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☆ Startups are ready to thrive under Trump, but some uncertainty remains in a key corner of the space
▼ + stars: | 2024-11-11 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . What's on deck:Markets: The Wall Streeters advising Trump's transition team on key economic appointments . But regulators launched investigations and filed lawsuits against Big Tech during Trump's first term. News briefTop headlinesAdvertisement3 things in marketsChip Somodevilla/Getty Images; Getty; Rebecca Zisser/BIWho Trump is turning to on Wall Street for advice.

Persons: —, Drew Brees, Donald Trump's, Elon, Jenny Chang, Rodriguez, Donald Trump, Elon Musk, Trump, Samantha Stokes, Riddhi Kanetkar, Helen Li, Biden, Lina Khan's, Money, Chip Somodevilla, Meta's Mark Zuckerberg, JD Vance, Khan, Zuckerberg, Amazon's Jeff Bezos, OpenAI's Sam Altman, Somodevilla, Rebecca Zisser, Cantor Fitzgerald, Howard Lutnick, Marc Rowan, Blackstone, Steve Schwarzman, Charles Schwab, Herb Sutter, Ken Griffin's, Sutter, he's, Jordan Strauss, Elon Musk's, Reddit, Lebaredian, Chelsea Jia Feng, Kamala Harris, it's, Dan DeFrancesco, Grace Lett, Hallam Bullock, Ella Hopkins, Amanda Yen, Milan Sehmbi Organizations: Business, Service, Super Bowl, Tech, Trump, Microsoft, Nvidia, Big Tech, Wall, Citadel Securities, White, BI, Google, Veterans, World Meteorological Organization Locations: States, Anthropic, Reddit's, New York City, State, Azerbaijan, New York, Chicago, London

☆ OpenAI is reportedly struggling to improve its next big AI model. It's a warning for the entire AI industry.
▼ + stars: | 2024-11-11 | by ( Hasan Chowdhury | Beatrice Nolan | ) www.businessinsider.com time to read: +7 min

It reignites a debate about the feasibility of developing increasingly advanced models and AI scaling laws — the theoretical rules about how the models improve. It remains to be seen how smart an AI model can get when it has that much capital thrown at it. There could also be strategies to make AI models smarter by enhancing the inference portion of development. The model OpenAI released in September — called OpenAI o1 — focused more on inference improvements. Still, it's clear that, like Altman, much of the industry remains firm in its conviction that scaling laws are the driver of AI performance.

Persons: OpenAI's, It's, —, Sam Altman, Fabrice Beaulieu, Altman, OpenAI, Andrew Caballero, Reynolds, Ion Stoica, Gary Marcus, Anthropic, Marcus, Claude, Ilya Sutskever, Dario Amodei, Kevin Scott, we're, Scott, they've Organizations: Service, OpenAI's, Orion, Business, Getty, Companies, New York University, Reuters, Sequoia, o1 Locations: GPT, Silicon Valley, AFP

☆ FTX sues crypto exchange Binance and its former CEO Zhao for $1.8 billion
▼ + stars: | 2024-11-11 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

The estate of collapsed crypto exchange FTX has filed a suit against Binance and its former CEO Changpeng Zhao in an effort to wrest back at least $1.76 billion, citing a "fraudulent" share deal. The FTX estate alleges that the share repurchase was funded by FTX's Alameda Research division through a combination of the company's and Binance's exchange tokens, as well as Binance's dollar-pegged stablecoin. Binance denies the allegations, saying in an emailed statement: "The claims are meritless, and we will vigorously defend ourselves." That same month, Binance's Zhao pleaded guilty to charges of violating the Bank Secrecy Act for failing to put in motion an effective anti-money laundering program and for breaching U.S. economic sanctions. In another post cited, he said: "As part of Binance's exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT).

