Legacy technology has IT and cybersecurity teams feeling overwhelmed. Research shows that 59% of security decision makers feel unprepared for the future with their current tools. What can they do to stand on firmer ground? Learn more later in the podcast. Want to know where stress is showing up in the $20 trillion commercial real estate market?
or how the clean energy transition is actually being financed. Or while childcare is so expensive and why so much of the global economy is going into reverse, then you're in the right place. I'm Tracey Alloway. And I'm Jill Weisen, though. Together, we host The All-Bots Podcast. Twice a week, we bring on the perfect guests to break down all these odd, interesting, complicated finance topics and more. You can look us up wherever you get your podcasts. The All-Bots Podcast from Bloomberg.
Good morning, I'm Nathan Hager. And I'm Karen Moscow. Here are the stories we're following today. Karen, let's begin this morning with the markets. Most major markets in Europe are staying closed for Christmas break, but trading resumes today on Wall Street and the S&P 500 is coming off again. Of more than 1%, it is now up 26.6% on the year. Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets thinks stocks are headed even higher in 2025.
We think that's going to be another solid year of gains in the U.S. equity market, probably a little bit slower than what we saw this year. And we do think that we are going to have, you know what, some of my colleagues term is potholes, right? Some bouts of 5% to 10% type drawdown. So we don't necessarily think it's going to be a completely smooth ride, but at the end of the day, we think a continued moderation and inflation is going to help keep PE multiples elevated.
And we think a solid earnings growth backdrop and a solid economy are also going to help propel this market higher. But there may be, there may be some volatility here and there that we have to deal with. RBC's Lori Calvasina has a 6600 price target for the S&P 500 next year. That's about a 10% increase from current levels.
So Nathan, the big winner this year has been the Nasdaq. The index is up more than 33 percent. Dan Ives, global head of tech research at Wedbush Securities, remains bullish under the Trump administration. I think with Trump coming in, there would definitely be some white knuckle moments with China Tariff discussions, a game of high stakes poker going on. Right, so there's been a lot of headline risk. But you tune in the way now. You focus in the winners.
And again, the barriers that talk about valuation, that's how they missed every transformational tech name in the last 20 years, because you're not focused on paying up for the Ferrari going 90 miles an hour in the left lane, but that is AI revolution. You will have those moments and you have your pencils ready.
And Dan Ives said, when Bush security is also sees another bullish sign for tech at a percher of Lena Khan from the FTC, he believes that will lead to more acquisitions in the tech industry. Well, Karen Bitcoin has certainly been on a bullish run since Trump's election victory in November. It's up about 45% since that time, more than 130% on the year, checking the world's biggest cryptocurrency right now. It is down three and a quarter percent trading at about $95,200.
We do have some companies making news this morning. Nathan Alibaba Group has agreed to merge its South Korean operations with e-mart's e-commerce platform. The move is designed to better compete in South Korea's fast-paced online retail sector. Sources say the new entity could be valued at about $4 billion. Alibaba has been seeking to expand its international footprint to make up for slower growth in its core Chinese e-commerce business.
And Uber, meanwhile, Karen says it's still committed to Taiwan. That's after the island's antitrust regulator rejected Uber's plan to buy delivery hero's food panda business on the island for $950 million. The acquisition was rejected by Taiwan's antitrust regulator due to concerns about reduced competition and potential price increases.
Well, Nathan, shares of Netflix. They're up three-tenths of a percent this morning. The company is coming off a big night. The streaming service made its NFL debut, broadcasting two games on Christmas. Both games were not competitive, and there were no technical issues of note. The highlight may have been Beyonce's performance during the halftime show in Houston.
and a 32-time Grammy winner, rocked her hometown Houston crowd with a nearly 13-minute halftime performance. Let's turn now to the latest on politics, Karen. President-elect Donald Trump made a major diplomatic announcement on Christmas Day. He's naming Kevin Marino Cabrera, his U.S. ambassador, to Panama. It comes as Trump's been calling for lower fees for U.S. shipping through the Panama Canal and warning that the waterway could fall into the wrong hands. That's an apparent reference to China.
