The Supreme Court will hear arguments regarding a bipartisan law requiring TikTok’s Chinese parent company to divest from the app or face a U.S. marketplace ban. Oral arguments begin on Jan. 10, just before the law’s intended enforcement on Jan. 19. TikTok has filed an injunction request, claiming the law infringes on First Amendment rights. (UPI)
Stocks tumbled after the Federal Reserve forecast fewer economic stimulus measures in 2025. The S&P 500 dropped 3%, the Dow Jones fell 2.6%, and the Nasdaq declined 3.6%. The Fed announced a third interest rate cut of 0.25%, but its projection of fewer cuts in 2025 unsettled investors. The market reacted strongly, though analysts suggest it may be an overreaction. (CBS News)
The Justice Department filed a civil lawsuit alleging that CVS unlawfully dispensed massive quantities of opioids and other controlled substances to boost profits, disregarding public health. The lawsuit claims CVS filled dubious prescriptions for opioids and “trinity cocktails,” contributing to the opioid crisis. CVS vigorously denies the allegations. (ABC News)
Donald Trump denounced a bipartisan government funding bill, jeopardizing its passage. The bill aimed to keep the government open until March 14, but without action, a shutdown will occur on Saturday. Trump also unexpectedly demanded a debt ceiling increase, which was not on the agenda for either party. But Trump wants it to happen while Biden is president. (NBC News)
US officials are investigating the potential national security risks associated with TP-Link, a Chinese telecom company whose routers are widely used in the US. There are concerns that the routers could be exploited by China-backed hackers. The Commerce Department’s probe may lead to a ban on TP-Link routers, as part of efforts to counter China’s cyber operations. (CNN)
