Newsletter Jan 21, 2025

Quick Six

Tech multi-billionaires front and center at Trump inauguration
US tech multibillionaires -- including Elon Musk, Mark Zuckerberg, and Jeff Bezos -- were given prime positions at President Donald Trump's inauguration on Monday, in an unprecedented display of their power and influence in the White House. The tech tycoons, whose companies are among the world's most valuable, are courting favor with Trump, marking a dramatic shift from Silicon Valley's more hostile response to his first term four years ago. Attendees also included Apple CEO Tim Cook, Google CEO Sundar Pichai, Google founder Sergey Brin and TikTok CEO Shou Chew, even as his platform's future remains uncertain.
SEE HOW THE WORLD REACTED TO TRUMP'S SPEECHES

Trump's Treasury pick turns heads on Capitol Hill, Wall Street
President-elect Donald Trump's nominee for Treasury Secretary spoke of ushering in "a new economic golden age," as he was grilled by lawmakers about the next administration's economic agenda. Scott Bessent's confirmation hearing comes days before Trump returns to the White House, vowing tax cuts, higher tariffs and a slash to federal spending. Bessent, a hedge fund manager, is expected to see smooth confirmation to the top economic post, where he would implement Trump's unorthodox economic plan.
BESSENT TURNS HEADS ON CAPITOL HILL, WALL STREET

Bank of America, Morgan Stanley lead strong bank earnings
Bank of America announced profits more than doubled in the fourth quarter, surging to $6.7 billion from $3.1 billion in the same period last year - another in a wave of favorable reports from the nation's biggest banks. The 111% increase in earnings buoyed its full-year profits to $27.1 billion. BofA's earnings report comes as Morgan Stanley said its fourth quarter profit was $3.7 billion - up 145% annually and pushing year-end net revenue to $61.8 billion.
WHY BANKS HAVE BEEN SOARING SINCE TRUMP ELECTION

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Markets

DJIA	43,487.83	0.78%
S&P 500	5,996.66	1.00%
Nasdaq Composite	19,630.20	1.51%
Japan: Nikkei 225	38,902.50	1.17%
UK: FTSE 100	8,520.54	0.18%
Crude Oil Futures	76.89	-1.27%
Gold Futures	2,731.60	-0.62%
Yen	155.62	-0.44%
Euro	1.04	1.36%
* As of market close

Thanking Trump, TikTok reinstated in US

TikTok restored service in the US on Sunday after briefly going dark, as a law banning the wildly popular app on national security grounds came into effect. The video-sharing platform credited President Donald Trump for making the reversal possible -- though the outgoing administration of President Joe Biden had earlier said that it would not enforce any ban. TikTok had shut down in the US late Saturday as a deadline loomed for its Chinese owners ByteDance to sell its US subsidiary to non-Chinese buyers before reinstating US service on Sunday and thanking Trump for trying to halt the nationwide ban.

TIKTOK IS BACK, BUT SEE WHICH POPULAR APPS WENT DARK

Wildfires take mounting mental toll on LA

With at least 24 people dead and tens of thousands displaced by fires that continue to smoulder, the last nine days will leave a lasting mark on America's second biggest city. From the initial panicked evacuation to the terrible firefight that saw hydrants run dry, the opening day of the disaster was just the beginning. Thousands of people have seen their homes reduced to ashes. And even those whose homes were spared have been heartbroken by the ruin of their neighborhoods. Like the mounting economic crisis, LA residents are also feeling the mental toll.

HOW LA RESIDENTS ARE COPING WITH LOSING EVERYTHING

Walmart HQ goes high tech with drones

Walmart announced the opening of its new Home Office campus in Bentonville, Arkansas that features a hotel and drone-assisted cleaning among other amenities. Hailed as a symbol of "innovation" and "community," the company says the Walmart campus aims to redefine the workplace as a green space, with more than 750,000 native plants, including 5,000 trees planted throughout the 350-acre site. The facility embraces technology, offering dynamic glass that lessens energy use, drone-assisted window cleaning and self-automated lawn care.

SEE HOW WALMART IS EMBRACING NEW AGE TECHNOLOGY

Extra point

When and where did Walmart open its first store outside the US?

Thursday's answer: Sam Panopoulos is credited with creating the first Hawaiian pizza at his restaurant, Satellite, located in Chatham, Canada.

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