Disney's streaming divisionposted a profit for the second straight quarter — and the second time ever — in a sign that the company's bid to diversify away from traditional TV is gaining momentum.
Why it matters: The company's streaming services — Disney+, Hulu and ESPN+ — have until recently been a drain on the bottom line.
By the numbers: Disney recorded operating income of $321 million in the streaming division in the period ending Sept. 28, up from a loss of $387 million in the comparable period a year earlier.
Why it matters: Trump's pick, which was confirmed after markets closed, puts one of the nation's foremost vaccine skeptics in charge of America's health care agencies.
The U.S. economy is in strong shape, Federal Reserve chair Jerome Powell said Thursday, which means the central bank can move carefully as it cuts interest rates.
Why it matters: The direction of Fed policy is clear — the central bank is likely to cut interest rates further — but Powell's remarks indicate that it is uncertain how fast and how far those rate reductions will be.
The Trump administration is reportedly expected to pursue the demolition of electric vehicle tax credits that provide discounts of up to $7,500 on new EVs.
Why it matters: Those incentives have encouraged EV adoption at a time when climate advocates say it's critical to transition away from fossil fuels. But Trump has bashed the credits, which were included in the 2022 Inflation Reduction Act.
Some of SEC chair Gary Gensler's biggest defenders are seeing the writing on the wall.
"SEC Chair Gensler should resign," former SEC attorney John Reed Stark wrote yesterday on X.
Why it matters: Unlike all the (millions?) of similar comments from the crypto crowd on social media, Stark's comment carries significance: He's long been a vocal defender of Gensler and the SEC's approach to crypto.
Flashback:In June 2023 Stark wrote on X, "my take is that the SEC is spot-on with their crypto-related enforcement efforts."
He added that "no matter what the carnival barkers promise," crypto trading platforms are unquestionably "high-risk, perilous and inherently unsafe."
The global trade order is set to come under new pressure as President-elect Trump returns to the White House. But companies' pushes to reshore business activity and reduce dependence on China are already well underway, per a new survey.
Why it matters: The incoming Trump administration — with its promises of big tariffs and pressure on companies to move activity inside U.S. borders — may accelerate shifts in how multinationals manage their supply chains. But it doesn't change their direction.
A unified government under GOP control may signal better returns for investors than a divided Congress would have, according to an analysis by WT Wealth Management.
The FBI on Wednesday morning raided the New York City apartment of Shayne Coplan, the founder and CEO of Polymarket, Axios has learned from multiple sources.
Why it matters: Polymarket is one of the most active prediction betting markets, gaining mainstream attention during the recent presidential election.
Republicans are feeling positive about the economy for the first time in four years, while the Democratic vibes have plunged, per new data from Morning Consult.
Why it matters: Consumer sentiment used to reflect current economic conditions, but for the past several years it's grown increasingly political.
Why it matters: Minneapolis Fed president Neel Kashkari tells Axios it is too soon to say how plans at the heart of Trump's agenda — including deportations and across-the-board tariffs — will hit inflation and the labor market.
Price pressures have come down greatly over the last two years, but the lingering effects of higher rents just won't go away.
Why it matters: The rent effects will take time to roll off, and policymakers have confidence they can look past them, even with a slightly higher inflation reading.
The U.S. government has earmarked more than $36 billion in funding under the CHIPS Act, the vast majority of which has gone to large incumbents like Intel, Micron, and Samsung.
Now a VC-backed startup is getting in on the action.
Driving the news: Akash Systems announced this morning that it has secured $18.2 million in non-dilutive grants, plus $50 million in combined federal and California state tax credits.
Tips make up an increasingly large share of restaurant workers' pay, per data out this morning from Square, the payments company.
Why it matters: The rise of tipping culture means that servers and bartenders are getting tipped more frequently for services — like takeout orders — that used to go without gratuities.
By the numbers: In October, tips made up 23% of restaurant worker pay — up from 14% in 2019, according to Square's report, which examines payroll data.
The big picture: The restaurant business fell off a cliff in the pandemic, but it bounced back fast. Americans went back to dining out, and restaurants scrambled to hire, driving up wages and prices.
In recent months, the industry has seen a slowdown. But overall, restaurants have seen an increase in sales volume over the post-pandemic years that has translated into more customers per hour — and more tips, says Ara Kharazian, research lead at Square.
Reality check: Relying more on tips leaves workers in a more precarious position.
"If you're a restaurant worker who's already in an industry subject to a lot of ups and downs, a large component of your income coming from tips isn't gonna simplify that," says Kharazian.
Between the lines: One of President-elect Donald Trump's more popular campaign proposals was to eliminate taxes on tips.
Looking at this data, that would mean exempting nearly a quarter of restaurant workers' income from taxes — a meaningful chunk.
The Consumer Price Index rose 2.6% in the 12 months through October — a tick up from the prior month — while the measure that strips out food and energy held at 3.3%, the Labor Department said on Wednesday.
Why it matters: The worst of the inflation shock is over, but price pressures look stubborn and further progress on cooling those may be stalling.
More analysts are exploringwhat the Donald Trump-Elon Musk BFF situation means for Tesla, which has a market cap back above $1 trillion in the election's wake.
What they're saying: A Deutsche Bank note titled "to the victor belong the spoils" lays out a few ways Trump 2.0 could help Tesla.