Persons: FTX, Changpeng Zhao, Zhao, Sam Bankman, Binance, Fried, Binance's Zhao, LUNA Organizations: Binance, Shires, FTX's Alameda Research Locations: Delaware, FTX, Alameda

☆ Sam Altman thanks Elon Musk for helping to initially bankroll OpenAI — and says now is a great time for tech founders
▼ + stars: | 2024-11-11 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +3 min

OpenAI chief Sam Altman urged would-be founders to bet on AI. Despite their current feud, Altman said he was "very grateful" for Elon Musk's early backing. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAnd despite their contentious relationship today, Altman said he was "very grateful" to Elon Musk for helping to fund OpenAI in its early days. OpenAI hit back last month, saying Musk was harassing the company for "his own competitive advantage" in the name of his rival firm, xAI.

Persons: Sam Altman, Altman, Elon Musk's, —, Y, Garry Tan, you've, Elon Musk, Musk, OpenAI, it's Organizations: Service, Business

☆ Need upward earnings revisions to justify current valuations, says CFRA's Sam Stovall
▼ + stars: | 2024-11-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNeed upward earnings revisions to justify current valuations, says CFRA's Sam StovallSam Stovall, CFRA Research chief investment strategist, joins 'Squawk on the Street' to discuss the rerating of the current equity market, what's happening with valuations at current levels, and much more.

Persons: CFRA's Sam Stovall Sam Stovall Organizations: CFRA Research

☆ Bitcoin hits $80,000. Why Trump is boosting crypto
▼ + stars: | 2024-11-10 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

After briefly touching the $80,000 milestone, bitcoin was trading just below it Sunday mid-morning. The crypto industry believes Trump’s victory is a bullish sign for bitcoin and other digital currencies. Although Trump was once a bitcoin skeptic, once saying it “was based on thin air,” he has fully embraced crypto in recent months — unlike the Biden administration, which has sought to rein in crypto. A big reason Trump has changed his tune on crypto: He now has a financial stake in it. In September, Trump and his children started a new crypto business called World Liberty Financial.

Persons: CNN — Bitcoin, Donald Trump, Bitcoin, Trump, “, ” Trump, ”, Biden, Gary Gensler, ” Gensler’s, Sam Bankman, Gensler, Gensler’s, cryptocurrencies, Elon Musk Organizations: CNN, Biden, Liberty, . Securities, Exchange, ” Gensler’s SEC, SEC, Department of Justice, cryptocurrencies Locations: USA

During Trump’s first term, for example, he was blocked by the Senate from using recess appointments to replace then-Attorney General Jeff Sessions. Florida Sen. Rick Scott on Sunday quickly posted on X endorsing Trump’s post : “100% agree. The question of recess appointments will now throw a major wrench in the Senate GOP’s leadership election when senators return to Washington this week. Recess appointments were once controversial, last-ditch efforts for presidents to install their nominees after facing long confirmation odds in the Senate. When senators left town, the Senate held a “pro forma” session to prevent any recess appointments.

Persons: Donald Trump, Trump, –, “, ”, ” Trump, —, Jeff Sessions, Florida Sen, Rick Scott, Elon Musk, Dakota Sen, John Thune, who’s, Schumer, ” Thune, Sen, John Cornyn of, Biden’s, George W, Bush, John Bolton, Harry Reid, Mitch McConnell, Barack Obama, CNN’s Ted Barrett, Sarah Ferris Organizations: CNN, GOP, Trump –, Republican, United States, Capitol Hill, Sunday, Florida Republican, Republicans, Democratic, United Nations, Democrat, Senate, Supreme Locations: Florida, ”, Dakota, John Cornyn of Texas, Washington, United

After winning in Washington, the first game of a daunting second-half schedule, do the Pittsburgh Steelers belong in the Super Bowl conversation? Setting aside how they compare to the rest of the NFL in 2024, how do you feel this year’s edition compares to the Chiefs teams of the past two seasons? Good teams, remember, almost always get fortuitous bounces and kind calls. This Chiefs team is more balanced and more well-rounded. And so, although the delivery may differ, this Chiefs team is just as equipped to make a Super Bowl run as any of the previous iterations.

