Stocks whipsaw amid AI bubble fears, Fed uncertainty

President Trump is expected to appoint a new chair for the Federal Reserve before Christmas, as indicated by Treasury Secretary Scott Bessent. This announcement comes amid ongoing discussions about the U.S. economy and its direction under the current administration.

More than 200 state lawmakers are urging Congress to reject a provision in an annual defense bill that would preempt state laws regulating artificial intelligence (AI). This bipartisan group expressed their concerns in a letter addressed to both the House and Senate, highlighting the importance of state-level regulations in managing AI technologies.

The COP30 climate summit in Brazil concluded with an agreement among nations to increase financial contributions aimed at combating climate change. This decision reflects a global commitment to address the urgent challenges posed by climate-related issues, particularly for vulnerable nations.

The Associated Press has initiated a legal battle to restore its special access to the Oval Office, claiming that President Trump infringed upon its rights by relegating it to the same status as numerous other media organizations. This move has sparked concerns regarding press freedom and the treatment of news outlets by the government.

The Associated Press and the Trump administration appeared before a federal appeals court to contest media access rights, with the AP arguing against punitive measures based on editorial stance, while the White House maintained that the president has the authority to control who questions him in the Oval Office.