The Rundown Biden Blocks $14B Buyout of U.S. Steel, Short-Seller Calls Out Carvana for "Accounting Grift"
25 snips
Jan 3, 2025 The market faced a disappointing Santa Claus rally, affecting major indices like the S&P and NASDAQ. President Biden's decision to block a $14 billion buyout of U.S. Steel centers on national security concerns. Meanwhile, the auto industry sees shifts as Tesla reports strong sales in China. Carvana is called out by a short-seller for questionable accounting practices. On the entertainment front, Disney shines in the 2024 box office performance, hinting at a dynamic market landscape ahead.
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Disappointing Stock Market Start
- The stock market had a disappointing start to 2025, with five consecutive losing days.
- This poor performance marks the worst Santa Claus rally since 2015.
January Indicator
- Historically, a positive January predicts a positive rest of the year for the stock market.
- If stocks finish January in the green, the rest of the year sees gains 79% of the time.
Biden Blocks U.S. Steel Acquisition
- President Biden blocked Nippon Steel's acquisition of U.S. Steel, citing national security risks.
- This decision marks a shift from the U.S.'s usual openness to foreign investment.