WEST PALM BEACH, Fla. (AP) — Canadian Prime Minister Justin Trudeau said Saturday he had an “excellent conversation” with Donald Trump at his Mar-a-Lago club after the president-elect's threat to impose significant tariffs on two of America’s leading trade partners raised alarms in Ottawa and Mexico City . It was unclear, as Trudeau headed back to Canada from Florida, whether the conversation had alleviated Trump’s concerns. A person familiar with the details of the leaders' hastily arranged meeting Friday night said it was a “positive wide-ranging dinner that lasted three hours.” The official, who was not authorized to discuss the matter publicly and spoke to The Associated Press on condition of anonymity, said topics included trade, border security, fentanyl, defense, Ukraine, NATO, China, the Mideast and pipelines, as well as the the Group of Seven meeting in Canada next year. The Republican president-elect has threatened to impose tariffs on products from Canada and Mexico if the countries don’t stop what he called the flow of drugs and migrants across their borders. He said he would impose a 25% tax on all products entering the U.S. from Canada and Mexico as one of his first executive orders when he takes office in January. As he was leaving his West Palm Beach hotel, Trudeau stopped briefly to answer a reporter’s question about the dinner meeting, saying it was "an excellent conversation." Trump’s transition team did not respond to questions about what the leaders had discussed. Trump, during his first term as president, once called Trudeau “weak” and “dishonest,” but it was the prime minister who was the first G7 leader to visit Trump since the Nov. 5 election. "Tariffs are a crucial issue for Canada and a bold move was in order. Perhaps it was a risk, but a risk worth taking,” Daniel Béland, a political science professor at McGill University in Montreal. Among those at the dinner were Howard Lutnick, Trump's pick for commerce secretary; North Dakota Gov. Doug Burgum, in line to lead the Interior Department; and Mike Waltz, Trump's choice to be his national security adviser. Accompanying Trudeau were Canada's public safety minister, Dominic LeBlanc, whose responsibilities include border security, and Katie Telford, Trudeau's chief of staff. Trudeau had said earlier Friday that he would resolve the tariffs issue by talking to Trump. Mexican President Claudia Sheinbaum said a day earlier after speaking with Trump that she is confident a tariff war with the United States will be averted. Trudeau said Trump got elected because he promised to bring down the cost of groceries but now he's talking about adding 25% to the cost of all kinds of products including potatoes from Prince Edward Island in Atlantic Canada. “It is important to understand that Donald Trump, when he makes statements like that, he plans on carrying them out. There’s no question about it,” Trudeau said before his leaving for Florida. “Our responsibility is to point out that he would not just be harming Canadians, who work so well with the United States, but he would actually be raising prices for Americans citizens as well and hurting American industry and business,” he added. To Nelson Wiseman, professor emeritus at the University of Toronto, Trump "doesn’t need convincing that new tariffs on Canadian products would not be in U.S. interests. He knows that, but cannot say it because it would detract from what he has said publicly. His goal is to project the image that he gets action when he talks.” Those tariffs could essentially blow up the North American trade pact that Trump’s team negotiated during his first term. Trudeau noted they were able to successfully renegotiate the deal, which he calls a “win win” for both countries. Trump made the tariff threat Monday while citing an influx of migrants entering the country illegally, even though the numbers at the Canadian border pale in comparison to those at the U.S.-Mexico border. Trump also spoke about fentanyl from Mexico and Canada, even though seizures from the Canadian border are few in comparison to the Mexican border. Canadian officials say lumping Canada in with Mexico is unfair but say they are ready to make new investments in border security. When Trump imposed higher tariffs during his first term in office, other countries responded with retaliatory tariffs of their own. Canada, for instance, announced billions of new duties in 2018 against the U.S. in a response to new taxes on Canadian steel and aluminum. Canada is the top export destination for 36 U.S. states. Nearly $3.6 billion Canadian (US $2.7 billion) worth of goods and services cross the border each day. ___ Gillies reported from Toronto.Panamanian President Jose Raul Mulino on Thursday ruled out negotiations with US President-elect Donald Trump over control of the Panama Canal, denying that China was interfering in its operation. Mulino also rejected the possibility of reducing tolls for US vessels in response to Trump's threat to demand control of the vital waterway connecting the Atlantic and Pacific oceans be returned to Washington. "There's nothing to talk about," Mulino told a press conference. "The canal is Panamanian and belongs to