Morning Brief

US markets open mixed as fresh data shows the labor market cooling, and investors reassess where the AI boom is headed next. ADP reported that private employers shed 32,000 jobs in November, versus expectations for a gain of 10,000, with companies with fewer than 50 workers cutting 120,000 positions, and weakness was noted in manufacturing, information, and construction. The report reinforces the notion of a K-shaped economy. It has traders pricing in roughly a 90% chance of a 25-bp Fed cut at next week’s meeting, even as Wall Street strategists remain broadly bullish on 2026, with S&P 500 targets clustered between 7,100 and 8,000. At the same time, the fulcrum of the AI trade may be shifting. Alphabet’s Gemini is gaining ground on OpenAI’s ChatGPT, with Sensor Tower data showing global monthly active users up about 30% for Gemini from August to November versus roughly 5% growth for ChatGPT, prompting talk that investors now favor Google’s diversified ad and search cash flows over OpenAI’s capital-intensive model. Microsoft (MSFT) is reportedly cutting AI software sales quotas, raising new questions about enterprise adoption speed and monetization. Guests on the show argue that the next phase of leadership could shift from AI “winners” like Nvidia (NVDA) to AI “enablers” in power, construction, and data center infrastructure, as AI-related capital expenditures are forecast to exceed $7 trillion globally by 2030. On the consumer side, Macy’s (M) and Dollar Tree (DLTR) both beat on revenue and earnings and raised full-year guidance. Still, Macy’s stock is under pressure after management issued cautious Q4 commentary, stating that shoppers will remain “choiceful,” implying full-year declines in sales and profit compared to 2024. Reimagined Macy’s stores and luxury banner Bloomingdale’s posted standout growth, highlighting continued strength among higher-income shoppers, while Dollar Tree’s results underscore how stretched lower-income households are, prioritizing essentials over discretionary items. In trending tickers, Delta Air Lines (DAL) warned of a $200 million profit hit from the historic government shutdown, Marvell Technology (MRVL) jumped on an earnings beat and a multibillion-dollar deal for Celestial AI, and American Eagle Outfitters (AEO) rallied after a beat-and-raise quarter powered by sharper merchandising and buzzy celebrity campaigns. Takeaways: ADP shows private employers cutting 32K jobs in November, with small businesses hit hardest and markets pricing in a December Fed rate cut Gemini usage is growing faster than ChatGPT as investors debate whether Alphabet’s AI model is more sustainable than OpenAI’s spending-heavy approach Microsoft reportedly lowers AI software sales quotas, fueling questions about near-term AI monetization Macy’s and Dollar Tree both beat and raise guidance, but Macy’s cautious holiday outlook and K-shaped consumer trends weigh on sentiment Delta flags a $200M shutdown hit, Marvell buys Celestial AI, and American Eagle pops on better merchandising and upgraded guidance Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Please email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US futures are higher after Monday’s sharp selloff, with the S&P 500 (^GSPC), Dow (^DJI), and Nasdaq (^IXIC) all turning green and the Russell 2000 leading gains. Bitcoin (BTC-USD) is holding above $87,000 after its worst drop since March, with traders watching key support at $80,000 and resistance near $110,000. Leveraged crypto ETFs MSTX and MSTU are down more than 80% this year despite Strategy injecting a $1.4B reserve to stabilize payouts. At the same time, institutional participation is rising: Bank of America now recommends a 1–4% crypto allocation, and Vanguard is allowing crypto-heavy ETFs and mutual funds on its platform. Treasury yields remain elevated after their biggest surge since 2008, while markets still expect a 25 bp Fed cut next week. Strategists are watching the U.S. dollar near the 100.5 level for direction. Kevin Hassett — a leading candidate for Fed Chair — is drawing attention for a new digital-asset policy blueprint that could shape 2026 crypto regulation. Takeaways: Futures rise after Monday’s selloff; small caps lead Bitcoin stabilizes above $87K; key levels at $80K and $110K Leveraged crypto ETFs sink 80%+ even after a $1.4B reserve Bank of America endorses crypto exposure; Vanguard reopens platform to crypto funds Yields stay elevated ahead of expected Fed cut; dollar strength remains