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The tech-heavy Nasdaq 100 index – as tracked by the Invesco QQQ Trust QQQ – extended its relentless climb this week, setting new record highs and nearing the 22,000-point milestone, fueled by strong investor optimism in the Magnificent Seven tech giants and the transformative potential of artificial intelligence. Year-to-date, the index has posted a robust 30% gain, on track to outperform the S&P 500 for the ninth time in the last decade. Since the start of 2023, the Nasdaq 100 is on track to double, nearing a 100% gain – a performance last achieved in 2019-2020 with a 102% rise and previously hit during the dot-com boom of 1998-1999. Notably, five out of the seven Magnificent Seven stocks— Apple Inc. AAPL , Amazon.com Inc. AMZN , Alphabet Inc. GOOGL , Meta Platforms Inc. META , and Tesla Inc. TSLA — achieved fresh record highs this week. The combined market capitalization of the group exceeded $18 trillion, surpassing China's gross domestic product at the end of 2023. Broadcom Inc . AVGO emerged as the week's standout performer, soaring after a strong quarterly earnings beat and delivering upbeat AI-driven guidance for the coming year. The rally propelled the chipmaker into the exclusive $1 trillion market-cap club, making it the eighth-largest publicly traded company. Inflation data released during the week raised some red flags. Consumer inflation rose 2.7% year-over-year in November, in line with expectations, but producer inflation jumped to 3% year-over-year, exceeding estimates of 2.6%. This marked the sharpest increase since February 2023, raising concerns about potential cost pass-throughs to consumers. Investors are fully pricing in a 25-basis-point interest rate cut at the Federal Reserve’s Dec. 18 meeting. Yet policymakers may signal fewer rate cuts for 2025 — potentially just three — while leaving open the possibility of a pause as early as January. You may have missed... Trump Rings NYSE President-elect Donald Trump rang the New York Stock Exchange opening bell on Thursday, expressing confidence in a strong U.S. economy. Trump was named TIME Person of the Year for the second time. GM Robotaxi Exit General Motors Co . GM plans to abandon its robotaxi ambitions, aiming to save $1 billion annually and potentially license Tesla’s Full Self-Driving technology, says analyst Gary Black. Google’s Quantum Leap Alphabet's new Willow quantum chip showcases cutting-edge innovation. Analysts praise Google for advancing technology leadership, signaling potential breakthroughs in computing power and commercial applications. Read now: Fed’s December Meeting Could Crush Rate Cut Optimism For 2025 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Shiffrin confirms she'll miss Beaver Creek World Cup races
Pep Guardiola has pledged to step aside if he fails to turn around Manchester City’s poor run of form. The City boss is enduring the worst run of his glittering managerial career after a six-game winless streak featuring five successive defeats and a calamitous 3-3 draw in a match his side had led 3-0. The 53-year-old, who has won 18 trophies since taking charge at the Etihad Stadium in 2016, signed a contract extension through to the summer of 2027 just over a week ago. Yet, despite his remarkable successes, he still considers himself vulnerable to the sack and has pleaded with the club to keep faith. “I don’t want to stay in the place if I feel like I’m a problem,” said the Spaniard, who watched in obvious frustration as City conceded three times in the last 15 minutes in a dramatic capitulation against Feyenoord in midweek. “I don’t want to stay here just because the contract is there. “My chairman knows it. I said to him, ‘Give me the chance to try come back’, and especially when everybody comes back (from injury) and see what happens. “After, if I’m not able to do it, we have to change because, of course, (the past) nine years are dead. “More than ever I ask to my hierarchy, give me the chance. “Will it be easy for me now? No. I have the feeling that still I have a job to do and I want to do it.” City have been hampered by a raft of injuries this term, most pertinently to midfield talisman and Ballon d’Or winner Rodri. The Euro 2024 winner is expected to miss the remainder of the season and his absence has been keenly felt over the past two months. Playmaker Kevin De Bruyne has also not started a match since September. The pressure continues to build with champions City facing a crucial trip to title rivals and Premier League leaders