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On today's podcast:
1) A federal appeals court temporarily blocks a ruling that threatens to throw out the bulk of President Trump's tariff agenda. Traders are reassessing their appetite for riskier assets amid concerns over weaker growth and fiscal strain, with the setup being "quite pessimistic" according to an investment officer.
2) President Trump pushes Fed Chair Jay Powell to lower rates at a meeting at the White House. The president told Powell that not lowering rates is putting the US at an economic disadvantage to China and other countries, and Powell stressed that the path of policy will depend on incoming economic information.
3) Treasury Secretary Scott Bessent says trade talks with China have stalled. Bessent believes more talks will happen with Chinese officials "in the next few weeks" and sees the personal involvement of both country leaders as essential.
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On today's podcast:
1) President Donald Trump’s tariff strategy has been thrown into turmoil after a US court issued a rare rebuke blocking many of the import taxes he has threatened and imposed on other countries.
2) Nvidia Corp. Chief Executive Officer Jensen Huang soothed investor fears about a China slowdown by delivering a solid sales forecast, saying that the AI computing market is still poised for “exponential growth.”
3) China blasted the Trump administration’s move to revoke the visas of Chinese students in the US, underscoring the fragility of a recent steadying of ties between the world’s largest economies.
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On today's podcast:
1) Elon Musk expressed dissatisfaction with President Donald Trump’s giant tax bill, saying it undercut his efforts to slash government spending.
2) SpaceX’s colossal Starship rocket suffered a leak, tumbled out of control in space and disintegrated as it hurtled back to Earth during a test flight on Tuesday, the third setback in a row for the Elon Musk-led company.
3) Magnificent Seven stocks are mixed, with US stock futures edging lower, ahead of Nvidia’s earnings report slated for the afternoon.
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On today's podcast:
1) The European Union said it agreed to accelerate negotiations with the US to avoid a transatlantic trade war, signaling a more amicable approach just days after President Donald Trump criticized the bloc for taking advantage of the US and slow-walking talks.
2) President Donald Trump on Monday threatened to divert billions in grant dollars away from Harvard University and give those funds to trade schools across the US, escalating his clash with the elite institution.
3) HSBC Holdings Plc culled more than two dozen analysts in recent days as Europe’s largest lender deepens a restructuring of its investment banking businesses, according to people familiar with the matter.
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On this special holiday edition of Bloomberg Daybreak US edition, host Nathan Hager speaks with Bloomberg Opinion columnist Barry Ritholtz on what he's watching in markets for the rest of 2025. Also, Mandeep Singh looks at Nvidia and the Magnificent 7 and Mike McGlone breaks down the ceiling for Bitcoin.
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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.
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On today's podcast:
1) President Trump's tax cut bill heads to the Senate, but it may have to satisfy bond markets first. Bonds and the dollar rose, with 30-year yields falling after approaching levels last seen in 2007, as investors worried about the US's surging debt load and fiscal concerns.
2) The White House ramps up its fight with Harvard, blocking foreign students from enrolling. The Trump administration has revoked Harvard University's ability to enroll international students, making up about 27% of the student body, citing the university's failure to condemn antisemitism. The move is seen as a direct attack on Harvard's revenue source, tuition, and may prompt the university to seek a temporary restraining order to block the ban.
3) A new survey says U-S businesses will be hardest hit by President Trump's tariffs. US businesses are the most worried about the impact of President Donald Trump’s shifting tariff policies on their revenues, with more than half projecting a hit of at least 25% to their revenue, according to a survey by HSBC Holdings Plc.
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On today's podcast:
1) Two members of the Israeli embassy’s staff were fatally shot outside the Capital Jewish Museum in Washington on Wednesday night, Homeland Security Secretary Kristi Noem said.
2) House Republican leaders released a new version of President Donald Trump’s massive tax and spending bill with a higher limit on the deduction for state and local taxes and other changes in a bid to win over warring GOP factions to support the legislation.
3) JPMorgan Chase & Co. chief Jamie Dimon can’t rule out the US economy will fall into stagflation as the country faces huge risks from geopolitics, deficits and price pressures.
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On today's podcast:
1) Oil rose after CNN reported that new US intelligence suggested Israel could be gearing up for a possible strike on Iran’s nuclear facilities. The dollar, US stock futures and Treasuries retreated.
2) Andrew Cuomo, who’s running to be mayor of New York City, hit out at the Trump administration following a New York Times report that the Justice Department has opened a criminal investigation over testimony he gave relating to his actions during the Coronavirus pandemic.
3) Elon Musk said he’s committed to still leading Tesla Inc. five years from now and expects to pare back his political spending, assuaging some investors’ concerns about the future of his most valuable company.
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On today's podcast:
1) Eleven days ago, European leaders took heart when President Donald Trump called for a 30-day ceasefire in Ukraine and threatened new sanctions on Russia. A telephone call with Vladimir Putin on Monday revealed those hopes were misplaced.
2) President Donald Trump plans to go to the Capitol on Tuesday to urge fractious House Republicans to overcome divisions and unite behind his signature tax-cut legislation.
3) Tackling the widening US fiscal deficit is a bigger issue than tariffs, which are likely to fade from view by the time of the midterm elections in Congress next year, according to Carlyle Group Inc. co-founder David Rubenstein.
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