Stocks Open Mixed, Homan Wants Targeted MN Operations, More
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What are the latest trends in the stock market?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over £10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth. News when you want it with Bloomberg News Now. I'm Nathan Hager. Trading is underway on this Thursday morning. That is the sound of the opening bell from the floor of the New York Stock Exchange. And at the open, stocks are mixed. The S&P 500 is up just a tenth of 1% to start. The Dow Jones Industrial Average also just a touch higher by about a tenth of 1%.
And the Nasdaq Composite opens with a loss of one-tenth of 1%. It is a busy morning for the markets, but we begin in Minneapolis, where White House Border Czar Tom Homan is promising changes to aggressive immigration enforcement.
We will conduct targeted enforcement operations. Targeted. What we've done for decades.
Borders are Tom Holman spoke in a morning news conference from the Twin City after weeks of unrest following the killings of two U.S. citizens by federal immigration agents. We get more from Bloomberg's David Gurra.
A lot of what he focused on in his comments. With the conversations that he's had with local and state officials over these last few days, he pointed to points of agreement where they can kind of find a path forward, points of disagreement. The notion of what a sanctuary city is certainly a key one of disagreement there.
Bloomberg's David Gurra, Holman said he wants to scale down operations in Minnesota, but he says the Trump administration is not surrendering its fight against illegal immigration. Minnesota Senator Amy Klobuchar is jumping into the political fray.
I love the people of Minnesota. And Minnesota, I want to be a transformative governor.
Democrat Amy Klobuchar released that video announcing her campaign for governor this morning. While back in Washington, there may be progress on averting a government shutdown over the Minneapolis turmoil. Bloomberg's Tyler Kendall is following that.
It appears the agreement that's emerging would strip out DHS funding and allow lawmakers to pass the other five appropriations bills. There's also talk that we could see what's known as a short-term stopgap measure to fund DHS in the meantime while they work out a broader, longer-term approach.
Bloomberg's Tyler Kendall and Axios is reporting that Senate Minority Leader Chuck Schumer is directly engaged with the White House on a plan to avert or shorten a partial government shutdown. Maine Senator Susan Collins says ICE has stopped enhanced operations in her state. The Republican announced that this morning after DHS launched what it called Operation Catch of the Day in Maine. Like Minnesota, Maine has a sizable Somali community. President Trump is renewing his call for the Federal Reserve to lower rates after Jay Powell and company put policy on pause, as expected yesterday. The president posted on Truth Social the U.S. should be paying lower rates than any country in the world. This morning, the big economic story is a big swing in the trade gap.
Bloomberg's Michael McKee has that.
Remember, it came in at $29.2 billion, an extraordinarily low number when first reported for October. The number is, for November, 56.8.
Bloomberg's Mike McKee says the October trade gap was the smallest since 2009. November's number is still smaller than recent years. Still a big focus on big tech spending. After earnings from three of the magnificent seven, Meta Platform's shares are higher by 9% at the open. The Facebook parent says it'll shell out up to $135 billion on AI this year. Mandeep Singh with Bloomberg Intelligence says Meta's case is strong.
We are spending all this money, but we already see some return in terms of our ad conversions, better recommendation systems, and eventually we'll be launching separate products.
Nandeep Singh with Bloomberg Intelligence.
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