Finance News
The Dow and S&P 500 are expected to open lower, with movers including Trump Media, Tesla, Walgreens, and more. Bitcoin is on the rise, while the Federal Reserve rates remain unchanged.
Dow and S&P 500 to open lower; Trump Media, Tesla, Walgreens among top movers; Bitcoin on the rise as Fed rates remain unchanged.,
U.S. stock futures dipped early Thursday after the S&P 500 closed at a new record high, snapping a three-day losing streak.
Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq 100 futures all pointed 0.1% lower ahead of the open on the last trading day of the quarter.
Investors are still awaiting Friday’s core personal consumption expenditure (PCE) data for a potentially significant update in the Federal Reserve’s battle against inflation. Markets are pricing in three rate cuts this year, beginning in June, but the data could shift those expectations, particularly if inflation comes in hot.
Ahead of core PCE, markets were given a reality check regarding those rate aspirations as Fed Governor Christopher Waller said there was “no rush” to cut rates. Waller even suggested fewer rate cuts may be needed in light of strong labor market and inflation data in recent months.
“It is appropriate to reduce the overall number of rate cuts or push them further into the future in response to the recent data,” Waller said in a speech at the Economic Club of New York.
However, investors appear to be seeing the positives of the economic strength, and potential boost it brings to corporate earnings as the S&P 500 notched a new all-time closing high–its 21st of the year.
“Despite the fact that inflation has remained stubbornly high, investors are more impressed with the state of the economy and the resilient consumer than they are worried about Fed rate cuts being pushed farther into the future,” Chris Zaccarelli, chief investment officer at Independent Advisor Alliance said Wednesday.
“If the economy continues to expand and corporate profits keep growing with it, the stock market will keep moving higher, even in the absence of rate cuts,” he added.
It’s been a stellar quarter of the stock market, the S&P 500 has climbed 10% and is on pace for its best first quarter since 2019, according to Dow Jones Market Data. It’s up a remarkable 22.4% over the past two quarters–the largest two-quarter gain since late 2020.
### FAQ:
1. **What impact could the core personal consumption expenditure (PCE) data have on the Federal Reserve’s decisions regarding interest rates?**
– The core PCE data could potentially shift market expectations for rate cuts, especially if inflation comes in higher than anticipated.
2. **How is the stock market reacting to Fed Governor Christopher Waller’s comments about rate cuts?**
– Investors seem to be focusing more on the strength of the economy and corporate earnings potential rather than immediate rate cut expectations.
3. **Why is the S&P 500 reaching new record highs despite concerns about inflation?**
– The market is reflecting confidence in the economy’s growth and corporate profitability, driving the S&P 500 to continue its upward trend.
4. **What milestones has the S&P 500 achieved in recent quarters?**
– The S&P 500 has seen significant gains in the past two quarters, marking its largest two-quarter gain since late 2020.
‘Shark Tank’ investor Kevin O’Leary joins ‘Fox & Friends’ to discuss Elon Musk and Vivek Ramaswamy leading DOGE, Trump’s potential appointments for Treasury secretary, and the first-ever crypto czar.
Weighing in on rumblings around a potential Trump-appointed crypto czar, popular entrepreneur Kevin O’Leary called on whoever’s nominated to put an end to regulatory indecision.
“We’ve got to stop these shenanigans because this is a technology that affects all 11 sectors of the economy,” O’Leary said Thursday on “Fox & Friends.”
“It provides efficiency and digital payment systems. And we have to be competitive worldwide.”
According to industry sources familiar with the discussions, President-elect Trump is mulling a position dedicated solely to cryptocurrency policy. It’s unclear whether the role would be a czar type or a White House staff role, but the official holding the position would interact with regulators, including the Securities and Exchange Commission and the Commodity Futures Trading Commission.
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Two names that come to O’Leary’s mind are former acting U.S. Comptroller of the Currency Brian Brooks and Coinbase CEO Brian Armstrong.
Kevin O’Leary put pressure on a potential Trump-nominated crypto czar to start making regulatory decisions as soon as possible. (Getty Images)
“Brian, of Coinbase, he’s being sued by [SEC Chair Gary] Gensler right now. His company is under litigation from the SEC,” the O’Leary Ventures CEO noted.