Panamanians. There's no possibility of opening any kind of conversation around this reality, which has cost the country blood, sweat and tears," he added. The canal, inaugurated in 1914, was built by the United States but handed to Panama on December 31, 1999, under treaties signed some two decades earlier by then-US president Jimmy Carter and Panamanian nationalist leader Omar Torrijos. Trump on Saturday slammed what he called "ridiculous" fees for US ships passing through the canal and hinted at China's growing influence. "It was solely for Panama to manage, not China, or anyone else," Trump said in a post on his Truth Social platform. "We would and will NEVER let it fall into the wrong hands!" If Panama could not ensure "the secure, efficient and reliable operation" of the channel, "then we will demand that the Panama Canal be returned to us, in full, and without question," he said. An estimated five percent of global maritime traffic passes through the Panama Canal, which allows ships traveling between Asia and the US East Coast to avoid the long, hazardous route around the southern tip of South America. The United States is its main user, accounting for 74 percent of cargo, followed by China with 21 percent. Mulino said the canal's usage fees were "not set at the whim of the president or the administrator" of the interoceanic waterway, but under a long-established "public and open process." "There is absolutely no Chinese interference or participation in anything to do with the Panama Canal," Mulino said. On Wednesday, Trump wrote on Truth Social alleged, without evidence, that Chinese soldiers were "lovingly, but illegally, operating the Panama Canal." Mulino denied that allegation, too. "There are no Chinese soldiers in the canal, for the love of God," he added. Panama established diplomatic relations with China in 2017, after breaking off ties with Taiwan -- a decision criticized by Trump's first administration. On Tuesday, dozens of demonstrators gathered outside the US embassy in Panama City chanting "Trump, animal, leave the canal alone" and burning an image of the incoming US president.
McCormick & Co. Inc. stock falls Wednesday, underperforms marketCopy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login Elon Musk and Jeff Bezos have become the two wealthiest men in the world thanks to their breakthrough technology companies. But Musk, through SpaceX, has long held a big lead in the pursuit closest to their hearts: colonising space. Now, their space race is entering a new era as Bezos approaches two milestones that, if successful, could chip away at Musk’s dominance. Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login Follow the topics, people and companies that matter to you. Fetching latest articles
Tehama County’s Oscar Morales recognized with statewide awardDo you like stocks? Well, if you do and you are on the lookout for some new investments when the market reopens then read on. Listed below are a couple of top ASX growth stocks that analysts have recently named as buys. Let's see what they are saying about these growing companies this month: ( ) The first ASX growth stock that could be a buy according to analysts is Breville. It designs, develops, markets, and distributes small electrical kitchen appliances in the consumer products industry. As well as the eponymous Breville brand, the company's portfolio includes the Kambrook, Baratza, Sagem and Lelit brands. Analysts at Ord Minnett are positive on the company. Particularly given how they believe that the company is on the brink of a return to form with accelerating sales growth. This is expected to be driven by new products and acquisitions. The broker recently said: Breville has experienced a notable decline in its return on capital over the past five years, but Ord Minnett views FY24 as the cyclic allow for returns. Our projections indicate a rebound as sales growth accelerates and operational leverage improves. This sales growth is expected to stem from improved sales momentum, innovative product development, and recent strategic acquisitions. Ord Minnett currently has an accumulate rating and $38.00 price target on the company's shares. Another ASX growth stock that could be a buy right now according to analysts is Readytech. It is a leading software as a service (SaaS) provider of mission critical software to the tertiary education, government, justice, and enterprise markets. The team at Morgans is bullish on the company. With its shares trading at a deep discount to historic averages despite having strong growth prospects, its analysts believe that the software company is a great example of growth on offer at a reasonable price. They recently said: Its products include student management, payroll and HR solutions, and enterprise resource planning (ERP) to local government and legal case management. RDY's recent organic growth trajectory demonstrates its ability to deliver our forecast 14.5% CAGR EBITDA growth over coming years. Despite this, the company is trading at a ~20% discount to its historic average EBITDA multiple of ~11x, which we believe represents compelling value. Morgans currently has an add rating and $3.74 price target on its shares.
