From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
JOBS BLOCKBUSTER
Investors ended the week digesting a blockbuster jobs report. Nonfarm payrolls in November rose by 266,000, according to the Labor Dept. The consensus estimate was about 180,000. The unemployment rate ticked down to 3.5 percent, and average hourly earnings rose another 0.2 percent. The unusually strong report was helped by GM, where tens of thousands of workers returned to their jobs (thus counting as new payrolls) after spending 40 days on the picket line. Still, hiring remains strong, and unemployment remains near historic lows even despite headwinds like the trade war and poor manufacturing data.
TRADE WAR(S)
In London for a commemoration of NATO's 70th birthday, President Trump indicated that the trade war with China may drag on, at least through the 2020 election. The president said he was willing to wait until then to make a deal with China on tariffs, a reversal from previous comments from White House officials that a deal was within striking distance. Stocks plunged on that news, but then recovered and ended the week sharply higher, lifted by the gangbusters employment number. And yet, the trade jitters remain. In addition to the conflicting statements on China, the Trump administration has proposed a tariff of up to 100 percent on $2.4 billion worth of French imports ー including handbags, cheese, and wine, that could impact American consumers. Meanwhile, the deadline for the next round of tariffs on Chinese goods is still scheduled for Dec. 15.
CYBER MONDAY BONANZA
Fourteen years after the term was coined, Cyber Monday has grown to become one of the most critical shopping events of the year for retailers. And in 2019, it hit a record. According to Adobe Analytics, shoppers spent $9.4 billion online ー the first $9 billion e-commerce day ever, and 19 percent higher than last year's Cyber Monday (and in addition to the $7.4 billion spent online on Black Friday). Total online spend for the season is expected to reach $143 billion, Adobe says, versus $126 billion in 2018. Big-box retailers like Target and Walmart are seeing some of the strongest e-commerce growth, as well as ーof course ー Amazon, which said this Cyber Monday was its biggest shopping day in the company's history.
GOOGLE TURNS THE PAGE
It's an end of an era at Google, where the co-founders who began the search giant in their friend's garage have officially relinquished executive control to Google CEO Sundar Pichai. Larry Page and Sergei Brin, who had stopped running the day-to-day operations years ago, will remain on the Alphabet board, and control a majority of the company's voting shares. They are stepping away from the company they started at a precarious time. Google is in the regulatory crosshairs of several governments over antitrust concerns and how it collects its vast troves of data. Pichai, an Indian immigrant who rose through the ranks of the company, will become CEO of both Alphabet and Google ー making him one of the single most powerful people in Silicon Valley.
UNITED CEO OUT
Brin and Page weren't the only executive departures of the week in a year that has seen a record number of CEO exits. Oscar Munoz, the chief executive of United Airlines, is resigning effective in May. United is promoting his deputy, Scott Kirby, who was rumored to be in the running for the top job at rival American Airlines. Munoz took over United four years ago and will leave the carrier in better shape than he found it, though he is perhaps best known for the company's botched response to an incident in 2017 in which a doctor was dragged screaming off of an overbooked flight.
Members of Congress have voted to advance a bill meant to address antitrust concerns related to tech giants including Amazon, Apple, Google, and Meta. The 'American Innovation and Choice Online Act' is largely seen as one of the best chances for the government to reign in Big Tech's dominance
Seth Schachner, Managing Director StratAmericas; Digital Business Executive joined Cheddar's Opening Bell to discuss.
American semiconductor company, Intel officially announcing plans to build a new $20 billion chip manufacturing complex outside Columbus, Ohio. This comes as the global chip shortage continues to hamper production of everything from smart phones, to cars. Jennifer Smith - Logistics and Supply Chain Reporter, WSJ joined Cheddar's Opening Bell to discuss.
The U.S. has put more than 8,000 American troops on high alert for possible deployment to Eastern Europe as the West prepares for a potential Russian invasion of Ukraine. With Russia building up more than 100,000 troops near the Ukrainian border, concerns over the country's behavior are mounting. Joel Rubin, Former Deputy Assistant Secretary of State and President of the Washington Strategy Group, joined Cheddar to discuss what this means for U.S.-Russia relations, and where the conflict might be heading next.
As the midterm election looms, things aren't looking too promising for President Joe Biden. One year into his term as president, Biden is facing one of the lowest approval ratings of any modern-day president, threatening his party's control of the House in 2022. Brian Bennett, Senior White House Correspondent for TIME, joined Cheddar's Opening Bell to discuss.
A full one year into his term as President of The United States, President Biden addressed the nation on Wednesday, facing questions on everything from inflation to chip shortages and covid-19. As Biden enters his second year in office, he is facing one of the lowest approval ratings of any modern-day president. Kate Davidson, Reporter, POLITICO joined Cheddar's Opening Bell to discuss.
"Barbara Lee: Speaking Truth to Power" is the story of how the longtime House Democrat became, as she Is known to some, as "the Conscience of Congress." The film also
shows Representative Lee from her days working to fight community poverty to famously becoming the only member of Congress to vote "no" against the war in Afghanistan days after 9/11. The film is nominated for an NAACP Image Award, and Premieres on Starz on February 1. Film director Abby Ginzberg and Rep. Barbara Lee (D-Calif. 13th District), joined Cheddar to discuss more.
San Diego has just implemented a new law that could set the stage for how the country deals with food waste. This new law hopes to make a dent in that. Businesses and groceries stores out in San Diego will need to put a plan in place to *donate edible food rather than toss it straight to the trash. Food Rescue Manager at Feeding San Diego, Kate Garret
Earlier this month, New York City experienced one of the deadliest fires it has seen in decades. 17 people lost their lives in the Fordham section of the Bronx. This was due to a faulty space heater which reportedly began on the lower floor of the 120 unit building. Thanks to the F. D. N. Y. And heroic neighbors, many were able to get out in time. Unfortunately, the toxic smoke surged upwards through a safety door. Now, many advocates say negligence by policymakers and landlords has led to the deaths in black and brown communities from fires that honestly could have been preventable. Legislative Director of Citizen Action of New York, Rebecca Garrard, and the Chair of Journalism and New Media Studies at St. Joseph's College Theodore Hamm, joined Cheddar to discuss more.
The Supreme Court has declined to order the Texas Abortion case back to the original trial judge for further proceedings. Essentially if Texas abortion providers were able to get their case back to the lower court., It would have greatly helped the group move against the law. However, this decision is likely to prolong the case legal battle. Professor and Author of "The Turnaway Study: Ten Years, a Thousand Women, and the Consequences of Having — Or Being Denied — An Abortion", Diane Foster, joined Cheddar to discuss more.
The Supreme Court rejected yet another bid by abortion providers to block Texas's law - which bans most abortions after six weeks of pregnancy. This is the fourth time that advocates have tried and failed to block the most restrictive abortion ban in the country. Leah Litman, assistant professor of law at The University of Michigan and co-host of the "Strict Scrutiny" podcast, joins Cheddar News to discuss.
