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I had no idea the Fed could be such expert wafflers. But, as each month passes, it’s becoming clearer. The overall stock market trend, despite all the back-and-forth, yo-yo Fed decisions over the past 6 months, remains to the upside. Need proof? Check out this weekly S&P 500 chart for the past year:

Now, if you weren’t aware of any news, would you think any differently about this pullback to the 20-week EMA than prior tests to the same level? There was a volume spike, but keep in mind it was December monthly options expiration week. Quad-witching months (March, June, September, and December) typically are accompanied by heavier volume. The Friday market recovery occurred before any significant breakdown on this chart, which I find bullish. I view the stock market action from December 21st through December 31st to be the period where we normally see a “Santa Claus rally” – more on that below.

The Fed has made it clear in the past that they’ve been “data-dependent.” In the latest FOMC policy decision and subsequent press conference, however, Fed Chief Powell indicated that they’ve cut the number of anticipated rate cuts in 2025 from 4 to 2, because committee members feel that core inflation could be higher than they previously thought back in September, when the first rate cut was announced.

Here’s a problem I have, though. On Thursday, November 14th, the Associated Press reported the following:

The Fed acknowledged in this article that inflation remained persistent and above the Fed’s target 2% level. That day, Powell suggested that inflation may remain stuck somewhat above the Fed’s target level in coming months. But he reiterated that inflation should eventually decline. Given those November 14th remarks, if the Fed was concerned about inflation remaining elevated, then why not change their tune on 2025 interest rate cuts at the November 6-7 Fed meeting. If they’re truly “data dependent”, then what data changed from November 14th until the next Fed meeting on December 17-18 to prompt 2025 interest rate policy change?

Can I have a waffle, please?

Odds of a Santa Claus Rally

Again, I consider the Santa Claus rally to be from December 21st through December 31st, so let’s look at how many times this period has actually moved higher:

  • S&P 500: 58 of the last 74 years since 1950 (annualized return: +40.50%)
  • NASDAQ: 43 of the last 53 years since 1971 (annualized return: +61.80%)
  • Russell 2000: 31 of the last 37 years since 1987 (annualized return: +64.57%)

Based upon history, the odds of a Santa Claus rally is 78.4%, 81.1%, and 83.8% on the S&P 500, NASDAQ, and Russell 2000, respectively. And you can see the annualized return for this period in the parenthesis above. I’d say there’s a ton of historical performance to suggest the odds that we’ll rally from here until year end are rather strong.

Nothing is ever a guarantee, however.

Max Pain

In my opinion, the media is promoting the idea that inflation is re-igniting and that the Fed is becoming more hawkish. I believe last week’s selling is due to EXACTLY what I talked about with our EarningsBeats.com members during our December Max Pain event on Tuesday. There was a TON of net in-the-money call premium and the big Wall Street firms aided their market-making units by telling us how bad the Fed’s actions and words are for the stock market. That Wednesday drop saved market makers an absolute FORTUNE. We pointed out to our members the downside market risk that existed, because of max pain. A day later, VOILA! It’s magic! The crazy afternoon selling was panicked selling at its finest, with the Volatility Index (VIX) soaring an astounding 74% in 2 hours! On Thursday and Friday, the VIX retreated back into the 18s (from 28) as if nothing ever happened.

There’s a reason why I preach every single month about options expiration and this was just another example of legalized thievery by the market makers. Let’s give them another golf clap.

MarketVision 2025

It’s almost time for my 2025 forecast, which will be a big part of our Saturday, January 4, 2025, 10:00am ET event. This year’s MV event, “The Year of Diverging Returns”, will feature myself and David Keller, President and Chief Strategist, Sierra Alpha Research. Many of you know Dave from StockCharts and also from his Market Misbehavior podcast. I’m looking forward to having Dave join me as we dissect what we believe is likely to transpire in 2025. For more information on the event and to register, CLICK HERE!

Happy holidays and I hope to see you there!

Tom

Rep. Kay Granger, R-Texas, has been living in a retirement facility, a source told Fox News on Sunday. The source also denied a local news report that said she was in a memory care facility.

