Axios

Elon Musk's businesses — with one key exception — are ballooning in value.

Why it matters: The richest person in the world has devoted considerable time lately to his newfound alliance with President-elect Trump, but in the meantime, his companies are attracting a deluge of capital.

President-elect Trump yesterday said that he'll nominate Robert F. Kennedy Jr. to lead the Department of Health & Human Services, sending shockwaves through the biotech sector.

Why it matters: Investing in vaccine and other drug development is inherently risky and expensive, and soon may have the added variable of a medical conspiracy theorist leading a department that oversees the FDA.

Chinese robotaxi operator Pony AI has set its U.S. IPO terms to 15 million shares being offered at between $11 and $13.

Why it matters: This is the first ZIRP unicorn in quite some time to prep a float at below its last private market prices, apparently deciding it's better to take its medicine now than to eventually die of thirst.

A new message is emerging from top Fed officials: With an economy this strong, why rush to cut interest rates?

Why it matters: The Fed sees a fundamentally sound economy, with few (if any) conditions warranting aggressive rate cuts.

• That, in the emerging Fed consensus, means it makes sense to move slowly in assessing how much to support the economy — especially with the uncertainty tied to the incoming administration's economic policies.

Donald Trump's looming move back into the White House could boost EV sales to buyers worried he'll end subsidies after taking office.

The big picture: "EV interest will likely increase over the next few months," Edmunds analyst Jessica Caldwell said via email.

Regardless of how President-elect Trump changes the Biden administration's long-term climate policies, automakers are already panicking about state-level electric vehicle mandates just around the corner.

• In California and 11 other blue states that follow its lead, 35% of new cars must be electric starting with 2026 models — some of which will be in showrooms as early as next spring.

President-elect Trump has vowed to impose sweeping tariffs with or without the support of Congress.

The big picture: While setting tariffs is a power typically afforded to Congress, the executive branch can also do so without congressional approval under special circumstances like over economic emergencies and national security issues.

Disney's streaming division posted 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.

Vaccine company stocks fell sharply Thursday on reports that President-elect Donald Trump would nominate Robert F. Kennedy Jr. as secretary of health and human services.

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.

Why it matters: With the GOP narrowly retaining control of the House, Republicans now have a clearer pathway to pursue the business-friendly agenda that President-elect Trump promised during the campaign.

Here's what's new on Netflix, Peacock, Disney+, Max, Apple TV+, BET+, Prime Video and Hulu.

What we're watching: A star-studded opera, a British spy thriller reboot and a holiday short film inspired by a true story.