Investors’ focus is on the Fed’s next steps as they closely monitor geopolitical tensions.
Wall Street climbs this Friday as investors closely monitor President-elect Donald Trump’s efforts to assemble his team. The S&P 500 advances 0.6%, while the Dow Jones Industrial Average gains 0.5%, while the tech-heavy Nasdaq Composite (^IXIC) oscillates between positive and negative territory, after closing on Thursday at rise.
Markets are regrouping after Nvidia’s (NVDA) results failed to definitively clear up doubts about whether artificial intelligence will continue to drive stocks. Some of the “Magnificent Seven” tech roles face pressure in early operations.
In this way, the main indices are on track to close the week with gains of more than 1%. Wall Street is still waiting to find out who Trump will name as Treasury secretary, an announcement that could influence markets given its impact on the economy. The president-elect has already appointed Pam Bondi, former Florida attorney general, as attorney general of the United States after his previous pick, Matt Gaetz, withdrew his name on Thursday.
Wall Street: what the market analyzes
It should be noted that the president of the Fed, Jerome Powell, believes that the economic data does not encourage lowering rates too quickly, which undermined investors’ hopes of a new rate drop in December.
At the same time, it became known Chairman of the Securities and Exchange Commission, Gary Gensler, will resign on January 20, the SEC announced, just as many expect President-elect Donald Trump’s appointment as president to take a friendly approach to Wall Street and cryptocurrencies.
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Gensler, who took over the SEC in 2021was widely criticized for its tough stance on cryptocurrency regulation that many believe has stifled cryptocurrency progress.
Eighteen states in the United States recently filed a lawsuit against the SEC and Gensler, accusing the agency of “serious government overreach” against the cryptocurrency industry.
Although Donald Trump has not yet announced his choice to lead the SEC, it is widely believed that the Institution’s next Head will adopt a friendlier stance towards cryptocurrencies, as the president-elect has promised to turn the United States into the cryptocurrency capital of the world.
Source: Ambito
I’m a recent graduate of the University of Missouri with a degree in journalism. I started working as a news reporter for 24 Hours World about two years ago, and I’ve been writing articles ever since. My main focus is automotive news, but I’ve also written about politics, lifestyle, and entertainment.
