Markets
Communication services, Consumer Discretionary, IT slide around 2% or more, officially bringing index into correction territory. $Gold makes advancement above $3,000/ounce amid higher volatility and a drop in equity. On the tariff front, Trump and EU exchange more blows, this time, on alcohol. $INTC rises 15% upon change in leadership. Trump gets sued for laying-off half the work force in the Department of Education. Despite his cost cutting, Trump needs congress on his side to avoid shutdown, which will likely happen.
Headlines
• Trump threatens to put 200% tariff on French Champagne and other EU spirits
• US wine shops and importers say Trump’s threatened 200% tariff on European wines would kill demand
A response to the reinstatement of tariff on American Whiskey.
• Trump sued by 20 states to halt the ‘dismantling’ of Education Department
• A 10% drop for stocks is scary, but isn’t that rare
Among the 48 corrections since WWI, only 12 have leaded to a bear market, a decline in stock price of over 20%.
• Sen. Ted Cruz on government shutdown: It will be averted
“I think it’s probably not going to happen. I think we’re gonna see the Democrats cave”
• Apple Plans AirPods Feature That Can Live-Translate Conversations
The feature may come later this year packaged with iOS 19
• Undocumented Subprime Borrowers Pose Risk to Wall Street
“now, they(big banks) make it clear that their preference is for borrowers to be citizens.” They haven’t cared much until now.
• Ulta Beauty tops quarterly results on strong holiday demand for cosmetics, perfumes
Cosmetics spending during Thanksgiving.
• Exclusive-Major US toymaker speeds up plan to move manufacturing out of China
MGA Entertainment supply to Walmart, dolls and toys made in China. It is now seeking to relocate 40% of production to India and Vietnam.
• Dollar General, Dollar Tree stocks rise as penny-pinching consumers look for low-cost options
• Why a major shift to US clothing production is unlikely
US does not have the capacity, labor nor the raw materials
