• What happened at the latest FOMC meeting?
• Why did Tesla recall 2 million electric cars?
• What led to Temu suing Shein?
MARKET MOVEMENTS
Dow Jones
S&P 500
Nasdaq
37,202.88 (+0.30%)
4731.55 (+0.52%)
14,818.13 (+0.57%)
Opening price as of 12/14/2023 compared to last close
IN THE HEADLINES
FOMC meeting
The Federal Reserve held rates steady in December within the range of 5.25% to 5.5%. However, the focus shifted to policymakers’ projections, indicating the likelihood of three rate cuts in 2024, followed by four in 2025 and three in 2026. Fed Chair Jerome Powell emphasized the potential for rate cuts even without a 2024 recession, citing signs of inflation progress and an encouraging labor market. Powell’s remarks aimed to reassure workers about job opportunities and wage growth. Despite acknowledging ongoing inflation concerns, the Fed hinted at discussions regarding policy easing due to signs of inflation and labor market cooling. The market response was significant, with the Dow surging past 37,000 points, reflecting investor optimism following the Fed’s rate cut projections. Read more
Tesla recalls 2 million electric cars
Tesla is recalling over 2 million vehicles in the U.S. to enhance safety features in its Autopilot system following concerns raised by the National Highway Traffic Safety Administration (NHTSA). The recall includes various models dating back to 2012, impacting a wide range of Tesla vehicles. This significant recall is aimed at ensuring drivers remain attentive while using Autopilot. The NHTSA investigation highlighted instances of insufficient driver engagement, prompting Tesla’s move to bolster controls and alerts within the system. Despite disagreements on the analysis, Tesla plans to roll out a software update encouraging continuous driver responsibility during Autosteer engagement. Read more
Temu sues Shein
Temu has launched a fresh lawsuit against Shein, alleging copyright infringement and aggressive actions like detaining merchants and stealing business secrets. This comes after previous legal disputes were dropped in October. Temu claims Shein escalated actions by detaining merchants and coercing them to leave Temu's platform, while Shein has not responded to these allegations. Both companies, prominent in budget online shopping, have clashed before, with Shein aiming for a U.S. IPO and Temu rapidly expanding internationally. Congressional reports earlier flagged potential trade loophole exploitation by both companies regarding import duties and human rights reviews in the U.S. Read more
TradeUP TIDBITS
Holiday Budgeting: Strategies to Manage Spending and Secure Your Funds
As the holiday season approaches, managing your finances becomes pivotal, especially when planning for gifts, gatherings, or trips. Establishing a holiday budget not only steers clear of overspending but also ensures a balanced approach to seasonal expenses. Sophia Acevedo, CEPF, outlines practical steps on creating a holiday budget and provides insights on safeguarding your funds. Read the Full Article
INVESTOR TIPS
Retirement Account
There are several different types of retirement accounts available to investors depending on certain factors such as age, employer, length of employment, and retirement objectives. Most retirement plans come with required minimum distributions, meaning account owners must start withdrawing annual minimum amounts from their accounts when they reach a predetermined age. Each type of account comes with different rules.
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