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Cuban officials on Thursday freed a prominent opposition activist, a last-minute diplomatic change in fortunes for the Biden administration which had sought his release but long seemed unable to influence events on the island.

Jose Daniel Ferrer, the leader of one of the largest banned anti-government groups in Cuba, was released two days after a surprise flurry of diplomatic activity involving the communist-run island in the waning days of the Biden administration.

On Tuesday, State Department officials announced the removal of Cuba from a US list of countries that support terrorism, also saying that Cuban officials had agreed to a Vatican request to free Cubans jailed for anti-government activity among other crimes.

Cuban officials said they would “gradually” free 553 prisoners, although they cautioned that they were not issuing an amnesty and that those being selected for release could be forced to complete their sentences if they didn’t exhibit “good social behavior.”

For more than three years, US officials in particular had called on the Cuban government to release Ferrer, who was convicted of participating in the July 11, 2021 protests, the most wide spread demonstrations to take place on the island since Fidel Castro’s 1959 revolution.

“Don’t be afraid to fight for a free, prosperous and just Cuba,” Ferrer said in a telephone interview following his release Thursday with Radio Martí, a US government-funded radio station that Cuban officials have long accused of trying to destabilize the island.

While the fiery comments by Ferrer, whom the Cuban government calls “a mercenary” in the employ of the US, are likely to make officials in Havana grit their teeth, for years their top priority has been to convince US officials to remove them from the list of countries that support terrorism, which incurs devastating economic penalties.

Upon taking office, Biden seemed poised to do that until the 2021 protests that led to more than a thousand Cubans convicted in mass trials for rising up against the government.

Following the protests, State Department officials conditioned any improvement in relations on the release of the protestors while Cuban officials said they had received no concrete guarantees that economic sanctions would actually be lifted and that the US should stay out of the island’s internal affairs.

Even visits by Vatican representatives to the island to press for the release of the protestors were unable to break the deadlock until the final days of the Biden administration.

But even as governments across the region applaud the surprise diplomatic breakthrough this week, it looks unlikely that the incoming Trump administration will build upon the brief thaw in relations.

On Wednesday, Sen. Marco Rubio, Trump’s pick for Secretary of State and one of the most hardline opponents to Cuba’s government, blasted their removal from the terrorism list and lifting of other sanctions.

“There is zero doubt in my mind that they meet all the qualifications for being a state sponsor of terrorism,” Rubio said during his confirmation hearing.

While Rubio said during that hearing that any policy changes would be decided by President Trump, he seemed confident of the incoming administration’s position on Cuba.

“I think people know my feelings and I think they know what the president’s feelings have been about these issues when he was president previously,” he said. “And nothing that the Biden administration has agreed to in the last 12 or 18 hours binds the next administration, which starts on Monday.”

But ramping up pressure on Cuba again after more than 60 years of US economic sanctions was unlikely to force the government to adopt political reforms said Peter Kornbluh, the co-author of “Back Channel to Cuba: The Hidden History of Negotiations Between Washington and Havana.”

“Biden got some results,” he said. “He has reminded the world of the model of diplomacy and backchannel efforts to advance US interests. Trump and Rubio represent a model of coercion: sticks versus Biden’s carrots.”

Speaking to reporters Wednesday, Cuban Foreign Minister Bruno Rodriguez Parilla said if the incoming Trump administration did place Cuba back on the list of countries that support terrorism, it would prove his government’s point that the list had become political tool rather than a deterrent.

“If another president came and included Cuba on the list again, we would have to ask ourselves what the reasons are, what the agencies of the US government would say, where the credibility of the government would be,” he said.

This post appeared first on cnn.com

Just three days before US President-elect Donald Trump returns to the White House, Russia and Iran are set to finally sign a “comprehensive partnership agreement,” a deal that’s been in the works for months.

It’s a move that will refocus attention on a partnership that has shaped the battlefield in Ukraine, and which remains committed to challenging the US-led international order – even as the new US administration promises greater engagement with Russia.

Russian and Iran share a complicated past, peppered with conflict, and even now tread a fine line between cooperation and mistrust. And yet, the war in Ukraine has pulled Moscow and Tehran closer.

In July 2022, five months into his full-scale invasion of Ukraine, Russian President Vladimir Putin visited Tehran, his first wartime trip outside the former Soviet sphere.