Cabrera is a county commissioner in Miami-Dade County, Florida, and worked on Trump's 2020 campaign. In his announcement, the president-elect said few understand Latin American politics as well as Kevin, and he also accused Panama of ripping the U.S. off, quote, far beyond their wildest dreams.
Meantime, Nathan, the current president is headed to St. Croix later today to spend the rest of the holiday season on the Virgin Islands. But before President Biden left, he delivered his annual holiday message from the White House on Christmas Eve. Too often we see each other's enemies, not as neighbors, not as fellow Americans. So my hope this Christmas season is that we take a few moments of quiet reflection, find that stillness in the heart of Christmas, and look at each other. It's who we really are.
The president is also focused on geopolitics after Russia launched a large-scale attack on Ukraine's power infrastructure on Christmas Day. Ukrainian President Vladimir Zelensky said it included more than 100 attack drones and 70 missiles. Some of them ballistic. President Biden called the attack outrageous.
said it was designed to cut off the Ukrainian people's access to heat and electricity during winter. Meantime, Russia is rejecting President-elect Trump's call for an immediate ceasefire in Ukraine. At the same time, Foreign Minister Sergey Lavrov says Russia is ready to open negotiations.
And Karen, the turmoil in the Middle East continues this morning. Israel and Hamas are blaming each other for complicating ceasefire efforts in Gaza. Doctors in the enclave say three babies have died in the cold in recent days, including a three-week-old girl overnight. And all made for a solemn Christmas observance in the traditional birthplace of Jesus in Bethlehem, Cardinal Pier Batista Pizzapala led midnight mass at the Church of the Nativity on Christmas Eve.
All this sounds a little bit out of tune. After a tiring year, full of tears, bloodshed, suffering. As for ceasefire talks, Hamas has accused Israel of introducing new conditions related to the withdrawal from Gaza, release of prisoners, and return of displaced people, Israel says Hamas is reneging on understandings that have already been reached.
And in Syria, forces loyal to ex-President Bashar al-Assad killed 14 police members today and wounded 10 others. That's according to Syria's caretaker government. This is the worst surge of violence in Syria since Assad was toppled earlier this month.
And it's time now for a look at some of the other stories making news in New York and around the world. And for that, we're joined by Bloomberg's Michael Barr. Michael, good morning. Good morning, Karen. And out of control taxis struck six pedestrians in New York City's Harold Square on Christmas Day. One of the victims was an nine-year-old boy whose mother was also struck. Another pedestrian was treated at an area hospital. Three others refused medical treatment, including this man's wife.
My wife got hit kind of up on her back shoulder, sent her spin and she didn't knock her to the ground, made sure she was okay and then noticed that the car had come up hit. I think the building or the post, I'm not even sure what it hit. Police believe the drivers suffered a medical emergency.
Authorities are investigating what caused an Azerbaijani airliner with 67 people on board to crash in Kazakhstan. An official says 38 people were killed, but 29 survived. The plane was on a route from Azerbaijan's capital to the Russian city of Grozny when it was diverted and attempted an emergency landing.
Azerbaijan's president said that the weather had forced the plane to change from its planned course. Russia's civil aviation authority said that preliminary information showed that a bird strike led to an emergency on board. A grim discovery was made on a United Airlines plane. Officials in Hawaii are investigating the discovery of a dead body found in the wheel well of a United Airlines Boeing 787.
The jet had flown from Chicago to Maui on Christmas Eve. How the body got there remains a mystery. United said the wheel well is only accessible from the outside. On Christmas Day in Philadelphia. So we have a homecoose mill. You made my day. Thank you. Philadelphia's 14th Police District spent the day distributing gifts and hot meals. Captain Stuart McCollum says it's the 20th year of the holiday tradition.
We selected based upon positive circumstances, kids have done exceptionally well, as well as some families that unfortunately fell on hard times or went through some extraordinarily unfortunate circumstances. In Washington, D.C., the 46th annual National Menorah Lighting Ceremony took place last night, ushering in the start of the eight-day Hanukkah celebration. Homeland Security Secretary Alejandro Mayorkas gave brief remarks celebrating the history of the holiday.
