Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

Good morning. Today is Friday, January 10th. I'm Julie Morgan.

The Los Angeles wildfires are shaping up to be the costliest in U.S. history.

TikTok heads to the Supreme Court today, and we have the latest list of Macy's

stores that are closing soon. If you do a Google search for the cost of the Los Angeles wildfires,

you'll see that the figures being shared vary, but there's one thing analysts do agree on. The

wildfires are expected to be the costliest in U.S. history.

As of Thursday, insured losses were expected to exceed $20 billion, according to J.P. Morgan

analyst Jimmy Buller. That number doubled his estimate from just a day earlier.

He wrote in a note to clients that insured losses from the wildfires are expected to be confined

mostly to his homeowner's coverage universe and less so for commercial property.

Accuweather increased its preliminary estimate of total damage and economic loss to $135 to $150 billion

on Thursday.

Bloomberg reported that Accuweather initially estimated the likely cost of the wildfires

at $52 to $57 billion in damage and economic loss.

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TikTok's last-ditch effort to block a potential U.S. ban begins today, when the Supreme Court will

hear arguments over the constitutionality of a law, requiring the divestment of the social media

app from its Chinese parent company, By Dance.

The app said it will shut down in the U.S. on January 19th as required by law,

unless the Supreme Court strikes down or delays the deadline.

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