Granger, who is retiring at the end of this congressional term, has largely remained absent from the Capitol in recent months, having last cast votes on July 24. She was not present for over 54% of votes this year.

The Dallas Express investigated the 81-year-old congresswoman’s absence, publishing a report on Friday that quoted a constituent of her district who said that Granger was residing in a memory care facility in Texas. The report was later picked up by other news outlets.

Fox News spoke with a source from Granger’s office who denied that Granger was in a memory care unit. The source told Fox News that Granger is in a retirement facility where memory care is provided, though not in the memory care unit itself.

Granger released a statement to Fox News, saying that she has faced ‘health challenges’ and is ‘deeply grateful for the outpouring of care and concern’ over the weekend.

‘As many of my family, friends, and colleagues have known, I have been navigating some unforeseen health challenges over the past year,’ Granger said in the statement. ‘However, since early September, my health challenges have progressed making frequent travel to Washington both difficult and unpredictable. During this time, my incredible staff has remained steadfast, continuing to deliver exceptional constituent services, as they have for the past 27 years.’

Granger, who did not seek re-election for the coming term, has served in the House since 1997. She previously served as the first female mayor of Fort Worth, Texas.

While Granger appears to not have cast a vote since July, she did return to the Capitol in November for the unveiling of her portrait as Appropriations Committee Chairwoman, and a reception that followed. House Speaker Johnson, R-La., and House Majority Leader Steve Scalise, R-La., both spoke at the event.

One senior Republican source told Fox News that Granger did not step down earlier due to the paper-thin GOP House majority.

‘Frankly, we needed the numbers,’ the source told Fox News.

The slim majority presents a challenge for the speaker of the 119th Congress, in which vote attendance could be the difference between success or defeat for Republicans.

Fox News reached out to Johnson’s office for comment.

Granger’s long absence was blasted by Rep. Ro Khanna, D-Calif., in a post on X.

‘Kay Granger’s long absence reveals the problem with a Congress that rewards seniority & relationships more than merit & ideas,’ he wrote. ‘We have a sclerotic gerontocracy. We need term limits. We need to get big money out of politics so a new generation of Americans can run and serve.’

Khanna was one of the few lawmakers who previously criticized what he referred to as the ‘gerontocracy.’ In May 2023, he called on Democratic Sen. Dianne Feinstein, who was then aged 89, to step down as her own health issues kept her away from the Capitol. Feinstein died months later in September 2023.

This post appeared first on FOX NEWS

Sen. Rand Paul, R-Ky., on Sunday said he ‘couldn’t be happier’ with President-elect Trump’s Cabinet nominees, saying he will work to push them through as quickly as possible.

When Paul was asked during an appearance on ‘Sunday Morning Futures’ whether he would support all of Trump’s picks for his inner circle, the senator responded, ‘I couldn’t have picked better.’

‘The vast majority I will support on day one,’ the senator said. ‘We’ll try to get Kristi Noem through Department of Homeland Security, Russ Vought for [Office of Management and Budget]. … I think in the first week you’ll have half a dozen of them approved in the first week.’

Paul said that he will control one committee in charge of confirming the nominees, adding, ‘I pledge to get them through as quickly as possible.’

Paul has said that he will chair the Senate Homeland Security and Governmental Affairs Committee with the start of the new Congress in January. 

Trump has handpicked an array of establishment and unconventional officials for the 15 top posts in his Cabinet, including Health and Human Services pick Robert F. Kennedy Jr., FBI Director selection Kash Patel and Sen. Marco Rubio as the nominee for Secretary of State.

Some of Trump’s picks proved controversial, such as Patel, Defense Secretary pick Pete Hegseth and Director of National Intelligence nominee Tulsi Gabbard.

Senators taking measure of Trump

In late November, Fox News Digital learned that nearly a dozen of Trump’s Cabinet nominees and other appointees tapped for the incoming administration were targeted with ‘violent, unAmerican threats to their lives and those who live with them.’

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Sen. John Fetterman, D-Pa., says he hopes President-elect Trump is successful, and spoke out against those who feel otherwise. 

Fetterman appeared Sunday on ABC’S ‘This Week.’ His more than 10-minute sit-down segment was pre-recorded with co-anchor Jonathan Karl. 