The Savage Beauty That Emerges From Loss
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BBC bosses want to make a Gavin & Stacey spin-off show after the finale scored the highest Christmas Day TV audience for 16 years. A peak of 12.5 million saw Nessa and Smithy get hitched in the sitcom’s highly anticipated conclusion. Millions more are expected to have watched on catch-up. Insiders say execs are keen to coax more material from co-writers James Corden and Ruth Jones . A source said: “It would be madness to close the door on such a hit.” The spin-off could come in the form of a sitcom following warring couple Dawn and Pete, insiders said. A TV source said: “James and Ruth are adamant this is the last of Gavin & Stacey. But, when a programme achieves such results, execs will always hope for more. “At the end of the day, ratings talk and it would be madness to close the door on such a hit forever when fans loved it so much. “Bosses have had casual discussions about whether options like a Pete and Dawn spin-off could work. "They were always more separate to the main group and a new universe could be developed which didn’t involve any of the core cast, so James and Ruth’s involvement could be a little different.” The 2019 Christmas special, when Nessa, played by Ruth, proposed to Smithy (James) was supposed to be the final episode. But The Sun then sensationally revealed the gang were coming back five years on. Our source went on: “No one thought James and Ruth would ever return following 2019’s special, so it’s definitely considered a ‘never say never’ situation and bosses live in hope. "Even when news of this Christmas special broke , Ruth denied it publicly, so any plans will always be shrouded in secrecy. “At this point they are rightly so proud of what they delivered and why would they risk ruining it all? But no one can be blamed for one day hoping for more.” The BBC last night said there were no plans for a spin-off. Christmas Day’s classic finale saw Nessa and Smithy get the happy ending fans were hoping for. But other characters have obvious room for more, after Pete and Dawn Sutcliffe divorced then were reunited. There is also Stacey’s mum Gwen West finding love with Nessa’s ex Dave Coaches. Fan favourites such as Smithy’s sister Rudi and his mates Budgie, Chinese Alan and Fingers are also candidates. The BBC has had huge success with spin-offs that are based within the same “universe” as a popular show, such as Beyond Paradise and now Return To Paradise for cop show Death In Paradise. The source said: “As with any big shows, options are always discussed in planning meetings and there are obvious options within Gavin & Stacey. "It’s all down to James and Ruth whether anything will be developed, though.” The 2024 special surpassed its 2019 predecessor by more than half a million viewers. Yesterday, photos were released of the cast and crew posing for final photos on set. Charlotte Moore, BBC’s Chief Content Officer, said: “Ruth Jones and James Corden created a magical finale fans will treasure forever. “Their exquisitely written comedy creation is a show all about family, love and joy and it proved to be the unmissable TV event of the year.” The special was packed with twists and big reveals, kicking off with the dreaded Sonia being Smithy’s bride-to-be at the start of the episode, not Nessa. Christmas Day on the BBC brought people together in their millions. Actress Laura Aikman, who plays Sonia, told on the night how she kept it a secret from loved ones. She posted a video of her family gasping when she appeared. Laura wrote: “I take an NDA (non-disclosure agreement) very seriously! The moment my family realise Sonia is ruining Christmas again.” The finale crowned an epic Christmas Day for the BBC, which had all the top ten most-watched programmes. The return of Wallace & Gromit with Vengeance Most Fowl drew in the next biggest tally, with a peak of ten million, followed by stalwarts including Call The Midwife, Doctor Who and Strictly. ITV’s best efforts came from The Chase’s celebrity special with 2.9 million and Freddie Flintoff’s Bullseye special on 2.4 million. Ms Moore said: “Christmas Day on the BBC brought people together in their millions. I’m very proud the line-up was a showcase for the very best in British storytelling.” IT’S not Gavin & Stacey’s fault, but I’d started hating the Christmas special long before it came to screen. A resentment you can probably put