gifts would reduce his personal stockpile to 206,363 A shares, worth $149 billion. Buffett said his late wife's estate was worth about $3 billion, and 96% of that went into the pair's foundation. They are also somewhat younger than my children," Buffett said, adding those individuals are "on the waitlist" and he hoped his children disbursed all his assets.

Persons: Warren Buffett, Buffett, Elon Musk, Susan Thompson Buffett, Susan Thompson Buffett Foundation —, —, Howard G, He's, — Howard, Susie, Peter —, curt, — Buffett, Bertie, Morgan, Rockefeller, didn't, they're Organizations: Berkshire Hathaway, Susan Thompson Buffett Foundation, Sherwood Foundation, Buffett Foundation, NoVo Foundation, Oracle, Elon, Bloomberg, Berkshire, Ford, Carnegie Locations: Berkshire, Omaha

☆ Trump's trade plan could mean higher prices, and avoiding the impact won't be simple
▼ + stars: | 2024-11-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, Trump's trade plans could spell trouble for prices, and preparing for it isn't so easy . AdvertisementThe prevailing theory among many economists is Trump's plan will increase prices and inflation as companies pass the cost of the taxes down to their customers. He told BI he views them more as a negotiation tactic with China and American companies with operations there. Still, some experts told BI they foresee obstacles to making it a reality . Sector experts told BI the massive chipmaker will continue to make its most advanced tech in Taiwan .

Persons: Drew Angerer, Tyler Le, Donald Trump's, Emily Stewart, We're, Philip Daniele didn't sugarcoat, John David Rainey, There's, Dominick Reuter, Emily, Trump, Nobel, Simon Johnson, Brian Cornell, Natalie Ammari Baby boomers, Scott Bessent, George Soros, Bluesky, Rose Wang, It's, Chelsea Jia Feng, Taylor Swift, they'll, crosshairs, Elon Musk, Vivek Ramaswamy's, Biden, Alex Jones, Menendez, Dan DeFrancesco, Grace Lett, Lisa Ryan, Ella Hopkins, Amanda Yen, Jack Sommers, Milan Sehmbi Organizations: Business, Getty, Walmart, Electronics, Target, Social Security, Treasury, Trump, Nvidia, White, Los Locations: China, Phoenix, Taiwan, Florida, Washington, Los Angeles, New York, Chicago, London

☆ Bitcoin's march to $100,000 stalls. Here's what's keeping it below the milestone
▼ + stars: | 2024-11-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Bitcoin hit a new record high last week, with prices climbing above $99,000 for the first time. CNBC asked analysts for their take on why bitcoin has so far failed to breach the widely-watched $100,000 mark. "There's a ton of leverage in the system right now," Novogratz, a longtime crypto investor, told CNBC's "Squawk Box" on Friday. Novogratz added that he's advocating investors buy "straight bitcoin" rather than bitcoin-exposed plays, such as MicroStrategy which owns a huge, multi-billion-dollar pile of bitcoin in its corporate treasury reserves. Deutsche Bank's Laboure said she thinks the idea of a U.S. national bitcoin is still far off, practically speaking.

Persons: Fernando Gutierrez, Donald Trump, Trump's, hasn't, bitcoin, Andre Dragosch, Bitwise, Bitcoin, Dragosch, Novogratz, CNBC's, David Morrison, Morrison, Marion Laboure, Trump, Gary Gensler —, Deutsche Bank's Laboure, Laboure Organizations: Getty, CNBC, Galaxy Digital, Trade, Deutsche Bank, bitcoin, Trump, Securities, Exchange, Deutsche Locations: Juarez, Europe, U.S

☆ Trump’s Middle East Envoy Has Prior Ties to Oil-Rich Nations There
▼ + stars: | 2024-11-25 | by ( Eric Lipton | ) www.nytimes.com time to read: +1 min

Steven Witkoff, the billionaire New York real estate executive whom President-elect Donald J. Trump has named as his special envoy to the Middle East, was in a jam. But there was a two-part rescue of sorts from the kind of real estate angels that New York property investors have increasingly turned to. First, Abu Dhabi’s sovereign wealth fund expanded its stake in the troubled hotel, Park Lane, which sits at the southern edge of Central Park. Then, in an even more crucial move, the Qatar Investment Authority last year dispatched $623 million as a leveraged buyout of Mr. Witkoff and his partners. The transactions — involving two oil-rich sovereign wealth funds from the Middle East — are a hint of the enormous flow of dollars pouring into U.S. real estate firms from entities associated with countries like Qatar, the United Arab Emirates, Saudi Arabia and Kuwait.

