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WEEKLY NEWSLETTER

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What you’ll read?

• Electric and Hybrid Vehicles Reach 20% of U.S. Sales

• Target Raises Holiday Sales Forecast Amid Record Shopping Days

• Today in AI & Tech

• Canada Prepares to Retaliate if Trump Imposes Tariffs

  and more…

BUSINESS

Wall Street's Record Quarter Boosted by Surging Deals and Trading

U.S. investment banks posted record-breaking results, driven by heightened trading around the U.S. election and a rebound in investment banking. JPMorgan and Goldman Sachs reported surging revenues, with merger activity and IPOs expected to further energize the market. CEOs cite improved corporate confidence and regulatory conditions as key drivers for this resurgence.

Electric and Hybrid Vehicles Reach 20% of U.S. Sales

Sales of electric and hybrid vehicles hit 20% of new car sales in the U.S. last year, with over 3.2 million units sold. Gas-powered vehicles dropped below 80% of sales for the first time, while Tesla maintained EV leadership despite a decline in market share. Uncertainty remains about the future of EV subsidies and their impact on growth.

Target Raises Holiday Sales Forecast Amid Record Shopping Days

Target increased its fourth-quarter sales forecast, citing strong holiday performance, particularly on Black Friday and Cyber Monday, but maintained its profit outlook due to heavy discounting. Comparable sales rose 1.5%, with notable growth in digital sales and same-day services, reflecting budget-conscious but active consumer spending.

Morgan Stanley Exceeds Q4 Expectations with Robust Trading Performance

Morgan Stanley surpassed fourth-quarter earnings and revenue estimates, reporting $2.22 per share and $16.22 billion in revenue, driven by strong equities trading, which rose 51% to $3.3 billion. Fixed income and wealth management also saw double-digit growth, reflecting heightened client activity

TECH

Today in AI & Tech

Apple Temporarily Pauses AI Summaries Amid Accuracy Issues

Apple has halted its AI-powered news summaries for beta software users after reports of inaccuracies, including false notifications. The pause, affecting apps like The New York Times, highlights challenges in Apple’s AI rollout. Apple is working on updates to improve the feature, which remains in beta testing.

Snap Shares Drop After FTC Refers My AI Complaint to DOJ

Snap's stock fell 5% after the FTC referred a complaint to the DOJ, alleging that its My AI chatbot harms young users. The complaint follows a 2014 settlement and focuses on potential legal violations in Snap’s AI practices. Snap denied the claims, arguing the complaint lacks evidence and could hinder innovation.

Other

SpaceX Starship Test Flight Ends with Communication Loss and Debris Incident

SpaceX conducted the seventh test flight of its Starship rocket, aiming to advance its capabilities. However, communication with the upper stage was lost nine minutes post-launch, and the rocket broke apart during ascent, with debris falling into the Atlantic within predefined hazard zones. The FAA is assessing the incident, which caused temporary flight diversions near the Caribbean. Despite the setback, Starship remains key to SpaceX's future, designed as a fully reusable rocket for deploying satellites, lunar missions, and beyond.

LIV Golf Secures Multiyear Broadcast Deal with Fox Sports

LIV Golf has partnered with Fox Sports to broadcast its 14-tournament season starting February, featuring stars like Jon Rahm and Bryson DeChambeau. The Saudi-backed league aims to expand its audience with broadcasts on Fox channels and streaming apps while marking a new growth phase under CEO Scott O’Neil.

Prominent Supreme Court Lawyer Indicted for Tax Evasion and Fraud

SCOTUSblog co-founder Tom Goldstein faces federal charges for failing to declare millions in poker winnings, diverting law firm funds for personal debts, and falsifying mortgage applications. The indictment alleges he owed $5.3 million in taxes from 2016-2021 and misused firm resources for personal relationships and gambling debts. Goldstein denies the charges and plans to contest them.

Canada Prepares to Retaliate if Trump Imposes Tariffs

Canada’s trade minister Mary Ng warned of retaliatory tariffs if President-elect Donald Trump imposes levies on Canadian goods, including potential export taxes on energy. Ng emphasized the risk of higher costs for Americans and the importance of diversifying Canada’s trade partnerships while seeking collaboration with the U.S.

It's a Wrap!

Thank you for joining us in this journey through the latest updates and insights. Your engagement and support mean the world to us. We hope you found this newsletter both informative and inspiring. Stay tuned for more exciting news and stories in our next edition.

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Warm regards,
Sarah