Today: The US stock markets were all down at the closing bell again yesterday, losing roughly another 1%. Although S&P 500 futures pointed to some marginal gain pre-open this morning, the broad index of U.S. stocks has lost 2.32% in December and thus looks like it will close out the year on a down note. The Dow Jones lost more than 400 points. Nonetheless, 2024 is likely to go down as a banner year for US stocks, which collectively are up 24.5% YTD.
One reason Elon Musk is so influential with Donald Trump is that he now lives at Mar-a-Lago, renting a cottage from the president-elect.
The longevity economy: Gen X turns 60
Good morning. This is the last day to maximize some tax-deductible savings and expenses in the U.S.—from withdrawals for flexible spending and education savings plans to retirement contributions and other tax-planning moves. It’s also a time when some may be contemplating retirement and what form that should take. The oldest members of Generation X will turn 60 this year; America’s 65+ population is projected to be larger than the number of children under 18 in less than a decade.
We know about the potential challenges of this demographic shift—from rising healthcare and social security costs to labor shortages and slower economic growth. But what about the opportunities? A growing number of older workers don’t want to retire but would welcome a reduced workload as they age, which may be a winning formula as AI’s productivity gains reduce the number of hours needed to complete tasks. Technology and demographics will change not only how people age, but how they’re perceived as consumers and talent in what used to be "retirement."
The topic of longevity has come up frequently in conversations with CEOs this year. There’s the personal push to age well and learn how to lead more effectively, as demonstrated by the dozens of Oura rings that I’ve noticed on leaders’ fingers. [I just ordered the discounted Gen 3 model.] One is Pearson CEO Omar Abbosh, who sees such devices as another way to keep learning, too.
“Learning makes us happier and it’s a predictor of life outcomes,” said Abbosh, arguing that AI can give people a learning co-pilot that keeps them engaged in lifelong learning.
Look for life insurers like John Hancock CEO Brooks Tingle, to be pioneers in adopting tools that could boost longevity, from whole-body MRI scans to its research partnership with MIT AgeLab. “It’s exciting to focus on living longer and living well,” said Tingle, “and of course it’s good for our bottom line.”
As Viome CEO Naveen Jain noted: “This level of personalization wasn’t possible five years ago. If we can understand what changes in the body when you have heart disease or diabetes, we can find a way to prevent it and, if we’re really lucky, reverse it altogether.”
Also on the radar today:
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China hacked the U.S. Treasury in a “major” incident earller in December. The hack follows the “Salt Typhoon” breach which targeted nine different U.S. telcos.
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In the South Korea jet crash, questions are being asked about why a concrete reinforced mound was placed at the end of the runway. Usually, runways are surrounded by flat fields to allow planes to run off if needed.
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Investors pulled a record amount out of actively managed mutual funds this year, shifting their money into cheaper — and often more effective — index tracking “passive” funds. About $450 billion exited actively managed funds, beating last year’s record $413 billion in withdrawals.
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Here is Ryanair CEO Michael O’Leary’s enemies list.
- It took eight years, but Brad Pitt and Angelina Jolie have at last finalized their divorce. No details have been disclosed yet but the couple owned several properties, a winery, and had six children together.
From the analysts:
Apollo’s Torsten Sløk observes that: “The average daily rate for a hotel in New York is at a record-high of $417.” There’s an unpleasant chart to look at here.
More news below.
Diane Brady
diane.brady@fortune.com
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