Persons: Steven Witkoff, Donald J, Trump, Witkoff’s, Abu, Witkoff Organizations: New, Justice Department, Qatar Investment Authority, Mr, United Arab Locations: New York, Manhattan, Park, Central, Qatar, United Arab Emirates, Saudi Arabia, Kuwait

☆ Stocks making the biggest moves midday: Bath & Body Works, Robinhood, Macy's and more
▼ + stars: | 2024-11-25 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading: Bath & Body Works — The Ohio-based personal care company climbed more than 16%, on pace for its best day since November 2022. The retailer raised its forecast for full-year adjusted profit and said it expects a smaller drop in annual sales, boosted by solid demand for personal care products and new store offerings. Robinhood — The financial services provider surged 5% after Morgan Stanley upgraded it to overweight, citing upside from President-elect Donald Trump's looming second term in office. Target's shares have lost about 12% year to date and the stock's 3.6% dividend yield is very "attractive," the firm said. Abercrombie & Fitch — The retailer gained 4% ahead of its third-quarter earnings release , expected Tuesday morning.

Persons: Morgan Stanley, Donald Trump's, Macy's, Oppenheimer, AGCO, Gordon, Abercrombie, Fitch, Biohaven, Piper Sandler, CNBC's Hakyung Kim, Jesse Pound, Yun Li, Michelle Fox, Pia Singh, Scott Schnipper Organizations: Farm Equipment Limited, Gordon Haskett Research, Intel, CNBC, Commerce Department, U.S, Bancorp, Citigroup, Arm, UBS, Santander — ADRs, BDO, Nasdaq, Truist Securities Locations: The Ohio, New York, The Minneapolis, British, Spanish, Santander

☆ Kohl’s CEO will step down. He’ll be replaced by the head of Michaels
▼ + stars: | 2024-11-25 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —Kohl’s announced its CEO Tom Kingsbury will step down on January 15, 2025, and will be replaced by the CEO of arts and crafts retailer Michaels. Ashley Buchanan, the next Kohl’s CEO, has been CEO of Michaels since 2020 and was a senior executive at Walmart and Walmart-owned Sam’s Club for 13 years. He took over after former Kohl’s chief executive Michelle Gass announced she was leaving the company to become the CEO at Levi’s (LEVI). Kingsbury will stay on as an advisor to Buchanan and on the Kohl’s Board of Directors until he retires in May 2025. Shares of Kohl’s dropped 5% in after-hours trading Monday.

Persons: New York CNN — Kohl’s, Tom Kingsbury, Michaels, Ashley Buchanan, Kingsbury, Michael Bender, Michelle Gass, LEVI, Buchanan, Kohl’s Organizations: New, New York CNN, Walmart, Sam’s Club, Kohl’s Locations: New York

☆ Banana auction billionaire's $30 million investment in Trump's crypto token highlights new ways to enrich president-elect
▼ + stars: | 2024-11-25 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

Justin Sun, founder of blockchain platform Tron, poses for a photograph in Hong Kong, China, on Friday, May 8, 2020. Tron blockchain founder Justin Sun has invested $30 million into Donald Trump's crypto project, World Liberty Financial, he announced Monday. "We are thrilled to invest $30 million in World Liberty Financial @worldlibertyfi as its largest investor," Sun wrote in a post on X. In exchange, Trump's LLC received billions of tokens and the right to 75% of revenues above a $30 million threshold. Sales now appear to have crossed the $30 million threshold to trigger revenue distribution to Trump's LLC.

