Chapter 1: What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Amy Morris. There's your closing bell for this Monday on Wall Street. We're stocked edged higher in the final hour of trading, but on ease over interference and monetary policy kept a lid on the market all day. We'll get into all of that just ahead. But first, we bring you the closing numbers each day here at Bloomberg.
The S&P 500 gained 11 points. NASDAQ gained 63 points and the Dow gained 86 points. Ten-year Treasury yield at 4.18 percent, the two-year yield at 3.54 percent. Layoffs reportedly coming to Meta as soon as tomorrow.
The New York Times reports the cuts to Reality Labs, which has roughly 15,000 employees, would be a fraction of Meta's total workforce of 78,000, but are set to disproportionately affect those in the Metaverse unit who work on virtual reality headsets and a VR-based social network.
Citigroup is set to cut about 1,000 jobs as part of Chief Executive Jane Frazier's plan to keep a lid on costs and improve returns. The company is culling its ranks as part of a plan announced two years ago to eliminate 20,000 jobs by the end of this year. Three former heads of the Federal Reserve and four former Treasury secretaries
have decried a Department of Justice investigation into current Fed Chair Jay Powell, saying it would undermine the central bank's independence. Republican Representative French Hill of Arkansas released a statement calling the charges against Powell a distraction. Bloomberg's Tyler Kendall.
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Chapter 2: What are the latest trends in stock market performance?
And I would defer you to the DOJ.
Pulte was a guest on Bloomberg surveillance. The ranking Democrat on the Banking Committee, Senator Elizabeth Warren, assailed President Trump for his attacks on the Fed and Fed Chair Powell.
This is weaponizing the Department of Justice in order for Donald Trump to take over the Fed so that he can make political decisions that he thinks will help him. Rolling into the 2026 election, the consequences can be disastrous for the economy.
Senator Elizabeth Warren speaking at the National Press Club. Senator Warren will be a guest on Balance of Power tonight at 5 Wall Street time. Strategists and economists at JPMorgan Chase now no longer expect the Fed to cut interest rates this year. In fact, they see a rate hike next year.
The forecast change was in response to the December employment data, which eased concerns about a weakening labor market. President Trump is calling on credit card companies to cap interest rates at 10% for a year, a move that could wipe out billions in profits for the banking industry.
Industry groups and analysts questioned whether approval of a rate cap was even likely, given the strength of the banking industry's pull in Congress. Apple has reportedly entered a multi-year partnership with Google's Gemini to run its AI-powered Siri later this year. CNBC reports Apple determined that Google's technology is the best foundation for Apple Foundation models.
Bloomberg reported in November that Apple and Google were getting closer to a deal. Bloomberg's Mandeep Singh says this is not a surprise.
At the CES, Amazon launched Alexa Plus. So you know there's a lot going on with agentic commerce and voice, and Apple has to obviously step up in terms of whichever LLM they want to use. And to my mind, you know, Google is the most obvious choice.
Bloomberg's Mandeep Singh. Paramount's guidance is taking another step in its hostile takeover bid of Warner Brothers Discovery, saying that it will name its own slate of directors before the next shareholder meeting. And Paramount is suing to compel Warner Brothers to disclose to shareholders how it values its bid in the competing offer from Netflix.
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Chapter 3: How are layoffs impacting major companies like Meta and Citigroup?
Kelly, a former Navy pilot, is seeking to block his censure from Defense Secretary Pete Hegseth last week. Canada's Prime Minister Mark Carney is set to make an official visit to China. trying to rebuild relations and reduce Canada's economic reliance on the U.S. Carney is set to meet with Chinese President Xi Jinping to discuss trade, energy, agriculture and international security.
China's Ministry of Foreign Affairs confirms Carney will visit the country from January 14th to the 17th. And sources tell Bloomberg a minority stake in Golden State Group, the holding company for the NBA's Golden State Warriors, is up for sale. The 5% stake values the Warriors holding company at above $11 billion.
Brooks Koepka is returning to the PGA Tour just five weeks after leaving Live Golf, agreeing to a one-time program for elite players that also comes with a financial penalty. That's news when you want it with Bloomberg News Now. I'm Amy Morris and this is Bloomberg.
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Chapter 4: What are the implications of the DOJ investigation into Fed Chair Jay Powell?
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