Persons: Daniels, Baker Mayfield, BAKER, J. W Organizations: Chiefs, Steelers, Falcons, Bucs, 49ers Locations: New Orleans

Democratic Sen. Jacky Rosen has won re-election in Nevada, NBC News projects, defeating Republican Sam Brown and holding on to an important seat for her party in a swing state. Although the margins are often close, Republicans haven’t won a Senate race in Nevada since 2012. Democrats centered their attacks against Brown on abortion, even though he said he would not support a federal ban. His wife, Amy, also revealed in an interview with NBC News that she had an abortion before meeting Brown. In addition to abortion rights, Rosen highlighted combating gun violence, while Brown leaned in on tougher immigration laws and supporting police.

Persons: Democratic Sen, Jacky Rosen, Republican Sam Brown, Rosen, ’, Donald Trump, Republicans haven’t, Brown, Amy Organizations: Democratic, NBC News, Republican, Senate, Republicans Locations: Nevada, Vegas

But some are pointing to an issue with far less power in American politics: transgender rights. Between the 2020 and 2024 elections, transgender rights have become a political flashpoint in the nation’s culture wars. And perhaps nothing stoked more conversation than the issue of transgender girls and women competing in girls and women’s sports. “Please do not blame trans issues or trans people for why we lost,” he wrote on X on Thursday. Brianna Wu, a prominent transgender Democratic activist, told NBC News in an interview that the debate over trans rights has “radically shifted” in recent years.

Persons: Joe Biden, Tom Suozzi, “, Seth Moulton, I’m, Moulton, Tom Williams, Gilberto Hinojosa, ” Hinojosa, Brad Pritchett, Hinojosa’s, ” Pritchett, ”, Kamala Harris, Donald Trump, Bud, Lia Thomas, Thomas ’, Imane Khelif, Rich von Biberstein, Harris, “ Kamala, Trump, ” Harris, Hallie Jackson, Sam Alleman, Brianna Wu, Wu, ” Wu Organizations: ”, New York Times, “, Suozzi, Inc, Getty, Texas Democratic, Democratic, Equality, NBC News, NBC, American Civil Liberties Union, Corporate America, University of Pennsylvania’s, NCAA, Paris Games, University of Pennsylvania, AP, Republicans, AdImpact, NFL, Democratic National Convention, Congress, khakis Locations: Texas, Equality Texas, Algeria

With the glaring exception of the presidential race, North Carolina Democrats had a good 2024 election. Those results largely comport with decades of political trends in North Carolina. For decades, voters in North Carolina have shown a propensity to elect Republicans for federal office while supporting Democrats in downballot statewide races. North Carolina, which holds its races for governor in presidential election years, has voted for the Republican presidential candidate in every election but one since 1980. “Welcome to the political legacy and history and trajectory of North Carolina politics.

Persons: Kamala Harris, Donald Trump, Mark Robinson’s, “, Mark Robinson, ”, Josh Stein, Robinson, Rachel Hunt, Republican Hal Weatherman, Stein, Jeff Jackson, Republican Dan Bishop, Elaine Marshall, Republican Chad Brown, Democrat Maurice Green, Republican Michele Morrow, Republican Catherine Truitt, Morrow, Republican Jefferson Griffin, Allison Riggs, Democrats downballot, Sam Newton, Newton, Weatherman, didn’t, Trump, It’s, Michael Bitzer, ” Newton, Bitzer Organizations: North Carolina Democrats, Republicans, Republican, Gov, North, North Carolina GOP, Democrat, Democrats, Associated Press, Democratic, NBC, Democratic Governors Association, CNN, National Democrats, Democratic National Committee, Catawba College, Trump Locations: North Carolina, downballot, Carolina, Charlotte

