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Mark Carney: The Economist Who Took on Trump and Won

  Mark Carney, a former central banker, has emerged as Canada’s prime minister following a dramatic election that reshaped the political landscape. His victory was fueled by a surge of nationalism in response to U.S. President Donald Trump’s aggressive rhetoric and trade policies. Trump’s threats to annex Canada as the “51st state” and impose steep tariffs on Canadian goods galvanized voters, turning Carney’s Liberal Party from underdogs to champions of Canadian sovereignty. Carney’s campaign centered on defending Canada’s independence and rebuilding its economy to reduce reliance on the United States. His experience as governor of the Bank of Canada and the Bank of England lent credibility to his promises of economic resilience. In his victory speech, Carney declared, “President Trump is trying to break us so that America can own us. That will never, ever happen”. The election results marked a stunning comeback for the Liberals, who were initially projected to lose to the oppositi...
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Dow Jones Industrial Average Closes at Second-Straight Record High as Big Tech Kicks Off Earnings

 

The Dow Jones Industrial Average (DJIA) closed at a second-straight record high on Tuesday, as quarterly earnings from big tech companies were released and economic data showing ongoing labor market strength was digested. The Federal Reserve also kicked off its two-day meeting on Tuesday.

Microsoft, Alphabet, and AMD kicked off the earnings season for big tech with better-than-expected quarterly earnings. The trio’s earnings come just ahead of earnings from Amazon, Apple, and Meta due later this week. Collectively, the market capitalization of Alphabet, Microsoft, Apple, Amazon, and Meta accounted for the bulk of S&P 500’s 24% gain in 2023.

In other tech news, Super Micro Computer rose more than 3% after the data center hardware maker reported second-quarter results that topped Wall Street estimates amid a boost from artificial intelligence-led demand.

General Motors’ stock rose nearly 7% after the auto giant provided investors with an upbeat outlook for 2024 and signaled more capital could be returned to shareholders.

The U.S. Labor Department’s latest Job Openings and Labor Turnover Survey, a measure of labor demand, showed job openings in December climbed to 9.03 million, above economists’ estimates of 8.75 million. The ongoing signs of labor market strength arrived on the heels of data showing consumer confidence jumped to a 2-year high. The duo of reports, signaling economic strength, pushed 2-year Treasury yields higher, as investors bet that the data will likely encourage the Fed to maintain its higher-for-longer rate regime as the central bank kicked off its two-day meeting.


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