‘I’m not rooting against him,’ the Democratic senator said. ‘If you’re rooting against the president, you are rooting against the nation. And and I’m not ever going to be where I want a president to fail. So, country first. I know that’s become maybe like a cliche, but it happens to be true.’

The senator told Karl he never believed Trump’s movement was about fascism, while noting that it was Vice President Kamala Harris’ ‘prerogative’ to call Trump a fascist during her campaign.

‘Fascism, that’s not a word that regular people use, you know?’ Fetterman said. ‘I think people are going to decide who is the candidate that’s going to protect and project, you know, my version of the American way of life, and that’s what happened.’

Fetterman has been meeting with Trump’s Cabinet nominees, noting that his decision about whether to vote to confirm the candidates will stem from an open mind and informed perspective.

‘I believe that it’s appropriate and the responsibility of a U.S. senator to have a conversation with President-elect Trump’s nominees. That’s why I met with Elise Stefanik and Pete Hegseth, just wrapped with Tulsi Gabbard, and look forward to my meetings with others soon,’ Fetterman declared in a post on X.

‘My votes will come from an open mind and an informed opinion after having a conversation with them. That’s not controversial, it’s my job,’ he continued.

More than a month ago, Fetterman said Democrats cannot afford to ‘freak out’ over everything Trump says or does. He echoed that sentiment on Sunday, again mentioning that Trump has not even taken office yet. 

Fox News’ Alex Nitzberg contributed to this report. 

This post appeared first on FOX NEWS

Bitcoin surged early in the week before retracting below US$100,000, dampened by a hawkish rate cut from the US Federal Reserve that led to significant drops in both the crypto and stock markets.

Meanwhile, the Nasdaq-100 (INDEXNASDAQ:NDX) welcomed three new companies, and artificial intelligence leader NVIDIA (NASDAQ:NVDA) lost ground to networking giant Broadcom (NASDAQ:AVGO).

Find out what other key pieces of news made headlines in the tech space this week.

1. Bitcoin drops below US$100,000 on Fed cut

Bitcoin surged above US$107,800 this past weekend, fueled by factors like MicroStrategy’s (NASDAQ:MSTR) recent Bitcoin purchases, and anticipation of an interest rate cut from the Fed.

Bitcoin historically performs well in December, and experts are saying that it’s in ‘Santa Claus mode.’

Adding to the excitement, Strike CEO Jack Mallers hinted on Tim Pool’s podcast that the US government may designate Bitcoin as a reserve asset through the Dollar Stabilization Act. Meanwhile, Digital Chamber founder Perianne Boring pointed to the stock-to-flow model on Fox Business, which predicts Bitcoin could hit US$800,000 by 2025’s end.

The cryptocurrency market kicked off the week at a market cap of US$3.9 trillion, up 0.3 percent in 24 hours.

As open interest neared US$70 billion on Monday (December 16), traders eyed figures between US$120,000 and US$154,000 as Bitcoin’s next target based on bull flag pattern and Fibonacci extension analysis.

Despite the bullish sentiment, Bitcoin experienced volatility on Tuesday (December 17). After retaking US$107,500 overnight and climbing to a new all-time high of US$108,135 following the opening bell, its price quickly sank below US$106,000, triggering around US$1.3 billion in liquidations.

Bitcoin performance, December 14 to 17, 2024.

Bitcoin performance, December 14 to 17, 2024.

Chart via CoinGecko.

This brief pullback confirmed a resistance zone between US$108,000 and US$111,000. Rekt Capital attributed this retracement to a typical pattern seen during price discovery phases.

Bitcoin’s volatility continued into Wednesday (December 18), and it declined steadily before and after the Fed’s meeting. The central bank announced a cut of 25 basis points as anticipated, but indicated that future reductions in 2025 may be less aggressive than initially projected. This shift in approach is attributed to recent economic data suggesting that the labor market is cooling and that inflation is stagnating above the Fed’s 2 percent target.

Chair Jerome Powell also asserted that the Fed is not allowed to own Bitcoin, potentially disrupting President-elect Donald Trump’s plan to implement a strategic reserve when he takes office in January.