Behind the photo ops and handshakes, his “special military operation” was not going to plan. His army had lost a lot of its initial gains as it was pushed out of the Kyiv region – and would go on to lose more later that year in two further successful Ukrainian counteroffensives.

Those drones have formed the backbone of Moscow’s attritional war, swarms of them – targeting civilian areas and energy infrastructure in an effort to break the resolve of Ukraine’s people and deplete its air defenses.

Moscow has also, according to the US, taken delivery of Iranian ballistic missiles – and while no evidence of their alleged deployment has surfaced yet, that news alone sent a strong signal to Ukraine’s allies that Putin was willing to escalate.

Less desirably for Moscow, it was also one factor that helped shift the debate around providing Ukraine with permission to fire Western-supplied long-range missiles at military targets in Russia. Several prominent Russian military bloggers claimed in early January, without providing evidence, that Iranian missile launchers and other equipment were being delivered to Russian military training grounds ahead of the deal’s signing.

Two-and-a-half years on from Putin’s Tehran visit, the dynamic has markedly shifted for both sides. Russia now has the advantage in Ukraine. It is gaining territory on the eastern front, and with the help of North Korean soldiers, slowly pushing Ukraine back in the Russian region of Kursk. The incoming Trump administration, to Moscow’s barely concealed glee, wants to start talks, and is making noises about letting Russia keep the territory it occupies, and stalling Ukraine’s bid for NATO membership.

Iran, meanwhile, is feeling decidedly less secure. Nikita Smagin, an independent expert on Russia and Iran, who worked for Russian state media in Tehran before the invasion of Ukraine, says the Pezeshkian administration is rushing to get this treaty signed with Russia amid multiple threats to its security.

“They are frightened by the Trump administration, they are frightened by Israel, they are frightened by the collapse of Assad, the collapse of Hezbollah,” he said, explaining that Iran is looking for a show of support.

Moscow may look to exploit this. The Russians have “a great nose for somebody in trouble,” said Alterman, and may be thinking “we can help them a little bit, but we can get them where we need them and extract more from them that we want.”

What more Russia wants is less clear. It has now indigenized Shahed production on Russian soil – and having paid its dues to Iran under an initial franchise deal to manufacture them, is now doing so with much less direct Iranian involvement.

Russia’s recent battlefield gains have come at a huge cost to its troops – so while its manpower issues are nowhere near the level of Ukraine’s, it could use more boots on the ground. But experts are skeptical Iran would be as amenable in this regard as North Korea, which has deployed around 11,000 of its troops in Russia’s Kursk region, according to Ukrainian and Western assessments.

“Even when Iran is fighting their wars outside Iran, they are not willing… to sacrifice their soldiers,” said Smagin, “and when we’re talking about Iran and Russia there is a very big background of distrust from the Iranian side to Russia.” And Russia may be wary of any mutual defense pact, given the more immediate threat to Iran from Israel.

“I think this is partly intended as a message to the Trump administration that we each have options,” said Alterman. “I think the Iranians are looking for tools they can use with the Americans… and there’s a sense that this gives them something to trade or something to talk about.”

Iran, facing the prospect of a possible revival of UN sanctions that were lifted under its 2015 nuclear deal, is urgently looking for ways to persuade the US to rejoin that deal, which Trump exited in 2018 – or restart negotiations.

For Russia, a new treaty with Iran – a country which might be closer than ever to being capable of producing a nuclear weapon – may be partly about dangling the specter of further escalation before a new US administration that it sees as less committed to Ukraine.

“The Iranians certainly have some worrying capabilities, the Russians certainly have demonstrated a willingness to use worrying capabilities,” Alterman said.

This post appeared first on cnn.com

With its manicured garden and spacious interior, the three-story villa was once described as “paradise” by the mother who raised her five children there. And much was done to preserve the household’s tranquility, given its immediate neighbor: the largest and most notorious Nazi concentration camp, Auschwitz.

Inside the family home, Rudolf Höss – the longest serving SS commandant of Auschwitz – dreamt up the most efficient way to kill the millions of Jews, Roma, homosexuals and political prisoners that the Third Reich had decided to eliminate.

Tall trees and a high concrete wall obscured the view and the screams of the camp so that Rudolf’s wife Hedwig and their five children – Klaus, Heidetraud, Brigitte, Hans-Jürgen and Annegret – could live shielded from the atrocities committed just feet from their door.

