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Wall Street traders sent stocks to all-time highs on speculation that solid corporate earnings will keep powering market gains. The dollar slid to an almost four-year low. Gold held above $5,000.

Not even a slump in consumer confidence prevented a fifth day of gains for the S&P 500, which approached 7,000. United Parcel Service Inc. gave a bullish outlook. The Nasdaq 100 rose 0.9% before results from megacaps. UnitedHealth Group Inc. led losses in insurers on a disappointing forecast and as the US proposed holding payments to private Medicare plans flat next year.

The dollar slid to its lowest since February 2022 as signs of US support to boost the yen reinforced the argument about potential coordinated intervention to guide the greenback lower against key trading partners.

On the eve of the Federal Reserve decision, Treasury yields edged up. The central bank is projected to halt its rate-cutting cycle as a steadier jobs market restores a degree of consensus among officials after months of growing division.
The expected decision to hold rates is likely to amplify the outrage of President Donald Trump, who wants them slashed.

Today's show features:

• Bloomberg News FX and Rates Reporter Carter Johnson on the US dollar weakening to its lowest level in four years
• Sheila Kahyaoglu, Managing Director in Equity Research at Jefferies, on Boeing’s quarterly results and the outlook for aviation and aerospace industries
• Bloomberg News Senior Reporter Jennifer Dlouhy on the White House shifting gears in its sweeping immigration crackdown in Minneapolis
• Karen Veraa-Perry, Head of US iShares Fixed Income Strategy at BlackRock, on investing in the fixed income market through ETFs, and US monetary policy expectations

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Fastenal Company (Nasdaq: FAST) announced last month that Daniel Florness had communicated to the company's Board of Directors his decision to step down from his role as Chief Executive Officer of Fastenal on July 16, 2026. On December 19, 2025, Fastenal's Board appointed Jeffery M. Watts, Fastenal's current President and Chief Sales Officer, to succeed Mr. Florness as Fastenal's CEO effective as of July 16, 2026.

Florness joined Fastenal in 1996 and became CEO back in 2016. He expects to continue to serve as a Strategic Advisor to the firm's incoming CEO until early 2028. Dan joins to discuss the health of the company as he enters his final months at the helm, and how emerging technology has increasingly impacted the manufacturing landscape. Dan speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump indicated he’ll make changes to his administration’s deportation crackdown in Minnesota after the killing of two US citizens during immigration raids sparked nationwide uproar.

The president said he was sending US border czar Tom Homan — who is seen as relatively measured compared to rivals, including Homeland Security Secretary Kristi Noem — to Minneapolis in a bid to deescalate tensions.

Trump also spoke with Minnesota Governor Tim Walz, telling the Democrat who he has derided as “grossly incompetent” that he would consider independent investigations into the shootings and reducing the number of federal agents in his state.

Later, the White House suggested it could remove US Customs and Border Protection personnel from Minnesota if state and local law enforcement adopted additional “cooperative measures” to assist in the apprehension of undocumented migrants.

Taken together, the comments indicated that Trump might recognize that his maximum pressure deportation campaign has eroded public faith in immigration officials as well as his own political standing. That poses a risk for Republicans heading into November’s midterm elections.
The federal government is at risk of a partial government shutdown at the end of the week after Senate Democrats said they could not back a funding bill without new curbs on immigration enforcement.

Today's show features:

• Wendy Schiller, Professor of Political Science at Brown University, on President Donald Trump sending US border czar Tom Homan to Minneapolis amid a growing outcry over his immigration crackdown
• Stephanie Guild, Chief Investment Officer at Robinhood Markets, on markets, retail investing trends., interest rates and Federal Reserve policy
• Rebecca Homkes, Faculty at the London Business School and at Duke Corporate Executive Education, on how executives are responding to US tariff policy and economic uncertainty
• Stephanie Aliaga, Global Market Strategist at JPMorgan Asset Management, provides a corporate earnings progress report and commentary on US monetary policy

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When French President Emmanuel Macron walked out onto a Davos stage sporting a pair of reflective blue aviator sunglasses, Stefano Fulchir, the CEO of iVision Tech SpA, did a double take. Almost immediately, orders starting pouring in for Macron’s frames, the brand’s Doublé or Laminé aviators that retail for €659. The attention on the sunglasses garnered almost as much commentary as Macron’s speech in which he blasted US trade policy.
The French president wore the sunglasses after having what he termed a benign but unsightly issue, about which he joked last week in France. A spokesman for Macron confirmed the glasses were part of Henry Jullien’s brand.
Stefano discusses the sudden sales boom for the high-end eyewear, and the family-owned company's growth plans. He speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."

Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
Snow and dangerously bitter cold have begun to spread from the Rocky Mountains to the Great Lakes as a massive storm pushes toward the US Northeast, disrupting travel and threatening power outages for much of the nation.
The storm is expected to span nearly 1,500 miles (2,400 kilometers), bringing heavy snow, crippling ice and subzero wind chill to some of the biggest US cities. Natural gas prices surged on concern iced-over equipment will choke supplies. Airlines have already canceled more than 3,000 flights and Amtrak has pulled dozens of trips from its schedule.
Chicago schools were closed Friday as the third-largest US district braced for wind chills of -30F (-34), while ski resorts in Michigan took the unusual step of shutting slopes because of the extreme cold.
“This is a gigantic storm,” former Federal Emergency Management Agency chief Deanne Criswell said during a Bloomberg Television interview. “Close to 200 million people” are in the path of the weather system.
Through Monday morning, Nashville and Charlotte could see more than a half-inch (1.3 centimeters) of freezing rain. That’s enough to snap tree branches and power lines, potentially triggering widespread power outages. The punch of polar air sent power prices soaring. Prices for electricity and natural gas — the No. 1 power-plant fuel, as well being widely used for home heating — jumped ahead of the storm and remain elevated.
Today's show features:

• Bloomberg News Energy Reporter Josh Saul on the significant storm spreading from the Rocky Mountains to the Great Lakes and toward the US Northeast, disrupting travel and threatening power outages
• Andrew Krei, Chief Investment Officer at Crescent Grove Advisors, on Federal Reserve policy and the market outlook
• Bloomberg News Technology Reporter Alexandra Levine on the US arm of TikTok getting bought by an Oracle-led consortium
• Lauren Hochfelder, Head of Global Real Assets at Morgan Stanley, on the US real estate market and outlook

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ARK Invest’s "Big Ideas 2026" marks the 10th annual edition of the firm's flagship research report. ARK says the report is designed to identify and contextualize the technologies reshaping the global economy. The company aims to find key signals and focus on long-term innovation platforms, as exponential technologies are converging, markets are transforming, and new opportunities are emerging.
Cathie Wood, the founder, CEO and CIO of ARK Invest, discusses why she believes the AI boom will help drive productivity gains in the future, predicting what would be historic GDP growth that will average more than 7% by the end of the decade. Cathie speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Intel Corp. gave a lackluster forecast for the current quarter because supply shortages are making it harder to meet customer demand, a disappointment for investors who anticipated more of a boost from new products.
First-quarter revenue will be $11.7 billion to $12.7 billion, the company said in a statement Thursday. The midpoint of that range fell short of the $12.6 billion estimated by analysts. The company expects to break even in earnings per share, excluding certain items. Wall Street had projected a profit of 8 cents a share.
Intel is struggling with its manufacturing yields — the percentage of usable chips coming out of its factories — hampering a comeback bid. The once-dominant semiconductor company has spent years trying to restore its technological edge and recover from market share losses, and this is one more setback.
Demand is “quite strong,” and the company is working hard to fix its manufacturing problems, Chief Executive Officer Lip-Bu Tan said in an interview. But Intel used up much of its inventory in the fourth quarter, he said.
Today's show features:

• Ivan Feinseth, Research Director and Chief Investment Officer at Tigress Financial Partners, on quarterly earnings from Intel
• Bloomberg Businessweek Senior Reporter Max Chafkin on Tesla CEO Elon Musk’s visit to the World Economic Forum
• Joe Feldman, Senior Managing Director and Assistant Director of Research at Telsey Advisory Group, on consumer spending trends to watch
• Bloomberg Meteorologist Craig Allen on the massive snow storm set to sweep across the US

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