This caused significant drops throughout the crypto market, with Bitcoin falling 3.75 percent in the two hours following Powell’s address. This was followed by further declines below US$100,000 on Wednesday evening.

Bitcoin performance, December 18 to 20, 2024.

Bitcoin performance, December 18 to 20, 2024.

Chart via CoinGecko.

On Thursday (December 19), Bitcoin fell to an intraday low of US$95,700, and the market cap for the crypto sector was down by 6 percent after Wall Street markets wrapped. Ether and Solana recorded losses of over 10 percent, while XRP slid 8.5 percent, reversing gains from earlier in the week ahead of the launch of Ripple’s stablecoin, RLUSD.

Losses extended into Friday morning, with Bitcoin dropping to US$92,245. The fall resulted in a bearish crossover, with over US$1 billion in liquidated positions, according to CoinGlass data.

QCP Capital attributed the losses to overly bullish market positioning and the Fed’s hawkish cut.

After the dip, Bitcoin’s price rebounded and held at around US$97,000 for most of Friday, a strong support zone identified by Glassnode founder Rafael Schultze-Kraft and Bitcoin researcher Axel Adler Jr. Recovery followed US personal consumption expenditures data that showed cooling inflation, easing investor concerns.

2. Micron’s quarterly guidance disappoints

Micron Technology (NASDAQ:MU) delivered results for its first fiscal quarter of 2025 after Wednesday’s closing bell, showing an 84 percent year-on-year revenue increase for the period.

“Data center revenue grew over 400 percent year over year and 40 percent sequentially, reaching a record level, with data center revenue mix surpassing 50 percent of Micron’s revenue for the first time,” the company said.

Micron performance, December 17 to 20, 2024.

Micron performance, December 17 to 20, 2024.

Chart via Google Finance.

However, its guidance for its second fiscal quarter indicates a downshift in sales.

The company’s Q2 revenue guidance is US$7.9 billion, missing analysts’ expectations of US$7.93 billion. Non-GAAP earnings per share are anticipated to be US$1.26 compared to average projections of US$1.97.

“While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of our fiscal year,” wrote President and CEO Sanjay Mehrotra in a press release.

“We continue to gain share in the highest margin and strategically important parts of the market and are exceptionally well positioned to leverage AI-driven growth to create substantial value for all stakeholders.”

Shares of Micron opened 13.2 percent lower on Thursday morning and hit US$85 shortly after the market opened. The company is ending the week down over 14 percent.

3. Broadcom surges as NVIDIA stumbles

Broadcom continued its upward trajectory this week, fueled by Friday’s rally. It reached a valuation higher than even NVIDIA, which stumbled into correction territory on Monday.

After a mid-week bump ahead of the Fed’s meeting, NVIDIA ultimately fell with the broader market as Powell signaled a hawkish stance, sinking further into correction territory.

Broadcom and NVIDIA performance, November 20 to December 20, 2024.

Broadcom and NVIDIA performance, November 20 to December 20, 2024.

Chart via Google Finance.

While NVIDIA remains a powerhouse with a stellar year overall, Broadcom’s superior gains this month could signal a potential shift in the chip landscape, challenging NVIDIA’s dominance.

Shares of NVIDIA were down 7.67 percent on the month as of Friday afternoon, while Broadcom had gained over 35 percent. Its share price rose by nearly 40 percent following the release of its earnings report last week.

Adding to NVIDIA’s woes, reports suggest China is expanding its scrutiny of the company’s acquisitions beyond the 2020 Mellanox deal, potentially casting a shadow over its future growth prospects.

4. Samsung, Texas Instruments finalize Chips Act deal

Samsung Electronics (KRX:5930) and Texas Instruments (NASDAQ:TXN) are the two latest companies to receive government funding via US President Joe Biden’s Chips Act initiative. The deals were finalized on Friday, with Samsung set to receive up to US$4.75 billion and Texas Instruments getting US$1.6 billion.

While Texas Instruments’ final agreement aligns with an initial deal reached in August, Samsung’s funding was significantly reduced. The company stated that it adjusted its investment plan to improve efficiency and that the incentives were determined through negotiations with the US government, but did not provide specific details.