down to personal failings and the fact that rolling news, the print media and even the BBC’s main bulletins seemed to be hyping the 90-minute episode’s expectations way beyond a point it could possibly deliver. Without anything else worth watching on Christmas Day, since the last Gavin & Stacey special in 2019, the longing was as understandable as it was damning, I suppose. But for the first half, at least, it seemed like all the pre-publicity had been a dreadful miscalculation. The storyline was going nowhere and everyone, bar James Corden and Ruth Jones, who’ve written themselves the two best parts, seemed to be performing instead of acting, to an annoying degree in the cases of Rob “Bryn” Brydon and Alison “Pam” Steadman. They clearly knew something we didn’t, though. Because, as soon as Smithy and Sonia’s abortive wedding scene kicked in, everything made perfect sense. It was an old-fashioned love story that had momentum, heart, soul, staggeringly good stars, Anna Maxwell Martin and Sheridan Smith, and also the good sense to flag up its own plot holes, on the final chase to Southampton Docks. As I’m sure the whole audience was screaming “Give her a ring,” long before Joanna Page’s Stacey said “I’ll try her on her mobile” and Jason replied “Why didn’t we just call her in the first place?” They would have looked daft, of course, if the show hadn’t delivered the ending the audience craved and deserved. But it gave the people what they wanted, a Smithy and Nessa wedding, and spared them from the one thing that infected other significant parts of the BBC’s Christmas Day TV, preachiness. For there were no gear-crunching references to diversity, as we got in the King’s Speech and EastEnders, nor was there any bleating about the arms trade, as in Doctor Who. For 90 minutes on Christmas Day, TV was a glorious, happy, woke-free zone again. And if you think the BBC will learn from Gavin & Stacey’s triumph and cut the political lectures in 2025? Well, I’d settle back and watch the Christmas special again and again, if I were you.
Cutting in line? American Airlines' new boarding tech might stop you at now over 100 airportsEZINWANNE ONWUKA argues that progress is not just about rising figures but about how these figures translate into improved living standards When I first heard Nasboi’s song ‘ Hunger Games ’, I was greatly amused. The lyrics, delivered with a catchy rhythm, seemed to capture the plight of the average Nigerian in a lighthearted way. But today, the humour which I found in that song has vanished, replaced by the grim reality of poverty and despondency that has become the hallmark of President Tinubu’s economic policies. In less than 18 months, transportation costs doubled, several businesses folded under the weight of rising expenses, school fees have become unaffordable for many parents, and the prices of basic commodities, fuel inclusive, skyrocketed beyond the reach of many. While the government promised palliatives to ease the hardship, these promises have proven grossly insufficient, leaving thousands in dire straits. The situation is just as Nasboi sang: “Food no dey for boys to focus. Rice no dey, even garri cost...Things too cost for dis kind regime. Ulcer dey, no food to treat am o.” The desperation of Nigerians to survive was tragically exposed a few days ago when stampedes at palliative distribution centres led to loss of lives. In Ibadan, a stampede at a funfair of which the organisers promised participants “exciting prizes like scholarships and other bountiful gifts” led to the death of several children. A similar tragedy occurred in Abuja, where a crowd gathered for palliatives became uncontrollable, resulting in chaos and fatalities. In Anambra State, the story was no different; a stampede at another distribution point left families mourning their loved ones. These are not isolated incidents—they are the result of widespread hunger and misery. The images of mammoth crowds scrambling for food packs were heart-wrenching, a visual indictment of the ruling party’s failure to prioritise the welfare of its citizens. I agree with the Peoples Democratic Party (PDP) that “it is heartbreaking that despite our abundant resources as a nation, Nigerians have been subjected to an agonising life where they die struggling for food.” I also agree with presidential aspirant Omoyele Sowore’s remark that “If anyone didn’t know how bad things are and how our people are really desperate for