Persons: Justin Sun, Tron blockchain, Donald Trump's, Sun, Trump, Bitcoin, TRON, WLFI, Zachary Folkman, Folkman Organizations: Liberty Financial, Liberty, Trump, Trump's, America, Etherscan Locations: Hong Kong, China

☆ Warren Buffett just shared his most detailed plan yet for his fortune when he dies
▼ + stars: | 2024-11-25 | by ( Bryan Mena | ) edition.cnn.com time to read: +10 min

Courtesy of Susie Buffett Laila Buffett poses with her three children -- from left, Roberta, Warren and Doris. Courtesy of Susie Buffett Buffett teaches a class at the University of Nebraska-Omaha. Courtesy of Susie Buffett Buffett married his first wife, Susan, in 1952. Courtesy of Susie Buffett Buffett poses for a photo in 1980. Daniel Acker/Bloomberg/Getty Images Buffett attends the world premiere of "Becoming Warren Buffett," a documentary about his life, in 2017.

Persons: Washington CNN — Warren Buffett, outlive, ” Buffett, I’ve, ”, Buffett, — Susie, Howard, Peter Buffett, “, “ I’ve, Susan Thompson Buffett, Melinda Gates, Warren Buffett, Nati, Laila, Howard Buffett, Susie Buffett, Ernest, Susie Buffett Laila Buffett, Warren, Doris, Susie Buffett Warren Buffett, Susie Buffett Buffett, Susan, Peter, Lee Balterman, Salomon, Marcy Nighswander, AP Buffett, Buffett's, Mark Peterson, Curt Hudson, Arnold Schwarzenegger, Kathy Willens, Chris Machian, Dave Weaver, Michael Israel, John Sleezer, Bill Gates, Mario Tama, Barack Obama, Obama, doggedly, isn't, Jim Watson, Daniel Acker, Harry Benson, Getty Images Buffett, Astrid, David Cameron, Brendan Hoffman, Kristoffer Tripplaar, Alamy Buffett, Scott Eells, Chris, Franklin, Ndamukong Suh, Charlie Munger, Scott Olson, Huang Jihui, Jason Miller, Adam Jeffery, Hillary Clinton, Kempin, Forbes, Andy Kropa, Scott Morgan, Reuters Buffett, Andrew Harrer Organizations: Washington CNN, Berkshire Hathaway, Susan Thompson Buffett Foundation, Melinda Gates Foundation, Bloomberg, University of Nebraska -, Getty, Federal Reserve, AP, Omaha for Berkshire, California Gov, Wall Street, Schwarzenegger's, Kansas City Royals, Kansas City Star, Girl Scouts, Buffett, Microsoft, Getty Images, White, British, Woodrow Wilson High, Washington, Forbes, Harlem Globetrotters, Cleveland Cavaliers, Moon, NBA, CNBC, Reuters Locations: Omaha , Nebraska, Omaha, University of Nebraska - Omaha, Omaha for, Woodstock, Trenton , New Jersey, New York, AFP, Berkshire, Washington , DC, Illinois, Sun Valley , Idaho

☆ Warren Buffett speaks out against creating family wealth dynasties, gives away another $1.1 billion
▼ + stars: | 2024-11-25 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Buffett believes family wealth dynasties could have negative consequences such as eroding personal growth and complicating relationships. "I've never wished to create a dynasty or pursue any plan that extended beyond the children," Buffett wrote in a lengthy letter Monday. He has appointed three trustees of his charitable trust to potentially succeed his children in disbursing his wealth. They are also somewhat younger than my children," Buffett wrote. He said he's built strong trust in his children's managerial ability and philanthropic ambition through years of observation.