Texas Instruments’ funding will go toward building new chipmaking facilities in Utah and Texas. They will reportedly create 2,000 new company jobs and thousands more employment opportunities in construction and supply management. Samsung will use its award to expand its facilities in Central Texas.

5. Palantir, Axon and MicroStrategy join Nasdaq-100

Nasdaq (NASDAQ:NDAQ) released its annual list of changes to the Nasdaq-100 on Monday, with data analysis and security companies Palantir Technologies (NASDAQ:PLTR) and Axon Enterprises (NASDAQ:AXON) joining the index, along with business intelligence and analytics software firm MicroStrategy.

Palantir secured multiple contracts with the US Department of Defense in 2024, while Axon landed a contract with the Canadian government to supply body-worn cameras to the Royal Canadian Mountain Police in November.

MicroStrategy has been in the news this year due to several Bitcoin acquisitions. Over the weekend, the company acquired another 15,350 Bitcoin for US$1.5 billion. The acquisition was finalized on Sunday (December 15), bringing the company’s total Bitcoin holdings to 439,000. The purchase was funded through share sales under the firm’s at-the-market program. According to its latest filing, MicroStrategy now has US$7.65 billion remaining.

Bloomberg estimates that MicroStrategy’s inclusion on the Nasdaq-100 will add at least US$2 billion in new stock purchases from the various exchange-traded funds that follow the index.

Super Micro Computer (NASDAQ:SMCI), on the other hand, saw its share price open over 14 percent lower on Monday following the news that it will be removed from the Nasdaq-100. It closed the week 0.85 percent higher.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Stardust Power Inc.(“the Company” or “Stardust Power”) (NASDAQ: SDST), an American developer of battery-grade lithium products, today announced the completion of the acquisition of its 66-acre site at the Southside Industrial Park in Muskogee, Oklahoma. This key acquisition marks another significant milestone as the Company prepares to commence construction on one of North America’s largest lithium refineries. With the General Permit for Stormwater Discharges from Construction Activities now in place, and subject to finalizing project financing, Stardust Power is now positioned to begin construction.

Governor of Oklahoma, J. Kevin Stitt, and Founder and CEO, Stardust Power, Roshan Pujari

Caption: Governor of Oklahoma, J. Kevin Stitt, and Founder and CEO, Stardust Power, Roshan Pujari, met December 2, 2024, to discuss the upcoming construction of its lithium refinery in Muskogee, Oklahoma

Stardust Power received this permit from the Oklahoma Department of Environmental Quality and has completed its Stormwater Pollution Prevention Plan (SWPPP), which incorporates best-in-class management practices to control stormwater discharges during construction and is designed to ensure compliance with environmental standards and minimize potential impacts on the surrounding area. This critical permit allows Stardust Power to commence construction at the site. In the coming weeks, Stardust Power plans to submit the remaining necessary permits, marking the final regulatory steps at this junction. This marks a significant milestone for the Company and its mission to onshore manufacturing of battery grade lithium for US energy independence.

In January 2024, Stardust Power selected Muskogee, Oklahoma for its lithium refinery, citing the state’s central location and excellent access to multi-modal logistics. The site benefits from proximity to the country’s largest inland waterway system, robust road and rail networks, and a skilled workforce rooted in the oil and gas sector. Oklahoma’s leadership in sustainable energy aligns with Stardust Power’s commitment to reducing its carbon footprint. The shovel-ready site near the Port of Muskogee offers key construction and operational advantages, with the potential to speed up timelines. After thorough due diligence, including environmental, technical, cultural, and logistical reviews, the site was confirmed as ideal. It offers a location with an adjacent 40-acre parcel of land which the Company has a right of first refusal for future expansion.

Roshan Pujari, Founder and CEO of Stardust Power, stated, ‘With the land purchase complete and key permitting secured, we are excited to enter the construction phase in Muskogee. This milestone brings us closer to our mission of becoming a leading supplier of American battery-grade lithium. We are deeply grateful for the ongoing support from Governor Stitt, the Department of Environmental Quality, the Oklahoma Department of Commerce, the Tulsa Chamber, and the City and Port of Muskogee. Together, we endeavor to create hundreds of high-quality manufacturing jobs and keep Oklahoma at the forefront of America’s energy leadership. While the site’s infrastructure and logistics are outstanding, the true asset of Oklahoma is its people.’

