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Economy & Finance

U.S. Markets 

Markets rallied as investors welcomed President-elect Trump’s nomination of hedge fund founder Scott Bessent for Treasury secretary, viewing him as supportive of equity markets and a moderating force on Trump’s protectionist trade policies. The Dow and S&P 500 reached record highs, with the Nasdaq and Russell 2000 also making gains, though some momentum faded later in the day. Treasury yields and the dollar index declined, reflecting a positive market response to the pick, which analysts described as “textbook approval.” While big tech stocks like Amazon and Alphabet rose, others like Nvidia and Netflix fell, showing mixed performance across sectors. With a shortened holiday trading week, focus shifts to inflation data and Federal Reserve minutes due Wednesday, as traders assess whether the postelection rally will regain momentum.

Technology

Nvidia

Nvidia unveiled its latest AI innovation, Fugatto, a model designed to create and manipulate music and audio for applications in entertainment like music production, films, and gaming. Unlike similar technologies, Fugatto can transform existing audio, such as converting piano tunes into human vocals or altering speech accents and emotions. While highlighting its potential to revolutionize creative industries, Nvidia has no immediate plans for public release due to concerns about misuse, echoing the caution shown by OpenAI and Meta in deploying generative models. The company emphasized the need for responsible deployment to prevent risks like misinformation or copyright violations.

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