Yahoo Finance Live’s Julie Hyman breaks down notable business headlines which include Florida pulling $2 billion in funds from BlackRock, SpaceX receiving key approval to deploy Gen 2 Starlink satellites, and President Biden hosting French President Emmanuel Macron at his first state dinner.
Investors are eyeing everything from the U.S. healthcare sector to UK stocks and gold as potential havens during a recession, as worries grow that the Federal Reserve's interest rate increases will bring on an economic downturn next year. JPMorgan, Citi and BlackRock are among those who believe a recession is likely in 2023. While a downturn is not assured, strategists point to the Fed's hefty monetary tightening, a steep slowdown in the housing market and the inverted Treasury yield curve as reasons to expect that growth will stall.
Yahoo Finance political columnist Rick Newman explains how Florida yanked $2 billion from BlackRock as part of Governor Ron DeSantis's anti-ESG stance.