Earlier this year, the City and County of Muskogee established a $27 million Tax Increment Financing (“TIF”) district to support the project. The TIF is expected to fund key infrastructure improvements in the area, including upgrades to industrial roads, rail line rehabilitation, and the replacement of a trestle bridge, improvements that are important to the successful development of the refinery. Stardust Power intends to claim back certain related costs from TIF related to the site, which could reduce overall project costs and improve margins.

About Stardust Power Inc.

Stardust Power is a developer of battery-grade lithium products designed to bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.”

For more information, visit www.stardust-power.com

Stardust Power Contacts

For Investors:
Johanna Gonzalez
investor.relations@stardust-power.com

For Media:
Michael Thompson
media@stardust-power.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements.” Such forward-looking statements are often identified by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “forecasted,” “projected,” “potential,” “seem,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or otherwise indicate statements that are not of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; obtaining the necessary permits and governmental approvals to develop the site; the impact of the TIF on the site development and surrounding areas and infrastructure, and Stardust Power’s ability to benefit from such program; risks related to the uncertainty of the projected financial information with respect to Stardust Power; risks related to the price of Stardust Power’s securities, including volatility resulting from changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power’s business and changes in the combined capital structure; and risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities. The foregoing list of factors is not exhaustive.

Stockholders and prospective investors should carefully consider the foregoing factors, and the other risks and uncertainties described in documents filed by Stardust Power from time to time with the SEC.

Stockholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date made, are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Stardust Power. Stardust Power expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations of Stardust Power with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Source

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President-elect Trump dropped his latest round of nominations Saturday afternoon, including two picks to help lead the Department of Justice (DOJ) and one to work within the Department of Transportation (DOT).

In a Truth Social post, the president-elect announced he was nominating Aaron Reitz to lead the DOJ’s Office of Legal Policy. Trump wrote that Reitz would ‘develop and implement DOJ’s battle plans to advance my Law and Order Agenda, and restore integrity to our Justice System.

‘Aaron is currently Senator Ted Cruz’s Chief of Staff, and was previously Texas Attorney General Ken Paxton’s Deputy, where he led dozens of successful lawsuits against the lawless and crooked Biden Administration,’ Trump continued, adding Reitz would work closely with Trump’s pick for U.S. attorney general, Pam Bondi.
 
‘Aaron is a true MAGA attorney, a warrior for our Constitution, and will do an outstanding job at DOJ. Congratulations Aaron!’

Trump followed up his first announcement by naming Chad Mizelle as the next chief of staff at the DOJ, who is also slated to work with Bondi. 

‘During my First Term, Chad was General Counsel and Chief of Staff at the Department of Homeland Security, where he helped to secure our Border, and stop the flow of illegal drugs and aliens into our Country,’ the Republican leader explained. 

‘Chad is a MAGA warrior, who will help bring accountability, integrity, and Justice back to the DOJ.’

In a third post, Trump named David Fink as the next administrator of the Federal Railroad Administration (FRA), describing his nominee as a ‘fifth generation Railroader.’

‘David will bring his 45+ years of transportation leadership and success, which will deliver the FRA into a new era of safety and technological innovation,’ Trump said. ‘Under David’s guidance, the Federal Railroad Administration will be GREAT again. Congratulations to David!’

Later on Saturday, Trump announced that he was nominating Tilman J. Fertitta, the owner of the Houston Rockets, to serve as the U.S. Ambassador to Italy.

‘Tilman is an accomplished businessman, who has founded and built one of our Country’s premier entertainment and real estate companies, employing approximately 50,000 Americans,’ Trump’s post described. ‘Tilman has a long history of giving back to the community through numerous philanthropic initiatives, which include children’s charities, Law Enforcement, and the medical community.’

This post appeared first on FOX NEWS

President-elect Trump dropped his latest round of nominations Saturday afternoon, naming two picks to help lead the Department of Justice (DOJ) and one to work within the Department of Transportation (DOT).