Indeed, the key to our survival, despite all those who tried to destroy us, has been the beauty, joy, and rituals of Judaism. The start of Hanukkah happened to fall this year on Christmas. Meanwhile, New York City lit the world's largest manure last night. Global news 24 hours a day, and whenever you want it with Bloomberg News Now, I'm Michael Barr. This is Bloomberg, Karen. All right, Michael Barr. Thank you.
It is time now for the Bloomberg Sports Update. Brought to you by Tri-State Audi. For that we bring in Dan Schwartzman. Dan, good morning. Good morning, Karen and Nathan. The Chiefs improved to 15-1 in the season by clinching the number one seed in the AFC. Worthy in motion. It's like man covers. Mahomes, rifles, touchdown. Boom.
He hits Watson for the score. That's courtesy of Netflix. The Chiefs knock off the Steelers 29 to 10 in Pittsburgh, in game one of the Christmas double header as Patrick Mahomes throws for 320 yards and three touchdowns. Head coach Andy Reed praising the defensive effort against a good Steelers offense, especially without his best defensive player, Chris Jones.
They've got good receivers, they've got good running backs, quarterbacks playing well. Their offensive line is stout. And I thought our D line stepped up without Chris. The guy stepped up and did a great job there. That's courtesy at Chiefs.com. Travis Kelser, the touchdown catch to pass Hall of Famer Tony Gonzalez, the most touchdown receptions in team history.
The Steelers who have now lost three games in a row, fall to 10 and six on the year. In game two, the Ravens dominated the Texans in Houston 31-2 as Lamar Jackson threw for two touchdowns and rushed for another. Ravens are now 11-5 on the year with Texans fall to 9-7.
The NBA with five games on the Christmas Day schedule, starting out the nicks out last in the Spurs, 117 to 114 at the Garden, despite 42 points and 18 rebounds from Victor Wambanyama. Meanwhile, the Celtics lose it home to the 76ers, 118 to 114, with the Celtics now losing three at their last four games. Elsewhere, the Timberwolves hold off the Mavericks 105 to 99, the Lakers outlast the Warriors 115 to 113,
And the Nuggets lose on the road to the Suns 110 to 100. Both Kevin Durant and Bradley feel leading the Suns in scoring with 27 points apiece. That's your Bloomberg Sports Update. I'm Dan Schwartzman.
As criminal ransomware and state-sponsored attacks continue to escalate, a bolted-on approach to cybersecurity isn't cutting it. In fact, the more security tools an organization uses, the more security incidents it has. According to new research from Google, companies that use 10 or more security tools average 14 incidents per year. That's more than double the amount for those that use fewer than 10 tools.
To proactively manage cyber attacks, organizations should invest in productivity tools across email, documents, and video conferencing that are secure by design, hopping off the treadmill of software patching and lightning the load on their embattled IT and cybersecurity teams. To learn more, visit g.co slash workspace slash more secure.
There are two kinds of people in the world. People who think about climate change and people who are doing something about it. On the Zero Podcast, we talk to both kinds of people. People you've heard of, like Bill Gates. I'm looking at what the world has to do to get to zero, not using climate as a moral crusade.
and Justin Trudeau. And the creative minds you haven't heard of yet. Really don't need to have a tomato in December. It's gonna taste like nothing anyway. Just don't do it.
What we've made here is inspired by Shock Skin. It is much more simplified than actual Shock Skin. Drilling industry has come up with some of the most creative job titles. Yeah. Tell me more. You can imagine. Tool pusher. No. Driller. Motorman. Mudlogger. It is serious stuff, but never doom and gloom. I am Akshad Ratty. Listen to Zero Every Thursday from Bloomberg Podcasts on Apple, Spotify, or anywhere else you get your podcast.