a risk Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stock futures are sliding as markets kick off December in risk-off mode. The S&P 500 (^GSPC) enters the month after barely securing a seventh straight monthly gain, while crypto leads the selloff. Bitcoin (BTC-USD) fell below $86,000, dragging Ether and Solana lower as thin liquidity and ETF outflows fueled renewed volatility. Strategists note Bitcoin’s December pattern tends to be flat-to-consolidating, with near-term ranges now pegged between $70,000 and $100,000 amid ongoing selling pressure . Markets are also watching the Federal Reserve. Traders are pricing in a 25 bp rate cut at the December 10 meeting, while Washington prepares for a major announcement: President Trump says he has selected the next Fed Chair and will reveal the choice “soon.” Kevin Hassett — the president’s top economic adviser — is widely viewed as the frontrunner, sparking debate over how dovish leadership could reshape rate expectations and the US dollar . Investors will finally receive delayed economic data this week, including the Fed’s preferred PCE inflation report, postponed during the shutdown. Bond yields are rising, with the 10-year climbing to 4.06% and the 30-year to 4.72%, even as the dollar weakens — a rare divergence tied to Japanese rate-hike speculation and shifts in global capital flows . Holiday shopping is also in focus this Cyber Monday. Adobe expects $14.2 billion in online spending today, with peak buying between 8–10 PM where consumers could spend $16 million per minute. Early Black Friday data shows shoppers remain highly deal-driven, with steady demand for electronics, furniture, and apparel. This week brings earnings from Macy’s (M), Dollar General (DG), and Dollar Tree (DLTR) — key reads on how both high-income and low-income consumers handled the shutdown period . In trending tickers, Synopsys (SNPS) jumps after Nvidia (NVDA) announced a $2 billion investment in the chip-software leader; MicroStrategy (MSTR) unveiled a $1.4 billion dollar reserve to avoid selling Bitcoin during downturns; and Accenture (ACN) launched a broad partnership with OpenAI to accelerate enterprise adoption of generative AI systems . Takeaways: Stocks fall as December starts in risk-off mode; Bitcoin slides below $86K Traders price in a 25 bp December cut as Trump prepares to announce the next Fed Chair Delayed PCE inflation data arrives this week; yields rise even as the dollar weakens Cyber Monday set for $14.2B in sales; shoppers chase deals and big-ticket items Synopsys surges on Nvidia’s $2B bet; MicroStrategy builds dollar reserve; Accenture expands OpenAI partnership Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stock futures are little changed as fresh economic data shows a pullback in consumer spending and moderating wholesale inflation — a combination that strengthens the case for a December Fed rate cut. September retail sales rose just 0.2%, down sharply from August’s 0.6% jump, while core wholesale inflation (PPI excluding food and energy) cooled to 0.1%, its softest reading since spring . Markets remain volatile as investors debate whether the Fed will resume cutting rates in the coming weeks. Nvidia (NVDA) is under pressure after a report that Meta (META) is in talks to spend billions on Google’s TPU AI chips, signaling rising competition for Nvidia’s GPU dominance. Alphabet (GOOG) shares are surging, up 35% since mid-October, and have added more than $1.5 trillion in market cap. Analysts now say Alphabet could hit a $4 trillion valuation as early as next week if momentum continues — rivaling Nvidia’s 2023–2024 trajectory . Broadcom (AVGO) is also ripping higher as investors pile into alternative AI plays. Retail earnings remain mixed. Dick’s Sporting Goods (DKS) beat on core results but is sinking as investors worry about its costly turnaround of Foot Locker after the $2.5 billion acquisition. The company expects $500–$700 million in charges tied to store closures and write-downs . Best Buy (BBY) delivered its strongest same-store sales growth in nearly three years — up 2.7% — driven by upgrades in computing, gaming, and mobile, enough for the retailer to raise its full-year outlook for the second straight quarter. Meanwhile, investors are parsing broader retail signals as control-group sales (excluding autos and gas) rose just 0.1%, pointing to uneven consumer momentum heading into Q4. Still, major retailers like Walmart (WMT) and Gap (GPS) have turned in stronger Q3 results, underscoring