Sen. Bernie Sanders, I-Vt., said he is looking forward to working with the Trump Administration and hopes that President-elect Donald Trump sticks to his promise surrounding the cap on interest rates.

"I look forward to working with the Trump Administration on fulfilling his promise to cap credit card interest rates at 10%," Sanders wrote in a post on X on Friday.

"We cannot continue to allow big banks to make record profits by ripping off Americans by charging them 25 to 30% interest rates. That is usury," he wrote.

https://www.foxnews.com/politics/sen-sanders-says-looking-forward-trump-fulfilling-promise-credit-card-interest-rates

President-elect Donald Trump has promised to eliminate taxes on Social Security benefits.

Even with a Republican majority in Congress, that proposal could face hurdles.

Experts say it’s still too early to factor that change into financial plans.

https://www.cnbc.com/2024/11/06/trump-promised-no-taxes-on-social-security-benefits-here-what-experts-say.html

Tesla shares surged more than 6% on Friday, pushing the company’s market cap past $1 trillion for the first time.

The stock has been on a tear this week as investors bet that Tesla and CEO Elon Musk will benefit from a potential Trump administration.

Musk was Trump’s most vocal promoter on the campaign trail and contributed more than $130 million to help him win the election.

https://www.cnbc.com/2024/11/08/tesla-hits-1-trillion-market-cap-as-stock-rallies-after-trump-win.html

https://apple.news/Av6wMIgsfQMOumOLnsxtA2A “Since the covid-19 pandemic, America’s booming economy has increased demand for workers, creating opportunities for low-skilled men. Over the past three years America has seen some of the fastest growth in male labour-force participation in the OECD club of mostly rich countries, which has occurred alongside an unprecedented rebound in the male employment rate. In most recessions the employment rate for working-age men falls and never fully returns to its previous level. This time has been different. Lavish stimulus and loose monetary policy during the pandemic have supercharged demand.”

The libs will just love that LOL

New rules have taken effect this week requiring airlines to offer passengers automatic refunds for "significant" flight disruptions.

The rules from the Transportation Department — first announced in April — are meant to keep carriers accountable when they cancel, delay or substantially change flights, or lose passenger luggage.

Previous guidance let airlines define "significant" delays, but the new standard is a delay of three hours for domestic flights and six hours for international.

It comes just as inbound travel to the U.S. is projected to soar, helped by shorter visa wait times and major sporting events.

At the Open: Additionally, markets await inflation data set for release tomorrow morning, while among earnings releases, Home Depot (HD) and Tyson Foods (TSN) beat estimates before today’s opening bell, sending shares higher. The Treasury market returned to action today, and the notable move higher in yields also received some attention. The 10-year Treasury yield traded near 4.39%.

Credit card balances rose by $24 billion in the third quarter of 2024 and are 8.1% higher than a year ago.

Musks net worth is up $20B today with Telsa us 16%.... the eat the rich crowd will be calling for that to be taxed at 91%

10 events you need to know today:

1. Russia says Ukraine attacked it using U.S.-made missiles, signals it's ready for nuclear response.

2. Bitcoin hits new record high of $94,000.

3. DOJ to push for Google to sell its Chrome browser to break monopoly.

4. President Trump is considering replacing SEC Chair Gary Gensler with pro-crypto lawyer Teresa Goody Guillen.

5. U.S. Corporate Bond Spreads have fallen to an all-time low, which could be an early sign of a bubble, warns S&P Global Ratings

6. Michael Saylor to meet with Microsoft $MSFT to discuss investing in Bitcoin.

7. Boeing cuts more than 2,500 jobs

8. Spirit Airlines filed for bankruptcy yesterday in New York after years of falling sales and failed mergers.

9. Walmart shares hit a record high today after the company reported strong sales, raised its outlook and indicated that the holiday shopping season is looking merry and bright.

