Elon Musk becomes first person with $400 billion net worth
The multi-hyphenate entrepreneur and confidante of President-elect Trump...
The multi-hyphenate entrepreneur and confidante of President-elect Trump rocketed past the milestone net worth thanks to his stake in the privately held SpaceX. That company has a valuation of $350 billion, which Bloomberg says makes it the most valuable private startup in the world. It also doesn’t hurt that Tesla stock hit an all-time high of nearly $425 per share yesterday. Federal Election Commission filings show that Musk spent $277 million to help Trump win reelection, which, given his net worth, is the equivalent of someone with a net worth of $100,000 donating $70.
Bipartisan lawmakers seek to break up the healthcare industry....
Bipartisan lawmakers seek to break up the healthcare industry. Specifically, legislation in the House and the Senate targets conglomerates like UnitedHealth Group, CVS Health, and Cigna—health insurers that each also own a pharmacy benefits manager (PBM) and a pharmacy business. PBMs act as go-betweens that price drugs. If the legislation passes, the big companies would have three years to divest their pharmacies. Sen. Josh Hawley, who is cosponsoring that chamber’s bill with Sen. Elizabeth Warren, said the legislation would “stop the insurance companies and PBMs from gobbling up even more of American healthcare and charging American families more and more for less.”
The gun seized from Luigi Mangione by law enforcement matches shell casings found at the crime scene in the murder of UnitedHealthcare CEO Brian Thompson.
The NFL approved the sale of minority stakes in the Philadelphia Eagles and the Miami Dolphins to private equity firms.
Hershey rejected Mondelez’s takeover offer as too low.
The Onion cannot buy Alex Jones’s Infowars as it planned to, a bankruptcy judge decided.
Nasdaq closes at record high above 20,000 for first time as Dow falls for fifth session
U.S. stocks finished mostly higher on Wednesday, with the Nasdaq Composite closing at...
U.S. stocks finished mostly higher on Wednesday, with the Nasdaq Composite closing at a record high. Still, the Dow Jones Industrial Average was unable to recover its momentum following the release of as-expected CPI inflation data for November.
According to preliminary data, the Dow Jones Industrial Average closed down by 0.2% at 44,148.56 for its fifth straight session of declines.
The S&P 500 finished up by 0.8% at 6,084.19.
The Nasdaq Composite ended up by 1.8% at 20,034.89.
Wednesday's moves gave the S&P and Nasdaq their first gains in three sessions.
According to economists Andy Schneider and Britney Jackson at BNP Paribas, Wednesday's inflation data was "imperfect, but good enough" for the Federal Reserve to cut the December rate next Wednesday.
U.S. Inflation Ticks Up Slightly Ahead of Fed Meeting
Fresh inflation data released on Wednesday gave Federal...
Fresh inflation data released on Wednesday gave Federal Reserve officials one last glimpse at how their battle against rapid price increases is progressing as they prepare for their final interest rate decision of 2024.
Consumer Price Index inflation ticked up in November, with the index climbing 2.7 percent from a year earlier. That was up from 2.6 percent previously, and in line with economists’ expectations.
A potential catalyst for this week awaits with Thursday’s U.S. Energy Information...
A potential catalyst for this week awaits with Thursday’s U.S. Energy Information Administration (EIA) inventory report covering the first week of December. Frigid air descended from Canada during the period, boosting gas demand to power furnaces.
As such, analysts have braced for the steepest storage pull of the young withdrawal season. NGI modeled a pull of 176 Bcf, which is bullish in contrast to the five-year average decrease of 71 Bcf.
Preliminary draw estimates submitted to Reuters for the Dec. 6 period averaged 138 Bcf. The polling ranged fromwithdrawals of 49 Bcf to 187 Bcf.
Still, inventories started December at an 8% surplus relative to the five-year average. This followed a withdrawal of 30 Bcf in the final week of November. Inventories stood at 3,937 Bcf.
