Business and Finance News - 12.27.24

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Bluesky is testing a trending topics feature on its desktop and mobile apps, currently available in English with the option to disable it. The platform, with over 25 million users, ensures muted words are excluded from trends and plans to refine the feature further. (TechCrunch)

Key Insight → Bluesky's introduction of trending topics signals its move toward becoming a more competitive player in the social media space, reflecting a growing demand for real-time, curated content discovery. This feature not only enhances user engagement but also aligns Bluesky with industry standards set by platforms like Threads and X (formerly Twitter). For the larger market, it suggests increased fragmentation in the social media landscape, pushing innovation as platforms vie for user attention and market share.

Nippon Steel extended the deadline for its $14.9 billion U.S. Steel acquisition to early 2025 as President Biden reviews whether to block the deal amid political and union opposition. The decision follows security reviews, while Nippon pledges to protect jobs and relocate its U.S. headquarters to Pittsburgh. (Reuters)

Key Insight → Nippon Steel's extension of the U.S. Steel acquisition deadline highlights the deal's political and economic sensitivity, reflecting concerns over foreign ownership in critical industries. The decision could impact U.S.-Japan relations and the steel sector's future, with potential ripple effects on global trade and domestic job security. This underscores growing scrutiny of foreign investments, signaling tighter controls on strategic assets moving forward.

Continuing U.S. unemployment claims rose to 1.91 million, the highest in over three years, indicating longer job searches. Initial jobless claims dropped to 219,000, suggesting layoffs remain limited despite signs of a cooling labor market. (Bloomberg)

Key Insight → Rising continuing unemployment claims in the U.S., now at their highest in over three years, highlight a slower job market recovery, suggesting longer job searches for laid-off workers. While initial claims remain low, the trend signals a cooling labor market, raising questions about future economic stability. This shift could influence Federal Reserve policy and broader economic confidence.

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Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 43,325.80 +28.77 (+0.07%)

• S&P 500: 6,037.59 -2.45 (-0.04%)

• Nasdaq Composite: 20,020.36 -10.77 (-0.05%)

• Russell 2000: 2,280.19 +20.34 (+0.90%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.915T]: 259.02 +0.82 (+0.32%)

• Nvidia (NVDA) [3.427T]: 139.93 -0.29 (-0.21%)

• Microsoft (MSFT) [3.257T]: 438.11 -1.22 (-0.28%)

• Alphabet (GOOGL) [2.394T]: 195.60 -0.51 (-0.26%)

• Amazon (AMZN) [2.387T]: 227.05 -2.00 (-0.87%)

• Meta Platforms (META) [1.523T]: 603.35 -4.40 (-0.72%)

• Tesla (TSLA) [1.458T]: 454.13 -8.15 (-1.76%)

Here’s how Bitcoin and Ethereum did yesterday:

• Bitcoin (BTC): $96,055.20 (7:30PM PST on 12/26/24)

• Ethereum (ETH): $3,371.57(7:30PM PST on 12/26/24)