a resilient — but highly selective — consumer. Takeaways: Retail spending cools; PPI softens — boosting odds of a December Fed cut Alphabet surges toward a $4T valuation as investors rotate into Google’s AI ecosystem Nvidia falls as Meta explores Google’s TPU chips; Broadcom rallies as another AI alternative Best Buy posts strongest comps in 3 years and raises guidance Dick’s Sporting Goods warns of $500–$700M in Foot Locker-related charges Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stock futures are higher as markets try to stabilize after last week’s 2% drop in the S&P 500 (^GSPC) and Nasdaq (^IXIC). Bitcoin (BTC-USD) is back above $85,000 but remains well off its weekend highs, underscoring a risk-off mood heading into a busy stretch of retail earnings and economic data . Investors are watching tomorrow’s PPI and retail sales reports for fresh insight into inflation and consumer strength heading into the holidays. The White House is also preparing a new framework to extend Affordable Care Act subsidies for two years and introduce new eligibility limits to help offset a surge in health insurance premiums. Treasury Secretary Scott Bessant said the announcement is expected this week — a development closely watched by insurers like Oscar Health (OSCR) and Centene (CNC) . Thanksgiving travel is also in focus: airlines expect to carry 31 million passengers, a record for the holiday week. Carriers including United Airlines (UAL) reported a major booking rebound once the government shutdown officially ended — with mid-November bookings up 16% from the previous weekend before the deal was reached . Retail earnings kick off with reports from Kohl’s, Best Buy, Abercrombie & Fitch, and Dick’s Sporting Goods, each facing a different version of the same question: how resilient is the U.S. consumer heading into Q4? Abercrombie’s Hollister brand remains a standout with strong Gen Z momentum, while Kohl’s struggles to reverse years of negative same-store sales and is set to officially name interim CEO Michael Bender as its permanent chief executive . Fed commentary continues to steer markets. Governor Chris Waller reiterated support for a December rate cut, citing a softening labor market and expecting major downward revisions to the September jobs report. But Boston Fed President Susan Collins signaled the opposite — saying she does not see a strong case for cutting in December and could dissent. Markets remain most focused on last week’s pivotal comments from New York Fed President John Williams, who opened the door to a near-term cut, shifting rate expectations sharply lower . Takeaways: Futures rise as markets attempt to stabilize after last week’s slide Bitcoin climbs back above $85K but remains well off weekend highs White House expected to extend ACA subsidies for two years amid premium surge Record 31 million travelers expected for Thanksgiving; bookings jumped after shutdown ended Retail earnings from Kohl’s, Best Buy, Abercrombie & Fitch, and Dick’s Sporting Goods test consumer strength Fed officials split on a December cut; Waller supports it, Collins skeptical, Williams seen as the key signal Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stock futures are higher after one of the wildest sessions of the year, with the S&P 500 logging its most significant intraday reversal since the peak of tariff turmoil in 2018 — surging 1.4% early before plunging 1.6% by the close. New York Fed president John Williams helped stabilize sentiment this morning, signaling he “still sees room” for a December rate cut, a notable shift given the stronger-than-expected September jobs report. Williams — part of the influential Fed “troika” alongside Powell and Jefferson — said policy needs to move “closer to neutral,” even as tariffs temporarily stall progress on inflation. Bitcoin (BTC-USD) is extending a brutal decline, sliding below $85,000 after more than $1 billion in liquidations were hit in a single hour. The token is now heading for its worst month since the 2022 crypto crash, down more than 30% from its October record as cross-asset selling accelerates. Analysts warn the next key support sits near $75,000. Retail earnings reinforce the K-shaped consumer story: Walmart (WMT), Ross (ROST), and TJX (TJX) continue to win by delivering price-driven “value” across all income levels, while mid-tier shoppers remain stretched. Gap (GPS) surprised to the upside with strength in Old Navy and Gap brand, helped by lower discounting and viral marketing campaigns