Theirs was a joyful life. The children played with turtles, cats, rode horses and swam in the nearby river. Meanwhile, the concentration camp’s chimneys spewed smoke as other families were pushed into the gas chambers.

Since Auschwitz was liberated in January 1945, the house at 88 Legionow Street had been in the private hands of a Polish family. But last year it was acquired by the Counter Extremism Project, a New York-based NGO that has sought to combat extremism since 2014.

Within days, this building – a potent symbol of how the Holocaust was orchestrated and a major character in the Oscar-winning movie “The Zone of Interest” – will open its door to visitors in a brand-new form.

The NGO’s plans for the house are twofold: to give a new center to their organization and to open this long closed-off house to the public in time for the 80th anniversary of the liberation of the camp on January 27.

“When you look at this property, the gardens, the fountains, the normal, ordinary life, we’ve been taught since the time of the Holocaust to never forget,” said Mark Wallace, CEO of the Counter Extremism Project. “Eighty years later it’s clear that while essential, “never forgetting” is not enough to prevent the hate and antisemitism that right now grips our society.”

Now, it isn’t just pictures of the Höss’s blissful domesticity that remain, but also diaries, one written by the family’s housekeeper and the other by Rudolf Höss himself. This was not out of choice: After his capture and before his execution, Höss was ordered to write his memoir, giving an insight into the workings of a mind that was both ordinary and chillingly evil.

In it, Höss described himself as man committed to discipline and dedicated to order. He wrote that it was “to protect the mental health” of his guards that he decided to utilize Zyklon B, an insecticide he used to murder as many Jews as effectively as possible.

During Höss’s three and a half years at the camp, four additional gas chambers were built intended for industrialized annihilation. More than 1.1 million people were murdered there, making Auschwitz-Birkenau the deadliest of all the Nazi camps.

The diary also gave much of the material for 2023’s “The Zone of Interest,” which is almost completely set in the house and its immediate surroundings. The movie highlights the ‘banality of evil,’ a phrase coined by Hannah Arendt, and puts forward the idea that the commandant was just a person, not a monster.

“Human beings did this to other human beings and it’s very convenient for us to try and distance ourselves from them because we think we can never behave this way, but I think we should be less certain than that,” said the movie’s director Jonathan Glazer.

Höss’s diary also helps readers understand more about the family’s life at 88 Legionow Street and the lengths they went to to protect their children. The frosted windows, the high walls, a revved-up motorcycle outside gas chamber number 1 to drown out the cries of the people inside.

In the memoir, Höss also recounts how he watched women and children being taken to the gas chambers.

“A woman approached me and pointed at her four children, who were helping the smallest ones over the rough ground, and whispered, ‘How can you bring yourself to kill such beautiful darling children? Have you no heart at all?’”

After witnessing such scenes, Höss wrote, he would ride his horse to clear his mind.

But at no point did he appear to understand the horror of his actions. He called the extermination of the Jews a “mistake” rather than a crime and something that was the result of obeying too blindly orders from above, given, he says, on the basis of a mistaken ideology.

“Let the general public continue to regard me as a bloodthirsty beast, a cruel sadist, as the mass murderer of millions of human beings: for the masses could never imagine the commandant of Auschwitz in any other light,” Höss wrote. “They will never understand that I, too, had a heart.”

Höss went on the run after the liberation of Auschwitz, but was then captured, becoming the first person at such a senior level to admit the extent of the slaughter at the camp. He was made to testify at the International Military Tribunal at Nuremberg and was later condemned to death by a Polish tribunal.

Höss was hanged from the gallows between the camp and his house in 1947.

The surviving Höss family continued to put a distance between themselves and what Rudolf Höss had done. His wife Hedwig and daughter Brigitte moved to the United States following his execution. In an interview in 2013 with the Washington Post, Brigitte said: “It was a long time ago. I didn’t do what was done. I never talk about it – it is something within me. It stays with me.”

“There must have been two sides to him. The one that I knew and then another.”

As to the house, the plan is for it to open to the public in time for the 80th anniversary commemorations. Work to turn part of the property into a museum and the rest into a workspace will take many months, the Counter Extremism Project says.

“Everyone has or can relate to the “house next door.” But today hatred lurks with ubiquity in houses as close to us as next door. House 88 will take up the fight against destructive hatred, and against extremism and antisemitism,” Wallace said.

The first thing members of the Counter Extremism project did was to attach a mezuzah to the front door, as a way of both reclaiming the house and opening it to all.