In a Truth Social post, the president-elect announced he was nominating Aaron Reitz to lead the DOJ’s Office of Legal Policy. Trump wrote that Reitz would ‘develop and implement DOJ’s battle plans to advance my Law and Order Agenda, and restore integrity to our Justice System.

‘Aaron is currently Senator Ted Cruz’s Chief of Staff, and was previously Texas Attorney General Ken Paxton’s Deputy, where he led dozens of successful lawsuits against the lawless and crooked Biden Administration,’ Trump continued, adding Reitz would work closely with Trump’s pick for U.S. attorney general, Pam Bondi.
 
‘Aaron is a true MAGA attorney, a warrior for our Constitution, and will do an outstanding job at DOJ. Congratulations Aaron!’

Trump followed up his first announcement by naming Chad Mizelle as the next chief of staff at the DOJ, who is also slated to work with Bondi. 

‘During my First Term, Chad was General Counsel and Chief of Staff at the Department of Homeland Security, where he helped to secure our Border, and stop the flow of illegal drugs and aliens into our Country,’ the Republican leader explained. 

‘Chad is a MAGA warrior, who will help bring accountability, integrity, and Justice back to the DOJ.’
 
In a third post, Trump named David Fink as the next administrator of the Federal Railroad Administration (FRA), describing his nominee as a ‘fifth generation Railroader.’

‘David will bring his 45+ years of transportation leadership and success, which will deliver the FRA into a new era of safety and technological innovation,’ Trump said. ‘Under David’s guidance, the Federal Railroad Administration will be GREAT again. Congratulations to David!’

This post appeared first on FOX NEWS

As the dust settles on Congress frantically passing a stopgap bill at the eleventh hour to avoid a government shutdown, lawmakers are having their say on a chaotic week on Capitol Hill.

President Biden signed the 118-page bill into law on Saturday, extending government funding into March, the White House announced. The bill provides over $100 billion in disaster aid for those affected by storms Helene and Milton in the U.S. Southeast earlier this year. It also includes a $10 billion provision for economic assistance to farmers. 

President Biden has not yet publicly commented on the passage of the legislation, nor has President-elect Trump, although sources tell Fox that the incoming president is not that happy about the bill, because it does not suspend the debt ceiling. 

House Speaker Mike Johnson, R-La., who faced criticism from both Republicans and Democrats for his handling of the negotiations, said after the House vote that the result was ‘a good outcome for the country.’ He said he had spoken with Trump and that the president-elect ‘was certainly happy about this outcome, as well.’

House Democratic Leader Hakeem Jeffries, D-N.Y., considered the legislation a win for his party. 

‘The House Democrats have successfully stopped extreme MAGA Republicans from shutting down the government, crashing the economy and hurting working-class Americans all across the nation,’ Jeffries said, referring to Trump’s ‘Make America Great Again’ slogan.

Former House Speaker Nancy Pelosi, D-Calif., praised Democrats, including Jeffries and Rep. Rosa DeLauro, D-Conn., for ‘their unity and courage withstanding the Trump-Musk irresponsibility.’

‘Democrats will always fight to protect the needs of America’s working families, veterans, seniors, farmers and first responders against the GOP’s agenda for billionaires and special interests.’

A bulging 1,547-page continuing resolution was thrown into disarray earlier in the week following objections by Elon Musk and President-elect Trump. A slimmed-down version was then rejected by House members on Thursday before the House approved Speaker Mike Johnson’s new bill overwhelmingly on Friday by 366 votes to 34.

The Senate worked into early Saturday morning to pass the bill 85-11, just after the deadline.

Senate Majority Leader Chuck Schumer praised the passage of the funding legislation early Saturday.

‘There will be no government shutdown right before Christmas,’ Schumer wrote on X. ‘We will keep the government open with a bipartisan bill that funds the government, helps Americans affected by hurricanes and natural disasters, helps our farmers and avoids harmful cuts.’

Meanwhile, Rep. Nicole Malliotakis, R-N.Y., said the revised funding package keeps government funded at current levels, delivers aid to Americans suffering from natural disasters and protects agricultural supply chains. 

