Stocks extend gains, FTX exec sentenced: Market Domination Overtime
On today's episode of Market Domination Overtime, Hosts Julie Hyman and Josh Lipton analyze the market close and break down some of the top stories from the trading day. All three of the major indexes (^DJI,^GSPC, ^IXIC) closed higher on Tuesday, with the Dow Jones Industrial Average and S&P 500 both ending the day at record highs. The US markets got a boost after China announced plans to stimulate its economy. Pence Capital Management CIO Dryden Pence views the consumer confidence weakness as being in the "softest part of the soft landing," which he describes as those making under $50,000. He points to the difference between the "emotional reality" and the economic reality, saying, "The economy has been moving at 90 miles an hour. We're slowing down to 50. It feels like you're standing still, but you are really moving five times faster than you can normally walk." Former President Donald Trump laid out his economic agenda at a campaign event in Georgia on Tuesday, doubling down on his tariff plan if reelected as president. Yahoo Finance Washington Correspondent Ben Werschkul discusses some of the key takeaways from Trump's speech and digs into some of his most controversial economic policies. Bytedance has announced it will be ending its music streaming business, TikTok Music,. The service will shut down on November 28. Yahoo Finance Senior Reporter Alexandra Canal discusses the move. KB Home (KBH) posted mixed fiscal third quarter results. The homebuilder reported earnings of $2.04 per share, coming in below the Bloomberg consensus estimate of $2.06. However, revenue was $1.75 billion, slightly topping Wall Street's estimate of $1.73 billion. BNP Paribas head of sustainability research Trevor Allen breaks down the state of sustainability-focused investing. Allen tells Yahoo Finance he is “absolutely seeing as much interest in the market” with investors considering sustainability. He says, “We really need to start to depoliticize the issue [of sustainable energy], and the reason that solar and wind have really become attractive, particularly for utilities, is that they're economically competitive with natural gas or with nuclear” in China, Europe, and the US. He adds that a diversified approach to energy could serve most households, opting for solar in the winter and natural gas during the summer. Caroline Ellison, one of the top executives at crypto firm FTX, has been sentenced to two years in prison and ordered to forfeit $11 billion. Ellison ran a sister company to the firm, Alameda Research. She pleaded guilty to fraud and conspiracy charges in December 2022 as part of a plea deal. Ellison also testified against FTX founder Sam Bankman-Fried at his criminal trial. Finally, Julie Hyman and Josh Lipton break down what to watch on Wednesday, from Micron (MU) earnings to new home sales data. This post was written by Melanie Riehl
