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Elon Musk's team faces legal challenges as a federal judge partially blocks access to government databases, limiting two employees to read-only records. This follows allegations of unauthorized access to Americans' personal information amid a broader critique of Musk and Trump's influence over federal agencies. Senator Ron Wyden warns of an authoritarian takeover, urging Congress to respond to constituents' growing concerns over the administration's policies.
The second week of President Trump's administration was marked by executive orders and tensions with Colombia, alongside criticism of the Federal Reserve's interest rate decisions. The administration promised more transparency in drug price negotiations, while Robert F. Kennedy Jr. proposed a plan to lower drug prices, facing scrutiny from Senator Elizabeth Warren. Concerns over national security were raised regarding the Chinese AI startup DeepSeek and the potential control of TikTok by the U.S. government.
A Trump administration will halt most non-finalized regulations and review Biden-era rules, while potentially using the Congressional Review Act to expedite the process. New tariffs on imports may be proposed, with a focus on national security, and key government funding deadlines loom. The administration will also prioritize negotiations regarding Ukraine and address tax reforms, with significant political implications expected from upcoming gubernatorial elections in New Jersey and Virginia.
Roche is projected to lead the pharmaceutical industry in sales by 2025, despite not having any products in the top drug rankings. Eli Lilly and Novo Nordisk are expected to rise in the rankings, with combined sales from their GLP-1 drugs surpassing $70 billion this year. Meanwhile, Pfizer is anticipated to drop from fifth to ninth place, while Merck & Co. and AbbVie are expected to secure the second and third spots, respectively.
Google leads a watch list of five stocks near buy points amid market volatility, including CyberArk, Doximity, Sea Ltd., and ACV Auctions. The market reacted to a calming inflation report, but concerns over the Federal Reserve's interest-rate outlook and political developments remain. Analysts see potential benefits for these stocks, particularly Google, if TikTok faces a ban.
A consensus is forming that the Federal Reserve should hold off on further interest rate cuts after a 25-basis-point move. Wall Street saw mixed results, with the Dow closing lower for the ninth consecutive session, a first since 1978. In corporate news, Microsoft significantly increased its Nvidia chip purchases, while Starbucks union workers authorized a strike. Morgan Stanley named Disney a top pick, and Salesforce announced plans to double its hiring for AI customer service agents.
FTX's bankruptcy proceedings have led to the recovery of over $15 million in political donations linked to Sam Bankman-Fried and his associates, with funds directed to various Democratic Party entities across multiple states. Investigations revealed a potential campaign finance scheme involving nearly $100 million in donations, raising concerns about the misuse of consumer funds. Bankman-Fried, currently serving a 25-year prison sentence, remains under scrutiny for possible future misconduct.
A lawsuit filed in Philadelphia accuses Coca-Cola, Mondelez, and Nestle of intentionally marketing ultra-processed foods to children, leading to chronic health issues like type 2 diabetes. The plaintiff, Bryce Martinez, claims these companies' practices mirror those of the tobacco industry, seeking accountability for their alleged harmful tactics. The case includes multiple food giants and demands monetary compensation for the damages caused.
Major U.S. food companies, including Coca-Cola and General Mills, face a lawsuit alleging they have created addictive "ultra-processed" foods that contribute to chronic illnesses in children. The plaintiff, Brass Martinez, claims these companies knowingly designed harmful products, seeking compensatory and punitive damages for their actions. The case highlights growing concerns over the health impacts of highly processed foods and the industry's responsibility in addressing these issues.
Richard Teng, CEO of Binance, stated that discussions about the exchange's potential return to the U.S. market are premature. This comes after Binance's exit following a $4.3 billion settlement with the Department of Justice over sanctions violations and money laundering. Teng emphasized the company's focus on global deployment and compliance as a competitive advantage, especially with a more crypto-friendly regulatory environment anticipated under former President Donald Trump's administration.
Robert F. Kennedy Jr.
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