Morning Brief

US stocks headed into the post-Christmas session with thin volumes and major indexes hovering near record highs as investors track the Santa Claus rally window. Precious metals added to risk-on sentiment, with gold and silver at record levels and miners outperforming over the past month. The AI trade stayed front and center after Nvidia (NVDA) struck its largest acquisition to date, agreeing to pay roughly $20B for assets from AI chip startup Groq. Wedbush’s Dan Ives framed the deal as another signal that AI infrastructure spending remains durable into 2026. Ives also reiterated his bullish stance on Tesla (TSLA), pointing to autonomy, robotics, and “physical AI” as the longer-term value drivers. Macro risk is creeping back into the narrative. Steward Partners’ Jason Bonfield flagged 2026 uncertainties tied to tariffs, a potential Fed leadership change in May, and midterm election dynamics, arguing investors should avoid complacency and be prepared to rebalance into volatility. Trending tickers include Nvidia (NVDA) and Micron (MU). Takeaways: Santa rally optimism persists amid light holiday trading Record metals prices support the broader risk backdrop Nvidia’s Groq asset deal reinforces AI capex momentum Tesla’s autonomy thesis remains a 2026 flashpoint Policy and political risks are shaping next year’s playbook 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 were little changed on the holiday-shortened session after the S&P 500 closed at a record, with investors tracking the Santa Claus rally window into early January. Commodity strength stayed a key backdrop, keeping inflation and rate expectations in focus as traders look ahead to 2026 policy signals. Strategists argued the AI trade still matters, but leadership may broaden from “AI cost centers” to “AI beneficiaries,” as adoption lifts productivity and margins beyond megacap tech. They also flagged potential 2026 rotation across sectors and styles, including equal-weight exposure as mega-cap earnings growth cools. On the macro tape, the panel pointed to resilient consumer spending led by higher-income households, with liquidity conditions, wage gains, and productivity trends shaping the 2026 rates path. Dividend payers and healthcare were framed as under-owned areas that could re-rate if cash yields fade with Fed cuts. Trending: BP (BP) in a $10.1B lubricants JV deal, Sanofi (SNY) to buy Dynavax (DVAX), and UiPath (PATH) added to the S&P MidCap 400. Takeaways: Markets are in Santa-rally watch mode after a record S&P 500 close. Investors are debating AI leaders vs. the next wave of AI adopters. Rotation and diversification are the core 2026 positioning call. Consumer resilience and productivity are the key macro swing factors. Deal news and index inclusion are moving single-name action. 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 opened softer after Q3 GDP printed at 4.3%, reviving the idea the Fed may have less room to cut early in 2026. Investors now pivot to thin holiday liquidity, the next data points, and whether earnings can clear rising expectations. AI leadership remains the focal point: Nvidia (NVDA) has added about 5% over the last 5 sessions as Dan Ives framed the cycle as “year 3” of a multi-year buildout, while Marianne Bartels argued 2026 looks like a volatility-heavy “reset” that still sets up a longer bull run for semis. The risk today is not the theme, it is the bar. Commodities are the other momentum pocket: copper hit a fresh record above $12,000/ton and gold broke through $4,500/oz, with Bartels flagging a broader metals breakout. Trending tickers: Novo Nordisk (NVO) on FDA approval for a weight-loss pill, with Eli Lilly (LLY) close behind. Takeaways: Strong GDP revived “higher for longer” rate sensitivity. Semis can lead in 2026, but expect a reset-style drawdown. Metals are acting like a FOMO trade with real supply constraints. GLP-1 competition is accelerating from injections to pills. Watch expectations, not narratives, into early 2026. 