survival, this unprecedented but unwarranted death by hunger-suicide tells the real story.” These tragic events are indeed an “ugly testament to the alarming level of misery, poverty, hunger, starvation, and sense of hopelessness and desperation for survival currently plaguing our nation,” according to the PDP. It is heartbreaking that a government which promised Nigerians ‘renewed hope’ has plunged the nation into renewed despair. Families can no longer afford to eat three square meals a day, children are dropping out of school, and the middle class, once a buffer against extreme poverty, is steadily disappearing under the weight of harsh economic policies. Even in rural areas, where subsistence farming was once a reliable source of survival, the high cost of fertilisers and transportation has made agriculture increasingly unsustainable. Many farmers have abandoned their fields, unable to cope with rising expenses. Amidst these travails, Mr President, during his media chat on Monday night, stated that his reforms were necessary for the country’s growth. However, focusing solely on economic growth—measured by GDP and other statistical metrics—ignores the critical realities faced by the citizens. True progress is not just about rising figures but about how these figures translate into improved living standards, affordable healthcare, quality education, and access to basic necessities. When millions are battling hunger and poverty, growth figures offer little consolation. Unfortunately, President Tinubu’s economic reforms have done little to address the pressing needs of the people. What we see instead is a government out of touch with the realities of the masses. It is embarrassing that a nation as rich in resources as Nigeria cannot provide food security for its citizens so much so that citizens now flock to charity events for their daily bread. Meanwhile, Mr President, in his Christmas message, has assured that “Nigeria is on a promising path of restoration and hope, with every indication pointing towards a bright future.” While the President’s words may sound reassuring, they ring hollow for the millions of Nigerians struggling with the daily reality of hunger and hardship. Promises of a ‘promising path’ and a ‘bright future’ cannot fill empty stomachs or console families grieving the loss of loved ones due to desperation-induced tragedies. Actions speak louder than words, and so far, the government’s actions—or lack thereof—have painted a bleak picture. ‘Hunger Games’ by Nasboi has become the painful anthem of Nigerian reality. The lyrics tell of the struggles of a nation where hunger and despair have become commonplace. If the current administration is serious about its promise of ‘renewed hope,’ it must address these issues head-on. Hunger dey o! And the time for rhetoric is over. Nigerians deserve more than words—they deserve action. Onwuka writes via ezinwanne.dominion@gmail.comCutting in line? American Airlines’ new boarding tech might stop you at now over 100 airports
Unwanted gift card in your stocking? Don't let it go to wasteIceland votes for a new parliament after political disagreements force an early election
MUNICH (AP) — Harry Kane is the quickest player to score 50 goals in the Bundesliga after scoring a hat trick on his 43rd appearance on Friday. Kane’s three goals – including two penalties – gave Bayern a 3-0 win over Augsburg , stretching the Bavarian powerhouse’s lead to eight points ahead of the rest of the 11th round. Kane scored 36 goals in 32 league appearances last season, his first for Bayern after joining from Tottenham. It was also the first season since 2012 that Bayern failed to win the title, as Bayer Leverkusen went undefeated to snap Bayern's winning run. As well as 14 league goals this season, Kane has scored five in the Champions League and one in the German Cup. Against Augsburg, he had to be patient as Augsburg goalkeeper Nediljko Labrović and his defenders stood firm. “It was somehow typical Harry Kane,” Bayern coach Vincent Kompany said. “It was close in the first half, close, close, close, and then it happens, I think three goals in 15 minutes. Of course, he can do that. But for such a player, I have to say, he had a lot of chances that he could maybe make more of. Then, in an instant, everything is perfect and he can score many goals.” AP soccer: https://apnews.com/hub/soccer