Persons: Warren Buffett, Buffett, I've, Susie, Howie, Peter, disburse, he's Organizations: Oracle, BNSF Railway Locations: Berkshire Hathaway, Berkshire, Omaha , Nebraska, Omaha, Buffett's Berkshire

☆ Travis Kalanick, Marc Andreessen, and other Silicon Valley leaders are reportedly getting involved with Elon Musk's DOGE
▼ + stars: | 2024-11-25 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

AdvertisementElon Musk and Vivek Ramaswamy are making plans for The Department of Government Efficiency. Several notable Silicon Valley figures are involved in plans for the department, per the Journal. Musk has said he wants to cut $2 trillion from the federal budget to make it more efficient. Elon Musk and Vivek Ramaswamy are starting to shape the Department of Government Efficiency, or DOGE, and they appear to be turning to Silicon Valley leaders for support. DOGE, headed by Musk and Ramaswamy, is set to be an advisory group outside the government.

Persons: Elon Musk, Vivek Ramaswamy, Musk, Steve Davis, Antonio Gracias, Joe Lonsdale, Marc Andreessen, Bill Ackman, Travis Kalanick —, Shiba, Vivek Organizations: The Department, Government, of Government, Boring Company, Street Journal, Twitter, Elon, Ramaswamy, Business Locations: Silicon

☆ 4 investment strategies that will outperform the stock market in 2025, according to Goldman Sachs
▼ + stars: | 2024-11-25 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

AdvertisementInterest rate cuts and stable GDP growth boost market optimism for 2025. But AI-driven stock market gains may not sustain, with S&P 500 returns possibly muted. Goldman Sachs advises diversifying investments, focusing on value stocks and foreign markets. An earlier note from Goldman Sachs projected that the S&P 500 could have muted returns at 3% annually for the next decade. AdvertisementFinally, consider growth stocks that aren't pegged to technology, such as Eli Lilly, Honeywell International, Vertex Pharmaceuticals, and Chipotle, among others.

Persons: Goldman Sachs, Donald Trump's, it's, Peter Oppenheimer, Goldman, Eli Lilly Organizations: Honeywell, Vertex Pharmaceuticals, American Locations: Japan, Europe

☆ Progressive news outlet NowThis made deep cuts to its staff for the second time this year
▼ + stars: | 2024-11-25 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

AdvertisementNowThis laid off about half its unionized newsroom, marking the second deep round of cuts this year. A softness in digital advertising has led to widespread media layoffs in recent years. NowThis recently laid off about half its unionized newsroom, the second round of deep cuts this year at the progressive digital news outlet. The layoffs impacted 13 of NowThis' 21 members of WGA East, which represents the newsroom, a union representative told Business Insider. It joined Vox Media through Vox's 2021 acquisition of Group Nine Media.

Persons: NowThis, Michael Vito Valentino, Vox, George Soros Organizations: WGA, Business, Fallen Media, MTV, Vox Media, Group Nine Media, Open Society, Democratic, Noticias Para Inmigrantes Locations: NowThis

LAS VEGAS — Max Verstappen clinched his fourth Formula 1 world championship Saturday night under the bright lights of Sin City, cementing his standing among the legends of the sport. What a season,” Verstappen said while still in his car over team radio. 2024 F1 World Drivers Champion Max Verstappen celebrates after the F1 Grand Prix of Las Vegas on Saturday. Mark Thompson / Getty ImagesThe international sport has brought a new level of glitz and glamor — and a title-decider — to Las Vegas. After winning seven out of the first 10 races, Verstappen has won just one of the last 12 races.

Persons: Max Verstappen, McLaren's Lando Norris, Norris, Verstappen, Michael Schumacher, Lewis Hamilton, Sebastian Vettel, Alain Prost, Juan Manuel Fangio, “, ” Verstappen, It’s, ”, Sylvester Stallone, George Russell, Hamilton, Ferrari's Carlos Sainz, Mark Thompson, ” Paris Hilton, McLaren, Sainz, Charles Leclerc, “ It’s, ” Norris, Max, Red Bull, Mercedes, Sergio Perez, Austin —, Nevada’s Clark, Daniel Towriss, Michael Andretti, Bull, Ford, it's Organizations: VEGAS, Bull, Mercedes, Las, Las Vegas, ”, NBC News, Venetian, Bellagio, Ferrari, Vegas, Prix, Andretti, GM, FIA, Associated Press, Formula, Liberty Media, Department of Justice, Verstappen, McLaren Locations: Sin City, Las Vegas, Las, Vegas, United States, Miami, Nevada’s Clark County