☆ OpenAI's splashy purchase of a 4-letter domain name is a smart play
▼ + stars: | 2024-11-08 | by ( Jaures Yip | ) www.businessinsider.com time to read: +4 min

Analysts say the move strengthens OpenAI's global reach and consumer product positioning. AdvertisementOpenAI's splashy acquisition of a four-letter domain name is a smart strategic play, branding experts told Business Insider. The domain was previously owned by HubSpot founder and CTO Dharmesh Shah, who confirmed that he sold the domain to OpenAI after buying it in 2023. BREAKING NEWS: Secret acquirer of $15+ million domain chat .com revealed and it's exactly who you'd think. "Strategy-wise, I think that for ChatGPT and OpenAI, purchasing a domain like this marks its shift toward a very global audience."

Persons: OpenAI, Dharmesh Shah, —, Sam Altman, Shah, it's, Margarita Polishchuk, Gil Luria, Davidson, Nicole Ferry, ChatGPT, Polishchuk Organizations: Service, HubSpot, Business, Amazon, Google, D.A, Sullivan NYC Locations: OpenAI, Clay

☆ Democratic Sen. Jacky Rosen will win reelection in Nevada, CNN projects
▼ + stars: | 2024-11-08 | by ( Arit John | ) edition.cnn.com time to read: +2 min

CNN —Democratic Sen. Jacky Rosen will win reelection in Nevada, CNN projects, holding off Republicans from adding to their incoming majority in the US Senate. Rosen, a former synagogue president who was first elected in 2018, is projected to narrowly defeat Army veteran Sam Brown. With Donald Trump projected to win Nevada, Rosen becomes one of several Democrats who were able to win Senate seats this year while the president-elect was carrying their states. Democrats focused much of their attacks on Brown over abortion rights – with Rosen attacking him on the issue even before he emerged from a June primary. Rosen, for her part, campaigned on being a staunch supporter of abortion rights.

Persons: Democratic Sen, Jacky Rosen, Rosen, Sam Brown, Donald Trump, Brown, Amy Brown, Adam Laxalt, Catherine Cortez Masto, backtrack Organizations: CNN, Democratic, Army, Nevada, Silver State, Republican, Trump, Senate Locations: Nevada, Texas, Nevada from Texas

☆ OpenAI's splashy purchase of a 4-letter domain name is a smart play, brand pros say
▼ + stars: | 2024-11-08 | by ( Jaures Yip | ) www.businessinsider.com time to read: +4 min

OpenAI acquired the URL "chat.com," which now redirects to ChatGPT. Analysts say the move strengthens OpenAI's global reach and consumer product positioning. AdvertisementOpenAI's splashy acquisition of a four-letter domain name is a smart strategic play, branding experts told Business Insider. BREAKING NEWS: Secret acquirer of $15+ million domain chat .com revealed and it's exactly who you'd think. "Strategy-wise, I think that for ChatGPT and OpenAI, purchasing a domain like this marks its shift toward a very global audience."

☆ ChatGPT rejected more than 250,000 image generations of presidential candidates prior to Election Day
▼ + stars: | 2024-11-08 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

In this photo illustration, the OpenAI logo is displayed on a mobile phone screen with a photo of Sam Altman, CEO of OpenAI. OpenAI estimates that ChatGPT rejected more than 250,000 requests to generate images of the 2024 U.S. presidential candidates in the lead up to Election Day, the company said in a blog on Friday. The rejections included image-generation requests involving President-elect Donald Trump, Vice President Kamala Harris, President Joe Biden, Minnesota Gov. The number of deepfakes has increased 900% year over year, according to data from Clarity, a machine learning firm. Lawmakers have been particularly concerned about misinformation in the age of generative AI, which took off in late 2022 with the launch of ChatGPT.