like its K-pop-backed “Milkshake” spot. Meanwhile, the bidding war for Warner Bros. Discovery (WBD) is heating up. Paramount (PARA), Comcast (CMCSA), and Netflix (NFLX) have all submitted their initial — non-binding — bids. Paramount is the only suitor pursuing the entire company, while the others are targeting the studio's assets exclusively. Takeaways: Fed’s John Williams signals a December rate cut is “on the table,” lifting futures S&P 500 posts its sharpest intraday reversal in years; markets remain fragile Bitcoin plunges below $85K with $1B liquidated in one hour; worst month since 2022 “Value” retailers like Walmart, Ross, and TJX outperform as consumers hunt for pricing power Warner Bros. Discovery draws bids from Paramount, Comcast, and Netflix as strategic review accelerates Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Please email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stocks push higher as Nvidia’s (NVDA) blowout earnings reset sentiment across global markets and help offset a surprisingly strong September jobs report. Nvidia topped expectations on revenue and profit, guided to $65 billion for the current quarter, and CEO Jensen Huang dismissed AI bubble concerns, saying demand “is through the roof” with a $500 billion order pipeline for 2026 . The results sparked a broad tech rally, with Nasdaq futures jumping as much as 2%. Fresh labor data finally arrived after shutdown delays, showing 119,000 jobs added in September — more than double expectations — while August was revised sharply down to a 4,000 job loss, the first negative reading in months . The unemployment rate ticked up to 4.4%, and wage growth cooled to 0.2% month-over-month. Economists warned the mixed signals strengthen the case for the Fed to hold rates steady in December given the lack of October data and the BLS’ decision to delay the next full report until after the meeting. Walmart (WMT) delivered another strong quarter, raising full-year guidance behind 30% e-commerce growth and continued gains among higher-income shoppers. The retailer reported seven straight quarters of double-digit online growth and highlighted improving delivery speeds, while noting a softening in low-income spending — one of the clearest signs yet of the K-shaped consumer environment . Takeaways: Nvidia beats across the board and guides higher; CEO says AI demand is accelerating, not peaking September payrolls rise 119K with a surprise negative revision for August; unemployment nudges up to 4.4% Fed expected to hold rates in December as missing data limits visibility Walmart raises guidance again as e-commerce and higher-income spending fuel gains Markets extend a multi-day rebound, with Nasdaq futures up nearly 2% on Nvidia-led strength Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stocks look to snap a four-day losing streak after the S&P 500 (^GSPC) logged its longest slide since August and is now on track for its worst November since 2008. All the major averages — including the Dow (^DJI), Nasdaq 100 (^NDX), Russell 2000 (^RUT), and Philadelphia Semiconductor Index (^SOX) — have slipped below their 50-day moving averages, while the VIX (^VIX) climbs as volatility returns. The big pivot comes after the close when Nvidia (NVDA) reports; options pricing implies roughly a 7% move in either direction and analysts warn the stock faces a “catch-22” where even a beat-and-raise could fuel fresh AI bubble fears. Investors will listen closely for updates on Blackwell and Vera Rubin chips, hyperscaler demand from Microsoft (MSFT), Alphabet (GOOG), and Amazon (AMZN), and how rising competition from AMD (AMD) shapes the outlook. On the consumer front, Target (TGT) cut the top end of its profit outlook and reiterated expectations for a low single-digit sales decline in the all-important holiday quarter as “choiceful” shoppers stretch budgets and trade down, even as it leans into a new partnership with OpenAI to power conversational shopping inside ChatGPT. Lowe’s (LOW) beat profit estimates, raised its full-year sales guidance, and posted double-digit online and pro customer growth, offering a more upbeat contrast to Home Depot’s (HD) cautious outlook. In corporate moves, former Treasury secretary Larry Summers resigned from OpenAI’s board following the release of emails with Jeffrey Epstein, while Adobe (ADBE) agreed to buy marketing software firm SEMrush in a $1.9 billion deal, TJX (TJX) rallied on strong results and raised guidance, and Unity Software (U) surged on a new