Dow up 400 points, gasoline vehicles favored by President Trump, and American Eagle soars: Stock Market News

Brendan Nelson has been appointed as the permanent chairman of HSBC after serving as interim chair for seven months following Mark Tucker's departure. This decision comes after a protracted search for a successor, which involved evaluating various external candidates but ultimately concluded with Nelson's appointment.

President Trump has reiterated his claims that the cost of living has decreased, despite widespread frustration among American voters regarding rising prices. He labeled the concerns over affordability as a 'hoax,' aiming to bolster his narrative ahead of upcoming political challenges.

Snowflake has entered into a $200 million agreement with Anthropic, allowing the integration of Anthropic's large AI models into Snowflake's platform, while also launching a joint initiative to deploy AI agents in major enterprises. This deal comes as Snowflake reports a narrower loss for the third quarter of 2025.

Dario Amodei, CEO of Anthropic, has expressed concerns regarding the significant financial investments being made in artificial intelligence, highlighting a 'cone of uncertainty' that could pose risks to the company and the industry as a whole. As Anthropic invests tens of billions into new data centers, the potential for adverse outcomes looms large.

Treasury Secretary Scott Bessent is under pressure to deliver a compliant candidate for the Federal Reserve chair position, as President Trump demands swift action to lower interest rates. Bessent's choice could significantly impact monetary policy and the administration's economic strategy.

The Supreme Court has yet to rule on the legality of President Trump’s tariffs, but businesses are proactively seeking refunds on the approximately $200 billion collected in duties this year. Companies like Costco and Revlon are among those filing lawsuits to reclaim these funds, anticipating a favorable ruling from the court.

Bitcoin has experienced a significant decline, dropping over 30% recently, while Ether has fallen around 40%. This downturn follows the evaporation of gains attributed to President Trump's pro-crypto policies, marking a stark contrast to earlier predictions of soaring prices.

In November, US private employers reduced their workforce by 32,000 jobs, indicating a significant contraction in the labor market, particularly among small businesses. This decline follows a trend of decreasing payrolls, as highlighted by recent data showing an average loss of 13,500 jobs per week in early November.