It’s Trump speech day in the Swiss Alps, as stocks schuss toward their fourth weekly win in a row.
A U.S. GDP reading is also grabbing the spotlight, plus the dollar is still getting left out in the cold by traders.
Who needs all those Benjamins anyway?
Soon you might not need dollars to pay for your morning coffee, suggests our call of the day, which comes from Starbucks’ SBUX, -4.23% Howard Schultz.
“I don’t believe that bitcoin BTCUSD, +3.25% is going to be a currency today or in the future,” the coffee chain’s executive chairman and former CEO said late yesterday during an earnings conference call (as the company’s sales slightly missed forecasts ).
But don’t scrawl “Luddite” on his paper cup.
“I personally believe that there is going to be one or a few legitimate, trusted digital currencies off of the blockchain technology,” Schultz said, according to FactSet’s transcript and recording for the conference call.
And these cryptocurrencies “will have to be legitimatized by a brand in a brick-and-mortar environment, where the consumer has trust and confidence in the company that is providing the transaction,” he added. That sounds like a pretty big hint Starbucks might test out or even accept a virtual currency in the future.
The Seattle company isn’t announcing that it’s launching a new cryptocurrency, and it’s still working on understanding the crypto world as it looks to get involved, Schultz hastened to add.
“I don’t want anyone to hang up on this call and assume that we have this all figured out, because we don’t, or that we’re making a significant investment in this, because we’re not,” he said. But “we have something to offer the companies that are chasing this.
”
Go over to Seeking Alpha for one version of the call transcript.
See: Why bitcoin is worth exactly $0 (and blockchain might be very valuable)
And read: 5 cryptos to watch, according to Katy Perry’s fingernails
Key market gauges Futures for the Dow YMH8, +0.81% , S&P 500 ESH8, +1.
18% and Nasdaq-100 NQH8, +1.44% are higher.
The Dow DJIA, +0.85% , S&P SPX, +1.18% and Nasdaq Composite COMP, +1.28% are on track for weekly gains of about 1% as of yesterday’s close.
Bitcoin BTCUSD, +3.
25% was recently around $10,500, while the dollar index DXY, -0.49% is staying near a three-year low as a boost from President Trump’s supportive comments fades somewhat.
Europe SXXP, +0.50% has mostly gained, while Asian markets closed mixed . Oil CLH8, +1.
11% is rising a bit, but gold GCG8, -1.04% is dropping.
See the Market Snapshot column for the latest action.
The Quote: Getty Images President Trump shakes hands with Rwandan President Paul Kagame in Davos on Friday. “The United States will no longer tolerate things like the theft of intellectual property or forced technology transfers or industrial subsidies ..
. and dumping, trade abuses.” —That’s a Trump administration official giving a preview of what the president would say in his Davos speech, which came before the opening bell.
Update: Trump says U.S. is ‘open for business’ in Davos speech
And see: Trump’s speech at Davos — video of the address
In his time at the World Economic Forum, Trump has threatened to withhold Palestinian aid , sounded positive about meeting with Rwanda and Switzerland’s leaders, and said he’d reconsider U.
S. participation in the Trans-Pacific Partnership if the agreement was much better .
Read more: Trump sees U.S. growth ‘much higher’ than 3%
The buzz In other U.S. political news, Trump has denied a New York Times report that he tried to fire Special Counsel Robert Mueller, and the president is offering citizenship to nearly 2 million “Dreamers” in exchange for funding for his border wall.
Intel INTC, +10.
55% looks on track for a big up day after better-than-expected results late yesterday, and Honeywell HON, +1.95% , Colgate-Palmolive CL, -4.85% and Rockwell Collins COL, +0.58% have posted earnings before the opening bell.
On the data front, the report on U.S. fourth-quarter GDP showed 2.6% growth, below expectations .
See: U.S. GDP could hit 3% again, match best streak since 2005
And read: MarketWatch’s Economic Calendar
Billionaire investor George Soros has blasted Facebook FB, +1.34% and Google GOOG, +0.
47% GOOGL, +0.46% , saying in Davos that they’re “ obstacles to innovation .”
Bill Ackman’s Pershing Square Capital has taken a stake in Nike NKE, +0.49% .
MoviePass, majority owned by Helios & Matheson HMNY, -3.
92% , has cut ties with the AMC AMC, -2.28% theater chain.
Read more: MoviePass owner files to sell up to $400 million in shares
This year may bring “a conscious recoupling” of the British economy with the global economy, said the Bank of England’s Mark Carney as he channels Gwyneth Paltrow .
More abuse-scandal fallout: The U.S.
Olympic Committee has ordered the board of directors of USA Gymnastics to resign by next week.
The chart It’s been rough lately for S&P 500 component and Rubbermaid parent Newell Brands.
Shares in Newell Brands NWL, +2.10% are acting like some food that you put in a Rubbermaid container and then forgot about for months.
The S&P 500 component and Rubbermaid parent is down 21% for the week after yesterday’s plunge, which came as Newell said it’s unloading brands and closing half its factories .
Random reads Have you missed the XFL or Tiger Woods ? They’re both baa-aack.
More than 30 were killed in a fire at a South Korean hospital for the elderly.
Casey Affleck won’t present the Oscar for best actress.
Women are now welcome in Harvard’s previously all-male Hasty Pudding troupe.
Three legs? Reese Witherspoon jokes “accept me” please:
Well.
..I guess everybody knows now…I have 3 legs. I hope you can still accept me for who I am. 😃( and I will never apologize for snuggling @Oprah ..
if you get the opportunity, I highly recommend it;) https://t.co/6GyrfWxNSY
— Reese Witherspoon (@RWitherspoon) January 25, 2018 Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. Be sure to check the Need to Know item. The emailed version will be sent out at about 7:30 a.m.
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