U.S. Steel turns to Donald Trump to save Nippon deal

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why U.S. Steel is hoping Donald Trump can save its deal with Nippon Steel.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange, here's what we're watching

00:03on the street today.

00:05Tech stocks led Tuesday's market decline as strong economic data decreased chances of

00:10a January rate cut.

00:12Growth in the massive U.S. services sector picked up in December, according to the Institute

00:16for Supply Management.

00:18Meanwhile, job openings hit a six-month high in November, according to the Labor Department.

00:23On Wednesday, investors will get minutes from the Fed's December meeting, private hiring

00:27numbers from ADP, and weekly jobless claims.

00:32In other news, the head of U.S. Steel is appealing directly to President-elect Donald Trump after

00:38the Biden administration blocked his company's sale to Nippon Steel of Japan.

00:43The outgoing Biden administration cited national security concerns for its opposition to the

00:48$14 billion sale, even though Japan is one of America's closest allies.

00:54In an interview with CNBC, CEO David Burrett urged Trump to, quote, step in now and undo

01:01the wrongful, shameful, corrupt actions of Biden.

01:05Trump doesn't officially become president until January 20.

01:08That, however, did not stop Burrett from making his pitch directly to Trump, quote, he's a

01:14smart guy.

01:15He has the opportunity to have fresh eyes and do what's right, and I believe strongly

01:20he will.

01:21Trump, however, is on record as opposing a deal that could cost U.S. jobs, something

01:27that clearly does not fit in with his Make America Great Again ethos.

01:31U.S. Steel and Nippon have filed a lawsuit claiming Biden's decision was unconstitutional.

01:38That'll do it for your daily briefing.

01:40From the New York Stock Exchange, I'm Conway Gittins with The Street.

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