Coast to Coast on Bloomberg Radio nationwide on Sirius XM and around the world on Bloomberg.com and the Bloomberg Business app. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager on this back to work day after Christmas for the final four trading days of
of 2024. The S&P 500 is coming off a 1.1% gain to kick off the Santa Claus rally period began on Christmas Eve. Joining us now to help close out this year. Look ahead to 2025. Michael Purvis, founder and CEO of Tallbock and Capital Advisors. It's great to have you with us this day after Christmas as we watch futures move a little bit lower ahead of this morning's open. Do you see a Santa Claus rally, Michael? Good morning.
Good morning. I'm going to be with you. In terms of the Santa rally, it's been a slightly unusual one. We have had basically upward drift to the markets over the last few weeks here. But I think you had a couple things going on, obviously, coming into the end of the year. We had a very strong
equity market. We had a very important election early in November. There, which raises a whole bunch of questions as opposed to what we had before there. And then, of course, you had the FOMC, which was really kind of jolted risk assets at the bottom market just two weeks ago. So I think there's a lot of processing the market has to do, if you will. And I think it's one thing
or the market to be, you know, when you have these things like the Fed coming in with a hawkish cut, as they did,
When you're coming into that condition at 22 and a half times earnings, it's different than if you were coming into it at the lower end of the valuation range. 22 and a half times for the S&P 500 was a very robust multiple and a lot can be adjusted quickly on that. Long story short, the center rally here, whatever we're going to get in the next few days,
Feels like it's just more consolidation here, you know, sort of consolidating around the 6,000, maybe 6,100 level here. But it's not a classic Santa rally like we had last year where we had a, you know, spectacular performance in December.
Well, let's look ahead to 2025, then, with the setup here with the Fed pulling the reins in a bit on cut expectations. And this expectation that presidents like Trump could deliver market-friendly policies, is there going to be a cross-current between the Fed and Trump going into 2025?
Oh, I think absolutely, absolutely. I think there's always a tension between fiscal policy and monetary policy. And as they're almost, you know, almost my design, you know, if you look at the last couple of years with the Biden administration, you had a loose fiscal condition and you had a pretty, pretty tight monetary condition there, you know, the White House had its point on the accelerator and a tall out of spot on the brakes, if you will.
And so if we do get a continuation of a loose fiscal policy, I think Powell's instincts are absolutely to keep the foot on the brakes. I think the question, of course, is Trump's probably going to want lower or not higher interest rates there? And I think Powell's going to have to revert more than ever to sort of, well, let's see how the data is. If the data continues to be in the first half of 2025,
uh what we've seen just in the last couple of quarters here whereas we're in inflation of resilience and jobs are resilient and i think you're going to see yeah a lot a lot of tension here and probably a lot of commentary on the club as well a lot of a lot of brewing friction
This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple, Spotify or anywhere else. You listen. You can also listen live each morning, starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg 99.1 in Washington, Bloomberg 929 in Boston and nationwide on Sirius XM channel 121.
Plus, listen coast to coast on the Bloomberg Business app now with Apple CarPlay and Android Auto interfaces. And don't forget to subscribe to Bloomberg News Now. It's the latest news whenever you want it in five minutes or less. Search Bloomberg News Now and your favorite podcast platform to stay informed all day long. I'm Karen Moscow. And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak.
Not everybody likes talking about money. Some people find it awkward. Sometimes they even find it a little embarrassing. I do not. I like talking about money. Whether it's the boardroom, the newsroom, the trading floor. I've spent the last 30 years talking about money, writing about money, and talking about it and writing about it a little bit more. Amerisomes at work. And every week senior aboard a John Steppock and I answer your questions about personal finance and we discuss the best strategies for making the most of your money.
Listen up for the kind of insights and explanations everyone can use to help them make better saving and investment choices for themselves and their families. My question is whether you think maxing out my comfy pension match is enough for when it comes to saving for my pension. Should I attempt to pay my child's university fees and living costs? My partner and I have excess savings, so should we overpay on our mortgage or should we put the money into stocks?
From Bloomberg Podcasts, tune in to Merrittox Money, follow Merrittox Money on Apple Podcasts, but invite wherever you listen.