This post appeared first on cnn.com

Capital One said an unspecified technical issue was hampering customer account access, as some users reported issues with direct deposits.

In response to complaints on social media platform X, a Capital One representative said the bank was experiencing a ‘tech outage’ that was affecting ‘a variety of functions,’ with no timetable for a restoration of services.

Later on Thursday, the company put out an official statement on X about the problem.

‘We are experiencing a technical issue with a third-party vendor that is temporarily impacting some account services, deposits, and payment processing for portions of our consumer, small business, and commercial bank,’ it said.

According to Downdetector.com, which tracks reports of user complaints about digital services, the issues began around 6 a.m. ET Thursday, with some 2,000 reports observed.

The site indicated the frequency of reports had started leveling off around 9 a.m.

A bank spokesperson did not immediately respond to a request for comment from NBC News.

The issues at Capital One come a day after Citibank acknowledged a problem affecting customers’ ability to access their accounts from mobile devices, as well as an apparent issue related to fraud alerts. While the mobile access issue appeared to have been resolved, a Citi rep said on X on Thursday it was still working to fix the fraud-alert item.

Earlier this month, the Consumer Financial Protection Bureau sued Capital One, alleging it misled customers about its savings-account offerings. Capital One has denied the allegations.

This is a developing story. Check back for updates.

This post appeared first on NBC NEWS

This year, for the first time in roughly five years, borrowers who have defaulted on their federal student loan debt will face collection activity, including the garnishment of their wages and retirement benefits.

In a new U.S. Department of Education memo obtained by CNBC, a top official lays out for the first time details of when garnishments may resume — in some cases, as early as this summer.

The memo, dated days before the Trump administration takes over, details steps the Biden administration has taken to stave off a default crisis among federal student loan borrowers. It outlines strategies for the department to help student loan borrowers stay current as collection efforts resume this year.

“It is critical to continue the initiatives and fully implement the actions outlined in this memo, as the Department plans to resume default penalties and mandatory collections later this year,” U.S. Undersecretary of Education James Kvaal writes in the memo addressed to Denise Carter, acting chief operating officer for Federal Student Aid.

There were around 7.5 million federal student loan borrowers in default, the Education Department said in 2022. That grim figure has led to comparisons with the 2008 mortgage crisis.

After the Covid-era pause on federal student loan payments expired in September 2023, the Biden administration offered borrowers a 12-month “on-ramp” to repayment. During that time, they were shielded from most of the consequences of falling behind on their payments. The relief period expired on Sept. 30, 2024.

Now federal student loan borrowers in default may see their wages garnished starting in October of this year, according to the Education Department. Meanwhile, Social Security benefit offsets could resume as early as August.

The Department of Education memo directs its Federal Student Aid office to continue the Biden administration’s work to avoid defaults.

That includes making it easier for borrowers to enroll in affordable repayment plans, such as letting borrowers authorize the department to obtain their income information from the IRS and to automatically enroll borrowers in an income-driven repayment plan if they become 75 days delinquent on their loans. (IDR plans base a borrower’s monthly bill on their discretionary income and family size, and some are left with a $0 monthly bill. Any remaining debt is canceled after a certain period, typically 20 or 25 years.)

Borrowers should also be “screened for other forgiveness opportunities before they formally default,” the memo says.

The memo also encourages the Education Department to explore options for increasing the current interest rate incentive to get borrowers to sign up for automatic payments to their student loan servicer. As of now, borrowers can typically get an 0.25 percentage point reduction in their interest rate by doing so.

Later this year, for the first time, borrowers in default will be able to enroll in the Income-Based Repayment plan “and have a pathway to forgiveness,” the memo says. Currently, federal student loan borrowers need to exit default before they can access any of the income-driven repayment plans, including the IBR.

According to the memo, the Biden administration has eliminated most collection fees on federal student loans.

In early 2024, it also took steps to protect a higher amount of people’s Social Security benefits from the department’s collection powers. When the consequences of defaults resume, those with a monthly Social Security benefit under $1,883 can protect those benefits from offset, compared with the current protected amount of $750 in place today.

“Available data suggest that these actions will effectively halt Social Security offsets for more than half of affected borrowers and reduce the offset amount for many others,” the memo says.

This post appeared first on NBC NEWS

Numerous Citibank customers reported receiving fraud alerts and having difficulty accessing their accounts Wednesday.