Persons: Sam Altman, ChatGPT, Donald Trump, Kamala Harris, Joe Biden, Tim Walz, JD Vance, OpenAI, Alexandra Reeve Givens, Trump Organizations: Minnesota Gov, Lawmakers, Center for Democracy & Technology, CNBC Locations: Minnesota

☆ European markets expected to open in mixed territory after Fed, Bank of England cut interest rates
▼ + stars: | 2024-11-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Skyscrapers on the skyline in the financial district of Frankfurt, Germany, on Monday, Nov. 4, 2024. European markets were expected to open in mixed territory on Friday, as investors awaited corporate results and reacted to quarter-point interest rate cuts from the U.S. Federal Reserve and Bank of England. It comes as market participants continue to take in political upheaval in Germany and Donald Trump's historic presidential election victory this week. Elsewhere, Asia-Pacific markets were mixed on Friday, with investors closely monitoring the final day of China's National People's Congress, which is expected to announce fiscal stimulus measures. On Wall Street, U.S. stock futures gained marginally after the S&P 500 and Nasdaq Composite notched fresh records in a post-election rally.

Persons: Germany's DAX, Donald Trump's, Chancellor Olaf Scholz, Christian Linder, Scholz Organizations: U.S . Federal Reserve, Bank of England, France's CAC, IG, People's Congress, Nasdaq Locations: Frankfurt, Germany, Asia, Pacific, U.S

Generative AI wasn't part of the lexicon for most of us during President-elect Donald Trump 's first four years in the White House. At a high level, generative AI is a cutting-edge form of technology that will shape the next decade and beyond. While the AI field has been around for decades, generative AI applications can create new content, including computer code, human-like text and images, in response to user prompts. Those that lead in generative AI will very likely shape the world as we know it. With 5G, Trump didn't just hope the U.S. could just fun faster than everyone else.

Persons: Donald Trump, ChatGPT, Kamala Harris, Trump, Elon Musk, OpenAI, JD Vance, Vance, Joe Biden's, Trump's, OpenAI's Sam Altman, Alphabet's Sundar Pichai, Jim Cramer, it's, Jim, they're, Jim Cramer's, Callaghan Organizations: Trump, Billionaire, Republican, Big Tech, Republican Party's, GOP, 5G, Mobile, Sprint, Verizon, Nvidia, Microsoft, Huawei, Biden, Deutsche Bank, South China, Taiwan Semiconductor Manufacturing, Apple, Washington, Intel, Eaton, Trust, CNBC, Convention Center, Callaghan O'hare Locations: Ohio, U.S, United States, America, We've, China, Taiwan, South, Beijing, Palm Beach, West Palm Beach , Florida

☆ What the Fed’s interest rate cuts mean for your money
▼ + stars: | 2024-11-08 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

But that doesn’t mean as a result interest rates are now low — or will soon be low. “‘Falling interest rates’ are not the same as ‘low interest rates.’ Interest rates are high and will only decline to ‘not as high’ as … we move into 2025,” said Greg McBride, chief financial analyst at Bankrate. Credit cards: Just before the Fed cut its key rate in September, the average credit card rate was 20.78%, according to Bankrate. Another option: Try transferring your balance to a credit card from a credit union or local bank. Before the Fed’s September rate cut many of those accounts were offering yields between 4.25% and 5.3%, according to those listed on Bankrate.com.

Persons: ”, Greg McBride, Matt Schulz, Chris Diodato, they’re, Freddie Mac, Sam Khater, Freddie Mac’s, ” McBride, Sinead Colton Grant, Colton Grant, “, Don’t, Diodato, you’re, BNY, they’ve Organizations: CNN, Reserve, Bankrate, Fed, LendingTree, Treasury, Savings Locations: Treasuries

WASHINGTON — President-elect Donald Trump’s dramatic victory has scrambled next week’s three-way contest to replace Senate Republican Leader Mitch McConnell, the chamber’s longest-serving leader who is stepping down at the end of the year. One ally of both Scott and Trump, Sen. Ron Johnson, R-Wis., urged Trump to endorse Scott, a former Florida governor who cruised to re-election in the Senate on Tuesday night. “If you’ve got any influence with President Trump, ask President Trump to come out publicly and say he wants to work with somebody as accomplished as Rick Scott to accomplish his agenda. Cornyn joined Trump at a rally in Reno, Nevada, last month for Republican Senate candidate Sam Brown, whose race is currently too close to call, according to NBC News projections. "As I told President Trump, I'm interested in getting the band back together again," Cornyn told Fox News host Neil Cavuto on Monday.