Liverpool on Sunday. Defeat would leave City trailing Arne Slot’s side by 11 points. “I don’t enjoy it at all, I don’t like it,” said Guardiola of his side’s current situation. “I sleep not as good as I slept when I won every game. “The sound, the smell, the perfume is not good enough right now. “But I’m the same person who won the four Premier Leagues in a row. I was happier because I ate better, lived better, but I was not thinking differently from who I am.” Guardiola is confident his side will not stop battling as they bid to get back on track. He said: “The people say, ‘Yeah, it’s the end of that’. Maybe, but we are in November. We will see what happens until the end. “What can you do? Cry for that? You don’t stay long – many, many years without fighting. That is what you try to look for, this is the best (way). “Why should we not believe? Why should it not happen with us?”Canadian Prime Minister Trudeau flies to Florida to meet with Trump after tariffs threat WEST PALM BEACH, Fla. (AP) — Canadian Prime Minister Justin Trudeau has flown to Florida to have dinner with President-elect Donald Trump at his Mar-a-Lago club after Trump threatened to impose sweeping tariffs on Canadian products. Joining Trump and Trudeau at dinner were Trump's picks for commerce secretary, interior secretary and national security adviser, and the three men's wives. From the Canadian side, the dinner guests included Public Safety Minister Dominic LeBlanc, whose responsibilities include border security. Trump’s transition did not respond to questions about what they had discussed or whether the conversation alleviated Trump’s concerns about the border. A smiling Trudeau declined comment upon returning to his West Palm Beach hotel late Friday. Emboldened 'manosphere' accelerates threats and demeaning language toward women after US election CHICAGO (AP) — An emboldened fringe of right-wing “manosphere” influencers has seized on Donald Trump’s presidential win to justify and amplify misogynistic derision and threats online. Many have appropriated a 1960s abortion rights rallying cry, declaring “Your body, my choice,” and have been using it publicly on college campuses and even in public schools. While none of the current online rhetoric is being amplified by Trump, experts say many young men see the former president’s return to the White House as vindication of their views on women. For many women, the words are a worrying sign of what might lie ahead as some men perceive the election results as a rebuke of reproductive rights and women’s rights. Syrian insurgents are inside Aleppo in a major setback for Assad as government forces regroup BEIRUT (AP) — Thousands of Syrian insurgents have fanned out inside Syria's largest city Aleppo a day after storming it with little resistance from government troops. Syria's army said troops have redeployed to prepare for a counteroffensive. Witnesses said insurgents were seen Saturday at landmarks in Aleppo for the first time since 2016, when they were expelled by government forces backed by Russia and Iran. The surprise offensive is a major embarrassment for Syrian President Bashar Assad, who has regained total control of the city eight years ago. An Israeli strike in Gaza kills World Central Kitchen workers. Israel says 1 was an Oct. 7 attacker DEIR AL-BALAH, Gaza Strip (AP) — An Israeli airstrike on a car in the Gaza Strip on Saturday killed five people including employees of World Central Kitchen. The charity says it is “urgently seeking more details” after Israel’s military said it targeted a WCK worker who had been part of the Hamas attack that sparked the war. The charity in an email says it is “heartbroken” by the airstrike and that it had no knowledge anyone in the car had alleged ties to the Oct. 7, 2023 attack, saying it is “working with incomplete information.” It says it is pausing operations in Gaza. Lebanese fishermen hope ceasefire with Israel means normal life returning TYRE, Lebanon (AP) — The ceasefire between Israel and Hezbollah is bringing hope for normality back to many in southern Lebanon. That includes fishermen who’ve long launched their single-engine wooden boats into the Mediterranean at dawn. For months, Israel imposed a siege that kept hundreds of fishermen at this ancient Phoenician port ashore. That upended their lives and dealt the industry a major blow. The port siege also cut people off from key ingredients for traditional Lebanese dishes. As war devastated their country, the loss of fish damaged a deep association with home. Now, the possibility of