Stocks Close Lower, Trump Threatens Sanctuary Cities, More
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News when you want it with Bloomberg News Now. I'm Amy Morris. There's your closing bell for this Tuesday on Wall Street where stocks fell as inflation data failed to alter any bets on a pause in Fed cuts. We'll get to that inflation data later. But first, let's check those closing numbers as we do each day here at Bloomberg. S&P 500 down 14 points. NASDAQ down 24 points.
Why did stocks close lower despite inflation data?
The Dow is down 399 points. The 10-year Treasury yield at 4.17% and the two-year yield at 3.52%. And Netflix is working on revised terms for its Warner Brothers Discovery acquisition. It's discussing making its offer all cash for the purchase of the company's studios and streaming businesses. That's according to people familiar with those discussions. The changes are designed to expedite a sale that will take months to close and has faced opposition both from politicians and rival bidder Paramount Skydance. We'll have more on the markets coming up, but first, President Trump threatening to stop federal payments to all sanctuary cities and their states.
Starting February 1st, we're not making any payments to sanctuary cities or states having sanctuary cities because They do everything possible to protect criminals at the expense of American citizens.
During a speech at the Detroit Economic Club, the president promoted his efforts to boost U.S. manufacturing. Earlier, during a tour of a Ford factory in Dearborn, the president called the North American trade agreement that he brokered irrelevant. saying that car manufacturers are moving their plants to the U.S. from other countries.
You know, we don't need cars made in Canada. We don't need cars made in Mexico. We want to make them here. And that's what's happening. Everybody's moving here. From Canada, they're coming here. From Mexico, from Japan, from Germany, from all over the world, they're coming here. They're opening up their plants.
President Trump also says he's canceled all meetings with Iranian officials amid a national crackdown on protesters.
I've canceled all meetings with the Iranian officials until the senseless killing of protesters stops. And all I say to them is help is on its way.
Trump did not offer any details about what that help would mean, but has called on protesters to take over institutions in Iran and has repeatedly threatened Tehran with military action. Democratic Representative Pete Aguilar of California.
The president... uh... does not have the authority to go in and this is part of this pattern uh... we don't know if this post is policy uh... but it's something that all of us are very uh... mindful of
Activists say the death toll from the nationwide protests in Iran has now spiked beyond 2,000 people killed. So now SpaceX is offering free Starlink satellite service in Iran, the company lifting that subscription fee so anyone with a receiver in Iran can access the service for free. SpaceX isn't commenting on this, but a source familiar with the operations confirms to Bloomberg that the service is available for those who might need it in Iran. Back to the markets now. The first full read on inflation since the government shutdown came in mostly where economists expected. Bloomberg's Michael McKee has the December Consumer Price Index.
CPI monthly up three-tenths of a percent. Remember, there were no October numbers, so the November numbers didn't get into this as a month-over-month thing. But the three-tenths translates into 2.7% year-over-year. Core comes in at two-tenths gain. That translates to a 2.6% year-over-year number.
Bloomberg's Mike McKee. Meta Platforms is looking to double production of AI-powered smart glasses to 20 million or more by the end of the year. Sources tell Bloomberg News the tech giant is discussing it with Ray-Ban's parent company. Bloomberg Tech host Ed Ludlow.
The Meta Ray-Bans have been even a surprise to the leadership at Meta. They never really thought that they would have the traction that they have. The demand is strong right now such that if they can see the demand being sustained, what we're hearing is that for 2026, maybe even 30 million units
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