🚀 Santa Clause Rally Begins

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Stocks climbed on Christmas Eve, marking back-to-back gains for the holiday week as the S&P 500, the Dow Jones and the Nasdaq surged on strong performances by Tesla's rally and strong performances from Amazon and Meta. The session kicked off the "Santa Claus rally," a historically bullish period spanning the last five trading days of the year and the first two of January. While the S&P turned positive for December.

2. A Starbucks barista strike has expanded to 5,000 workers across 300 stores in 45 states, coinciding with the company’s busy holiday season. The strike, led by the Service Employees International Union and Starbucks Workers United, seeks to address alleged unfair labor practices and stalled contract negotiations, including demands for a 64% immediate wage hike. Starbucks has countered, calling the demands "not sustainable" and highlighting its benefits package, which averages $30 per hour for employees working 20+ hours weekly. CEO Brian Niccol has pledged to negotiate in good faith, though his tenure at Chipotle included labor disputes. The strike represents 3% of U.S. Starbucks locations but signals growing tensions amid the company’s recent market challenges.

3. Corporate leaders and tech titans are pledging millions to Donald Trump's second inaugural committee, with contributions surpassing $150 million and dwarfing previous records. Big names like Amazon, Meta, and Robinhood are making substantial donations, signalling efforts to curry favour with the incoming administration, which promises deregulation and industry-friendly policies. Elon Musk, a key Trump ally, has taken a prominent advisory role while other CEOs navigate the balance between public praise and potential backlash. Critics highlight the opaque nature of inaugural funding and its role in fostering a "pay-to-play" political culture, raising concerns over influence peddling at the highest levels.

4. Headlines

   1. Banks are suing the Fed over their annual stress test.

   2. The FDA has raised the alert level on eggs sold at Costco to the highest level.

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Onwards and Upwards,

Liam Gill