CNBC Daily Open: Investors look away from the Trump administration's call to relook the Fed
Don't do it. That is, if you have dreams of working at America's central bank.
U.S. Secretary of Treasury Scott Bessent on Monday questioned the Federal Reserve's decision not to lower interest rates this year so far, given that the U.S. has "seen very little, if any, inflation."
"I think this idea of them not being able to break out of a certain mindset," Bessent said, referring to Fed officials. "All these Ph.D.s over there, I don't know what they do."
The headline number for June's consumer price index was the highest since February.
While navigating the job market has been a challenge regardless of qualifications, the stock market seems to be on a smooth path upward regardless of challenges.
The S&P 500 broke the 6,300 closing level for the first time on Monday. That's despite the Trump administration's beef with the Fed and its use of heavy tariffs as a bargaining tool.
Under those circumstances, an investor doesn't need a Ph.D. to know that volatility in markets could lie ahead despite the positive sentiment today.
Scott Bessent calls for a review of the Federal Reserve. In an interview with CNBC on Monday, the U.S. Treasury Secretary suggested that the government needs to examine the "entire" Fed. Bessent also said the Aug. 1 tariffs will help the U.S. reach "better agreements" with its trade partners.
The S&P 500 closed above 6,300 for the first time. Boosted by advances in Meta and Amazon shares, the Nasdaq Composite notched a record closing high on Monday as well. Asia-Pacific markets traded mixed Tuesday.
Figma IPO could value it as much as $16.4 billion. The design software company published on Monday an updated prospectus, which stated that Figma expects to sell about 37 million shares at $25 to $28 each.
Trump Media has built a roughly $2 billion bitcoin hoard. Those holdings now account for about two-thirds of Trump Media's total liquid assets, signaling U.S. President Donald Trump's pivot to cryptocurrency as a source of wealth while in office.
[PRO] European defense bull run may cool off. A fund manager who oversees assets worth close to $2 billion told CNBC that the valuations of the defense sector in Europe have hit "extreme" levels.
The race to roll out solid-state batteries is picking up steam again
Often touted as the "holy grail" of sustainable driving, solid-state batteries are thought to offer significantly higher energy density than conventional lithium-ion ones. But they have long been stuck between theory and the promise of commercialization in the next five to 10 years.
A recent flurry of announcements from major automakers and incumbent cell producers appears to have renewed optimism.
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