Good Morning! Trump picked hedge fund manager Scott Bessent to run the Treasury. Less than half of U.S. employees expect to receive a pay raise in the next six months, and under a quarter expect to be promoted in the next year. TikTok CEO Shou Chew is reportedly seeking Elon Musk's advice on Trump’s second term. While Bluesky dominates headlines amid the X exodus, Threads is quietly courting former Twitter users.

Plus, how tech bros bought ‘America’s most pro-crypto Congress ever,’ ETFs soared as Trump vowed to go all in crypto, and how a banana became worth over $6 million.

Turn streaming hits into steady returns—invest in music royalties with JKBX.

_{SQUEEZ OF THE DAY}

Americans See Ideal Salary at $270K

What does it mean to feel financially successful? According to a survey by financial services firm Empower, Americans have set their sights on a lofty benchmark: an annual salary of $270,000 and a net worth of $5.3 million. See below:

These aspirations vary dramatically across generations. Gen Z, the youngest cohort, believes it takes nearly $600,000 a year to "make it," while Millennials and Boomers set their targets lower at $180,000 and $100,000, respectively. These figures far surpass the average U.S. salary of $67,000 in 2023, according to Social Security data.

The generational divide reflects not only differing financial expectations but also broader economic anxieties. While younger generations may feel the need to aim higher due to rising costs and economic instability, the survey also highlighted optimism among Gen Z. A striking 71% of Gen Z respondents believe they will achieve financial success in their lifetimes—the highest of any group.

Interestingly, the study revealed a paradox: the more people earn, the more they believe they need to make to feel happy. This echoes findings from a 2023 financial happiness survey, also by Empower, which underscores the shifting benchmarks of contentment as income rises.

Takeaway: If you’ve ever wondered why your Gen Z colleagues seem to dream bigger, now you know. They believe $600k a year is the ticket to success and are 71% sure they’ll get there. It’s a testament to self-determination, optimism, and perhaps a few too many motivational TikToks.

_{PRESENTED BY JKBX}

Wall Street Can’t Hold a Note Like This

Stocks rise and fall. Music plays on.

JKBX (pronounced “Jukebox”) lets you invest in royalty shares tied to real revenue streams. This isn’t crypto or real estate—it’s the songs people stream, hum, and love every day.

You can potentially earn quarterly income as music royalties flow from platforms like Spotify, YouTube, and TikTok.

What’s unique? Music doesn’t crash. It just plays.

_HEADLINES

Top Reads

• Trump taps hedge fund manager Scott Bessent to run Treasury (Axios)

• What to know about Scott Bessent, Trump's Treasury pick (Axios)

• TikTok CEO reaching out to Elon Musk for information on Trump (Fox)

• ETFs soar as President-elect Trump vows to go all in on crypto (Fox)

• Under half of workers expect raises (LinkedIn)

• How a banana becomes worth $6 million (Axios)

• Threads’ custom feeds are already rolling out (Verge)

• Bluesky's user surge could spark new investment (Axios)

• EV battery maker Northvolt goes bankrupt (Axios)

• Big banks bet Trump will make the best of times even better (YF)

• Amazon to invest another $4 billion in Anthropic, OpenAI’s biggest rival (CNBC)

• SEC says it obtained record $8.2B in financial remedies in FY 2024 (YF)

• McDonald’s is giving its menu the biggest shakeup in years (YF)

• DirecTV terminates Dish deal over failed debt swap (YF)

• Bitcoin’s rally stalls after nearing the historic $100,000 level (BB)

_{CAPITAL PULSE}

Markets Rundown

Tech Lags as Dow Hits Record on Economic Optimism
Wall Street capped the pre-holiday stretch with its fifth consecutive session of gains, as the Dow Jones reached a record close, driven by strength in cyclical stocks like auto manufacturers, steelmakers, and industrial heavyweights Caterpillar (CAT) and Deere (DE). In contrast, tech stocks lagged, with Nvidia (NVDA) dipping over 3% amid profit-taking despite strong earnings.

Retailers were mixed as Gap (GAP) soared 13% on robust holiday sales guidance, while Target (TGT) struggled after slashing its earnings outlook. Elsewhere, Ross Stores (ROST) gained over 2%, benefiting from upbeat guidance.

Bond Market Dynamics
Treasury yields saw mixed movements, with the 10-year yield settling at 4.41% as traders weigh the likelihood of a December rate cut, currently seen as a 53% probability. The bond market reflects investor optimism over economic resilience but remains cautious about inflation risks.

