Treasury Secretary Search Heats Up
The search for a new Treasury Secretary in President-elect Donald Trump’s administration is ongoing. Potential candidates include Kevin Warsh, former Federal Reserve Board member, alongside Marc Rowan, Senator Bill Hagerty, and Robert Lighthizer. Analysts suggest the Treasury market’s reaction will depend on the appointee’s experience, impacting bond yields and the dollar’s strength.
Market Futures Show Stability
U.S. stock futures indicate a stable open after a positive week on Wall Street. The Dow is up 1% for the week, the S&P 500 gained 1.3%, and the Nasdaq Composite rose 1.6%, driven by strong earnings from Nvidia (NVDA). Investors await PMI reports and earnings from companies like Gap (GAP) and Intuit (INTU).
Bitcoin Approaches $100,000 Milestone
Bitcoin surged to $98,744, nearing the $100,000 mark amid strong demand and optimism surrounding Donald Trump’s pro-crypto stance. His proposed Bitcoin national reserve and expected regulatory changes have fueled investor confidence. Additionally, SEC Chair Gary Gensler’s upcoming departure has buoyed markets, reducing regulatory pressures.
European Economic Struggles Continue
Economic data shows challenges in Europe, with Germany’s GDP growth slowing and British retail sales falling. This adds pressure on the ECB and BoE to continue easing interest rates. Analysts predict further rate cuts in the coming months to stimulate recovery.
Crude Oil Sees Strong Weekly Gains
Crude oil prices climbed, driven by geopolitical tensions in the Russia-Ukraine conflict. Concerns about supply disruptions and possible delays in OPEC+ production hikes have added to the upward momentum. Both WTI and Brent crude saw their strongest weekly performance since September.
$BABA- Alibaba has appointed Jiang Fan, who currently runs the company’s overseas retail division, as the head of the newly created department that groups all Alibaba’s online shopping assets, from Taobao and Tmall in China to Lazada in Southeast Asia, Bloomberg News reports. Jiang Fan, who was demoted a few years ago due to an online scandal, has now become the most powerful person in the company after CEO Eddie Wu and Chairman Joseph Tsai.
$BIDU- Barclays analyst Jiong Shao downgraded Baidu to Equal Weight from Overweight with a price target of $83, down from $115.
$NKE- Needham initiated coverage of Nike with a Buy rating and $84 price target. While Nike has “clearly been off their game in recent years,” the firm believes that the worst may nearly be over and that the biggest catalyst of change is the recent CEO transition to well-respected Nike veteran Elliott Hill. The firm also believes that management is “clear-headed about the mistakes they’ve made,” and are working aggressively to correct them, the analyst tells investors.
$PANW- HSBC analyst Stephen Bersey downgraded Palo Alto Networks to Reduce from Hold with a price target of $291, down from $304. At current trading levels, the firm considers the stock expensive. “Palo Alto is trading at a notable 55.8-times estimated 2025 non-GAAP earnings versus the 29.5-times median for the sector, the analyst tells investors in a research note.
$NVDA- Phillip Securities downgraded Nvidia to Accumulate from Buy with a price target of $160, up from $155, following the Q3 report. The firm cites the recent movement in the shares for the downgrade. It also lowered margins assumptions for fiscal 2026 to reflect management guidance of lower margins due to Blackwell products.
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