Morning Brief Walmart CEO exits, tech sell-off deepens, Fed split grows
US stocks fell for a second straight day as the post-shutdown market reset collided with doubts about rate cuts and another rout in tech. Nasdaq futures slid more than 1.5% as AI leaders such as Nvidia (NVDA), Microsoft (MSFT), and Alphabet (GOOG) extended losses amid profit-taking and growing concerns about stretched valuations. Bitcoin (BTC-USD) officially entered a bear market, down more than 20% from its October peak.
Walmart (WMT) shocked investors by announcing CEO Doug McMillon will retire after more than a decade at the helm, handing the reins to Walmart US chief John Furner in February. McMillon, who modernized the world’s largest retailer through e-commerce expansion and wage growth, leaves the company at record highs. The move comes just ahead of Walmart’s earnings report next week.
Meanwhile, Fed officials are sending mixed messages. Minneapolis Fed president Neel Kashkari and St. Louis Fed’s Alberto Salm cautioned against cutting rates too quickly, while Governor Steven Myron continues pushing for a larger 50 bp move. Markets now see just a 50% chance of a December rate cut — down from 85% two weeks ago — as the post-shutdown economic data trickles in.
Takeaways:
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Walmart CEO Doug McMillon to retire; John Furner to take over in February
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Nasdaq extends losses as AI leaders slide and bitcoin enters bear market
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Fed officials grow divided on December rate cut amid mixed economic signals
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Investors brace for Walmart earnings, new inflation data, and the delayed jobs report
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Palantir (PLTR) CEO Alex Karp defends the company’s mission and AI role in exclusive Yahoo Finance interview
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