President-elect Donald Trump is turning to the tech sector for key administration roles, signaling a strategic shift in his cabinet composition. Notably, Tesla CEO Elon Musk, a significant campaign donor, has emerged as a close advisor to Trump. Meanwhile, the tech industry continues to make strides with high-profile appointments. Scott Kupor and Sriram Krishnan from Andreessen Horowitz have been selected for pivotal positions, reflecting the sector’s growing influence.
In the pharmaceutical realm, the Food and Drug Administration (FDA) announced that tirzepatide, the active ingredient in Eli Lilly’s weight loss drug Zepbound, is no longer in shortage. This development could ease market concerns over drug availability and pricing.
On Wall Street, stocks rose during a light trading session on Monday. The Dow Jones Industrial Average increased by 66.69 points, equating to a 0.16% rise. The S&P 500 saw a 0.73% uptick, while the tech-heavy Nasdaq Composite climbed 0.98%. Notable gains included Tesla and Meta Platforms, each rising by over 2%, and Nvidia soaring more than 3%.
Monday’s trading was not only light but also expected to continue in a similar vein today, with the market set to close early at 1 p.m. for the Christmas Eve holiday. Despite the light trading, the upward trend reflects investor optimism heading into the holiday season.
In corporate news, Nordstrom is transitioning to a private company after agreeing to a buyout deal valued at approximately $6.25 billion. This transaction involves members of the founding Nordstrom family and the Mexican department store El Puerto de Liverpool. Under the terms of the deal, common shareholders will receive $24.25 in cash per share.
The Education Department recently announced it would step back from plans for student loan forgiveness due to operational challenges. This decision has sparked concerns among students and educational institutions. Erin Hunt expressed her worries about potential costs associated with this decision.
“I am extremely concerned for what it’s going to cost,” – Erin Hunt
Featured image courtesy of Nikkei Asia