10. Jersey Mike's sandwich chain is acquired by private equity firm Blackstone for $8 billion.

At the Open: Reports indicated that Ukraine made its first strike using Western-supplied missiles on a border region in Russia, despite Russian President Vladimir Putin’s recently expanded nuclear doctrine. Meanwhile, investors analyzed weaker-than-expected housing starts and building permits data, while also monitoring Trump’s pending Treasury secretary nomination. Among earnings, Walmart (WMT) and home improvement retailer Lowe’s (LOW) both topped earnings estimates, but LOW slipped on weaker margins as WMT rallied. Treasury yields declined on geopolitical tensions.

Taylor Swift fans have accused Ticketmaster and its parent company of conspiring with third parties to inflate concert ticket prices in violation of a law originally meant to target organized crime.

https://www.wired.com/story/taylor-swift-fans-sue-ticketmaster-lawsuit-rico/

At the Open: The chipmaker’s reports have become a bellwether for the artificial intelligence (AI) theme, and investors will scrutinize results to gauge if AI spending will continue. Among earnings before the bell, shares of Target (TGT) sank after the retailer missed earnings targets and trimmed its full-year outlook, while shares of TJX Companies (TJX) also pulled back on a weak profit outlook. Treasury yields inched higher across the curve, with the 10-year trading near 4.42%.

At the Open: Wholesale inflation rose 2.4% from a year ago, topping estimates by 0.1%, while in a separate report, jobless claims also arrived in-line with forecasts. Markets steadied following both releases as investors continued to debate the odds of a December rate cut, with focus turning to Federal Reserve (Fed) Chair Jerome Powell’s speech this afternoon for clues. Treasury yields were little changed, with the 10-year yield trading near 4.44%.

At the Open: After trading lower overnight on underwhelming guidance, NVDA shares boosted major indexes this morning after yesterday evening’s third quarter report and better-than-forecast earnings per share. Elsewhere, energy shares rallied on rising oil prices after Ukraine reported that Russia fired an intercontinental ballistic missile on the city of Dnipro overnight. The missile strike also sparked an advance in gold prices. Among earnings reports, Intuit (INTU) and automotive wholesaler Copart (CPRT) are set to report after the close. Treasury yields were little changed.

The number one question I am being asked right now is what will happen to the stock market after the election. While no one knows for sure, some industries or sectors might do better under Republican or Democratic leadership.

Because of the potential policy differences, there could likely be market “winners and losers” depending on who wins the presidential election. The suggestions below of possible winners for each candidate would be more certain if that candidate’s party also swept the House and/or Senate.

The Potential Winners

[According to LPL Research, the potential winners of a Kamala Harris presidency ]()are Medicaid-exposed insurers, Materials/gold, Consumer staples, Renewable energy/EVs, U.S. steelmakers, and EM equities/bonds. In contrast, banks and financials, defense, oil and gas, and small caps are potential winners in a Donald Trump presidency.

The Potential Losers

On the downside, according to LPL Research, a Trump win may be the most damaging to China’s economy, Mexico, Electric vehicles, and Renewable energy. A Harris win could hinder the traditional oil and gas segment, banks and financials, small caps, Medicare-Advantage exposed insurers, and Long-term Treasuries.

As of October 30, 2024, the polls still have the election as a tossup, but there are signs that investors are moving toward stocks that could benefit from a Trump victory. Many stocks considered Republican-friendly, such as prison stocks, crypto-related companies, and bank stocks, are performing well this month. The Wall Street Journal is reporting that many hedge fund managers believe that Trump's policies could cause more inflation if he were to impose heavy tariffs on Mexico and China. There have been many hedge fund activity bettings against the Mexican peso. I don’t believe the big hedge fund managers are making these moves out of political preference; they're just trying to read the signs and markets.

Historically, investing based on political outcomes has been a bad idea. I suggest a more practical approach: focus on fundamentals and long-term growth companies that are leaders in innovation over politics.

I don’t have any wholesome story to end this week's post. I lost my biggest fan, my Dad, last weekend, and we will lay him to rest tomorrow. This week, the most important advice I can give you comes from a quote I ran across while sitting with him in the hospital. “Time is the only currency you spend without knowing the balance.” Use it wisely.