According to DownDetector.com, which tracks reports of digital services interruptions, hundreds of Citibank users had flagged issues related to their accounts as of midday.

The site indicated the interruptions had been occurring since at least 9 a.m. ET.

Some customers reported on X that they received fraud alerts and subsequently experienced long hold times with the bank’s fraud department. Others said they couldn’t access their mobile accounts.

A Citi spokesperson said the company is ‘experiencing some technical issues with Citi’s mobile app experience, which we are working quickly to resolve. For servicing needs during this time, customers can still log in at Citi.com or call the number on the back of their cards or on their monthly statement.’

Bank representatives were responding to complaints on social media earlier Wednesday afternoon, with one writing on X, ‘We are currently working on this and ask that you try calling in another 1-2 hours.’

On Wednesday morning, Citi reported financial earnings that beat analysts’ expectations, with multiple business segments posting record revenues.

This post appeared first on NBC NEWS

JPMorgan Chase on Wednesday posted record quarterly and annual earnings and revenue, reinforcing the company’s status as the biggest and most profitable bank in U.S. history.

Here’s what the company reported:

The bank said profit rose 50% to $14 billion in the fourth quarter as noninterest expenses fell 7% from a year earlier, when the firm had a $2.9 billion FDIC assessment tied to regional bank failures.

Revenue climbed 10% to $43.74 billion, helped by Wall Street operations and better-than-expected net interest income of $23.47 billion, exceeding the StreetAccount estimate by almost $400 million.

Shares of the bank rose 1.1% in morning trading.

JPMorgan was already the biggest American bank by assets when it won an auction to take over First Republic out of Federal Deposit Insurance Corp. receivership in 2023. So while it paid the largest FDIC assessment among its peers a year ago to shore up the deposit insurance fund, it was also a major winner from the regional banking crisis, gaining even more deposits and assets in the tumult.

Fixed income trading revenue jumped 20% to $5 billion, topping the $4.42 billion StreetAcount estimate on rising credit and currency results. Equities revenue climbed 22% to $2 billion, missing the $2.37 billion estimate and underperforming the firm’s rivals at Goldman Sachs.

Investment banking fees jumped 49% to $2.48 billion, topping the $2.39 billion estimate.

CEO Jamie Dimon said in the release that the economy was “resilient,” buoyed by low unemployment and healthy consumer spending, as well as optimism for the Trump administration’s pro-growth agenda.

“However, two significant risks remain,” Dimon said. “Ongoing and future spending requirements will likely be inflationary, and therefore, inflation may persist for some time. Additionally, geopolitical conditions remain the most dangerous and complicated since World War II. As always, we hope for the best but prepare the firm for a wide range of scenarios.”

On a call with reporters, CFO Jeremy Barnum said that net interest income for 2025 would be about $94 billion.

Banks ended the year with several reasons to be bullish: Wall Street activity has picked up at the same time that Main Street consumers remain resilient, while the election victory of Donald Trump has led to hopes of regulatory relief.

While the business is thriving, analysts will likely ask Dimon about his succession planning after his No. 2 executive, Daniel Pinto, said he was stepping down as chief operating officer in June. Dimon signaled last year that he was likely to step down as CEO within five years.

Another question is how the changing outlook for Federal Reserve rate cuts will impact the bank across its sweeping operations. While Fed officials expect two more cuts this year, economic indicators could cause them to pause.

Finally, analysts may press JPMorgan on what it intends to do with a possible windfall of capital if Trump regulators present a gentler version of the Basel 3 Endgame, as potential nominees have supported. Dimon said last May that share buybacks would be muted because the stock was expensive, but they’ve only climbed since.

Besides JPMorgan, Goldman Sachs, Wells Fargo and Citigroup are also out with quarterly and full-year results Wednesday, while Bank of America and Morgan Stanley are due to report Thursday.

This post appeared first on NBC NEWS

Target raised its fourth-quarter sales forecast Thursday after more consumers turned to its stores and website for holiday shopping — particularly on days known for deep discounts.

The big-box retailer now expects comparable sales in the fiscal fourth quarter to grow by about 1.5%. That’s better than its most recent outlook that the metric would be approximately flat. Comparable sales includes sales on Target’s website and stores open at least 13 months. 

Yet the Minneapolis-based discounter did not lift its profit outlook — an indication that deals motivated shoppers. Target anticipates fourth-quarter earnings per share will range from $1.85 to $2.45 and full-year earnings per share will be between $8.30 and $8.90. Target will report full fourth-quarter earnings results March 4.