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 edged higher into a holiday-shortened week, with investors still looking for a late-year Santa Claus rally and a quieter, lower-volume tape. Sentiment is also reacting to Cleveland Fed President Beth Hammock signaling no urgency to cut rates for several months, keeping the inflation debate in focus. Crypto’s “everything went right, price still fell” narrative is front and center: Bitcoin is fighting key technical levels while investors watch a potential index-policy inflection around Strategy (MSTR) and other digital-asset-treasury companies. Meanwhile, gold and silver are making new highs, reframing the “digital gold” pitch as central-bank demand and reserve diversification keep physical metals bid. Stock-specific movers and 2026 frameworks leaned into deal and growth themes: Warner Bros. Discovery (WBD) tracked the Paramount bid dynamics, Nvidia (NVDA) rose on China shipment chatter, and Clearwater Analytics (CWAN) jumped on a take-private. Investors also heard a “layup bets” approach favoring healthcare enablers over insurers. Takeaways: Futures pointed higher in thin, holiday trading. Rate-cut timing remains constrained by inflation focus. Bitcoin faces technical pressure amid index-rule uncertainty. Metals strength is challenging the “digital gold” narrative. 2026 screens emphasized healthcare infrastructure and select M&A. 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 index futures were steady Friday after a quiet week of delayed data and selective earnings reactions. Investors head into the final full trading week of 2025 watching for a soft-landing read on 2026 growth, Fed rate-cut timing, and whether breadth can keep expanding beyond mega-cap tech. Big banks led 2025’s surprise winners: the KBW Bank Index rose about 28%, powered by strong trading and dealmaking, a less restrictive regulatory backdrop, and a yield-curve un-inversion that supports net interest income. The debate now shifts to 2026: can loan growth reaccelerate, and does a pickup in regional-bank M&A reward stock pickers over index exposure? AI also broadened into “picks-and-shovels.” The playbook focuses on data-center construction, cooling, grid and nuclear-linked utilities, plus defense and late-stage biotech as potential 2026 tailwinds tied to spending and M&A cycles. Trending tickers: Oracle (ORCL) jumped on a signed TikTok US joint-venture deal, Nike (NKE) slid on weak guidance, FedEx (FDX) rose after topping estimates and lifting its profit-floor outlook. Takeaways: Banks outperformed in 2025; 2026 hinges on lending and deal flow. Deregulation expectations stay a key financials catalyst. AI leadership may rotate toward infrastructure and power. Nike’s reset highlights uneven consumer and China demand. FedEx cost actions show up in guidance, not just headlines. 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 pushed higher after November CPI landed below estimates, but traders are weighing a key asterisk: the government shutdown disrupted data collection, leaving the report tougher to trust. Markets are now watching whether the next inflation and jobs prints validate a real downshift and what that means for the Fed’s 2026 rate-cut path. The bigger story for risk appetite is how quickly “rate relief” feeds back into growth expectations. Yields ticked lower, lifting tech and other rate-sensitive groups, even as economists warned this CPI could be skewed by Black Friday timing and missing October benchmarks. AI infrastructure also snapped back into focus. Micron (MU) surged premarket on a standout outlook tied to data-center memory demand, a reminder that the AI trade is still being led by capex and supply constraints. Trending tickers: Trump Media (DJT) popped on a fusion deal, BP (BP) named a new CEO, and Coinbase (COIN) pushed further into an “everything app” strategy. Takeaways: CPI surprised lower, but shutdown-driven data gaps limit confidence. Markets leaned risk-on as yields eased and cut expectations firmed. AI capex remained the dominant tech driver via Micron’s outlook. Activism and leadership change stayed in focus across consumer and energy. 