In other news, Wall Street's interest in sports investing is growing, with loosened ownership rules allowing investment firms a seat at the table. Meanwhile, Deutsche Bank predicts the Fed will pause interest rate cuts throughout next year. In tech, Amazon's top cloud growth initiatives for next year have been revealed, and Elon Musk's longtime lieutenant, Omead Afshar, has been promoted to vice president of North American and European operations at Tesla. In business, rapper Drake is taking legal action against Spotify and Universal Music Group, and outdoor clothing company Patagonia is making changes that are disappointing some employees.
Key takeaways:
- President-elect Donald Trump has proposed new trade tariffs targeting China, Mexico, and Canada, causing a reaction in global markets and potentially impacting the cost of goods for consumers.
- Wall Street is increasingly investing in sports, with franchise valuations outpacing the S&P 500, and Deutsche Bank predicts a pause in interest rate cuts throughout 2025.
- Amazon's cloud service, AWS, is focusing on growth in areas such as healthcare and business applications, and Tesla's Omead Afshar has been promoted to vice president of North American and European operations.
- Canadian rapper Drake is in a legal dispute with Spotify and Universal Music Group, claiming they artificially boosted the success of a diss track by Kendrick Lamar.