🚀 Markets React to Trump's Treasury Secretary Pick

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Markets reacted positively on Monday to news of President-elect Donald Trump’s likely choice of hedge fund executive Scott Bessent as Treasury secretary. This move signalled a market-friendly approach to the U.S. economy. Stock futures rose while Treasury yields fell, with analysts praising Bessent’s deep understanding of markets and fiscal conservatism. Bessent emphasized a balanced strategy of gradual tariff implementation, pro-growth policies, and keeping inflation in check. Wall Street viewed his nomination as a stabilizing force in Trump’s economic agenda, bolstering confidence in continued economic expansion with tempered inflation risks.

2. Intel is nearing an $8 billion CHIPS Act grant agreement with the U.S. Commerce Department to support its chip manufacturing expansion despite its ongoing struggles. The grant, expected to finalize soon, comes as Intel faces steep financial losses, a potential Qualcomm takeover bid, and delays in receiving CHIPS Act funds. CEO Pat Gelsinger criticized the slow rollout of these grants while Intel continues efforts to streamline operations, sell assets, and restructure its business to stabilize its position in the competitive semiconductor market.

3. After years of spending on electric and autonomous vehicle development, automakers are slashing costs to address mounting financial pressure and slow returns. General Motors, Ford, Nissan, Volkswagen, and Stellantis are cutting billions through layoffs, restructuring, and production cuts. While startups like Rivian and Lucid scramble to stay afloat, legacy automakers grapple with declining profits, regulatory hurdles, and intensifying Chinese competition. Echoing late Fiat Chrysler CEO Sergio Marchionne's 2015 warning about the industry's inefficiency, analysts emphasize the need for smarter collaboration and capital allocation to break the cycle of excessive spending and subpar returns.

4. Headlines

   1. Virgin Atlantic CEO calls the UK Government’s new policies a “tax on growth”.

   2. Morgan Stanley predicts Robinhood could rise 50% during Trump’s next term.

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