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Wall Street Futures Climb on Fed Cut Hopes as Bitcoin Extends Steep Decline

US markets staged a rebound Friday morning, with futures for the Dow Jones Industrial Average, S&P 500, and Nasdaq all moving higher after a turbulent week. The rally was fueled by growing bets that the Federal Reserve could cut interest rates at its upcoming December meeting, following dovish comments from New York Fed President John Williams. His remarks shifted sentiment sharply, with nearly 70% of traders now expecting a rate cut. Dow futures gained 0.7% , leading the advance. S&P 500 futures rose 0.5% , while Nasdaq futures added 0.4% . The optimism comes after Thursday’s sharp sell-off, underscoring the volatility gripping markets as investors weigh AI-driven risks and Fed policy divisions. Meanwhile, cryptocurrencies continued to struggle. Bitcoin plunged to around $82,000 , marking its worst month since the 2022 crypto collapse. The decline reflects heavy institutional outflows, miner sell-offs, and broader risk-off sentiment across digital assets.
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Trump Proposes New Agency to Collect Foreign Revenue

 


In a recent announcement, President-elect Donald Trump revealed plans to establish a new government agency called the External Revenue Service. This agency aims to collect tariffs, duties, and other revenues from foreign sources. Trump stated that this move is intended to shift the tax burden away from American citizens and onto foreign entities that benefit from trade with the United States.

The announcement has sparked significant debate. Supporters argue that it will ensure foreign companies pay their fair share, while critics warn that it could lead to increased costs for American consumers and potential retaliation from trade partners. The specifics of how this new agency will operate remain unclear, and it is uncertain whether it will replace existing functions performed by agencies like U.S. Customs and Border Protection.

Trump's proposal has also drawn criticism from some lawmakers, who view it as a rebranding effort that could result in a multi-trillion-dollar tax hike on American families and small businesses. As the inauguration approaches, the details and potential impacts of this new agency will be closely watched.


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