— U.S. retail (+0.3%) and wholesale prices (+0.4%) rose more than expected in November, indicating inflation remains a concern.
— The Federal Reserve is widely anticipated to cut its key interest rate by 25 basis points this week, to 4.25% – 4.5%; this would be the 3rd rate cut in 2024, bringing rates down about 20% from the highs.
— S&P 500 earnings for 2024 are estimated to rise a strong 9.5%, vs. 10-year average of 8%; profits at the Mag 7 tech stocks are expected to be up 33%, on average, vs. 4% for the 493 other S&P stocks.
— The U.S. budget deficit swelled 17% in the first two months of fiscal 2025 (started in October) vs. same period a year ago; the national debt is now $36.1 trillion and Treasury expects to pay $1.2 trillion in interest this fiscal year.
— California will give big companies ($1 billion or more in revenue) doing business in the state until 2026 and 2027 to comply with its climate reporting rules covering Scope 1, 2 and 3 emissions.
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