JUST IN: Michael Saylor's MicroStrategy Bitcoin investment surpasses $18 billion profit.
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Tech Stocks Soar as Fed Hints at Rate Cut
Tech giants like Amazon, Apple, and Nvidia powered the Nasdaq up 1% on Wednesday. Investors cheered Fed Chair Powell’s signal that a December rate cut is likely.
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JUST IN: 🇺🇸 FED Chair Jerome Powell says Bitcoin "is a competitor with Gold, not the US Dollar."
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BREAKING: 🇺🇸 President-elect Trump officially selects pro-crypto Paul Atkins to replace Gary Gensler as SEC Chair.
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JUST IN: 🇷🇺 Russia's President Putin says Bitcoin & digital assets will continue to develop.
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JUST IN: $443 million liquidated from the cryptocurrency market in the past 12 hours.
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📉Won Plunges After Emergency Alert
South Korea’s won on Tuesday fell sharply against the U.S. dollar shortly after President Yoon Suk Yeol declared a state of emergency.
The U.S. dollar was last seen trading up 1.9% against the won, which notched a fresh two-year low on the news.
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JUST IN: Coinbase now allows users to purchase cryptocurrency with Apple Pay.
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🚨Stellantis CEO Quits Amid Stock Slump
Stellantis, the maker of Chrysler, Jeep, Fiat and Peugeot among other brands, announced on Sunday that embattled CEO Carlos Tavares has resigned.
Stellantis battles a 40% stock drop, falling U.S. sales, and €10 billion in forecasted losses.
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⚠️Super Micro stock jumps after review finds no fraud 📈
The company said the independent committee's review, which took over three months, found no evidence of fraud or misconduct on the part of Super Micro's management, sending its shares up about 20%.
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JUST IN: WisdomTree officially files S-1 for its spot $XRP ETF.
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🛍 Saudi Arabia’s US Treasury Holdings Hit Highest Since 2020
Over a third of Saudi foreign assets now held in US T-bills.
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JPMorgan Bucks the Transition Trend: A $50 Trillion Debate
As Wall Street rallies around transition-finance frameworks, JPMorgan is taking a contrarian stance, questioning their effectiveness in driving sustainable outcomes. Meanwhile, firms like Apollo view the energy transition as a $50 trillion opportunity.
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Tesla Lawsuit: Lawyers Awarded $345M, Musk Loses
Lawyers seeking $5.6 billion for challenging Elon Musk’s $55.8 billion pay package were awarded $345 million. Musk’s bid to reinstate the pay was denied, a win for Tesla shareholders.
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❗️UnitedHealth CEO Shot in Midtown
Brian Thompson, CEO of UnitedHealthcare, the largest private health insurer in the U.S., was fatally shot in midtown Manhattan on Wednesday morning.
The company canceled its investor day following the incident.
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JUST IN: Citadel CEO Ken Griffin says he regrets not buying crypto a few years ago.
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JUST IN: Virgin Voyages becomes the first cruise line to accept Bitcoin for payments.
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💎BlackRock Bets Big on Private Credit
BlackRock is acquiring HPS Investment Partners for $12 billion, boosting its private credit assets to $220 billion. The deal, set to close by mid-2025, capitalizes on the booming private credit market.
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⚠️Market Shake-Up: US Steel & Tesla Hit Headlines
US Steel shares dropped as Trump vowed to block its sale to Japan's Nippon Steel. Tesla plans to appeal a court’s rejection of Elon Musk’s $56 billion pay package.
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📊S&P 500 to Hit 6,666 in 2025, BofA Predicts
Bank of America forecasts the S&P 500 will reach 6,666 by 2025, driven by 2.4% GDP growth and a shift to large-cap value stocks. The rally is expected to broaden beyond Big Tech to other sectors like financials and materials.
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📌📈Intel CEO Pat Gelsinger Retires, Stock Rises
Pat Gelsinger retired as Intel CEO on Dec. 1 after over three years of turnaround efforts. The board, losing confidence, made the decision privately, notifying leadership only a day before.
Intel shares jumped 3% on the news.
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❗️JUST IN: 🇺🇸 US Government moves 10,000 Bitcoin worth $963 million to Coinbase.
Is the government preparing to sell?
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JUST IN: MicroStrategy buys another 15,400 Bitcoin worth $1.5 billion.
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$XRP surpasses Solana $SOL to become the 4th largest cryptocurrency by market cap.
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⚠️ Elon Musk is asking a federal court to stop OpenAI from converting into a fully, for-profit business.
In the filing, attorneys argued that OpenAI “cannot lumber about the marketplace as a Frankenstein, stitched together from whichever corporate forms serve the pecuniary interests of Microsoft.”
The latest court filings represent an escalation in the legal feud between Musk, OpenAI and its CEO Sam Altman, as well as other long-involved parties and backers including tech investor Reid Hoffman and Microsoft.
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Trump threatens 100% tariffs on BRICS
US President-elect Donald Trump warned the so-called BRICS nations that he would require commitments that they would not move to create a new currency as an alternative to using the US dollar and repeated threats to levy a 100% tariff.
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