Crypto News: Scorched

Good morning. Firefighters battle spot blazes in Los Angeles as the toll of destruction soars. Wall Street says stocks need a 'Goldilocks' US jobs report. And the "kidnapping" of a Venezuelan politician sparks global protests. Listen to the day's top stories.

Markets Snapshot

S&P 500 Futures

5,948

Bloomberg Dollar Spot Index

Market data as of 05:56 am EST.

View or Create your Watchlist

Market data may be delayed depending on provider agreements.

Destruction in the Pacific Palisades. Photographer: Bloomberg/Bloomberg

Firefighters made some progress in taming several fires that reduced entire neighborhoods in Los Angeles to ash, though new blazes have started up as the toll of the destruction continues to rise. At least 10 people died, some 10,000 structures burned, and 180,000 residents have been forced to flee. Accuweather raised its estimate of economic losses to as much as $150 billion. Here's why the inferno has been so ruinous. More developments:

Local TV stations warned their broadcasts could be knocked off the air as one of the fires climbed closer to a mountaintop that hosts their antennas.
The NFL moved the Rams' wild-card playoff against the Vikings to Arizona, and the Lakers and Kings postponed their basketball games.

Catastrophe Bond Funds Say They'll Dodge Losses as LA Fires Rage

Read the Story

Donald Trump's last-ditch bid to halt his sentencing in a hush money criminal case was rejected by the Supreme Court, paving the way for his sentencing at 9:30 a.m. ET today. Voting 5-4, the court said the president-elect can still appeal–and argue for immunity–in New York state courts. In another setback, a federal appeals court refused to block the release of a special counsel's report detailing the findings of criminal investigations into Trump, leaving the release in limbo.

US jobs numbers due today may show payrolls rose by a sturdy 165,000 in December, though Bloomberg Economics expects an outsized gain of 268,000. The numbers would support the narrative that the labor market remains relatively robust, and bolster the case for an interest-rate pause by the Federal Reserve in January as the focus shifts back to inflation. Not everyone thinks that's a good idea. As for stocks, Wall Street thinks a "too hot" or "too cold" report may lead to a 1% drop in the S&P 500.

Wall Street banker bonuses are poised for a double-digit boost, marking what would be the biggest hikes for traders and dealmakers since the pandemic. Bank of America, Morgan Stanley and others plan to lift bonuses by 10% or more for traders, while JPMorgan's investment bankers may see a 15% rise, people familiar said. The bumper rewards reflect an upturn in business and optimism for the year ahead, after two years of industrywide restraint.

Nvidia slammed the Biden administration over new chip export curbs expected to be announced soon, saying the White House was trying to undercut the incoming administration by imposing last-minute rules. The "extreme 'country cap"—which would effectively limit the sale of AI chips to most of the world—wouldn't help national security and instead push the world to alternative technologies, an Nvidia executive said.

What Else to Watch

Canada Plots Broad Tariff Retaliation If Trump Starts Trade War

Apollo Weighs $9.5 Billion Stake in Seven & i Buyout

Deep Dive: Crackdown in Venezuela

María Corina Machado speaks during a protest on the eve of the presidential inauguration in Caracas, on Thursday. Photographer: Federico Parra/AFP/Getty Images

The two-hour arrest of a Venezuelan opposition leader ahead of President Nicolás Maduro's inauguration today sparked fierce global condemnation as the regime escalates its crackdown on dissent.

During an anti-Maduro rally at which she galvanized supporters with chants of "liberty," opposition leader María Corina Machado was "violently kidnapped" by the regime's security forces, according to her stand-in candidate Edmundo González. The public appearance was her first in more than four months since going into hiding following Maduro's contested election victory in July.
The incident prompted the first public comments on the disputed election from Donald Trump, who joined Joe Biden in recognizing González as the winner of Venezuela's election. Condemnation of the arrest reverberated at rallies around the world, including in Bogotá, Miami, London, Amsterdam and Madrid.
Maduro has jailed thousands of critics and purged what's left of Venezuela's opposition, part of his attempt to destroy the energized citizen movement Machado created and the once-fractured party she united. Machado said she is safe and will speak on next steps today.

Venezuelans rallied in support of Machado on Thursday in Miami. Photographer: Jesus Olarte/Anadolu/Getty Images

The Big Take

China's Wobbly Economy Faces New Threat From Pensions Boycott

Millions of young people are opting out of the state pension plan, putting additional pressure on a program squeezed by a record-low birth rate and an aging population.

Read the Story

Opinion

Illustration: Bloomberg Daybreak/Getty Images

Trump is correct about Greenland being an immensely valuable piece of real estate, but buying chunks of territory from another country isn't viable, James Stavridis writes. In dealing with the world's largest island, he should play businessman rather than conquering hero.

More Opinions

Parmy Olson

Welcome to Mark Zuckerberg's Splinternet

Lara Williams

What's 'Smart' About Installing a Smart Meter

Nir Kaissar

Who's Afraid of Rising Treasury Yields? Not Stocks

Before You Go

Riley Leonard of the Fighting Irish (center) and head coach Marcus Freeman (right) celebrate in the Capital One Orange Bowl at Hard Rock Stadium in Miami. Photographer: Megan Briggs/Getty Images

Notre Dame beat Penn State 27-24 to win the Orange Bowl, sending the Fighting Irish to the College Football National championship. They're targeting a 12th title and first since 1988. They'll take on Texas or Ohio State, who play tonight in the Cotton Bowl. The title game is set for Jan. 20 (yep, Inauguration Day).

Golden visa countdown. Spain recently announced it would officially scrap its program—which allows wealthy foreigners to gain second passports by investing in real estate—on April 3, leaving some Americans racing against the clock. Some agents say demand has "skyrocketed" in recent days after the new policy passed.

A Couple More