House Speaker Mike Johnson secured the Republican nomination to retain his position on Wednesday, bolstered by an endorsement from President-elect Donald Trump.

However, Johnson's grip on power remains tenuous as he faces dissent within his own ranks.

You might recall that Johnson's rise to Speaker came after the dramatic ousting of Kevin McCarthy in late 2023.

McCarthy made numerous concessions to hard-right conservatives to win the gavel, but ultimately lost their support over budget negotiations.

After weeks of chaos, Johnson emerged as a compromise candidate. “It's been a remarkable political journey,” Johnson said of his unexpected ascent.

He quickly aligned himself with Trump, positioning the former president as the party's “coach” and himself as the “quarterback” heading into a Republican-controlled House in 2025.

Trump's endorsement provides crucial backing, with the president-elect telling House Republicans he's “with the speaker all the way.”

Yet Johnson faces ongoing challenges from his party…

Your Rundown for Monday, November 18, 2024...

House Speaker Mike Johnson’s Precarious Position

Members of the Freedom Caucus are withholding their votes as leverage to extract concessions on issues like steeper budget cuts.

The speaker needs 218 votes in the full House to retain the gavel when the new Congress convenes on January 3rd.

With Republicans holding only a slim majority, Johnson has little room for error.

Trump's cabinet picks have further complicated the math by tapping House Republicans like Matt Gaetz for key positions, reducing Johnson's numbers.

Some conservatives have discussed fielding an alternative candidate for Speaker as a pressure tactic.

To shore up support, Johnson struck a deal with the Freedom Caucus to make it harder to remove the Speaker, requiring at least nine lawmakers to join in filing a “motion to vacate” instead of just one.

Ironically, this rule change is significant because it addresses one of the vulnerabilities that led to the ousting of former Speaker Kevin McCarthy.

By raising the threshold for challenging the Speaker's position, Johnson hopes to avoid a similar fate and maintain more stable leadership.

Still, the narrow majority means ongoing instability is likely.

Democrats, who have sometimes lent Johnson votes for key legislation, are unlikely to bail him out in the new Congress as they seek to check Trump's agenda.

• As Johnson navigates treacherous political waters, his fate remains uncertain. While Trump's backing provides a lifeline — for now — the House Speaker must satisfy competing factions within his own party to avoid McCarthy's fate.

The coming weeks will test whether Johnson can maintain his delicate balancing act or if he too will fall victim to the chaos that has defined recent Republican House leadership.

Market Rundown for Monday, Nov. 18, 2024

S&P 500 futures are slightly in the red at 5,895.

Oil is up 0.35% to $67.23 for a barrel of WTI.

Gold is up 1.25% to $2,601.20 per ounce.

And Bitcoin is stalled at $89,700.