☆ Goldman Sachs says these 11 stocks are next in line to benefit from the AI wave as Magnificent 7 dominance starts to fade
▼ + stars: | 2024-11-24 | by ( Christine Ji | ) www.businessinsider.com time to read: +4 min

Just seven stocks have fueled much of the market's rally: Amazon, Apple, Alphabet, Microsoft, Meta, Nvidia, and Tesla. Move over, Magnificent SevenAfter an incredible two-year rally, it's may be difficult to see the Magnificent Seven cooling off. For context, the Magnificent Seven outperformed the rest of the S&P 500 by 22% so far this year and 63% in 2023. "And so our analysis is there's potential for multiple expansion in those stocks," Kostin added. To find companies likely to see enhanced revenues from AI, Goldman Sachs analyzed recent messaging from company management regarding AI rollout.

Persons: Goldman Sachs, Tesla, David Kostin, Kostin, That's, Goldman Organizations: Microsoft, Meta, Nvidia, Digital Realty

☆ I want to thank shortsighted stock traders for allowing us to win the long game
▼ + stars: | 2024-11-24 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

I lost my church years ago, defrocked by the desire to teach through "Mad Money" and the Investing Club. The Investing Club owns them all except Tesla. 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: Mark Haines, Disney, Joe Kernen, David Faber, Andrew Ross Sorkin, Becky Quick, Larry Kudlow, Cramer, Haines, Rowan, Transocean, Jim Bob, Kudlow, Lazarus, Tesla, Russell, Jim Cramer's, Jim Cramer, Jim, Rob Kim Organizations: TikTok, Financial News Network, CNBC, Wall, Journal, GMA, Fox Business, Federal, Investing, Microsoft, Nvidia, Investing Club, Jim Cramer's Charitable Locations: TheStreet.com, gander

☆ 6 things we’re watching in the stock market in the holiday-shortened trading week ahead
▼ + stars: | 2024-11-24 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

While the magnitude of the guidance beat was perhaps not enough to satiate the most demanding of bulls, the stock was flat on the week. Our other cybersecurity stock, CrowdStrike , is one of the main events of this holiday-shortened week on Wall Street. We added to our CrowdStrike exposure last week after the stock came under pressure due to increased geopolitical tensions . ET: Pending Home Sales Thursday, Nov. 28 Stock market closed for Thanksgiving holiday Friday, Nov. 29 Stock market closes early at 1 p.m. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Donald Trump's, HomeGoods, Tuesday's, Trump, We'll, LSEG, CrowdStrike, Dow Jones, —, Jim Cramer's, Jim Cramer, Jim Organizations: Nvidia, Dow Jones, Nasdaq, Dow, Companies, Palo Alto Networks, Federal, Home, Palo, Body, Fluence Energy, Agilent Tech, Abercrombie, Fitch, DICK'S Sporting, Dell Technologies, Autodesk, HP, Urban Outfitters, Nordstrom, Jim Cramer's Charitable, CNBC, The New York Stock Exchange, NYSE Locations: Maxx, U.S, Burlington

☆ 'We were willing to risk everything': Gen-Z duo started a pasta sauce brand that brings in $1 million a month
▼ + stars: | 2024-11-24 | by ( Nicolas Vega | ) www.cnbc.com time to read: +6 min

That kind of energy, they thought, was missing from the pasta sauce aisle. "We probably took $150,000 — everything we made from that business, honestly, bottom line — and put it into Sauz," Bonde says. The pasta sauce aisle was crammed with basil marinaras, vodkas and creamy alfredos. Maybe shoppers would enjoy the flavor in their pasta sauce. "If I went and surveyed 1,000 pasta sauce shoppers, I don't think any of them would have said hot honey marinara.

Persons: Troy Bonde, Winston Alfieri, Sauz, they'd, Gen, —, Bonde, Alfieri, Covid, I'd, Ally Kroeckel, They'd Organizations: USC, CNBC, NextPace Ventures, Foods, Ford, Mazda Locations: China, WhatsApp, Angeles, California

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