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 point modestly higher, with the Nasdaq leading early gains, as markets digest another round of AI build-out headlines and a major IPO debut. Amazon (AMZN) is reportedly in talks to invest more than $10 billion in OpenAI in a deal that could value the company north of $500 billion and include OpenAI using Amazon’s chips. At the same time, the AI infrastructure trade is showing stress points. Oracle’s (ORCL) Michigan data center project is reportedly in limbo after Blue Owl funding talks stalled, raising fresh questions about how quickly “neo-cloud” players can finance massive capex plans tied to OpenAI’s revenue ramp. Investors will get another read on AI demand after the bell with Micron (MU) earnings, as the market debates whether the next phase of AI leadership broadens beyond the biggest chip names. In media M&A, Warner Bros. Discovery (WBD) urged shareholders to reject Paramount’s (PARA) $108 billion bid as “inferior,” keeping the spotlight on the multi-front fight that also involves Netflix’s (NFLX) competing approach. In today’s top trending tickers, Tesla (TSLA) is under pressure after California’s DMV alleged the company misled consumers about its driver-assistance marketing and warned its sales license could be suspended if it doesn’t come into compliance. Medline began trading in the year’s largest IPO, priced at $29 and valued around $39 billion, under ticker (MDLN). Takeaways: Amazon and OpenAI reportedly discuss a $10B+ investment tied to Amazon chip usage Oracle’s Michigan data center funding talks stall, spotlighting AI capex and financing risk Micron earnings after the bell offer another checkpoint on AI-driven memory demand Warner Bros pushes back on Paramount’s $108B bid as the media deal fight escalates Tesla faces a California DMV challenge; Medline debuts under (MDLN) in the year’s biggest IPO 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 are quiet ahead of the Federal Reserve’s final decision of the year, with traders widely expecting a quarter-point “hawkish cut” and a fresh dot plot showing only one more cut penciled in for 2026. Chair Jerome Powell’s press conference and the scope of any dissents will be key as officials juggle inflation, which remains roughly a whole point above target, a softening labor market, and a post-shutdown GDP rebound. The White House has also begun interviewing candidates for the next Fed chair, including former Governor Kevin Warsh, while NEC Director Kevin Hassett remains the perceived frontrunner. The AI trade faces its next test with Oracle (ORCL) and Adobe (ADBE) reporting after the bell. Oracle must convince Wall Street that massive OpenAI-linked data-center spending and negative free cash flow are justified by future revenue and remaining performance obligations. At the same time, Adobe navigates investor questions about AI competition from tools like Google’s Gemini and how effectively it can weave generative AI into Creative Cloud. At the same time, bond yields on the 10-year and 30-year remain elevated even as markets bet on more easing next year, reflecting concerns over debt, inflation, and policy uncertainty. In media and tech, Netflix (NFLX) has agreed to buy the studio and streaming assets of Warner Bros. Discovery (WBD) in a $72 billion cash-and-stock deal, picking up HBO, Max and franchises like Harry Potter, Game of Thrones, DC, Friends, and The Sopranos while keeping that IP out of Paramount (PARA) and Comcast’s (CMCSA) hands. Analysts say the acquisition widens the gap between Netflix and its smaller rivals, but raises regulatory and integration questions. Apple (AAPL) is under fresh scrutiny after a wave of senior departures in operations, design, AI, and legal, even as iPhone and services demand keep the stock near record highs. Trending tickers include SpaceX, which is reportedly eyeing a 2026 IPO valuing the company near $1.5 trillion, GE Vernova (GEV) after an upbeat AI-driven power outlook, and Chewy (CHWY) on stronger customer spend and improving active users. Takeaways: Fed expected to deliver a 25 bp “hawkish cut” and update its dot plot at the final meeting of 2025 Internal dissents and the next Fed chair race add uncertainty to the 2026 rate path Oracle and Adobe earnings serve as a fresh stress test for the AI infrastructure and software trade Netflix to acquire Warner Bros' studio and streaming assets for $72B, tightening its grip on top Hollywood IP Apple faces a high-profile management reshuffle even as iPhone and services strength keep investors onside 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 markets open slightly lower as investors brace for the Fed’s final 2025 meeting and a wave of high-stakes corporate news. Nvidia (NVDA) scored a major win after the U.S. approved sales of its H200 AI chip to China, allowing Nvidia to reclaim billions in lost business while sending 25% of proceeds back to the U.S. government. President Trump told