Persons: Donald Trump’s, Mitch McConnell, McConnell’s, John Thune, Sen, John Cornyn, —, Rick Scott, John, John Barrasso, McConnell, Scott, Trump, ” Scott, “, ” Trump, Ron Johnson, you’ve, President Trump, We’ve, ” Johnson, ”, — it’s, it’s, Mike Lee, Bernie Moreno, Tim Sheehy of Montana, Jim Justice, Thune, ” Thune, he’s, ” Thune’s, Tim Scott, Cornyn, Trump’s, Sam Brown, I'm, Neil Cavuto, MAGA, Ted Cruz Organizations: WASHINGTON, Republican, Republicans, GOP, GOP Conference, Trump, NBC News, McConnell, Fox Business, United States Senate, CNBC, NBC, Fox News, National Republican Senatorial, Senate, Texas Republican Locations: South Dakota, Texas, Florida, Wyoming, Washington, Utah, Bernie Moreno of Ohio, West Virginia, Lago, Reno , Nevada

Several people, including children and college students, have reported receiving racist text messages from unrecognized phone numbers in recent days. CNN has reached out to state officials for additional information on the text messages. “My initial reaction was probably like disbelief, like I thought it was like a joke,” said Jones, who forwarded the text message to her loved ones. “I feel like it’s a spam message (and) I do feel disappointed about the message they’re sending a day after the election,” Burwell said. Officials in Washington, DC, and Virginia told CNN Thursday they are looking into the racist text messages.

Persons: Talaya Jones, ”, “, Jones, ” Jones, Sam Burwell, ” Burwell Organizations: CNN, FBI, Justice Department, ”, Montgomery County Public Schools, WVEC, Federal Communications Commission Locations: Maryland , New Jersey , Alabama, Michigan, South Carolina, Montgomery County , Maryland, Montgomery, Piscataway , New Jersey, Virginia, Washington ,

☆ CNBC's Inside India newsletter: How will the next Trump administration impact India?
▼ + stars: | 2024-11-07 | by ( Ganesh Rao | ) www.cnbc.com time to read: +6 min

Global trade changed considerably over the past four years — benefiting India — as President Joe Biden retained much of Trump's tariffs on China. EnergyOn the one hand, analysts expect Indian interests to be aligned with those of the United States regarding oil prices . Trump's previous term in office, whether intentionally or coincidently, saw moderate to low oil prices. As India imports over 90% of its oil needs, New Delhi will likely welcome any move by the U.S. to keep oil prices low. A quick resolution of the war in Ukraine — Trump's campaign promise — would also prove to be negative for oil prices.

Persons: Narendra Modi, Donald Trump, Narendra Modi's, Joe Biden, Macquarie, Aditya Suresh, Trump, Uncle Sam, Samiran Chakraborty, Baqar Zaidi, Ukraine —, —, Sanjeev Prasad Organizations: India's, U.S, Manufacturing, Global, Observer Research Foundation, Treasury, Indian, Citi, Companies, Tata Consultancy Services, HCL Tech, Infosys, Energy, Suzlon Locations: Hyderabad, New Delhi, India, China, U.S, Mumbai, United States, Ukraine

☆ More young people are getting colorectal cancer. Being active at these times of day could lower the risk.
▼ + stars: | 2024-11-07 | by ( Kim Schewitz | ) www.businessinsider.com time to read: +5 min

Exercising at specific times of day could lower colorectal cancer risk, a new study found. Colorectal cancer rates have fallen since the '80s, but have risen in under-55s by 1 to 2% yearly since the mid-'90s. Previous studies have found that people who exercise regularly have a lower colorectal cancer risk than those who don't. After five years, 529 of the participants were diagnosed with colorectal cancer, also known as bowel cancer. "Every movement counts for reducing colorectal cancer risk, meaning that doing any amount of physical activity is better than none," Orange said.