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Thrivent Financial for Lutherans lowered its position in shares of Inari Medical, Inc. ( NASDAQ:NARI – Free Report ) by 8.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,351 shares of the company’s stock after selling 3,603 shares during the quarter. Thrivent Financial for Lutherans owned 0.07% of Inari Medical worth $1,623,000 as of its most recent filing with the Securities & Exchange Commission. A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Lighthouse Investment Partners LLC purchased a new stake in shares of Inari Medical during the second quarter valued at approximately $2,145,000. Aigen Investment Management LP purchased a new stake in shares of Inari Medical during the 3rd quarter valued at $428,000. Integral Health Asset Management LLC increased its position in shares of Inari Medical by 100.0% during the 2nd quarter. Integral Health Asset Management LLC now owns 400,000 shares of the company’s stock valued at $19,260,000 after purchasing an additional 200,000 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Inari Medical by 1,219.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 394,901 shares of the company’s stock worth $19,014,000 after purchasing an additional 364,983 shares during the period. Finally, Financial Enhancement Group LLC purchased a new position in shares of Inari Medical in the 3rd quarter worth about $1,155,000. Hedge funds and other institutional investors own 90.98% of the company’s stock. Insider Activity at Inari Medical In other news, CFO Mitch C. Hill sold 3,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $45.13, for a total transaction of $135,390.00. Following the completion of the transaction, the chief financial officer now directly owns 179,600 shares in the company, valued at $8,105,348. The trade was a 1.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link . Also, Director William Hoffman sold 60,000 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $51.16, for a total transaction of $3,069,600.00. Following the completion of the transaction, the director now directly owns 501,233 shares in the company, valued at approximately $25,643,080.28. The trade was a 10.69 % decrease in their position. The disclosure for this sale can be found here . In the last three months, insiders have sold 186,000 shares of company stock worth $8,990,990. 10.60% of the stock is owned by company insiders. Inari Medical Price Performance Analysts Set New Price Targets A number of analysts recently issued reports on the stock. Canaccord Genuity Group raised their price objective on shares of Inari Medical from $71.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. Piper Sandler raised their price target on shares of Inari Medical from $50.00 to $52.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Stifel Nicolaus started coverage on shares of Inari Medical in a report on Tuesday, September 17th. They issued a “hold” rating and a $50.00 price target on the stock. Needham & Company LLC reissued a “hold” rating on shares of Inari Medical in a report on Tuesday, October 29th. Finally, Leerink Partners assumed coverage on Inari Medical in a research report on Tuesday, September 3rd. They issued a “market perform” rating and a $47.00 target price for the company. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Inari Medical presently has a consensus rating of “Hold” and an average target price of $58.89. View Our Latest Stock Report on NARI About Inari Medical ( Free Report ) Inari Medical, Inc builds minimally invasive, novel, and catheter-based mechanical thrombectomy devices and accessories for the specific disease states in the United States. The company provides ClotTriever system, which is designed to core, capture, and remove large clots from large vessels for treatment of deep vein thrombosis and peripheral thrombus; FlowTriever system, a large bore catheter-based aspiration and mechanical thrombectomy system to remove large clots from large vessels in the peripheral vasculature for treating pulmonary embolism and other complex venous thromboembolism cases; InThrill system to treat small vessel thrombosis; and LimFlow system for patients who have chronic limb-threatening ischemia with no suitable endovascular or surgical revascularization options and risk of major amputation. Further Reading Five stocks we like better than Inari Medical EV Stocks and How to Profit from Them The Latest 13F Filings Are In: See Where Big Money Is Flowing What