President-elect Trump will nominate Scott Bessent, a financier focused on global macroeconomics, as his Treasury secretary, which would make him the incoming administration's top economic official.
Why it matters: Bessent would bring to Treasury deep knowledge of bond and currency markets and a close relationship with Trump — as well as a surprising connection to hedge fund manager George Soros, mega-donor to liberal causes and bogeyman to the political right.
President-elect Trump will nominate Scott Bessentas Treasury secretary, positioning him as the top economic official representing the nation on the world stage.
Why it matters: The pick caps intense jockeying for the influential role that, at times, spilled out into public view. The process has been closely watched by financial markets for what it might signal about the direction of Trump's economic policy.
Did you hear the one about the $6.2 million banana? That's the price a piece of art consisting of a banana duct-taped to a wall fetched this week, up from a "mere" $120,000 it sold for five years ago.
Why it matters: It is a fitting metaphor for an exuberant, and frothy, moment in financial markets of all types, one that raises uncomfortable questions about whether Federal Reserve policy is really restraining the economy as much as its leaders believe.
Upstart social network Bluesky is getting inbound interest for a large new investment round, just weeks after raising $15 million in Series A funding, Axios has learned.
Why it matters: Bluesky has become a post-election refuge for millions of Twitter/X users.
It's "Glick-ed" weekend — the opening for both "Gladiator 2" and "Wicked," the film adaptation of the Broadway musical.
Why it matters: The portmanteau is Hollywood's effort to recapture the magic of "Barbenheimer" — two big but seemingly dissimilar releases feeding into each other's success.
Left-leaning apps, news websites and social networks are experiencing a spike in engagement following President-elect Trump's election win, further dividing the internet along political lines.
Why it matters: It's not unusual for resistance media to rise in response to contentious elections. But the internet itself is becoming more politically divided than ever, driving Americans further into echo chambers.
Long before Securities and Exchange Commission chair Gary Gensler announced his decision Thursday to step down, the cryptocurrency industry's had its eyes on the next SEC chair.
Passenger-car market share hit an all-time low of 19% through the first 10 months of 2024, according to data released today by car research site Edmunds.
The big picture: America's SUV obsession is showing no signs of slowing down.
Zoom in: The good news for shoppers is that the average price of a new SUV has flattened out.
Buyers paid $46,211 on average for a new SUV through October, according to Edmunds.
That's about flat from 2022's $46,030, though it's still up nearly $10,000 over the last eight years.
A federal court in Texas vacated a Securities and Exchange Commission rule that redefined a "dealer," in a win for the crypto industry.
Why it matters: It's the latest example of the courts bucking the longstanding precedent of deferring to administrative agencies, following the Supreme Court's decision in the Chevron case.
Sexual misconduct allegations have tanked one of President-elect Trump's most high-profile Cabinet picks, Matt Gaetz, but other choices to staff his administration have also been accused of participating or overlooking sexual misconduct.
Why it matters: While the first Trump administration's staff also included members who faced sexual misconduct allegations, Trump's picks the second time around are set to fill much more prominent and influential roles.
The expected "burstof legislating and power-stretching," from the new administration and Congress could put corporate America's penchant for silence to the test.
Why it matters: There's a recalibration happening as executives navigate how and when to address socio-political issues in the era of Trump 2.0.
Ashok Sinha serves as chief communications officer of Dow Jones, the parent company of business publications like The Wall Street Journal, Barron's and MarketWatch and services like Factiva and Dow Jones Risk & Compliance.
Why it matters: While most are familiar with the Dow Jones brands, few know the corporate story — which Sinha is hoping to change.
You might be eager to defy gravity, but please don't sing about it during the new "Wicked" movie releasing this week.
Why it matters: Some movie theaters and loyal fans are warning against belting out the lyrics and singing with Ariana Grande as Glinda and Cynthia Erivo as Elphaba — at least until a sing-along version is released later this year.
Tokamak Energy, a British fusion energy developer, raised $125 million jn new funding.
Why it matters: The AI revolution needs more power, and one of its second-order impacts is driving venture investment into nuclear fusion, which remains the holy grail for energy.
The Magnificent Seven's stock market dominance may be waning, Goldman Sachs suggests in an otherwise optimistic 2025 forecast.
Why it matters: The seven tech stocks — Amazon, Apple, Google, Meta, Microsoft, Nvidia and Tesla — have played a huge role in the S&P 500's fabulous run over the past two years.
Here's what's new on Netflix, Peacock, Hulu, Disney+, Max, Apple TV+, Paramount+ and Prime Video.
What we're watching: Another star-studded August Wilson adaptation, a new season of "Based on a True Story," and a docuseries about the tragic 2004 Indian Ocean tsunami.
The Department of Justice is pushing for Google to sell its Chrome web browser after a landmark ruling found the tech giant had illegally abused its search monopoly.
Why it matters: The proposal for a partial breakup of Google and an overhaul of the running of its Android mobile operating system, among other changes, would mark the biggest antitrust action in the U.S. in decades if it's approved.
A Florida man was arrested over an alleged plot to bomb the New York Stock Exchange this week, per FBI court documents filed Wednesday.
The big picture: Harun Abdul-Malik Yener, of Coral Springs, Fla., was charged with "attempting to use an improvised explosive device to damage or destroy a building used in interstate or foreign commerce," per the filing in the U.S. District Court of Southern Florida.
"Comedian," Italian artist Maurizio Cattelan's piece that features a single banana duct-taped to a wall, sold at auction Wednesday night for $6.24 million, auction house Sotheby's said.
Why it matters: The controversial work first sold in 2019 for $120,000, and Sotheby's had estimated Wednesday's sale at $1 million to $1.5 million.
Gautam Adani, the billionaire chair of India's conglomerate Adani Group, was indicted in New York on charges related to allegations of "an elaborate scheme to bribe Indian government officials," prosecutors said Wednesday.
The big picture: Adani, one of the world's richest people, and two other executives of a renewable energy firm are accused of conspiring to commit securities and wire fraud.
