Business and Finance News - 12.9.24

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The CFPB placed Google Payment Corp. under federal supervision, citing risks in fraud prevention and error resolution processes related to Google Pay. Google, which discontinued its peer-to-peer payment platform earlier this year, has filed a lawsuit to challenge the supervision, calling it government overreach. (The Verge)

Key Insight → This highlights increased regulatory scrutiny of tech companies operating in financial services, reflecting growing concerns over consumer protection in digital payments. The CFPB’s supervision of Google could set a precedent for how non-bank financial services are monitored, ensuring transparency and accountability. It underscores the need for robust fraud prevention and resolution systems as digital transactions continue to grow in prominence.

The U.S. economy added 227,000 jobs in November, surpassing expectations, while the unemployment rate rose to 4.2%, reflecting a rebounding labor market after weather disruptions and strikes. Wage growth remained steady at 0.4%, with economists suggesting the data supports the Federal Reserve’s anticipated December interest rate cut. (Yahoo! Finance)

Key Insight → A strong jobs report shows the resilience of the U.S. labor market despite recent challenges, with job growth exceeding expectations in November. The increase in unemployment to 4.2% and steady wage growth provide insights into inflation pressures and economic stability. These data points play a crucial role in shaping Federal Reserve policy, as markets anticipate potential interest rate cuts to support a soft landing for the economy.

President-elect Donald Trump stated he does not plan to remove Federal Reserve Chair Jerome Powell, marking a shift from previous criticism. Trump acknowledged legal barriers to firing Powell and emphasized his desire for more presidential input on interest rate decisions, challenging the Fed's independence. (CNN)

Key Insight → This is significant because it reflects the balance of power between the Federal Reserve's independence and presidential influence, a critical aspect of economic governance. Trump's decision to retain Jerome Powell signals continuity in monetary policy amid concerns over potential political interference. It highlights the ongoing debate about the central bank's independence and its role in maintaining economic stability.

A federal appeals court upheld a law requiring ByteDance to sell TikTok or face a U.S. ban, citing national security concerns over its ties to China. TikTok plans to appeal to the Supreme Court, arguing the ban violates the First Amendment rights of its 170 million American users. (CNBC)

Key Insight → This decision highlights a critical clash between national security concerns and constitutional rights, which could affect millions of Americans who use TikTok for expression, connection, and business. It underscores the growing tension in U.S.-China relations, with TikTok’s potential ban serving as a flashpoint in debates over data privacy and foreign influence. Furthermore, the court’s decision sets a precedent for government authority over global tech platforms, raising questions about the future of digital freedom and corporate sovereignty.

Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 44,642.52 -123.19 (-0.28%)

• S&P 500: 6,090.27 +15.16 (+0.25%)

• Nasdaq Composite: 19,859.77 +159.05 (+0.81%)

• Russell 2000: 2,408.99 +12.83 (+0.54%)

Here’s how The Magnificent Seven did on Friday:

• Apple (AAPL) [3.671T]: 242.84 -0.20 (-0.08%)

• Nvidia (NVDA) [3.488T]: 142.44 -2.62 (-1.81%)

• Microsoft (MSFT) [3.298T]: 443.57 +0.95 (+0.21%)

• Amazon (AMZN) [2.387T]: 227.03 +6.48 (+2.94%)

• Alphabet (GOOGL) [2.139T]: 174.71 +2.07 (+1.20%)

• Meta Platforms (META) [1.575T]: 623.77 +14.84 (+2.44%)

• Tesla (TSLA) [1.249T]: 389.22 +19.73 (+5.34%)

Here’s how Bitcoin and Ethereum did yesterday:

• Bitcoin (BTC): $99,682.67 (5:15PM PST on 12/8/24)

• Ethereum (ETH): $3,970.18(5:15PM PST on 12/8/24)