“We need a czar here, and we need to start making decisions. Is Ethereum a commodity, or is it a security? Pick one and go with it. I don’t care which one it is, but we’ve got to at least pick it,” he added. “We haven’t done that yet.”
‘Making Money’ host Charles Payne discusses the history of money.
The president-elect campaigned heavily among pro-crypto voters, making a stop at crypto bar PubKey in New York City and speaking at the Bitcoin 2024 conference in Nashville, Tennessee, just weeks before Election Day.
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Manward Press chief investment strategist Shah Gilani discusses how high the S&P 500 can climb in 2025 on ‘Making Money.’
Bitcoin, the largest cryptocurrency by market value, touched a new all-time high of $94,000 in afternoon trading Wednesday and has advanced over 156% from its 52-week low of $36,815.63 in November 2023, as tracked by Dow Jones Market Data Group.
iShares Bitcoin ETF Trust
The surge in price has lifted crypto exchange-traded funds, driving the assets of the largest, iShares Bitcoin Trust, to over $40 billion and lifting it to a record high.
Other bitcoin ETFs are also seeing high interest.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BTC | GRAYSCALE BITCOIN MINI TRT ETF BITCOIN MINI TRUST BTC ETF | 43.34 | +1.50 | +3.59% |
| GBTC | GRAYSCALE BITCOIN TRUST ETF – USD ACC | 77.62 | +2.63 | +3.51% |
| FBTC | FIDELITY WISE ORIGIN BITCOIN FUND – USD ACC | 85.42 | +2.88 | +3.48% |
| ARKB | ARKB – ARK 21SHARES BITCOIN ETF – USD ACC | 97.54 | +3.24 | +3.44% |
FOX Business’ Suzanne O’Halloran contributed to this report.
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Finance News
Ford recalls nearly 25,000 trucks for problem that could make rearview camera malfunction
‘Car Wizard’ David Long joins ‘The Big Money Show’ to share his top ‘no-brainer buys’ under $10,000.
Ford is recalling nearly 25,000 trucks because of a problem that could make the rearview camera system malfunction.
The automaker said water “may enter the Tailgate Park Assist Sensor Interface Module” and lead to a malfunction of the rearview camera image display in 24,950 of its 2023-2024 F-250, F-350 and F-450 trucks.
All the potentially affected trucks feature a tailgate top camera that “provides additional camera images when the tailgate is down and is a separate camera from the primary rear-view camera,” Ford said in a Oct. 25 recall report submitted to the National Highway Traffic Safety Administration (NHTSA).
A 2023 Ford Super Duty F-350 Limited. (Ford Motor Co. / Fox News)
The recall report indicated the problem stemmed from “certain mating interfaces” of the tailgate top camera being “out of tolerance” and the camera bracket “retain[ing] water” during the application.
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In the event that the issue occurs, the rearview camera image may show up as “blue or black” or only work “intermittently,” things that could pose a safety issue due to reduced driver visibility, according to the report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 10.24 | -0.04 | -0.39% |
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It has not led to any known accidents or injuries, Ford said in another document.
A badge on a vehicle at a Ford dealership in New Lebanon, New York, on Jan. 25. (Angus Mordant/Bloomberg via Getty Images / Getty Images)
According to the recall report, owners of the recalled trucks can get their tailgate top camera, wire harness and TPASIM module swapped out at a Ford or Lincoln dealership for free. Their “Image Processing Module A” will receive a software update too, it said.
“Pick-up and delivery will be available at participating dealerships,” a Ford spokesperson told FOX Business. “We’re also working through other potential options that would make completing this recall as convenient as possible for our customers.”
FORD RECALLS 144,500 MAVERICK TRUCKS DUE TO REARVIEW CAMERA DISPLAY ISSUE
Affected Ford F-250, F-350 and F-40 owners can expect to see a recall notification letter in their mailboxes in early December.
Ford said early last month it has sold over 853,400 of its various types of trucks in the U.S. so far this year.
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