Target cut its profit guidance in early November after it posted its biggest earnings miss in two years and blamed some of its troubles on softer sales of discretionary merchandise and the costs of preparing for a short-lived port strike in October.

Target’s report is the latest glimpse into a crucial season for the industry. Data so far has suggested it went better than feared, but investors have not been impressed. Lululemon, Abercrombie & Fitch and American Eagle, for example, all raised their fourth-quarter outlooks Monday, but shares of some of those companies traded lower that day.

Nordstrom on Friday bumped up its full-year sales forecast, but only after a conservative prior outlook. And department store rival Macy’s on Monday said its sales will be at or slightly below the low end of its previously stated range of between $7.8 billion and $8.0 billion.

Holiday retail sales rose 4% year over year to total $994.1 billion for Nov. 1 through Dec. 31, according to the National Retail Federation, the industry’s major trade group. That total excludes auto dealers, gas stations and restaurants.

NRF Chief Economist Jack Kleinhenz said in a news release that the spending pace is similar to pre-pandemic growth and was driven, in part, by lower inflation compared with the year-ago holiday season. Holiday spending rose an average of 3.6% from 2010 to 2019.

Yet shoppers are still looking for deals, he added.

“Even though consumers are still relatively healthy and there was a notable increase in spending, they remain budget conscious,” he said.

Discounts and sales events have remained a significant sales driver, as consumers emerge from a more than two-year stretch of high inflation. It’s unclear how much those deals will cut into Target’s and other retailers’ profit margins, and whether sales will keep improving if promotions fade away.

In the combined months of November and December, Target said, total sales increased 2.8% and comparable sales rose 2% year over year. Digital sales grew nearly 9% compared with the year-ago holiday period. 

Some of Target’s growth areas contributed to holiday sales. Its subscription service, Target Circle 360, contributed to a more than 30% year-over-year increase in same-day deliveries in November and December. Sales through the company’s third-party marketplace, Target Plus, grew close to 50% in that time.

Guest traffic increased nearly 3% during the two holiday months from the year-ago period as online and in-person visits rose, the company said. Target said December marked the eighth consecutive month of year-over-year traffic gains.

Target has made aggressive moves to attract selective shoppers. In May, it said it would cut prices on about 5,000 frequently purchased items, including diapers, bread and milk. And then it announced another wave of price cuts in October on more than 2,000 items during the holiday season, including cold medicine, toys and ice cream. The company said that would amount to more than 10,000 items with price cuts this year by the end of the holiday season.

In a news release Thursday, Target said Black Friday and Cyber Monday saw record-high sales. The company said discretionary categories, especially apparel and toys, saw a “meaningful sales acceleration” when compared with the fiscal third quarter. Those categories tend to be higher margin than essentials such as milk and paper towels, but often go on sale during the holiday season.

In remarks at the NRF’s annual “Big Show” conference Monday, Target Chief Operating Officer Rick Gomez said the company saw a sharp jump in sales on promotional days such as its Circle Week, an event in early October that coincided with Amazon Prime Day.

“It was one of our biggest Circle Weeks that we have ever had,” he said. “But the sales before the week and the sales after the week were lower. There was a dip in sales. The consumer was being very intentional.”

He said U.S. consumers are “working on a budget,” but still are willing to spend on special moments like holidays or on a “must-have item,” such as Taylor Swift’s hardcover book about The Eras Tour. The company sold nearly 1 million copies of the book in the first week of its release.

On Thursday, Target also announced several changes to its leadership team that will start to take effect in early February. Chief Stores Officer Mark Schindele will retire after 25 years at Target and be replaced by Adrienne Costanzo, who is currently senior vice president of store operations.

Chief Information Officer Brett Craig will retire after 15 years with Target and be replaced by Prat Vemana, the company’s chief digital and product officer. And Sarah Travis will become the company’s chief digital and revenue officer, a new leadership role, after serving as senior vice president of Roundel, Target’s advertising business, and social commerce.

Target recently got a new chief financial officer: Jim Lee, the former deputy chief financial officer of PepsiCo, who stepped into the role in late September. He succeeded Michael Fiddelke, who is now Target’s chief operating officer. 