reporters that Intel (INTC) and AMD (AMD) will also be eligible for similar modified chip sales. Meanwhile, the battle for Warner Bros. Discovery (WBD) has escalated. Paramount–Skydance submitted a $108 billion hostile takeover bid, backed by banks, Gulf sovereign wealth funds, and Jared Kushner — just days after WBD accepted Netflix’s (NFLX) $72 billion offer. Investors now await CEO David Zaslav’s response as Hollywood faces its most aggressive M&A fight in decades. The Federal Reserve kicks off its two-day meeting with Wall Street expecting a 25 bp “hawkish cut.” Officials are likely to cut rates but signal fewer moves ahead in 2026, citing a softer labor market and rising internal division on inflation vs. jobs. A Supreme Court hearing on presidential authority over independent agencies could also reshape next year’s Fed committee by giving the White House power to remove Governor Lisa Cook — potentially shifting the board more dovish. In trending tickers, Campbell Soup (CPB) reported weaker revenue and profit as consumers remain selective, but highlighted momentum from at-home cooking and announced a 49% stake purchase in pasta-sauce supplier Laina. CVS (CVS) raised its profit forecast, Home Depot (HD) issued cautious guidance ahead of its investor day, and AutoZone (AZO) missed profit expectations despite solid sales growth. Takeaways: Nvidia regains access to China with H200 sales; Intel and AMD may follow Paramount launches a $108B hostile bid for WBD after Netflix’s $72B agreement Fed expected to deliver a “hawkish cut” and signal fewer 2026 moves Supreme Court case could reshape Fed independence and future policymaking Campbell Soup posts softer results; CVS raises guidance; Home Depot and AutoZone under pressure 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 are little changed to start the week as investors wait on the Federal Reserve’s rate decision and a fresh read on the AI boom from Oracle and Broadcom. Futures point to a modestly higher open, with the Russell 2000 attempting to break out, while bond volatility and the VIX remain near year lows. Markets are pricing a roughly 90% chance that the Fed will cut rates by 25 basis points this week, even as inflation remains roughly a whole point above target and officials remain sharply divided on how quickly to ease. Several regional presidents may dissent over sticky prices, while Governor Steven Myron is likely to push again for a deeper 50 bp move. The AI trade undergoes a key report from ORCL and Broadcom (AVGO). Stress test when Oracle (ORCL) and Broadcom (AVGO Oracle has slumped about 24% in two months as Wall Street worries about massive AI capital expenditures needs for a company without the cash machine of hyperscalers like Alphabet (GOOG) and Microsoft (MSFT), making it a “canary in the coal mine” for AI valuations. Broadcom, up nearly 70% year to date, continues to outpace the broader chip sector and is now being discussed as parNVDA).t of a “Mag 8” alongside Nvidia (NVDA Netflix’s (NFLX) $72 billion bid for Warner Bros. Discovery (WBD) faces new regulatory and political scrutiny after President Trump said the deal could be a problem, just as Paramount Global (PARA) raised its competing all-cash offer to $30 per share. Berkshire Hathaway (BRK-B) is also in transition as longtime investment chief and GEICO CEO Todd Combs departs for JPMorgan (JPM), underscoring how incoming CEO Greg Abel is already reshaping the conglomerate’s leadership and structure ahead of Warren Buffett’s year-end exit. IBM (IBM) is acquiring Confluent (⁠CFLT⁠) for $9.3 billion to enhance its data-streaming and AI capabilities, while Tesla (⁠TSLA⁠) slides after a Morgan Stanley downgrade highlights growing dispersion within the once-unified "Magnificent Seven" trade. Takeaways: Fed expected to deliver a third 25 bp cut of the year amid unusually public division over inflation and growth Oracle and Broadcom earnings seen as key tests of whether AI spending still justifies premium valuations Netflix’s $72B Warner Bros. deal faces political pushback as Paramount lifts its rival's all-cash bid Berkshire Hathaway loses top stock picker Todd Combs to JPMorgan as Greg Abel starts to put his stamp on the firm IBM buys Confluent for $9.3B to bolster AI data streaming; Tesla downgraded as Mag 7 leadership begins to fragment 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