00:00 Speaker A
First up, US stock futures falling as the sell-off continues. Tech stocks still leading that drop as investors scale back bets on an interest rate cut in December.
00:09 Speaker A
Odds for the Fed to lower rates is now at 50%. And Bitcoin has also entered a bear market, meaning that it is now down more than 20% from its October peak.
00:17 Speaker A
Plus, Walmart has announced a new CEO. The largest US retailer says current CEO and president Doug Doug McMillon is retiring.
00:26 Speaker A
John Furner, who is president and CEO of Walmart US, will succeed him. The official changing of the guard will take place in February of next year.
00:34 Speaker A
Since Doug McMillon took over as Walmart CEO in November of 2013, that stock has quadrupled.
00:41 Speaker A
And the US plans to cut tariffs in an attempt to ease price pressure. According to the Wall Street Journal, levies on bananas, coffee, beef, and certain apparel and textile products will be cut. It’s a change to an existing framework negotiated with Ecuador, Argentina, El Salvador, and Guatemala.
00:54 Speaker A
And the expected move is part of a shift from the Trump administration to water down some of its so-called reciprocal tariffs.