Economy

President-elect Donald Trump announced Robert F. Kennedy Jr., a longtime vaccine skeptic and former independent presidential candidate, as his nominee to head the Department of Health and Human Services (HHS). The decision, revealed Thursday, sparked widespread apprehension in the public health community and left the pharmaceutical and biotech industries braced for potential upheaval. Kennedy, a polarizing figure because of his controversial views on vaccines and public health policies, will need Senate confirmation to assume the role. However, Trump has hinted at the possibility of bypassing the confirmation process by making a suspension appointment if necessary. If confirmed, Kennedy would oversee…

At the 10th awards ceremony held at the Academy Museum of Motion Pictures on April 13, 2024, Elon Musk made headlines by expressing his support for potential candidates for the position of Treasury secretary. This announcement comes as President-elect Donald Trump has yet to reveal his pick for this crucial Cabinet role. Through a post on This endorsement highlights Musk's belief in the need for a change in economic policy. Reports indicate that Lutnick and Scott Bessent, founder and CEO of Key Square Group, are the leading contenders for the Treasury Department. Musk also shared his view on Bessent, describing…

In a recent press conference following a meeting of the Federal Open Market Committee, Federal Reserve Chair Jerome Powell answered a series of questions from reporters asking for his views on newly elected President Donald Trump. While Powell has refrained from engaging in political discussions, it is clear that the economic implications of Trump's presidency are set to have a significant impact on Federal Reserve policies. Powell, appointed by Trump in 2017, has already faced criticism from the former president, who labeled Fed officials “boneheads” and made disparaging comparisons of their performance. During the news conference, Powell sidestepped questions regarding…

A statue of Walt Disney and Mickey Mouse graces the front yard of Cinderella Castle at Magic Kingdom Park, setting the stage for a pivotal moment as Disney prepares to release its fiscal fourth-quarter earnings on Thursday. Wall Street's attention will be sharply focused on the performance of Disney's streaming and theme park divisions, as well as updates on the search for CEO Bob Iger's successor. Analysts surveyed by LSEG expect the following key numbers for Disney's next earnings report: Earnings per share: Expected at $1.10 Income: Expected to reach $22.45 billion The profitability of Disney's streaming services has become…

Rocket Lab recently made headlines with the announcement of significant third-quarter results, which led to a surge in its shares in after-hours trading. The space infrastructure company reported a notable increase in revenue, reaching $104.8 million, a 55% increase from $67.6 million in the same period last year. This figure exceeded Wall Street expectations, which expected revenue of approximately $102 million. Despite the impressive revenue growth, Rocket Lab reported a widening net loss, which grew to $51.9 million from $40.6 million a year earlier. However, the company's loss was 10 cents per share, slightly better than analysts' forecasts of a…

As President-elect Donald Trump prepares to take office in January, he is expected to reinstate key elements of his previous economic platform, including tariffs, tax cuts and sanctions. Steven Mnuchin, who served as Treasury Secretary during Trump's first term, discussed these priorities in a recent interview with CNBC. Key components of Trump's economic strategy Tax cutsMnuchin stressed that tax cuts will remain a “distinctive part” of Trump's agenda. He expressed confidence that passing tax reforms in Congress should be easy, especially if Republicans maintain control of the House. RatesThe former Treasury secretary reiterated Trump's commitment to using tariffs as a…

Rivian's latest quarterly results reveal performance that fell short of market expectations, as the company reported an adjusted loss per share of 99 cents, compared to the expected loss of 92 cents. Revenue for the quarter came in at $874 million, lower than the expected $990 million. In light of these results, Rivian adjusted its earnings before interest, taxes, depreciation, and amortization (EBITDA) forecast, now forecasting a loss of between $2.83 billion and $2.88 billion. This marks a revision from a previous estimate that called for a loss of about $2.7 billion. Despite these challenges, the company remains optimistic about…

In October, the unemployment rate for white Americans saw a slight increase, rising to 3.8% from 3.6% the previous month, according to the latest data from the Department of Labor. This increase contrasts with the overall national unemployment rate, which remained stable at 4.1%, unchanged from September, and reflects a varied picture across different demographic groups. For Black and Hispanic workers, unemployment rates remained stable at 5.7% and 5.1%, respectively. Meanwhile, Asian Americans saw a decrease in their unemployment rate, falling from 4.1% to 3.9%. Both white men and women reported rising unemployment rates in October. For men the rate…

An aerial perspective of existing homes alongside new construction in the Chatsworth neighborhood of Los Angeles on September 8, 2023, highlights a significant moment in the real estate market. Recent data indicates that U.S. homeowners have a significant amount of home equity, but soaring interest rates over the past two years have made many reluctant to tap into that value. This trend, however, appears to be changing. In the third quarter of this year, homeowners accessed $48 billion in home equity, marking the highest volume of withdrawals in two years, following the Federal Reserve's interest rate hikes. While mortgage rates…