‘Not only is this straightforward bill much more palatable to me, but it respects the taxpayers we represent, unlike the previous backroom boondoggle I opposed that was over 1,500 pages long and gave unnecessary and costly giveaways to the Democrats,’ Malliotakis wrote on X. 

‘Passing this legislation today gives us what we need until President Trump is sworn in and settled so our Republican trifecta can deliver the results the American people voted for.’

Rep. Mike Lawler, R-N.Y., questioned why President Biden appeared to play a limited role in negotiations.

‘People fail to recognize that even though the focus has been on President Trump, Joe Biden is actually still the president, which is really mind-boggling, because nobody’s heard from him in weeks,’ Lawler told Fox & Friends Weekend on Saturday, adding that the debt ceiling has been used as a ‘political piñata for decades.’ 

‘The party in the minority uses it as leverage in a negotiation, and I think what President Trump is trying to avoid is giving Democrats a loaded gun to hold to his head here.’

Elsewhere, House Oversight Committee Chairman James Comer, R-Ky., applauded the Senate for approving the D.C. Robert F. Kennedy Memorial Stadium Campus Revitalization Act, which he had introduced and helped pass in the House.

The bill would give the District of Columbia control of the 174-acre RFK campus and revive potential plans for a new Washington Commanders stadium.

The surprising move came after a provision in the initial continuing resolution (CR) — to transfer control of the RFK campus from the federal government to the District — was eliminated from Thursday’s slimmed down version of the bill.

‘The Senate’s passage of the D.C. RFK Stadium Campus Revitalization Act is a historic moment for our nation’s capital. If Congress failed to act today, this decaying land in Washington would continue to cost taxpayers a fortune to maintain,’ Comer said.

‘Revitalizing this RFK Memorial Stadium site has been a top economic priority for the city, and I am proud to have partnered with D.C. Mayor Muriel Bowser to get this bill across the finish line and to the President’s desk. This bipartisan success is a testament to the House Oversight Committee’s unwavering effort to protect taxpayers and our full commitment to ensuring a capital that is prosperous for residents and visitors for generations to come,’ he added.

The Associated Press contributed to this report. 

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President-elect Trump announced Saturday he has tapped the creator of ‘The Apprentice’ to serve a diplomatic role in the United Kingdom.

In a Truth Social post, Trump named Mark Burnett, a British-American TV producer who was born in London, as the next U.S. special envoy to the United Kingdom.

‘It is my great honor to appoint Mark Burnett as the Special Envoy to the United Kingdom,’ the president-elect said. ‘With a distinguished career in television production and business, Mark brings a unique blend of diplomatic acumen and international recognition to this important role.’

In addition to creating Trump’s former show ‘The Apprentice,’ Burnett also created ‘Shark Tank’ and led production of other programs such as ‘Survivor’ and ‘The Martha Stewart Show.’ In his Truth Social post, Trump said the producer had created some of the ‘biggest shows in Television History’ and touted his achievements.

‘He is the former Chairman of MGM, and has won 13 Emmy Awards!’ the Republican wrote. ‘Mark will work to enhance diplomatic relations, focusing on areas of mutual interest, including trade, investment opportunities, and cultural exchanges. Congratulations Mark!’

No one is currently serving as a U.S. special envoy to the United Kingdom. Special envoy roles are typically temporary in nature and meant to fulfill a specific mission, though Trump did not specify the purpose of the role in his announcement.

Earlier in December, Trump tapped Warren A. Stephens to serve as the U.S. ambassador to the Court of St. James, also known as the U.S. ambassador to the United Kingdom.

‘Over the last 38 years, while serving as the president, chairman, and CEO of his company, Stephens Inc., Warren has built a wonderful financial services firm, while selflessly giving back to his community as a philanthropist,’ Trump said in a post on Truth Social. 

‘Warren has always dreamed of serving the United States full-time. I am thrilled that he will now have that opportunity as the top Diplomat, representing the U.S.A. to one of America’s most cherished and beloved Allies.’

Burnett did not immediately respond to Fox News Digital’s request for comment. 

Fox News Digital’s Greg Wehner contributed to this report.

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