Broader Market Rotation
A shift toward cyclical sectors and smaller caps suggests confidence in economic growth, with 72% of S&P 500 stocks trading above their 200-day moving average, a sign of improved market breadth. In contrast, mega-cap tech names like Alphabet (GOOGL) and Amazon (AMZN) have underperformed, facing regulatory headwinds and valuation pressures.

Looking Ahead
Next week's key data includes the October PCE inflation report and the November jobs report, both critical for shaping the Fed’s December policy decision. While economic growth remains strong, Fed Chair Jerome Powell has indicated a cautious approach to rate cuts, leaving markets closely attuned to incoming data.

Crypto Shines
In the midst of equity market shifts, Bitcoin nearly touched the $100,000 mark, underscoring the continued appetite for digital assets as a diversifier in volatile markets.

Movers & Shakers

• (+) Elastic NV ($ESTC) +15% after the software company beat Wall Street’s expectations.

• (+) Gap Inc ($GAP) +13% after the clothing retailer boosted its full-year outlook.

• (–) Reddit ($RDDT) -7% because an investor may establish a credit facility using as much as $1.2B of its Reddit stake.

Private Dealmaking

• Amazon invested $4 billion in Anthropic, OpenAI’s biggest rival

• Wizz bought Dazz, a cloud security remediation startup, for $450 million

• Zepto, a grocery delivery company, raised $350 million

• Enveda, a drug delivery startup, raised $130 million

• Pickle Robot, a warehouse robot developer, raised $50 million

• Iontra, a battery charger supplier, raised $45 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

_{BOOK OF THE DAY}

How Not To Invest

This book was designed to reduce mistakes.

Your mistakes with money.

Tiny errors, epic fails and everything in between.

You can do thousands of things right, but make just a few of the errors we discuss, and you destroy much of your portfolio.

If you could learn how to avoid the unforced errors investors make all the time, you would make your life so much richer and less stressful.

The counterintuitive truth is avoiding errors is much more important than scoring wins.

“How Not To Invest shows you a few simple tools and models that will help you avoid the most common mistakes people make with their money. Learn these, and you are ahead of 98% of your peers. Make fewer errors, end up with more money.”

_{DAILY VISUAL}

US Households Have Never Been More Bullish on Equities

_{PRESENTED BY BRIGHTWAVE}

Nothing Missed, Everything Gained

The best investment decisions come from noticing what others don’t. Brightwave processes volumes of text in seconds, revealing granular insights tied to key asset performance drivers — no matter how complex.

• Unmatched Depth: Brightwave goes beyond Q&A, synthesizing insights across millions of documents with a powerful reasoning engine purpose-built for finance.

• Premium Data: From filings and earnings transcripts to sell-side analysis and more, Brightwave operates over high-signal sources you depend on.

• Streamlined Workflows: Whether populating due diligence templates or analyzing EV manufacturers’ access to lithium reserves, Brightwave accelerates time to insight for every investing workflow.

With Brightwave, see it all, every time. Experience the future of financial research.

_{DAILY ACUMEN}

Investor Mindset

When it comes to investing, it's not just about strategy; it's about mindset. Many investors spend their time searching for the best stock or predicting the next market move, but one of the most underrated keys to success is understanding your own psychology.

Take market volatility, for example. The stock market is an unpredictable beast, rising and falling based on countless factors. For some investors, these ups and downs are opportunities — times to buy low and watch investments grow over the years. For others, each dip triggers anxiety, leading them to sell at a loss or avoid investing altogether.

The truth is, successful investing often comes down to being comfortable with uncertainty. Historical data shows that markets tend to rise over the long term, but it's the emotional reactions to the short-term noise that often derail investors' plans.

Understanding your risk tolerance and managing your emotions is critical. Are you comfortable seeing your investments lose value on paper temporarily, knowing that they may rebound later? If not, you might consider more conservative options or a strategy like dollar-cost averaging that helps ease into the market.

The goal is to develop an investor mindset — one that accepts that not every decision will be perfect, that the market is inherently volatile, and that patience is a powerful ally. Think of investing as planting seeds in a garden. Some plants will thrive, some will grow slowly, and some may not make it. But with a consistent approach, a long-term focus, and an understanding of how to tend to your investments without overreacting, you'll likely end up with a bountiful harvest over time.

_{ENLIGHTENMENT}

Short Squeez Picks

• Your way is the only way

• Store-brand frozen pizzas ranked

• Things people with poor social skills do in public settings

• How much sleep you need for successful aging

• 3 things you should always speak up about in a relationship

_{MEME-A-PALOOZA}

Memes of the Day