Target is also on track for a leadership change at the top of the company. In fall 2022, Target’s longtime CEO, Brian Cornell, agreed to stay for three more years in a move that required the company’s board to scrap its retirement age. Target has not yet announced when his contract ends and who will be his successor. 

This post appeared first on NBC NEWS

The December Producer Price Index (PPI) came in cooler than expected, as equities rose in early trading, sold off, and then rebounded.

The Dow Jones Industrial Average ($INDU), S&P 500 ($SPX), S&P 400 Mid-Cap Index ($MID), and S&P 600 Small-Cap Index ($SML) closed higher. The Nasdaq Composite ($COMPQ) and the Nasdaq 100 Index ($NDX) closed lower. There’s concern the equity market is getting toppy.

Will the December CPI and bank earnings on Wednesday be able to juice the markets and turn investors optimistic? Let’s dive in.

FIGURE 1. THE STOCKCHARTS MARKET OVERVIEW PANEL. You can get a big-picture view of the entire stock market in this panel. Image source: StockCharts.com. For educational purposes.

Around the Market in Sectors

Utilities, Financials, Materials, and Industrials were the best-performing sectors, followed by Energy and Real Estate. The StockCharts Market Carpet below gives a bird’s eye view of Tuesday’s stock market’s performance.

FIGURE 2. STOCKCHARTS MARKETCARPET FOR TUESDAY JAN. 14. Utilities, Financials, and Industrials were the top three performing sectors.Image source: StockCharts.com. For educational purposes.

While Technology wasn’t the worst-performing sector — it eked out a 0.26% gain — the largest cap-weighted stocks were in the red. It was a similar scenario in the Communication Services and Consumer Discretionary sectors.

The Healthcare sector was the worst-performing sector on Tuesday, thanks to Eli Lilly’s loss of 6.59%.

Equity indexes have been chopping around. There needs to be more upside movement to confirm further bullishness.

The S&P 500 and Nasdaq are trading below their 21-day exponential moving average (EMA), which is trending lower. The moving average convergence/divergence (MACD) for both indexes is declining (see chart below).

FIGURE 3. S&P 500 INDEX AND NASDAQ COMPOSITE. The 21-day EMA and MACD need to reverse and turn higher to confirm a reversal.Chart source: StockChartsACP. For educational purposes.

The MACD line needs to turn upward and cross above its signal line to confirm a reversal. As of Tuesday’s close, it looks like it will be a while before that happens, but the stock market can shift on a dime.

All Eyes on Banks

Although the December Consumer Price Index (CPI) is expected on Wednesday, investors will have their eyes and ears peeled on bank earnings. Citigroup (C), JP Morgan Chase (JPM), Wells Fargo (WFC), and Goldman Sachs Group (GS) are up first. Bank earnings set the stage for earnings season, and strong reports from the big banks could fuel investor optimism, which the stock market badly needs. However, banks are an interest rate-sensitive industry group, and a hotter-than-expected CPI number could damper earnings. The dialing back of interest rate cuts this year is front and center in investors’ minds.

The SPDR S&P Bank ETF (KBE) is trading just below its 21-day EMA and the S&P Financial Sector Bullish Percent Index (BPI) is at 44.44 (see chart below). This is still not bullish — it’ll have to move above 50 — and the EMA needs to turn upward.

FIGURE 4. DAILY CHART OF SPDR S&P BANK ETF. Things haven’t looked rosy for banks since the end of November. What will it take to shake this interest-rate-sensitive group of stocks?Chart source: StockCharts.com. For educational purposes.

The bottom line: A hotter-than-expected CPI and lukewarm earnings from the banks could send the broader indexes lower. Investors seem to be somewhat nervous, so it’s not surprising to see the broader indexes grinding sideways. Add to that the possibility of only one interest rate cut in 2025 and uncertainty surrounding the incoming administration, and you have a situation where you need that inflation number to be cold and bank earnings to be stellar to see positive price moves. You don’t want to miss Wednesday’s stock market action.


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

In this exclusive StockCharts video, Joe demonstrates how to use the 1-2-3 reversal pattern as a buy signal on the weekly chart. This approach can be used when the monthly chart is in a strong position. Joe shares how to use MACD and ADX to help when the trendline pattern isn’t clear, then shows the commodity charts and the shifts that are taking place. Finally, he goes through the symbol requests that came through this week, including VST, BLK, and more.

This video was originally published on January 15, 2025. Click this link to watch on Joe’s dedicated page.

Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.