renewed fishing is helping fuel hope. How Brazilian police say Bolsonaro plotted a coup to stay in office SAO PAULO (AP) — Brazil’s Federal Police have formally accused former far-right President Jair Bolsonaro and 36 others of plotting a coup to keep him in office. The plot was allegedly comprised of several components and substantiated by evidence and testimony in the agency's 884-page report. The pieces of the puzzle include laying the groundwork by systematically sowing distrust of the electoral system among the populace. It also includes drafting a decree to give the plot a veneer of legal basis and pressuring top military brass to go along with the plan. Bolsonaro and his main allies have denied any wrongdoing or involvement and accuse authorities of political persecution. Protesters gather for third night of demonstrations after Georgia announces suspension of EU talks TBILISI, Georgia (AP) — Protesters have gathered across Georgia in a third straight night of demonstrations against the government’s decision to suspend negotiations to join the European Union. The third night of protests were held Saturday. More than 100 demonstrators were arrested as crowds clashed with police Friday night. The Associated Press saw protesters in Tbilisi being chased and beaten by police as demonstrators rallied in front of the country’s parliament building. The violence follows the ruling Georgian Dream party's disputed victory in the Oct. 26 election. It was widely seen as a referendum on the country’s aspirations to join the European Union. Romania's parliamentary vote risks being overshadowed by presidential race chaos BUCHAREST, Romania (AP) — Romanians are preparing to go to the polls in a parliamentary vote that will determine a new government and prime minister to lead the European Union and NATO member country. However, Sunday's vote is sandwiched between a two-round presidential race and is overshadowed by controversies and chaos following the outcome of the first vote. While the president has significant decision-making powers in areas such as national security and foreign policy, the prime minister is the head of the nation’s government. Sunday’s vote will determine the formation of the country’s 466-seat legislature. North Korea's Kim vows steadfast support for Russia’s war in Ukraine SEOUL, South Korea (AP) — North Korean leader Kim Jong Un said his country will “invariably support” Russia’s war in Ukraine as he met Russia's visiting defense chief. A Russia military delegation led by Defense Minister Andrei Belousov arrived in North Korea on Friday as international concerns about the two countries’ expanding cooperation deepened after North Korea sent thousands of troops to Russia. During a Friday meeting, Kim and Belousov reached “a satisfactory consensus” on issues on how to further boost strategic partnership and defend each country’s sovereignty and security interests, state media said. Heavy snow blankets parts of the US during busy holiday travel weekend BUFFALO, N.Y. (AP) — The first big snowfall of the season is threatening to bury towns in upstate New York and northwestern Pennsylvania as the hectic holiday travel and shopping weekend winds down. Numbing cold and heavy snow could persist into next week and cause hazards in the Great Lakes, Plains and Midwest regions. A state of emergency was declared for parts of New York, making it problematic for scores of Thanksgiving travelers trying to return home. This week’s blast of frigid Arctic air also brought bitterly cold temperatures of 10 to 20 degrees Fahrenheit below average to the Northern Plains. Cold air was expected to move over the eastern third of the U.S. by Monday, the weather service said, with temperatures about 10 degrees below average.Politics of day indulges in cherry-picking facts: Jaishankar on Tipu Sultan
Missing dog returned to family home and rang the doorbell WEST PALM BEACH, Fla. (AP) — Athena, a 4-year-old German Shepherd and Husky mix, escaped her home in Green Cove Springs, Florida, on Dec. 15, prompting a search among the community and nearby towns for her. Yet on Christmas Eve, Athena appeared at the family's front door ringing on their doorbell — ending a search after more than a week. Her owner, Brooke Comer, said Athena's escape brought multiple communities in her town and neighboring towns to search for her dog, and that Athena's escape was about a 20-mile roundtrip near the train tracks. Sinkhole in New Jersey keeps I-80 closed after a section collapses into an abandoned mine WHARTON, N.J. (AP) — Road crews