is the Dogs of the Dow Strategy? Overview and Examples 3 Penny Stocks Ready to Break Out in 2025 What Investors Need to Know About Upcoming IPOs FMC, Mosaic, Nutrien: Top Agricultural Stocks With Big Potential Receive News & Ratings for Inari Medical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Inari Medical and related companies with MarketBeat.com's FREE daily email newsletter .Klaus Vedfelt/DigitalVision via Getty Images Thesis Rocket Lab USA, Inc. (NASDAQ: RKLB ) stock has been on a tear lately, with the stock more than doubling in the past month. Some have referred to this surge as a 'rocket launch' but even rockets are Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
The Dow Jones Industrial Average closed fractionally higher today, stretching its winning streak to five sessions despite light trading volumes and rising U.S. Treasury yields weighing on some of the dominant technology megacaps. While the Nasdaq Composite and the S&P 500 were broadly unchanged, the indexes both finished slightly in negative territory. This snapped the Nasdaq’s four-session run of higher closes, and ended the S&P 500’s own run at three sessions. On a day of few catalysts, investors responded to yields on U.S. government bonds inching higher, including the yield on the benchmark 10-year Treasury note hitting its highest since early May at 4.64% earlier in the session. A strong auction of seven-year notes early in the afternoon though helped yields come off slightly, with the 10-year note at 4.58% in late-afternoon trade. Higher yields are traditionally seen as negative for growth stocks, as it raises the cost of their borrowing to fund expansion. With markets increasingly dominated by the megacap technology stocks known as the Magnificent Seven, crimping their performance – especially in lieu of other market catalysts – will put downward pressure on benchmark indexes. The S&P 500 slipped 2.45 points, or 0.04%, to 6,037.59 points, while the Nasdaq Composite lost 10.77 points, or 0.05%, to 20,020.36. The Dow Jones Industrial Average rose 28.77 points, or 0.07%, to 43,325.80. Six of the megacaps fell, with Tesla leading decliners with a 1.8% fall. The outlier was Apple, rising 0.3% and continuing to edge closer to becoming the first company in the world to hit a market value of $4 trillion. The megacap tech stocks came off somewhat in the summer, as investors sought to rotate some capital into other sectors offering more value. Since the U.S. elections in November though, they have resumed their drive upwards and have outperformed the equal-weighted version of the S&P 500, said Adam Turnquist, chief technical strategist for LPL Financial. “As a technician, what you want to see is breakouts in absolute terms and relative terms and the Mag 7 is checking the boxes there, so very constructive leadership going into the year-end,” he said. The three main indexes have hit multiple record highs this year on hopes of a lower interest rate environment and the prospects of artificial intelligence boosting corporate profits. However, U.S. stocks have hit a speed bump in the final month of the year following an election-led rally in November as investors assess the Federal Reserve’s projection of fewer interest rate cuts in 2025. Looking ahead, LPL Financial’s Turnquist said the last few weeks have seen significant reliance on the Magnificent Seven stocks driving markets higher, and we may be starting to see the cracks in this momentum. Therefore, to see further benchmark index increases, we will need to see input from other sectors of the economy. One data release today showed the number of Americans filing new applications for jobless benefits dipped to the lowest in a month last week, consistent with a cooling but still healthy U.S. labor market. Markets are in a seasonally strong period – called the “Santa Claus rally” – a pattern attributed to low liquidity, tax-loss harvesting and investing of year-end bonuses. The S&P 500 has gained an average of 1.3% in the last five trading days of December and the first two days of January since 1969, according to the Stock Trader’s Almanac. Cryptocurrency-related stocks were down after Bitcoin declined 3.9%. MicroStrategy, MARA Holdings and Coinbase Global all fell between 1.9% and 4.8%. Among the 11 S&P sectors that traded lower were consumer discretionary, off 0.6%, and the energy index, which slipped 0.1% as it tracked marginal weakness in U.S. crude prices.