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Morgan Stanley is laying off approximately 2,500 employees, contributing to tens of thousands of job cuts already seen in the financial sector this year, with other major firms like Citigroup and Block also reducing their workforces.
The Supreme Court struck down President Trump's sweeping tariffs, leading to a calm but positive reaction on Wall Street as stocks ticked higher. However, Trump quickly vowed to implement new tariffs through alternative methods, keeping the trade landscape uncertain. Meanwhile, mixed economic reports and company-specific news also influenced market movements.
The U.S. stock market rose, led by Nvidia's 1.6% climb after Meta Platforms announced a major partnership for AI chips, highlighting AI's market influence despite investor worries about high spending and industry disruption.
JPMorgan Chase CEO Jamie Dimon's sworn testimony of ignorance regarding Jeffrey Epstein until 2019 is challenged by extensive evidence, including thousands of suspicious transactions and direct involvement of senior bank executives, threatening his long-held reputation as a banking icon.
Global stock markets were mixed, with Wall Street extending losses due to a tech stock sell-off fueled by AI investment concerns. Bitcoin stabilized after a plunge, while Asian markets mostly declined, except for Tokyo, and commodity prices showed volatility.
The Trump administration is launching 'Trump Accounts,' a program providing a $1,000 investment for newborns born between 2025-2028, accessible at age 18 for specific uses like education or home down payments. The initiative also allows for additional contributions from parents and philanthropic organizations, aiming to boost wealth building, though critics raise concerns about its impact on the wealth gap and support for immediate needs.
U.S. stocks saw modest gains Monday, led by energy, AI, and rare earth sectors, while gold soared to a new record of over $5,100 per ounce, driven by investor demand for safe havens amidst tariff threats and inflation. All eyes are on the upcoming Federal Reserve interest rate decision and major tech earnings.
U.S. long-term mortgage rates have dropped to their lowest point in over three years, with the 30-year fixed rate now at 6.06%. This decline is boosting homebuyer purchasing power and driving a surge in both refinancing and home purchase applications, offering a glimmer of hope for a struggling housing market.
Stocks dipped slightly on Monday in quiet, holiday-shortened trading, primarily led by a pullback in big tech. Despite the daily decline, major indexes are closing the year with substantial annual gains. Energy stocks climbed with oil prices, while precious metals pulled back, and Treasury yields fell amid expectations of future Fed rate cuts.
This article offers practical advice from budgeting expert Michela Allocca on managing holiday spending. Key tips include tracking purchases, starting a holiday savings fund, being intentional with gift-giving, and using cashback rewards for next year. It also features various curated gift guides.