Persons: —, Michael Leitzmann, Sam Orange, It's, Michael Shusterman, NYU Langone's Organizations: Service, BMC Medicine, University of Regensburg, University of Newcastle, International, of Cancer, American Cancer Society, Society, NYU, NYU Langone's Perlmutter Cancer Center Locations: Germany, UK, Long

☆ Treasury yields edge lower after sharp rally on Trump victory; investors await Fed decision
▼ + stars: | 2024-11-07 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: 1 min

Treasury yields were slightly lower on Thursday as investors reacted to Donald Trump's sweeping election victory and awaited the U.S. Federal Reserve's decision on interest rates. The 10-year Treasury yield fell more than 1 basis point to 4.409% after jumping over 14 points to hit 4.433% in the previous session, notching its highest level since July. The yield on the 2-year Treasury fell 2 basis points to 4.247%, paring some of its gains after rising about 7 points to reach 4.274% on Wednesday. Yields and prices move in opposite directions. One basis point equals 0.01%.

Persons: Donald Trump's Organizations: U.S, U.S . Federal, Treasury Locations: U.S .

☆ What Trump’s historic election victory means for the global economy
▼ + stars: | 2024-11-07 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Nurphoto | Nurphoto | Getty ImagesDonald Trump's election victory over Vice President Kamala Harris marks a historic return to the White House — an extraordinary political comeback that is likely to have seismic ramifications for the global economy. The former president's litany of campaign pledges include steep tariffs, tax cuts, deregulation and a push to withdraw from key global agreements. Trump's favorite wordTrump has previously described "tariff" as his favorite word, calling it "the most beautiful word in the dictionary." And we don't see Trump's secondary tariff pledge — that baseline tariff, which would hurt European companies — as being all that feasible," Galbraith said. Analysts have warned that Trump's plan to impose universal tariffs are highly likely to raise prices for consumers and slow spending.

Persons: Donald Trump's, Kamala Harris, Trump, Lizzy Galbraith, Abrdn, Galbraith, CNBC's, Donald Trump, Ben May, Mitchell Reiss Organizations: Nurphoto, Getty, European Union, Bloomberg, Trump, Oxford Economics, Signum Global Advisors, Macquarie Group, Royal United Services Institute Locations: Binzhou, China, Florida, U.S, Mexico, Greensboro , North Carolina, Ukraine, Europe, Asia, Qingdao Port, Shandong province, Qingdao, American

Caroline Ellison, the star witness in the prosecution of FTX founder Sam Bankman-Fried, reported to a low-security federal prison in Connecticut on Thursday, according to a spokesman for the Bureau of Prisons. The federal Probation Department had recommended that Judge Lewis Kaplan sentence Ellison to three years of supervised release, with no time behind bars. Kaplan allowed Ellison to remain free on bail until surrendering to prison either on or after Nov. 7. He was sentenced to 25 years in prison in March and also was ordered to pay $11 billion in forfeiture by Kaplan. Both Bankman-Fried and Ellison had faced the same statutory maximum sentence of about 110 years in prison for their crimes.

Persons: Caroline Ellison, Sam Bankman, Ellison, Lewis Kaplan, Kaplan, FTX spiraled, I've, Miss Ellison, Nishad Singh, Fried Organizations: Alameda Research, Bureau of Prisons, federal, Department Locations: New York, Connecticut, Alameda, Fried . Alameda, FTX, U.S, Manhattan

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