collaboration with Epic Games to bring Unity-built titles into Fortnite. Takeaways: S&P 500 and other major indexes break below 50-day moving averages as volatility picks up Nvidia earnings seen as a key AI stress test, with options pricing a ~$320B market cap swing Target trims outlook and warns of soft holiday sales while launching OpenAI-powered shopping inside ChatGPT Lowe’s raises sales guidance and leans on pro and online strength; Home Depot stays cautious on housing Larry Summers steps down from OpenAI’s board; Adobe buys SEMrush, TJX and Unity jump on earnings and deal news Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stocks extend their slide for a fourth straight session as both the S&P 500 (^GSPC) and Nasdaq (^IXIC) close below their 50-day moving averages — a technical breakdown that triggered algorithmic selling across major indices. The weakness mirrors global markets, with Tokyo and Seoul each down 3%. Bitcoin (BTC-USD) briefly fell below $90,000 for the first time in seven months, officially wiping out its year-to-date gains and dragging crypto-linked stocks and ETFs lower. Home Depot (HD) cut its full-year profit forecast after missing earnings for the third straight quarter, citing weak housing turnover, cautious consumers, and home improvement demand that “never materialized” during Q3. Shares fell more than 3% as the retailer now expects adjusted earnings to decline about 5% for the year. The results arrive ahead of key retail reports from Lowe’s (LOW), Target (TGT), and Walmart (WMT) later this week. Early economic data from ADP showed private-sector job losses for two consecutive weeks, while delayed government numbers continue to trickle out post-shutdown — including initial jobless claims that remain historically low. Meanwhile, the White House prepares to welcome Saudi Crown Prince Mohammed bin Salman for a high-profile visit expected to produce multi-billion-dollar agreements across AI infrastructure, defense, energy, and critical minerals. Takeaways: S&P 500 and Nasdaq break below 50-day moving averages, triggering algorithmic selling Bitcoin drops under $90K, erasing all 2025 gains; crypto stocks slide in sympathy Home Depot cuts guidance as housing softness and consumer caution hit results ADP shows two weeks of job losses; government data returning slowly after shutdown Saudi Crown Prince meets President Trump as US–Saudi economic and defense ties deepen Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US markets start the week lower after a rough stretch for tech stocks and crypto. Bitcoin (BTC-USD) has erased all its 2025 gains, wiping out more than $600 billion in market value since October as investors brace for Wednesday’s pivotal Nvidia (NVDA) earnings. Analysts expect $54.8 billion in quarterly sales — a 56% year-over-year jump — but warn the setup is “more risk than reward” given sky-high valuations. Nvidia CEO Jensen Huang says the company has $500 billion in orders lined up through 2026. Still, recent 13F filings show billionaire Peter Thiel sold his entire Nvidia stake last quarter, joining SoftBank’s earlier exit. The long-delayed September jobs report finally arrives on Thursday, following the government shutdown, with economists forecasting 50,000 new jobs and closely watching for signs that the Fed can still cut rates in December. Meanwhile, bitcoin’s slump has some strategists calling for another leg down to the $80,000 range, while MicroStrategy (MSTR) doubled down — buying $835 million worth of bitcoin last week, its biggest purchase since July. In trending tickers, Novo Nordisk (NVO) cut the consumer price of Wegovy and Ozempic to $349 a month, Alphabet (GOOG) popped after Warren Buffett’s Berkshire Hathaway disclosed a new $4.3 billion stake, and Aramark (ARMK) fell 8% on weak results despite upbeat guidance. Wall Street continues to debate whether the AI trade is truly in bubble territory or just cooling after record highs, as fund managers warn of fatigue and stretched valuations. Takeaways: Stocks and bitcoin slide as investors await Nvidia earnings and new Fed data Nvidia faces a “catch-22” — beat and risk bubble talk, miss and spook markets Bitcoin down 20% from highs; MicroStrategy adds $835M more to holdings Buffett’s Berkshire takes a $4.3B stake in Alphabet; Novo Nordisk cuts drug prices Analysts split on whether the AI trade is a bubble or a healthy consolidation Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Please email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices