S&P 500 – 6,870.40 (+0.19%)

Dow Jones – 47,954.99 (+0.22%)

NASDAQ – 23,578.13 (+0.31%)

• Stocks start December with modest weekly gain: Major equity indexes were mostly flat Friday but still managed a small advance to kick off December. Sentiment remains supported by expectations for a possible Fed rate cut next week and strength in tech and AI names.
• Travel ban expansion planned after Guard attack: The Trump administration is preparing to extend its travel ban to more than 30 nations following the fatal shooting of two National Guard members in Washington.
• Fed heads into high-stakes meeting with limited data: Policymakers will vote next week without fresh employment or inflation figures, relying on delayed September data as markets price in a likely quarter-point rate cut.
• Meta acquires Limitless to boost AI wearables: Meta is buying AI wearable startup Limitless to accelerate development of devices powered by its personal AI assistant.
• White House skeptical of Netflix–Warner Bros. deal: The administration is signaling resistance to Netflix’s $72 billion bid for Warner Bros. Discovery’s studio and streaming assets amid major antitrust concerns.
• Musk denies SpaceX fundraise as valuation soars: Musk dismissed reports of a new funding round valuing SpaceX at $800 billion but confirmed ongoing share buybacks and liquidity options for insiders.
• Economic data: Investors digested September consumer spending and PCE inflation data showing price growth holding just under 3%. Bond yields climbed and the U.S. dollar was steady.
• Scrutiny over Warner Bros./Netflix deal: Netflix unveiled its deal to purchase Warner Bros., drawing immediate regulatory scrutiny. Netflix shares fell 3% while Warner Bros. gained over 5%.
• Bitcoin futures slipped after a mid-week rebound: This weighed on crypto-linked stocks including Coinbase (COIN), MicroStrategy (MSTR), and Circle Internet Group (CRCL). Ethereum’s “Fusaka” software upgrade helped lift ETH back above $3,000.
• Meta to implement cuts: Meta Platforms (META) advanced on reports of spending cuts in its metaverse division.
• Other notables:
  • Intel (INTC) retreated after signaling fewer cost reductions than investors anticipated.
  • CoreWeave (CRWV) jumped following bullish coverage highlighting demand for AI chip rentals.
  • Hewlett Packard Enterprise (HPE) slid on softer-than-expected revenue tied to delays in AI rollouts.
  • Ulta Beauty (ULTA) climbed after strong results and a raised sales outlook.

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“The goal is to become HBO faster than HBO can become us.” — Reed Hastings

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Notable Stocks

• Netflix (NFLX)
• Nvidia (NVDA)
• Intel (INTC)
• Meta (META)
• CoreWeave (CRWV)

Weekly Notables

A High-Stakes Fed Meeting Is Coming — and the Data Is Foggy

The Federal Reserve’s upcoming Dec. 9–10 meeting may be one of the most uncertain in years. Policymakers face a weakening job market and lingering inflation, but they’re being forced to make decisions without current government data. Due to delayed releases, the latest jobs and inflation reports the Fed has are from September. “It’s totally unprecedented,” said David Wilcox of the Peterson Institute for International Economics, who helped write that 2003 speech. He likened the moment to “driving with a foggy windshield.”

Meta to Acquire AI Wearable Startup Limitless

Meta is acquiring artificial intelligence wearable startup Limitless, the companies announced Friday. “We’re excited that Limitless will be joining Meta to help accelerate our work to build AI-enabled wearables,” a Meta spokesperson said. Limitless makes a small AI-powered pendant designed to record conversations and produce summaries. CEO Dan Siroker confirmed the acquisition in a blog post and accompanying video, though financial terms were not disclosed.

Earnings Spotlight

GameStop (GME)

GameStop is scheduled to report its third quarter fiscal 2025 earnings on Tuesday, December 9, 2025, after the market closes. Analysts expect GameStop to report an estimated EPS of $0.20 per share for the fiscal quarter ending October 2025. The consensus revenue estimate is approximately $987.29 million. The market anticipates a possible stock price swing of around +/- 9.12% the day following the announcement. 

What's Ahead

All eyes are on Wednesday’s Federal Reserve meeting, which has stirred considerable debate amid volatile rate expectations and mixed signals from policymakers. After recent comments from Fed Governor Williams, markets now assign a 95% probability to a rate cut—up sharply from about 30% two weeks ago. 

With the October and November jobs reports delayed until December 16 due to the government shutdown, the Fed is operating with greater uncertainty and may rely more heavily on private labor-market data. 

Economic:

Monday (Dec. 8): -no reports-

Tuesday (Dec. 9): JOLTS – Job Openings, Productivity – Revised, Unit Labor Costs

Wednesday (Dec. 10): EIA Crude Oil Inventories, Employment Cost Index, FOMC Rate Decision, MBA Mortgage Applications Index, Treasury Budget, Wholesale Inventories

Thursday (Dec/ 11): Continuing Claims, EIA Natural Gas Inventories, Initial Claims, Producer Price Index (PPI), Core PPI

Friday (Dec. 12): -no reports-

Earnings:

Monday (Dec. 8): Compass Minerals International Inc. (CMP), Phreesia Inc. (PHR), Toll Brothers Inc. (TOL)

Tuesday (Dec. 9): AeroVironment Inc. (AVAV), AutoZone Inc. (AZO), Braze Inc. (BRZE), Campbell's Co. (CPB), Caseys General Store Inc. (CASY), Core & Main Inc. (CNM), Ferguson Enterprises Inc. (FERG), GameStop Corp. (GME), Sailpoint Inc. (SAIL)

Wednesday (Dec. 10): Adobe Inc. (ADBE), Chewy Inc. (CHWY), Daktronics Inc. (DAKT), Hello Group Inc. (MOMO), Nordson Corp. (NDSN), Oracle Corp. (ORCL), Photronics Inc. (PLAB), Synopsis Inc. (SNPS), Uranium Energy Corp. (UEC), Vail Resorts (MTN)

Thursday (Dec. 11): Broadcom Inc. (AVGO), Ciena Corp. (CIEN), Costco Wholesale Corp. (COST), Lovesac Co. (LOVE), Lululemon Athletica Inc. (LULU), Netskope Inc. (NTSK) RH Inc. (RH)

Friday (Dec. 12): Johnson Outdoors Inc. (JOUT), Zedge Inc. (ZDGE)