US Bans China Imports Over Uyghur | China Blacklist US Firms Over Taiwan Arm Sales | Tech Bosses To Attend Trump's Inauguration

Market Update

• Snap and Meta stocks fall as TikTok attracts last-minute takeover talk.

• Morgan Stanley boosts Tesla target to $430.

• Trump Media & Technology Group stock gains 20%+.

• Johnson & Johnson is exploring bid for Intra-Cellular Therapies for $14.6 billion.

• Intra-Cellular Therapies stock up 34% on J&J's $14.6B buyout offer.

• JPMorgan reshuffling creates new questions about who succeeds Jamie Dimon.

• US small business confidence jumps to more than six-year high.

• S&P lowers Nissan's outlook to negative, affirms BB+ ratings.

US bans imports from more companies over forced Uyghur labor allegations

37 Chinese companies have been added to the U.S. import ban list due to allegations of forced Uyghur labor.

This brings the total number of entities on the Uyghur Forced Labor Prevention Act (UFLPA) Entity List to nearly 150 companies.

The ban is part of a larger effort to eradicate forced labor in supply chains and uphold human rights.

The Department of Homeland Security emphasized that this is the largest batch of additions to the blacklist since the UFLPA was enacted. [Learn more]

China blacklists seven US firms for involvement in Taiwan arms sales

Seven U.S. companies have been added to China's "Unreliable Entity List" for their involvement in arms sales to Taiwan.

The blacklisted companies, including Inter-Coastal Electronics, are now banned from exporting to and importing from China, as well as making new investments in the country.

China's commerce ministry stated that these companies are being punished for violating China's territorial claims over Taiwan.

This move is part of an ongoing escalation in tensions between China and the U.S. over Taiwan. [Learn more]

Musk, Bezos and Zuckerberg to attend Trump's inauguration

Elon Musk, Jeff Bezos, and Mark Zuckerberg will attend President-elect Donald Trump's inauguration.

The tech CEOs will have a prominent spot at the ceremony, seated with other notable guests.

Musk, Bezos, and Zuckerberg have all made efforts to earn favor with Trump in the past year.

Amazon and Meta each donated $1 million to Trump's inaugural fund. [Learn more]

Joke of the Day!

Why did the teddy bear not ask for dessert?

Because he was already so stuffed!

Generative AI Photo of the Day!