are repairing Interstate 80 in northern New Jersey after a sinkhole from an abandoned mine shut down the eastbound lanes. The state’s transportation department says it remains unknown when those lanes will reopen. The hole opened up along the highway’s right shoulder Thursday morning, and the guardrail was still hanging suspended across the gaping 40-foot-wide hole on Friday. Drivers are currently having to detour near Wharton, about 40 miles west of New York City. The New Jersey Department of Transportation said crews will work around the clock to the repair the roadway. Customs agents seize 22,000 fake Pennsylvania vehicle inspection stickers shipped from Israel HARRISBURG, Pa. (AP) — The U.S. Customs and Border Protection agency says it seized more than 20,000 counterfeit Pennsylvania vehicle inspection stickers that were shipped from Israel to an address in Philadelphia. The agency said that customs officers found the stickers in two different shipments that arrived on different days, Nov. 26 and Dec. 9. The agency didn't say in a Thursday statement who sent the stickers, who was to receive them and what purpose the stickers were going to serve. The agency said it made no arrests. Pennsylvania requires that motor vehicles be inspected annually to ensure they meet minimum mechanical, safety and emissions standards. One owl rescued by a Minnesota woman is euthanized; efforts to save the other continue ST. PAUL, Minn. (AP) — One of the two owls rescued by a Minnesota woman in a story that went viral this week has died, but the other is still getting medical care. Wildwoods Wildlife Rehabilitation Center in Duluth said in a Facebook post Thursday that the snowy owl rescued by Annabell Whelan had internal injuries, a broken wing and a broken leg, and had to be euthanized. The great gray owl also rescued by Whelan suffered broken bones and large soft tissue wounds. Wildwoods says the injuries are severe and veterinarians are doing everything they can to “give the bird a chance at recovery.” Whelan happened to find both injured owls at different places Monday. 2 Florida tourist spots halt drones in shows following a separate accident that injured a boy ORLANDO, Fla. (AP) — A theme park resort and a huge hotel in central Florida either have stopped using drones or canceled their drone-based shows after several drones collided and fell from the sky during a separate holiday celebration in downtown Orlando. The accident last weekend injured a boy who required surgery. Universal Orlando said this week that it was pausing the drone component of its “CineSational: A Symphonic Spectacular” show, while Orlando World Center Marriott posted that it was canceling its scheduled drone shows during the holiday week. The halt in using drones follows last Saturday’s accident at a holiday show at Lake Eola Park in downtown Orlando. NASA's Parker Solar Probe survives close brush with the sun's scorching surface NEW YORK (AP) — NASA has confirmed that a spacecraft has made the closest approach to the sun. Earlier this week, the Parker Solar Probe passed within a mere 3.8 million miles of the sun. Space agency officials received an all-clear message Thursday night confirming Parker survived the journey. The spacecraft was launched in 2018 to get a close-up look at the sun. It'll continue circling the sun at this distance until at least September. Scientists hope to better understand what drives the solar wind and why the sun's outer atmosphere iis so much hotter than its surface. 'Morrison Hotel' made famous by The Doors goes up in flames in LA The former Morrison Hotel, which was famously on the cover of a 1970 album by The Doors, has been significantly damaged by a fire in downtown Los Angeles. The Los Angeles Fire Department says the four-story building burned for nearly two hours Thursday. More than 100 firefighters helped bring the fire under control. The building had been vacant for more than a decade but several people who were inside at the time escaped without injuries. The Morrison Hotel was featured on the album’s cover that showed legendary frontman Jim Morrison in the middle. That album was viewed as a comeback for The Doors. Another jackpot surpasses $1 billion. Is this the new normal? Remember this moment because it probably won’t last: A U.S. lottery jackpot is projected to soar above $1 billion, and that's still a big deal. Friday’s Mega Millions drawing is worth an estimated $1.15 billion. The prize has evoked headlines across the country, despite the nation's top 10 jackpots already having boasted billion-dollar payouts. Jonathan Cohen is the author of the book “For a Dollar and a Dream: State Lotteries in Modern America.” He says he expects jackpots to continue to grow in size. Larger payouts attract more media attention, increase ticket sales and bring in new players. Suzuki Motor former boss Osamu Suzuki, who turned the minicar maker into a global player, dies at 94 TOKYO (AP) — Osamu Suzuki, the charismatic former boss of Japanese mini-vehicle maker Suzuki Motor Corp., has died. He was 94. Suzuki was known for his candid remarks and friendliness, calling himself an "old guy from a small to mid-size company.” He became CEO of Suzuki in 1978 and helped turn the company into a global brand name. It was the first Japanese automaker to start local production in India and has had tie-ups with industry leaders like General Motors and Volkswagen. It is working with Toyota on developing self-driving vehicles. The company said Suzuki died Wednesday of malignant lymphoma. Cowboys shutting down CeeDee Lamb with 2 games to go over receiver's shoulder issue FRISCO, Texas (AP) — The Dallas Cowboys are shutting down CeeDee Lamb with two games remaining after their 2023 All-Pro receiver spent the second half of the season dealing with a sprained right shoulder. The team says additional exams revealed enough damage to keep Lamb off the field Sunday at Philadelphia and in the final game at home against Washington. The team says surgery isn't expected to be required. Dallas was eliminated from playoff contention a few hours before last weekend’s 26-24 victory over Tampa Bay.
WASHINGTON—A “Grand Bargain” from major center-left and center-right think tanks that proposed common-ground solutions to the country’s pressing issues was met with approval but some criticism from Biden economic advisers who reviewed it at an event on Dec. 3. “I very much agree with the tax system critiques,” Bernstein said onstage at the Brookings Institution on Dec. 3. The report “Toward a Potential Grand Bargain for the Nation” calls for taxation to be tilted toward a more progressive direction, advocating an inheritance tax system and, as one of two options, a value-added tax for most households in place of income taxes. Bernstein was concerned about the absence of discussion of money for the Internal Revenue Service in the report. “Funding the IRS should be an absolute, required part of any Grand Bargain,” the White House official said. Bernstein also departed from the report on industrial policy, which was popular with elements of the Biden and Trump administrations. The Grand Bargain characterized industrial policy as interventionist, stating that it often amounted to circumstances in which “the government picks winners and losers.” “The train has left the station on that, given the extent of money in politics and the depth of lobbying. The federal government will not stop picking winners and losers,” Bernstein said. He also said the lack of discussion on housing in the report was “such an acute shortfall.” Additionally, the absence of anyone closely tied to the incoming Trump administration underscores this challenge. “This report touts itself as a bipartisan effort. I’ve read through the names in the report. I don’t see anyone in there who I could see being even potentially hired by the Trump administration,” said Jeff Stein, The Washington Post reporter moderating the talk. The White House’s Bernstein was joined by Ben Harris, an economist who worked for Joe Biden during his vice presidency and presidency, when Harris was assistant secretary of the Treasury for economic policy. Harris echoed Bernstein on what he described as an urgent need for more IRS funding. Some report contributors who spoke, including William Hoagland of the Bipartisan Policy Center, stressed that the Grand Bargain wasn’t designed with political feasibility front of mind, at least in the short term. “Politically, we’re in a bad place,” said Brookings’s Isabel Sawhill, who noted that interest payments on the debt now exceed defense spending—an inauspicious first in the nation’s history. The Trump administration will come into power with Republicans controlling the House and Senate. While the GOP has historically called into question the financial viability of Social Security, which consumes one-fifth of the federal budget, Trump campaigned on ending taxes on Social Security benefits. “Neither candidate has presented plans to fix Social Security’s finances,” the committee wrote.US stocks surge to records, shrugging off upheaval in South Korea, France